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Side-by-side financial comparison of AppLovin Corp (APP) and Wayfair Inc. (W). Click either name above to swap in a different company.
Wayfair Inc. is the larger business by last-quarter revenue ($2.9B vs $1.8B, roughly 1.6× AppLovin Corp). AppLovin Corp runs the higher net margin — 65.5% vs -3.6%, a 69.0% gap on every dollar of revenue. On growth, AppLovin Corp posted the faster year-over-year revenue change (59.0% vs 7.4%). AppLovin Corp produced more free cash flow last quarter ($1.3B vs $-106.0M). Over the past eight quarters, AppLovin Corp's revenue compounded faster (30.6% CAGR vs -3.0%).
AppLovin Corporation is an American mobile technology company headquartered in Palo Alto, California. Founded in 2012, the company helps developers market, monetize, analyze and publish their apps through its mobile advertising, marketing, and analytics platforms, SSP MAX; DSP AppDiscovery; and SparkLabs creative studio. The company also invests in various mobile game publishers.
Wayfair Inc. is an American e-commerce company based in Boston, Massachusetts that sells furniture and home goods online. Formerly known as CSN Stores, it was founded in 2002, and currently offers 14 million items from more than 11,000 global suppliers. The company maintains international operations, including locations in North America and in Canada, Germany, Ireland, China and the United Kingdom.
APP vs W — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $2.9B |
| Net Profit | $1.2B | $-105.0M |
| Gross Margin | 88.9% | 30.0% |
| Operating Margin | 78.2% | 69.6% |
| Net Margin | 65.5% | -3.6% |
| Revenue YoY | 59.0% | 7.4% |
| Net Profit YoY | 109.2% | 7.1% |
| EPS (diluted) | $3.56 | $-0.80 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.8B | $2.9B | ||
| Q4 25 | $1.3B | $3.3B | ||
| Q3 25 | $1.4B | $3.1B | ||
| Q2 25 | $1.3B | $3.3B | ||
| Q1 25 | $1.5B | $2.7B | ||
| Q4 24 | $1.4B | $3.1B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.1B | $3.1B |
| Q1 26 | $1.2B | $-105.0M | ||
| Q4 25 | $1.1B | $-116.0M | ||
| Q3 25 | $835.5M | $-99.0M | ||
| Q2 25 | $819.5M | $15.0M | ||
| Q1 25 | $576.4M | $-113.0M | ||
| Q4 24 | $599.2M | $-128.0M | ||
| Q3 24 | $434.4M | $-74.0M | ||
| Q2 24 | $310.0M | $-42.0M |
| Q1 26 | 88.9% | 30.0% | ||
| Q4 25 | 95.2% | 30.3% | ||
| Q3 25 | 87.6% | 30.0% | ||
| Q2 25 | 87.7% | 30.1% | ||
| Q1 25 | 81.7% | 30.7% | ||
| Q4 24 | 76.7% | 30.2% | ||
| Q3 24 | 77.5% | 30.3% | ||
| Q2 24 | 73.8% | 30.2% |
| Q1 26 | 78.2% | 69.6% | ||
| Q4 25 | — | 2.5% | ||
| Q3 25 | 76.8% | 1.2% | ||
| Q2 25 | 76.1% | 0.5% | ||
| Q1 25 | 44.7% | -4.5% | ||
| Q4 24 | 44.3% | -3.7% | ||
| Q3 24 | 44.6% | -2.6% | ||
| Q2 24 | 36.2% | -1.1% |
| Q1 26 | 65.5% | -3.6% | ||
| Q4 25 | 82.7% | -3.5% | ||
| Q3 25 | 59.5% | -3.2% | ||
| Q2 25 | 65.1% | 0.5% | ||
| Q1 25 | 38.8% | -4.1% | ||
| Q4 24 | 43.6% | -4.1% | ||
| Q3 24 | 36.3% | -2.6% | ||
| Q2 24 | 28.7% | -1.3% |
| Q1 26 | $3.56 | $-0.80 | ||
| Q4 25 | $3.24 | $-0.90 | ||
| Q3 25 | $2.45 | $-0.76 | ||
| Q2 25 | $2.39 | $0.11 | ||
| Q1 25 | $1.67 | $-0.89 | ||
| Q4 24 | $1.72 | $-1.01 | ||
| Q3 24 | $1.25 | $-0.60 | ||
| Q2 24 | $0.89 | $-0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.8B | $1.1B |
| Total DebtLower is stronger | $3.5B | $2.9B |
| Stockholders' EquityBook value | $2.4B | — |
| Total Assets | $7.7B | $2.9B |
| Debt / EquityLower = less leverage | 1.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.8B | $1.1B | ||
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $551.0M | $1.4B | ||
| Q4 24 | $741.4M | $1.4B | ||
| Q3 24 | $567.6M | $1.3B | ||
| Q2 24 | $460.4M | $1.3B |
| Q1 26 | $3.5B | $2.9B | ||
| Q4 25 | $3.5B | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | $3.5B | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.1B | $-2.8B | ||
| Q3 25 | $1.5B | $-2.8B | ||
| Q2 25 | $1.2B | $-2.7B | ||
| Q1 25 | $575.4M | $-2.8B | ||
| Q4 24 | $1.1B | $-2.8B | ||
| Q3 24 | $938.2M | $-2.7B | ||
| Q2 24 | $814.8M | $-2.8B |
| Q1 26 | $7.7B | $2.9B | ||
| Q4 25 | $7.3B | $3.4B | ||
| Q3 25 | $6.3B | $3.1B | ||
| Q2 25 | $6.0B | $3.3B | ||
| Q1 25 | $5.7B | $3.4B | ||
| Q4 24 | $5.9B | $3.5B | ||
| Q3 24 | $5.4B | $3.4B | ||
| Q2 24 | $5.3B | $3.4B |
| Q1 26 | 1.49× | — | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.3B | $-52.0M |
| Free Cash FlowOCF − Capex | $1.3B | $-106.0M |
| FCF MarginFCF / Revenue | 69.8% | -3.6% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $459.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.3B | $-52.0M | ||
| Q4 25 | $1.3B | $202.0M | ||
| Q3 25 | $1.1B | $155.0M | ||
| Q2 25 | $772.2M | $273.0M | ||
| Q1 25 | $831.7M | $-96.0M | ||
| Q4 24 | $701.0M | $162.0M | ||
| Q3 24 | $550.7M | $49.0M | ||
| Q2 24 | $454.5M | $245.0M |
| Q1 26 | $1.3B | $-106.0M | ||
| Q4 25 | — | $177.0M | ||
| Q3 25 | — | $128.0M | ||
| Q2 25 | — | $260.0M | ||
| Q1 25 | — | $-101.0M | ||
| Q4 24 | — | $142.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $222.0M |
| Q1 26 | 69.8% | -3.6% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | -3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 7.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.7% |
| Q1 26 | 1.07× | — | ||
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | 18.20× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
