Digital Turbine, Inc.: financial statements

APPSNASDAQReal estate · Patent Owners & Lessors

Price

$7.61

November 13, 2026Market cap $918M

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  • The full history: 16 fiscal years, from FY2010
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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Notes on these figures

  • The share price has fallen 33% since Nov 9, 2026, when the 10-Q these figures come from was filed ($11.30 then, $7.61 on Nov 13, 2026). The figures date from before that move.10-Q
  • The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.

Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

FY2023–FY2025 fiscal years

Click a line to see it on the chart.

Revenue

LineFY2023FY2024FY2025Average a year
Revenue $544M$491M$565M
Cost of revenue $262M$235M$244M
Gross profit $282M$255M$322M
Operating income -$374M-$54M$34M
Net income -$420M-$92M-$38M
Earnings per share -$4.16-$0.89-$0.33
Earnings per share, basic -$4.16-$0.89-$0.33
Margins
Gross margin 51.8%52.0%56.9%
Operating margin -68.8%-11.0%6.0%
Net margin -77.2%-18.8%-6.7%

Financial statements

APPS's revenue, profits and cash flows from FY2010 to FY2022, 13 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

  • FY2023: On Device Solutions $370M, App Growth Platform $179M
  • FY2024: On Device Solutions $342M, App Growth Platform $153M
  • FY2025: On Device Solutions $382M, App Growth Platform $186M
SegmentFY2023FY2024FY2025Share FY2025
On Device Solutions$370M$342M$382M67%
App Growth Platform$179M$153M$186M33%

By segment

APPS's revenue by segment from FY2013 to FY2022, 8 more fiscal years

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From the XBRL of 11 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$16M Due within 2 years$7.9M Leases-20.4% Effective tax rate

The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.

When the debt falls due

Mar 31, 2026

Due within 2 years

$16M

Principal of loans and bonds falling due, from the annual report dated March 31, 2026, without leases and interest. The filing

  • 3/2027: $7.0M
  • 3/2028: $9.4M

Leases

Mar 31, 2026

Operating leases

$7.9M

Finance leases

–

The liability is the present value of the rent still to pay, at March 31, 2026. It is not counted in the ladder's debt. The filing

Goodwill by segment

Mar 31, 2026

Total goodwill

$223M

  • App Growth Platform$143M64%

Goodwill is what the company paid in acquisitions above the value of what it bought, at March 31, 2026. If an acquisition earns less, the goodwill is impaired and earnings fall. The filing

$223MTotal goodwill

From the statutory to the effective tax rate, FY2026

Mar 31, 2026

Statutory rate

21.0%

Effective rate

-20.4%

-41.4 pts

The company paid -20.4% in tax on its profit, 41.4 points below the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

Change in valuation allowance · United States

-29.0 pts

Difference the filing does not itemize

-12.4 pts

Effective rate

-20.4%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$18M securities and stakes

Other than debt, no claim large enough to list ranks ahead of the shares.

On the other side, it holds $18M of long-term securities and stakes in other companies, at the value in its accounts, about 2.0% of the market value.

On the other side

at Sep 30, 2026
$18M

From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Receivables and inventory against sales

In the quarter to Sep 30, 2026, sales were +27.3% on the same quarter a year earlier, and receivables +29.4%.

a year earlier 134 days
136 days

Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Allowance for doubtful accounts

The allowance for receivables that may not be collected was 3.2% of gross receivables at Sep 30, 2026, against 4.4% a year earlier.

At last year's share it would be $3.0M larger. A smaller allowance means a smaller charge for bad debts in profit.

  • The share fell more than at nine in ten S&P 500 companies that report it.
a year earlier $9.4M
$8.9M

Taxes: deferred and paid

The deferred part was -5.4% of the tax charge in the year to Mar 31, 2026. The rows show the last 3 years.

Cash taxes paid were 390.2% of the current tax charge in the year to Mar 31, 2026.

Deferred share, year to Mar 31, 2026-$347.0K of $6.4M
-5.4%
Deferred share, year to Mar 31, 2025-$4.0M of $4.2M
-94.6%
Deferred share, year to Mar 31, 2024$7.1M of $15M
46.1%
$26M paid, $6.7M current
390.2%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

The earnings per share split is not shown: it needs a profit before tax in both years, since a tax rate on a loss has no meaning as a source.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Digital Turbine's filings show?

These are Digital Turbine's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about APPS's financials

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How much revenue did APPS have in FY2025?

Digital Turbine had revenue of $565M and net income of -$38M in fiscal FY2025, a net margin of -6.7%.

How much debt does APPS have?

On March 31, 2026 Digital Turbine had total assets of $842M, debt of $361M and shareholders' equity of $192M.

How much free cash flow does APPS have?

In fiscal FY2025 Digital Turbine had cash from operations of $42M and spent $31M on capital expenditure, leaving $11M of free cash flow.

Where are the figures from?

From Digital Turbine, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.