AppLovin (APP) — what changed in its 2026 10-K risk factors

Item 1A Risk Factors, 10-K filed 2026-02-19 vs 2025-02-27. The material changes, ranked.

• Escalated Publisher-fraud language hardened from hypothetical to realized. Prior filing: fraud "may" impose costs. New: fraud "may cause us to incur losses" and "from time to time may cause us to incur losses" — fraud reframed as a realized loss category, not a hypothetical.
• Removed Entire Apps-business risk set eliminated after the divestiture — Apps revenue concentration, user-engagement, partner-studio, game-licensing and UA-cost risks all gone ("we no longer generate Apps revenue").
• New AI cited as a cybersecurity attack vector ("AI technologies may also be used in connection with certain cybersecurity attacks").
• New Macro deterioration named as a risk to advertising spend.
• New OBBBA (July 2025 tax act) added — R&D-deduction + international-income changes with financial-statement impact.