APFF · Appfolio Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $262.21M | - | $249.35M | $235.57M | $217.70M | - | $205.73M | $197.38M | $187.43M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $49.63M | - | $54.04M | $46.67M | $43.76M | - | $40.66M | $39.52M | $37.90M | - |
| SG&A | $24.34M | - | $27.45M | $21.94M | $23.35M | - | $21.14M | $20.25M | $21.13M | - |
| Total Operating Expenses | $211.47M | - | $214.31M | $195.06M | $183.92M | - | $163.16M | $161.35M | $153.34M | - |
| D&A | $5.02M | - | - | - | $6.25M | - | - | - | $4.69M | - |
| Operating Income | $50.75M | - | $35.05M | $40.51M | $33.78M | - | $42.57M | $36.03M | $34.09M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $10.68M | - | $3.09M | $5.99M | $5.41M | - | $13.58M | $9.84M | ($1.58M) | - |
| Net Income | $42.42M | - | $33.65M | $35.98M | $31.38M | - | $33.01M | $29.66M | $38.66M | - |
| EPS - Basic | $1.19 | - | $0.94 | $1.00 | $0.86 | - | $0.91 | $0.82 | $1.07 | - |
| EPS - Diluted | $1.18 | - | $0.93 | $0.99 | $0.86 | - | $0.90 | $0.81 | $1.05 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $147.41M | $106.97M | $76.09M | $73.48M | $56.93M | $42.50M | $62.42M | $59.64M | $59.21M | $49.51M |
| Accounts Receivable | $43.97M | $36.87M | $34.35M | $32.54M | $27.46M | $24.35M | $25.58M | $25.69M | $26.18M | $20.71M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $3.74M | $4.12M | $4.11M | $3.25M | $4.93M | $2.38M | $509.0K | $1.26M | $1.53M | $1.14M |
| Current Assets | $254.94M | $353.31M | $302.76M | $197.13M | $272.01M | $335.40M | $395.14M | $348.80M | $306.67M | $272.36M |
| Total Assets | $580.56M | $688.97M | $640.47M | $567.40M | $564.73M | $626.68M | $523.30M | $479.32M | $438.77M | $408.89M |
| Current Liabilities | $72.36M | $106.85M | $100.43M | $67.59M | $58.61M | $63.28M | $63.70M | $63.35M | $56.06M | $69.77M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $110.33M | $146.39M | $141.60M | $111.76M | $102.61M | $107.39M | $110.47M | $107.91M | $99.58M | $111.58M |
| Stockholders' Equity | $470.23M | $542.58M | $498.87M | $455.65M | $462.12M | $519.29M | $412.83M | $371.41M | $339.19M | $297.31M |
| Retained Earnings | $473.39M | $430.97M | $391.06M | $357.41M | $321.43M | $290.05M | $187.31M | $154.31M | $124.64M | $85.98M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.30M | - | - | - | $38.47M | - | - | - | $42.95M | - |
| Investing Cash Flow | $138.32M | - | - | - | $80.79M | - | - | - | ($23.04M) | - |
| Financing Cash Flow | ($132.17M) | - | - | - | ($104.83M) | - | - | - | ($10.21M) | - |
| CapEx | $231.0K | - | - | - | $230.0K | - | - | - | $1.42M | - |
| Free Cash Flow | $34.07M | - | - | - | $38.23M | - | - | - | $41.53M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 19.4% | - | 14.1% | 17.2% | 15.5% | - | 20.7% | 18.3% | 18.2% | - |
| EBITDA margin | 21.3% | - | - | - | 18.4% | - | - | - | 20.7% | - |
| Net margin | 16.2% | - | 13.5% | 15.3% | 14.4% | - | 16.0% | 15.0% | 20.6% | - |
| Free cash flow margin | 13.0% | - | - | - | 17.6% | - | - | - | 22.2% | - |
| FCF / Net income | 0.80 | - | - | - | 1.22 | - | - | - | 1.07 | - |
| R&D / Revenue | 18.9% | - | 21.7% | 19.8% | 20.1% | - | 19.8% | 20.0% | 20.2% | - |
| SG&A / Revenue | 9.3% | - | 11.0% | 9.3% | 10.7% | - | 10.3% | 10.3% | 11.3% | - |
| Effective tax rate | 20.1% | - | 8.4% | 14.3% | 14.7% | - | 29.1% | 24.9% | -4.3% | - |
| Return on assets | 7.3% | - | 5.3% | 6.3% | 5.6% | - | 6.3% | 6.2% | 8.8% | - |
| Return on equity | 9.0% | - | 6.7% | 7.9% | 6.8% | - | 8.0% | 8.0% | 11.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.52 | 3.31 | 3.01 | 2.92 | 4.64 | 5.30 | 6.20 | 5.51 | 5.47 | 3.90 |
| Quick ratio | 3.52 | 3.31 | 3.01 | 2.92 | 4.64 | 5.30 | 6.20 | 5.51 | 5.47 | 3.90 |
| Cash ratio | 2.04 | 1.00 | 0.76 | 1.09 | 0.97 | 0.67 | 0.98 | 0.94 | 1.06 | 0.71 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.23 | 1.27 | 1.28 | 1.25 | 1.22 | 1.21 | 1.27 | 1.29 | 1.29 | 1.38 |
| Liabilities / Assets | 0.19 | 0.21 | 0.22 | 0.20 | 0.18 | 0.17 | 0.21 | 0.23 | 0.23 | 0.27 |
| Efficiency | ||||||||||
| Asset turnover | 0.45 | - | 0.39 | 0.42 | 0.39 | - | 0.39 | 0.41 | 0.43 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 61d | - | 50d | 50d | 46d | - | 45d | 48d | 51d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 20.4% | - | 21.2% | 19.4% | 16.2% | - | 24.4% | 34.2% | 37.7% | - |
| Revenue CAGR (3y) | 24.4% | - | 25.9% | 26.1% | 27.4% | - | 29.0% | 30.4% | 33.4% | - |
| Revenue CAGR (5y) | 27.1% | - | 24.3% | 23.8% | 24.6% | - | 24.8% | 25.4% | 34.7% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 50.2% | - | -17.7% | 12.4% | -0.9% | - | - | - | - | - |
| Net income growth (YoY) | 35.2% | - | 1.9% | 21.3% | -18.8% | - | 24.8% | - | - | - |
| EPS growth (YoY) | 37.2% | - | 3.3% | 22.2% | -18.1% | - | 25.0% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | 138.1% | 371.8% | - |
| EPS CAGR (5y) | 159.6% | - | -24.8% | 12.9% | 70.3% | - | 45.1% | 4.5% | 57.0% | - |
| FCF growth (YoY) | -10.9% | - | - | - | -7.9% | - | - | - | 5231.7% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 1.8% | 4.5% | 20.8% | 22.7% | 36.2% | 74.7% | 57.2% | 64.4% | 41.0% | 12.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$950.82M totalValue Added Services$721.55M · 75.9%
Subscription Services$211.46M · 22.2%
Other Services$17.82M · 1.9%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing APPFOLIO INC against the 5 most active filers in the same SIC group.