APPF

MKT CAP:$6B

AppFolio, Inc.

Market Cap

$6B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$158.41-$71.96 (-31.24%)

Apr 22, 2026

Company Details

AppFolio, Inc., together with its subsidiaries, provides cloud business management solutions for the real estate industry. The company offers AppFolio Property Manager, a platform to leverage process automation, easy to use interface, and t...

CEO

Shane Trigg

IPO Date

Jun 26, 2015

Website

www.appfolioinc.com

Key Metrics TTM

Revenue

$733M

-11.1% YoY

Net Income

$152M

EPS (Diluted)

$4.20

Free Cash Flow

$234M

Revenue / Share

$20.47

Gross Margin

50.1%

Operating Margin

23.2%

Net Margin

20.7%

FCF Margin

31.9%

P/S

8.3x

P/E

40.1x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$0-100.0%EPS $1.18

FY 2025

Feb 5, 2026

$951M+19.7%EPS $3.88

Q4 2025

Feb 5, 2026

$248M+21.9%EPS $1.10

Q3 2025

Oct 3, 2025

$249M+21.2%EPS $0.93

Q2 2025

Jul 31, 2025

$236M+19.4%EPS $0.99

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$117M	$70M	-$30M
Q3 22	$125M	$74M	-$8M
Q4 22	$124M	$74M	-$20M
Q1 23	$136M	$80M	-$27M
Q2 23	$147M	$89M	-$679.0K
Q3 23	$165M	$103M	-$67.0K
Q4 23	$172M	$111M	$28M
Q1 24	$187M	$118M	$34M
Q2 24	$197M	$123M	$36M
Q3 24	$206M	$134M	$43M
Q4 24	$204M	$122M	$23M
Q1 25	$218M	$138M	$34M
Q2 25	$236M	$152M	$41M
Q3 25	$249M	$158M	$35M
Q4 25	$248M	$153M	$44M
Q1 26	$0	-$95M	$51M

Valuation

Quarter	P/S	P/E
Q2 22	14.7x	—
Q3 22	13.8x	—
Q4 22	12.9x	—
Q1 23	12.1x	—
Q2 23	11.5x	—
Q3 23	10.7x	—
Q4 23	9.8x	2257.8x
Q1 24	9.1x	79.8x
Q2 24	8.4x	48.8x
Q3 24	8.0x	46.4x
Q4 24	7.7x	29.9x
Q1 25	7.4x	31.0x
Q2 25	7.1x	30.0x
Q3 25	6.7x	29.9x
Q4 25	6.4x	43.3x
Q1 26	8.3x	40.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$6M	$2M
Q3 22	$16M	$15M
Q4 22	$6M	$5M
Q1 23	$2M	-$386.0K
Q2 23	-$9M	-$11M
Q3 23	$37M	$33M
Q4 23	$31M	$28M
Q1 24	$43M	$40M
Q2 24	$51M	$49M
Q3 24	$58M	$56M
Q4 24	$37M	$36M
Q1 25	$38M	$38M
Q2 25	$53M	$52M
Q3 25	$86M	$84M
Q4 25	$65M	$64M
Q1 26	$34M	$34M

Capital Expenditures

Quarter	CapEx
Q2 22	$3M
Q3 22	$844.0K
Q4 22	$597.0K
Q1 23	$2M
Q2 23	$1M
Q3 23	$4M
Q4 23	$3M
Q1 24	$3M
Q2 24	$1M
Q3 24	$2M
Q4 24	$195.0K
Q1 25	$230.0K
Q2 25	$275.0K
Q3 25	$2M
Q4 25	$1M
Q1 26	$231.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+31.9%	+67.7%
Q3 22	+30.6%	+38.7%
Q4 22	+29.8%	+39.9%
Q1 23	+29.3%	+35.6%
Q2 23	+25.2%	+0.3%
Q3 23	+32.3%	+24.5%
Q4 23	+38.5%	-0.3%
Q1 24	+37.7%	-5.7%
Q2 24	+34.2%	+9.2%
Q3 24	+24.4%	-1.4%
Q4 24	+18.5%	+25.8%
Q1 25	+16.2%	+19.9%
Q2 25	+19.4%	+20.9%
Q3 25	+21.2%	+31.3%
Q4 25	+21.9%	+13.2%
Q1 26	-100.0%	-127.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$15M	10.8%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$13M	7.6%
Q1 24	$13M	7.2%
Q2 24	$15M	7.5%
Q3 24	$16M	8.0%
Q4 24	$16M	8.0%
Q1 25	$16M	7.5%
Q2 25	$18M	7.8%
Q3 25	$21M	8.3%
Q4 25	$15M	6.2%
Q1 26	$18M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$27M	$38M	$27M
Q3 22	$29M	$19M	$26M
Q4 22	$31M	$25M	$30M
Q1 23	$44M	$32M	$29M
Q2 23	$42M	$21M	$27M
Q3 23	$46M	$24M	$30M
Q4 23	$35M	$19M	$22M
Q1 24	$38M	$21M	$24M
Q2 24	$40M	$20M	$27M
Q3 24	$41M	$21M	$25M
Q4 24	$42M	$23M	$33M
Q1 25	$44M	$23M	$31M
Q2 25	$47M	$22M	$37M
Q3 25	$54M	$27M	$36M
Q4 25	$46M	$23M	$40M
Q1 26	$50M	$24M	$38M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	31.9%	-17.4%	14.5
Q3 22	30.6%	0.9%	31.4
Q4 22	29.8%	-9.0%	20.8
Q1 23	29.3%	-18.7%	10.5
Q2 23	25.2%	-0.9%	24.4
Q3 23	32.3%	1.5%	33.8
Q4 23	38.5%	20.5%	59.0
Q1 24	37.7%	21.2%	59.0
Q2 24	34.2%	20.9%	55.1
Q3 24	24.4%	22.8%	47.2
Q4 24	18.5%	16.0%	34.5
Q1 25	16.2%	18.6%	34.8
Q2 25	19.4%	19.9%	39.2
Q3 25	21.2%	16.9%	38.1
Q4 25	21.9%	20.4%	42.3
Q1 26	-100.0%	—	—

Rule of 40

Revenue Segments

Quarter	Core Solutions	Other Services	Value Plus Services	Value Added Services
Q2 22	$32M	$4M	$81M	—
Q3 22	$34M	$3M	$88M	—
Q4 22	$35M	$2M	$86M	—
Q1 23	$37M	$2M	$97M	—
Q2 23	$39M	$2M	$106M	—
Q3 23	$40M	$2M	—	$123M
Q1 24	$43M	$2M	—	$142M
Q2 24	$44M	$2M	—	$152M
Q3 24	$46M	$2M	—	$158M
Q1 25	$50M	$3M	—	$165M
Q2 25	$52M	$3M	—	$180M
Q3 25	$54M	$4M	—	$192M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$43M	$75M	$118M
Q3 22	$67M	$72M	$139M
Q4 22	$71M	$89M	$160M
Q1 23	$104M	$65M	$169M
Q2 23	$25M	$139M	$164M
Q3 23	$60M	$132M	$192M
Q4 23	$50M	$162M	$212M
Q1 24	$59M	$184M	$244M
Q2 24	$60M	$222M	$282M
Q3 24	$63M	$269M	$332M
Q4 24	$43M	$236M	$278M
Q1 25	$57M	$154M	$211M
Q2 25	$74M	$54M	$128M
Q3 25	$76M	$124M	$200M
Q4 25	$107M	$144M	$251M
Q1 26	$147M	$4M	$152M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	35M	+0.3%	-2.1%
Q3 22	35M	+0.3%	+1.2%
Q4 22	35M	+0.5%	+1.4%
Q1 23	35M	+0.6%	+1.7%
Q2 23	36M	+0.3%	+1.8%
Q3 23	36M	+2.6%	+4.1%
Q4 23	37M	+0.3%	+3.9%
Q1 24	37M	+0.2%	+3.5%
Q2 24	37M	+0.2%	+3.3%
Q3 24	37M	+0.0%	+0.8%
Q4 24	37M	+0.1%	+0.5%
Q1 25	37M	-0.4%	-0.1%
Q2 25	36M	-1.2%	-1.5%
Q3 25	36M	+0.2%	-1.4%
Q4 25	36M	-0.2%	-1.6%
Q1 26	36M	-1.1%	-2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$73.4K	2K
Q3 22	$78.2K	2K
Q4 22	$69.5K	2K
Q1 23	$76.2K	2K
Q2 23	$82.4K	2K
Q3 23	$92.7K	2K
Q4 23	$114.2K	2K
Q1 24	$124.6K	2K
Q2 24	$131.2K	2K
Q3 24	$136.8K	2K
Q4 24	$124.6K	2K
Q1 25	$133.2K	2K
Q2 25	$144.2K	2K
Q3 25	$152.6K	2K
Q4 25	$145.8K	2K
Q1 26	$0	2K

Revenue / Employee