APPN

MKT CAP:$2B

Appian Corporation

Market Cap

$2B

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

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$21.56-$12.50 (-36.70%)

Apr 17, 2026

Company Details

Appian Corporation provides low-code automation platform in the United States and internationally. The company's platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements tha...

CEO

Matthew W. Calkins

IPO Date

May 25, 2017

Website

www.appian.com

Key Metrics TTM

Revenue

$727M

+17.8% YoY

Net Income

$1M

EPS (Diluted)

$0.01

Free Cash Flow

$63M

Revenue / Share

$9.84

Gross Margin

74.7%

Operating Margin

0.1%

Net Margin

0.2%

FCF Margin

8.7%

P/S

2.3x

P/E

1327.5x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 19, 2026

$727M+17.8%EPS $0.02

Q4 2025

Feb 19, 2026

$203M+21.7%EPS -$0.07

Q3 2025

Nov 6, 2025

$187M+21.4%EPS $0.10

Q2 2025

Aug 7, 2025

$171M+16.5%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$114M	$83M	-$24M
Q2 22	$110M	$77M	-$43M
Q3 22	$118M	$84M	-$38M
Q4 22	$126M	$91M	-$41M
Q1 23	$135M	$99M	-$35M
Q2 23	$128M	$91M	-$41M
Q3 23	$137M	$101M	-$15M
Q4 23	$145M	$111M	-$17M
Q1 24	$150M	$112M	-$20M
Q2 24	$146M	$107M	-$39M
Q3 24	$154M	$117M	-$7M
Q4 24	$167M	$131M	$5M
Q1 25	$166M	$128M	-$834.0K
Q2 25	$171M	$127M	-$11M
Q3 25	$187M	$142M	$13M
Q4 25	$203M	$147M	-$687.0K

Valuation

Quarter	P/S	P/E
Q1 22	11.5x	—
Q2 22	9.3x	—
Q3 22	6.7x	—
Q4 22	4.9x	—
Q1 23	6.6x	—
Q2 23	7.0x	—
Q3 23	6.2x	—
Q4 23	4.7x	—
Q1 24	5.0x	—
Q2 24	3.9x	—
Q3 24	4.1x	—
Q4 24	3.8x	—
Q1 25	3.4x	—
Q2 25	3.4x	—
Q3 25	3.3x	—
Q4 25	3.6x	2140.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$21M	-$24M
Q2 22	-$30M	-$31M
Q3 22	-$44M	-$45M
Q4 22	-$13M	-$16M
Q1 23	-$25M	-$30M
Q2 23	-$12M	-$15M
Q3 23	-$65M	-$65M
Q4 23	-$8M	-$10M
Q1 24	$19M	$17M
Q2 24	-$18M	-$18M
Q3 24	-$8M	-$9M
Q4 24	$14M	$13M
Q1 25	$45M	$44M
Q2 25	-$2M	-$3M
Q3 25	$19M	$18M
Q4 25	$5M	$4M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$1M
Q3 22	$1M
Q4 22	$3M
Q1 23	$4M
Q2 23	$3M
Q3 23	$473.0K
Q4 23	$1M
Q1 24	$2M
Q2 24	$734.0K
Q3 24	$355.0K
Q4 24	$511.0K
Q1 25	$651.0K
Q2 25	$1M
Q3 25	$654.0K
Q4 25	$867.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+28.6%	+39.0%
Q2 22	+32.6%	+42.0%
Q3 22	+27.5%	+35.0%
Q4 22	+19.8%	+27.1%
Q1 23	+18.4%	+23.4%
Q2 23	+16.0%	+10.2%
Q3 23	+16.3%	-2.1%
Q4 23	+15.5%	-2.6%
Q1 24	+10.8%	-0.7%
Q2 24	+14.7%	+10.3%
Q3 24	+12.4%	+5.8%
Q4 24	+14.7%	-0.3%
Q1 25	+11.1%	-1.2%
Q2 25	+16.5%	-2.2%
Q3 25	+21.4%	+7.9%
Q4 25	+21.7%	+25.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	6.1%
Q2 22	$9M	8.3%
Q3 22	$11M	9.6%
Q4 22	$11M	9.1%
Q1 23	$11M	8.2%
Q2 23	$11M	8.7%
Q3 23	$11M	8.0%
Q4 23	$10M	7.0%
Q1 24	$11M	7.1%
Q2 24	$10M	6.8%
Q3 24	$10M	6.2%
Q4 24	$9M	5.4%
Q1 25	$10M	6.0%
Q2 25	$11M	6.3%
Q3 25	$10M	5.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$30M	$31M	$46M
Q2 22	$34M	$30M	$56M
Q3 22	$38M	$29M	$55M
Q4 22	$38M	$30M	$63M
Q1 23	$42M	$30M	$63M
Q2 23	$40M	$29M	$63M
Q3 23	$37M	$23M	$56M
Q4 23	$35M	$32M	$61M
Q1 24	$40M	$33M	$58M
Q2 24	$39M	$40M	$67M
Q3 24	$39M	$35M	$51M
Q4 24	$37M	$34M	$55M
Q1 25	$40M	$34M	$55M
Q2 25	$40M	$37M	$60M
Q3 25	$40M	$36M	$52M
Q4 25	$45M	$33M	$69M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	28.6%	-20.0%	8.6
Q2 22	32.6%	-42.8%	-10.2
Q3 22	27.5%	-35.5%	-8.0
Q4 22	19.8%	-23.4%	-3.6
Q1 23	18.4%	-22.4%	-4.0
Q2 23	16.0%	-26.9%	-10.8
Q3 23	16.3%	-10.8%	5.5
Q4 23	15.5%	-1.0%	14.5
Q1 24	10.8%	-16.4%	-5.6
Q2 24	14.7%	-23.4%	-8.7
Q3 24	12.4%	5.2%	17.5
Q4 24	14.7%	-3.1%	11.6
Q1 25	11.1%	4.4%	15.5
Q2 25	16.5%	5.3%	21.9
Q3 25	21.4%	9.1%	30.5
Q4 25	21.7%	1.8%	23.5

Rule of 40

Revenue Segments

Quarter	Cloud Subscriptions	Maintenance And Support	Professional Services Member	Term License Subscriptions
Q4 23	$83M	$7M	$30M	$26M
Q4 24	$99M	$8M	$30M	$30M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$38M	$76M
Q2 22	$38M	$72M
Q3 22	$37M	$81M
Q4 22	$43M	$82M
Q1 23	$45M	$90M
Q2 23	$49M	$79M
Q3 23	$48M	$89M
Q4 23	$53M	$93M
Q1 24	$56M	$94M
Q2 24	$56M	$91M
Q3 24	$56M	$98M
Q4 24	$58M	$108M
Q1 25	$60M	$106M
Q2 25	$65M	$105M
Q3 25	$74M	$113M
Q4 25	$73M	$130M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$107M	$53M	$160M
Q2 22	$76M	$60M	$136M
Q3 22	$52M	$41M	$93M
Q4 22	$148M	$48M	$196M
Q1 23	$199M	$56M	$254M
Q2 23	$172M	$65M	$237M
Q3 23	$131M	$39M	$169M
Q4 23	$149M	$10M	$159M
Q1 24	$170M	$0	$170M
Q2 24	$121M	$28M	$149M
Q3 24	$99M	$41M	$140M
Q4 24	$119M	$41M	$160M
Q1 25	$135M	$65M	$200M
Q2 25	$112M	$73M	$185M
Q3 25	$125M	$66M	$192M
Q4 25	$136M	$51M	$187M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	72M	+1.2%	+2.1%
Q2 22	72M	+0.2%	+2.0%
Q3 22	73M	+0.2%	+1.9%
Q4 22	73M	+0.3%	+1.9%
Q1 23	73M	+0.2%	+0.9%
Q2 23	73M	+0.2%	+0.9%
Q3 23	73M	+0.2%	+0.9%
Q4 23	73M	+0.2%	+0.8%
Q1 24	73M	-0.0%	+0.6%
Q2 24	72M	-1.4%	-1.0%
Q3 24	72M	+0.1%	-1.1%
Q4 24	74M	+2.2%	+0.9%
Q1 25	74M	+0.2%	+1.1%
Q2 25	74M	+0.1%	+2.6%
Q3 25	75M	+0.5%	+3.0%
Q4 25	74M	-0.9%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$63.6K	2K
Q2 22	$61.2K	2K
Q3 22	$65.6K	2K
Q4 22	$54.5K	2K
Q1 23	$58.6K	2K
Q2 23	$55.4K	2K
Q3 23	$59.4K	2K
Q4 23	$64.8K	2K
Q1 24	$66.8K	2K
Q2 24	$65.3K	2K
Q3 24	$68.7K	2K
Q4 24	$82.0K	2K
Q1 25	$81.9K	2K
Q2 25	$83.9K	2K
Q3 25	$92.0K	2K
Q4 25	$94.4K	2K

Revenue / Employee