APPFOLIO INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data APPFOLIO INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	106	144	190	256	310	359	472	620	794	951
Cost of revenue	44.6	55.3	73.5	102	119	144	192	238	282	345
Gross profit	61	88.5	117	154	191	215	280	382	512	605
Research and development	12.6	16.6	24.1	39.5	48.5	66	111	151	160	190
Selling and marketing	28.8	28.7	33.3	51.5	58.4	73.2	107	108	111	144
General and administrative	18	21.2	24.9	34.5	47.5	57.3	101	93.5	86	95.6
Operating income	-8.42	9.34	19.7	6.46	9.78	-11.9	-72.4	0.96	136	153
Other non-operating income	-0.04	-0.1	-0.06	0.02	189	13.1	4.47	0	0.7	0.04
Pre-tax income	-8.21	9.77	20.4	4.82	197	1.73	-66.7	8	150	161
Income tax	0.07	0.06	0.42	-31.5	38.4	0.71	1.4	5.3	-53.7	20.2
Net income	-8.28	9.72	20	36.3	158	1.03	-68.1	2.7	204	141
EBITDA	1.51	22	34.2	28.9	36.6	17.2	-41.6	30	155	176
EPS, basic	-0.25	0.29	0.59	1.07	4.62	0.03	-1.95	0.08	5.63	3.91
EPS, diluted	-0.25	0.28	0.56	1.02	4.44	0.03	-1.95	0.07	5.55	3.88
Shares, basic (weighted)	33.6	33.8	34.1	34	34.3	34.6	35	35.6	36.3	36
Shares, diluted (weighted)	33.6	35.2	35.6	35.6	35.7	35.7	35	36.4	36.8	36.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.7	16.1	74.1	15.8	140	57.8	70.8	49.5	42.5	107
Short-term investments		29.8	16.6	22.9	28.3	64.6
Receivables	2.51	3.39	5.52	7.56	10.1	12.6	16.5	20.7	24.3	36.9
Other current assets	3.54	4.55	11.8	15.5	20.8	23.6	24.9	39.9	2.72	3.45
Total current assets	32.2	53.8	108	61.8	199	159	201	272	335	353
Property, plant and equipment	7.08	6.7	6.87	14.7	26.4	30.5	26.1	28.4	24.5	23.2
Lease right-of-use assets			0	27.8	30.6	41.7	23.5	19.3	17.5	15.9
Goodwill	6.74	6.74	15.5	58.4	56.1	56.1	56.1	56.1	96.4	96.4
Intangible assets	3.11	1.73	5.9	21.4	16.4	11.7	4.83	2.36	49.1	38.8
Long-term investments		22.4	11.3	12.1	6.77	61.1			2	77
Other non-current assets	1.22	1.24	7.69	6.28	6.21	7.09	8.79	8.91	9.48	14.1
Total assets	92.6	110	176	260	389	408	381	409	627	689
Accounts payable	0.94	0.61	1.48	1.93	1.04	1.7	2.47	1.14	2.38	4.12
Accrued liabilities	4.04	4.29	8.28	10.8	14.1	13.3	15.6	21.7	14.7	20.8
Deferred revenue	7.64	7.08	3.41	4.6	2.26	2.5	0.9
Short-term debt		0	1.21	1.21	0
Total current liabilities	21.4	23.9	28.2	47.5	49.8	52.6	61.3	69.8	63.3	107
Long-term debt		0	48.6	47.4
Lease liabilities				33.3	40.1	55.7	50.2	41.1	37.5	33.3
Other non-current liabilities	1.54	1.26	7.08	0.01		2.26	4.09	0	6.63	6.25
Total liabilities	22.9	25.2	83.9	128	104	111	116	112	107	146
Total debt		0	49.8	48.6	0
Paid-in capital	147	153	158	162	161	172	210	237	255	284
Retained earnings	-77	-67.2	-44.3	-8.03	150	151	83.3	86	290	431
Treasury stock		0	-21.6	-21.6	-25.8	-25.8	-25.8	-25.8	-25.8	-172
Other comprehensive income	-0.05	-0.21	-0.18	0.03	0.06	-0.19	-1.68	0.1	0.17	0.03
Shareholders' equity	69.7	85.1	91.8	132	286	297	266	297	519	543
Total equity	69.7	85.1	91.8	132	286	297	266	297	519	543
Total liabilities and equity	92.6	110	176	260	389	408	381	409	627	689

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.28	9.72	20	36.3	158	1.03	-68.1	2.7	204	141
Depreciation and amortization	9.94	12.7	14.6	22.4	26.8	29	30.8	29	19.5	22.7
Stock-based compensation	4.3	6.1	6.34	8.07	10.3	17.2	43.2	52.4	60.3	70.8
Deferred income tax	0.04	0.01	0.08	-31.4	29	0.34	-0.6	-0.49	-86.5	17.5
Change in receivables	-0.46	-0.88	-0.91	-2.03	-2.78	-2.1	-4.2	-4.21	-3.38	-12.5
Change in payables	-0.9	-0.1	0.61	0.51	-0.9	0.5	1.18	-1.57	1.56	1.77
Cash from operations	11.5	29.4	36.3	38.9	48.3	35.4	25.4	60.3	188	242
Capital expenditures	-4.24	-2.21	-2.1	-8.08	-19	-8.1	-6.54	-9.04	-2.02	-3.16
Acquisitions	0	0	-14.4	-54	0	0	0	0	-77.4	-0.91
Purchases of investments	-31.6	-26.6	-29.5	-25.2	-43.9	-241	-79.3	-196	-317	-229
Sales and maturities of investments	21.3	16.5	32.8	15.7	27.3	107	87.9	152	240	119
Cash from investing	-13.1	-22.8	-4.64	-89.9	147	-110	-6.47	-55.6	-152	10.2
Stock issued	0.35	0.66	1.04	0.55	0.82	2.61	4.47	2.6	3.92	0.13
Share buybacks	0	0	-21.6	0	-4.19	0	0	0	0	-146
Cash from financing	0.2	-1.13	26.3	-7.27	-70.4	-7.35	-6.16	-26	-43.4	-188
Net change in cash	-1.36	5.41	58	-58.3	124	-82.4	12.7	-21.3	-7.01	64.5
Free cash flow	7.26	27.2	34.2	30.8	29.3	27.3	18.8	51.2	186	239
Interest paid	0.19	0.18	0.12	2.17	1.82	0	0
Income taxes paid	0.03	0.03	0.08	0.55	0.09	9.32	3.34	8.09	14	28.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $204.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.5%	Gross profit / revenue.
Operating margin	17.5%	Operating income / revenue.
EBITDA margin	19.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.2%	Pre-tax income / revenue.
Net margin	15.1%	Net income / revenue.
FCF margin	25.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.2%	Cash from operations / revenue.
Effective tax rate	17.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	24.3%	Net income / average total assets.
Return on invested capital (ROIC)	49.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	19.3%	Research and development expense / revenue.
Stock-based pay / revenue	7.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	29.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	73.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	36.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-30.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-2.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-30.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-2.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	112.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	38.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	28.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	133.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	52.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	26.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.83x	Current assets / current liabilities.
Quick ratio	3.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.9%	Total liabilities / total assets.
Working capital	$240.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$396.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.61x	Revenue / average total assets.
Fixed asset turnover	48.5x	Revenue / average property, plant and equipment.
Receivables turnover	20.6x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	5 days	365 x average accounts payable / cost of revenue.
FCF conversion	171.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.35	Revenue / diluted weighted shares.
FCF per share	$7.61	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.70	Cash from operations / diluted weighted shares.
Book value per share	$14.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.17	Tangible book value / shares outstanding.
Cash per share	$6.13	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	46.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.23B	Share price x shares outstanding.
Enterprise value	$7.02B	Market cap + total debt - cash - short-term investments.
P/E	45.9x	Market cap / net income. Only when net income is positive.
P/S	6.95x	Market cap / revenue.
P/B	13.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.3x	Market cap / tangible book value, when positive.
P/FCF	26.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.5x	Market cap / cash from operations, when positive.
EV/Sales	6.74x	Enterprise value / revenue.
EV/EBIT	38.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was APPFOLIO INC's revenue in fiscal 2025?

APPFOLIO INC reported revenue of $950.8M for fiscal 2025, 19.7% higher than the year before.

Was APPFOLIO INC profitable in fiscal 2025?

Yes. Net income was $140.9M, a net margin of 14.8%.

How much free cash flow did APPFOLIO INC generate in fiscal 2025?

Cash from operations of $242.1M minus capital expenditures of $3.2M left free cash flow of $239.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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