APPIAN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data APPIAN CORP 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	133	177	227	260	305	369	468	545	617	727
Cost of revenue	50.1	64.6	84.9	93.8	88.8	104	133	160	168	200
Gross profit	82.8	112	142	167	216	265	335	385	449	527
Research and development	23	34.8	44.7	58	70.2	97.5	139	160	163	172
Selling and marketing	54.1	82	106	117	130	168	220	250	238	241
General and administrative	17	27.2	37.8	41.5	53.2	83.7	120	82.6	108	113
Operating expenses	94.2	144	189	217	254	349	480	493	510	527
Operating income	-11.4	-31.8	-46.7	-50.5	-37.9	-83.9	-145	-108	-60.9	0.61
Interest expense							1.67	17.9	23.6	20.9
Interest income						0	0.9	9	6.8	6.9
Other non-operating income	-2.77	1.57	-2.49	0.57	5.31	-3.96	-5.22	-0.26	-30.4	5.84
Pre-tax income	-14.1	-30.2	-49.2	-49.9	-32.6	-87.9	-150	-108	-91.2	6.44
Income tax	-1.68	0.76	0.24	0.82	0.88	0.78	0.69	3.21	1.05	5.21
Net income	-12.5	-31	-49.5	-50.7	-33.5	-88.6	-151	-111	-92.3	1.23
EBITDA	-10.6	-30.9	-44.7	-45.8	-32.5	-79	-139	-100	-50.8	10.3
EPS, basic	-0.39	-0.63	-0.80	-0.77	-0.48	-1.25	-2.08	-1.52	-1.26	0.02
EPS, diluted	-0.39	-0.63	-0.80	-0.77	-0.48	-1.25	-2.08	-1.52	-1.26	0.02
Shares, basic (weighted)	34.3	49.5	62.1	65.5	69.1	71	72.5	73.1	73	74
Shares, diluted (weighted)	34.3	49.5	62.1	65.5	69.1	71	72.5	73.1	73	74.6

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.1	73.8	94.9	160	112	101	148	149	119	136
Short-term investments				0	110	55.2	47.9	9.65	41.3	51.4
Receivables	46.8	55.3	79.4	70.4	97.3	130	166	172	195	255
Other current assets	3.28	7.03	21.3	33	28	26.8	28.1	49.5	44	42
Total current assets	88.4	145	210	278	365	338	422	414	436	519
Property, plant and equipment	3.1	2.66	7.54	39.6	35.4	36.9	41.9	42.7	37.1	32.1
Lease right-of-use assets				24.2	30.7	27.9	37.2	40	31.1	28.1
Goodwill				0	4.86	27.8	26.3	27.1	25.6	28.8
Intangible assets				0	1.74	7.14	5.25	3.89	2.24	1.25
Long-term investments				0	36.1	12	0
Other non-current assets	0.38	0.51	0.6	0.59	3.63	2.05	3.29	36.3	24.8	11.7
Total assets	103	161	233	371	513	505	594	628	621	691
Accounts payable	5.06	5.23	9.25	5.22	2.97	5.77	8	6.17	4.32	6.66
Accrued liabilities	2.86	6.47	7.46	7.49	5.82	15.5	12.2	11	11.4	18.5
Deferred revenue	52	70.2	95.5	82.2	116	150	195	236	282	341
Short-term debt	6.11	0				0	2.74	66.4	9.6	9.6
Total current liabilities	76	95.1	128	112	156	216	270	371	355	452
Long-term debt	13.9	0				0	115	140	241	231
Lease liabilities				44.4	51.2	48.8	57.2	59.1	52.2	45.7
Other non-current liabilities	1.92	1.4	15.4	0	4.88	3.46	0	0	0.43	0.4
Total liabilities	111	116	160	166	216	271	449	575	654	738
Total debt	20	0				0	118	207	250	241
Paid-in capital	0	141	218	341	470	497	561	596	591	617
Retained earnings	-64.8	-96.2	-146	-135	-169	-258	-408	-520	-612	-611
Treasury stock								0	0	-16.9
Other comprehensive income	1.33	0.44	0.54	-0.29	-5.01	-5.69	-7.25	-23.6	-11.8	-36.5
Shareholders' equity	-63.5	45.5	73.2	205	297	234	146	52.3	-32.6	-47
Total equity	-63.5	45.5	73.2	205	297	234	146	52.3	-32.6	-47
Total liabilities and equity	103	161	233	371	513	505	594	628	621	691
Shares outstanding	34.3	0							74	74

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12.5	-31	-49.5	-50.7	-33.5	-88.6	-151	-111	-92.3	1.23
Depreciation and amortization	0.8	0.9	2	4.7	5.4	4.9	5.8	8	10	9.71
Stock-based compensation	0	13	16.1	16.4	15.3	23.8	38.8	43.4	39	41.5
Deferred income tax	-1.12	-0.25	-0.22	-0.33	-0.18	-0.47	-0.91	-1.57	-0.95	-0.34
Change in receivables	-11.2	-9.72	-23.3	7.43	-33.6	-33.9	-37.9	-1.87	-28.4	-51.7
Change in payables	1.29	4.13	7.46	-4.04	-4.24	11.5	-3.29	-1.39	-0.87	9.27
Cash from operations	-7.76	-9.13	-31.3	-8.93	-7.62	-53.9	-107	-110	6.88	62.9
Capital expenditures	-0.98	-0.43	-7.01	-32.4	-1.25	-6.06	-9.1	-9.64	-3.8	-3.32
Acquisitions			0	0	-6.14	-30.7	0	0
Purchases of investments			0	0	-146	-41.9	-65.3	-53.4	-51.6	-62
Sales and maturities of investments				0	0	121	84.6	91.7	20	52.5
Cash from investing	-0.98	-0.43	-7.01	-32.4	-153	41.9	10.3	28.6	-35.4	-12.8
Debt issued					0	0	120	92	50	0
Debt repaid	-10	-40	0	0	0	0	-0.63	-3.56	-6.25	-10
Stock issued	0	0	58.3	102	6.38	2.79	25.4	0.75	14.5	1.12
Share buybacks							0	0	-50	-20
Cash from financing	10	50.9	61	106	110	2.79	143	79.2	-0.26	-36.3
Exchange rate effect	-1.51	1.23	-1.46	0.62	3.22	0.69	-0.16	1.66	-2.03	3.49
Net change in cash	-0.25	42.6	21.2	64.8	-47.3	-8.5	46.4	-1.03	-30.8	17.3
Free cash flow	-8.74	-9.56	-38.3	-41.3	-8.87	-60	-116	-120	3.08	59.6
Interest paid	0.9	0.52	0.05	0.33	0.17	0.32	1.67	16.9	22.6	19.6
Income taxes paid	0.61	0.62	0.68	0.36	1.18	1.51	1.24	4	3.33	5.12

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 $36.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.4%	Gross profit / revenue.
Operating margin	1.3%	Operating income / revenue.
EBITDA margin	2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.7%	Pre-tax income / revenue.
Net margin	-1.3%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.2%	Cash from operations / revenue.
Return on assets (ROA)	-1.8%	Net income / average total assets.
Return on invested capital (ROIC)	82.3%	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	23.4%	Research and development expense / revenue.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.4%	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	19.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	814.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	1,834.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	11.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	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	6.2%	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	2.3%	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	1.0%	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	1.6%	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	1.00x	Current assets / current liabilities.
Quick ratio	0.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Debt / assets	40.3%	Total debt / total assets.
Liabilities / assets	118.0%	Total liabilities / total assets.
Net debt	$68.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.56x	Operating income / interest expense.
Working capital	-$1.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$133.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.36x	Revenue / average total assets.
Fixed asset turnover	25.9x	Revenue / average property, plant and equipment.
Receivables turnover	4.65x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	5.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.15	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	$10.91	Revenue / diluted weighted shares.
FCF per share	$1.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.11	Cash from operations / diluted weighted shares.
Book value per share	-$1.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.86	Tangible book value / shares outstanding.
Cash per share	$2.34	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	98.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.58B	Share price x shares outstanding.
Enterprise value	$2.65B	Market cap + total debt - cash - short-term investments.
P/S	3.24x	Market cap / revenue.
P/FCF	33.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	31.9x	Market cap / cash from operations, when positive.
EV/Sales	3.33x	Enterprise value / revenue.
EV/EBIT	261x	Enterprise value / operating income, when both are positive.
EV/EBITDA	139x	Enterprise value / EBITDA, when both are positive.
EV/FCF	34.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	-0.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.

What was APPIAN CORP's revenue in fiscal 2025?

APPIAN CORP reported revenue of $726.9M for fiscal 2025, 17.8% higher than the year before.

Was APPIAN CORP profitable in fiscal 2025?

Yes. Net income was $1.2M, a net margin of 0.2%.

How much free cash flow did APPIAN CORP generate in fiscal 2025?

Cash from operations of $62.9M minus capital expenditures of $3.3M left free cash flow of $59.6M.

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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