Appfolio (APPF) financial statements
Appfolio reported revenue of $951M in fiscal 2025, up 27.7% a year over 9 years.
Net income was $141M and the operating margin 16.1%, against -8.0% in 2016.
Free cash flow was $236M, and the company returned $146M in net buybacks.
The diluted share count rose 8% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Appfolio's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106M | $144M | $190M | $256M | $310M | $359M | $472M | $620M | $794M | $951M |
| Cost of revenue | $45M | $55M | $74M | $102M | $119M | $144M | $192M | $238M | $282M | $345M |
| Gross profit | $61M | $89M | $117M | $154M | $191M | $215M | $280M | $382M | $512M | $605M |
| Research and development | $13M | $17M | $24M | $40M | $49M | $66M | $111M | $151M | $160M | $190M |
| Selling, general and admin | $47M | $50M | $58M | $86M | $106M | $130M | $208M | $201M | $197M | $239M |
| Operating income | -$8M | $9M | $20M | $6M | $10M | -$12M | -$72M | $963,000 | $136M | $153M |
| Pre-tax income | -$8M | $10M | $20M | $5M | $197M | $2M | -$67M | $8M | $150M | $161M |
| Income tax | $67,000 | $58,000 | $420,000 | -$31M | $38M | $706,000 | $1M | $5M | -$54M | $20M |
| Net income | -$8M | $10M | $20M | $36M | $158M | $1M | -$68M | $3M | $204M | $141M |
| EPS (diluted) | -$0.25 | $0.28 | $0.56 | $1.02 | $4.44 | $0.03 | -$1.95 | $0.07 | $5.55 | $3.88 |
| Diluted shares | 34M | 35M | 36M | 36M | 36M | 36M | 35M | 36M | 37M | 36M |
| Gross margin | 57.7% | 61.6% | 61.3% | 60.3% | 61.6% | 59.9% | 59.3% | 61.6% | 64.5% | 63.7% |
| Operating margin | -8.0% | 6.5% | 10.3% | 2.5% | 3.2% | -3.3% | -15.3% | 0.2% | 17.1% | 16.1% |
| Net margin | -7.8% | 6.8% | 10.5% | 14.2% | 51.1% | 0.3% | -14.4% | 0.4% | 25.7% | 14.8% |
Balance sheet
Fiscal years, from Appfolio's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $26M | $46M | $91M | $39M | $169M | $122M | $71M | $50M | $43M | $107M |
| Receivables | $3M | $3M | $6M | $8M | $10M | $13M | $17M | $21M | $24M | $37M |
| Total current assets | $32M | $54M | $108M | $62M | $199M | $159M | $201M | $272M | $335M | $353M |
| Property, plant and equipment | $7M | $7M | $7M | $15M | $26M | $30M | $26M | $28M | $24M | $23M |
| Goodwill | $7M | $7M | $16M | $58M | $56M | $56M | $56M | $56M | $96M | $96M |
| Total assets | $93M | $110M | $176M | $260M | $389M | $408M | $381M | $409M | $627M | $689M |
| Total current liabilities | $21M | $24M | $28M | $47M | $50M | $53M | $61M | $70M | $63M | $107M |
| Long-term debt | — | $0 | $49M | $47M | — | — | — | — | — | — |
| Total liabilities | $23M | $25M | $84M | $128M | $104M | $111M | $116M | $112M | $107M | $146M |
| Shareholders' equity | $70M | $85M | $92M | $132M | $286M | $297M | $266M | $297M | $519M | $543M |
| Net debt | -$11M | -$16M | -$24M | $33M | -$140M | -$58M | -$71M | -$50M | -$43M | -$107M |
Cash flow
Fiscal years, from Appfolio's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12M | $29M | $36M | $39M | $48M | $35M | $25M | $60M | $188M | $242M |
| Capital spending | $15M | $13M | $14M | $29M | $45M | $33M | $21M | $14M | $7M | $7M |
| Free cash flow | -$4M | $17M | $22M | $10M | $3M | $3M | $4M | $46M | $181M | $236M |
| Stock-based compensation | $4M | $6M | $6M | $8M | $10M | $17M | $43M | $52M | $60M | $71M |
| Share buybacks (net) | $0 | $0 | -$22M | $0 | -$4M | $0 | $0 | $0 | $0 | -$146M |
| Free cash flow margin | -3.7% | 11.6% | 11.5% | 3.8% | 1.0% | 0.7% | 0.9% | 7.5% | 22.8% | 24.8% |
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Open APPF in InvestinglyQuestions
What was Appfolio's revenue in 2025?
$951M in fiscal 2025, from its 10-K filing.
How much free cash flow does Appfolio generate?
$236M in fiscal 2025 (operating cash flow minus capital spending).
From Appfolio's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.