Appian (APPN) financial statements
Appian reported revenue of $727M in fiscal 2025, up 20.8% a year over 9 years.
Net income was $1M and the operating margin 0.1%, against -8.6% in 2016.
Free cash flow was $60M, and the company returned $20M in net buybacks.
The diluted share count rose 118% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Appian's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133M | $177M | $227M | $260M | $305M | $369M | $468M | $545M | $617M | $727M |
| Cost of revenue | $50M | $65M | $85M | $94M | $89M | $104M | $133M | $160M | $168M | $200M |
| Gross profit | $83M | $112M | $142M | $167M | $216M | $265M | $335M | $385M | $449M | $527M |
| Research and development | $23M | $35M | $45M | $58M | $70M | $98M | $139M | $160M | $163M | $172M |
| Selling, general and admin | $71M | $109M | $144M | $159M | $183M | $252M | $340M | $333M | $346M | $355M |
| Operating income | -$11M | -$32M | -$47M | -$50M | -$38M | -$84M | -$145M | -$108M | -$61M | $609,000 |
| Interest expense | — | — | — | — | — | — | $2M | $18M | $24M | $21M |
| Pre-tax income | -$14M | -$30M | -$49M | -$50M | -$33M | -$88M | -$150M | -$108M | -$91M | $6M |
| Income tax | -$2M | $761,000 | $239,000 | $820,000 | $883,000 | $778,000 | $692,000 | $3M | $1M | $5M |
| Net income | -$12M | -$31M | -$49M | -$51M | -$33M | -$89M | -$151M | -$111M | -$92M | $1M |
| EPS (diluted) | -$0.39 | -$0.63 | -$0.80 | -$0.77 | -$0.48 | -$1.25 | -$2.08 | -$1.52 | -$1.26 | $0.02 |
| Diluted shares | 34M | 50M | 62M | 65M | 69M | 71M | 72M | 73M | 73M | 75M |
| Gross margin | 62.3% | 63.5% | 62.5% | 64.0% | 70.9% | 71.8% | 71.5% | 70.6% | 72.7% | 72.5% |
| Operating margin | -8.6% | -18.0% | -20.6% | -19.4% | -12.4% | -22.7% | -31.0% | -19.8% | -9.9% | 0.1% |
| Net margin | -9.4% | -17.5% | -21.8% | -19.5% | -11.0% | -24.0% | -32.2% | -20.4% | -15.0% | 0.2% |
Balance sheet
Fiscal years, from Appian's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $31M | $74M | $95M | $160M | $222M | $156M | $196M | $159M | $160M | $187M |
| Receivables | $47M | $55M | $79M | $70M | $97M | $130M | $166M | $172M | $195M | $255M |
| Total current assets | $88M | $145M | $210M | $278M | $365M | $338M | $422M | $414M | $436M | $519M |
| Property, plant and equipment | $3M | $3M | $8M | $40M | $35M | $37M | $42M | $43M | $37M | $32M |
| Goodwill | — | — | — | $0 | $5M | $28M | $26M | $27M | $26M | $29M |
| Total assets | $103M | $161M | $233M | $371M | $513M | $505M | $594M | $628M | $621M | $691M |
| Total current liabilities | $76M | $95M | $128M | $112M | $156M | $216M | $270M | $371M | $355M | $452M |
| Long-term debt | $14M | $0 | — | — | — | $0 | $115M | $140M | $241M | $231M |
| Total liabilities | $111M | $116M | $160M | $166M | $216M | $271M | $449M | $575M | $654M | $738M |
| Shareholders' equity | -$63M | $46M | $73M | $205M | $297M | $234M | $146M | $52M | -$33M | -$47M |
| Net debt | -$11M | -$74M | -$95M | -$160M | -$112M | -$101M | -$30M | $57M | $132M | $105M |
Cash flow
Fiscal years, from Appian's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8M | -$9M | -$31M | -$9M | -$8M | -$54M | -$107M | -$110M | $7M | $63M |
| Capital spending | $984,000 | $433,000 | $7M | $32M | $1M | $6M | $9M | $10M | $4M | $3M |
| Free cash flow | -$9M | -$10M | -$38M | -$41M | -$9M | -$60M | -$116M | -$120M | $3M | $60M |
| Stock-based compensation | $0 | $13M | $16M | $16M | $15M | $24M | $39M | $43M | $39M | $42M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$50M | -$20M |
| Net borrowing | -$10M | -$40M | $0 | $0 | $0 | $0 | $119M | $88M | $44M | -$10M |
| Free cash flow margin | -6.6% | -5.4% | -16.9% | -15.9% | -2.9% | -16.2% | -24.7% | -22.0% | 0.5% | 8.2% |
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Open APPN in InvestinglyQuestions
What was Appian's revenue in 2025?
$727M in fiscal 2025, from its 10-K filing.
How much free cash flow does Appian generate?
$60M in fiscal 2025 (operating cash flow minus capital spending).
From Appian's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.