AppFolio, Inc. (APPF) Income Statement
APPF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAPPF revenue and net income
Where APPF's revenue goes
2025Each bar shows an amount and its share of revenue. APPF kept 14.8% of revenue as net income.
APPF profit margins
APPF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.7% | +26.3% | +25.1% | +28.9% |
| Gross profit | +18.3% | +27.7% | +25.0% | +30.4% |
| Operating income | +12.7% | — | +73.3% | — |
| Net income | −30.9% | — | −2.3% | — |
| EPS (diluted) | +20.5% | — | +2.8% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
APPF quarterly EPS vs estimates
AppFolio beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 22, 2026 (estimate $1.33).
APPF income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $950.8M | $794.2M | $620.4M | $471.9M | $359.4M | $310.1M | $256.0M | $190.1M | $143.8M | $105.6M |
| Cost of revenue | $368.0M | $301.6M | $238.1M | $191.8M | $143.9M | $119.0M | $101.6M | $73.5M | $55.3M | $44.6M |
| Gross profit | $582.8M | $492.6M | $382.4M | $280.1M | $215.4M | $191.0M | $154.4M | $116.5M | $88.5M | $61.0M |
| Research & development | $190.4M | $160.4M | $151.4M | $111.1M | $66.0M | $48.5M | $39.5M | $24.1M | $16.6M | $12.6M |
| Sales, general & admin | $239.5M | $196.6M | $201.1M | $208.2M | $130.5M | $105.9M | $86.0M | $58.2M | $49.9M | $46.8M |
| Total operating expenses | $429.9M | $356.9M | $381.4M | $352.4M | $227.3M | $181.2M | $147.9M | $96.9M | $79.2M | $69.4M |
| Operating income | $152.9M | $135.6M | $963,000 | −$72.4M | −$11.9M | $9.8M | $6.5M | $19.7M | $9.3M | −$8.4M |
| Interest income | $8.2M | $14.0M | $7.0M | $1.2M | $501,000 | — | $1.7M | $787,000 | $535,000 | $246,000 |
| Interest expense | — | — | — | $1.2M | $501,000 | $1.8M | $1.7M | $0 | $535,000 | $246,000 |
| Income before taxes | $161.1M | $150.3M | $8.0M | −$66.7M | $1.7M | $196.8M | $4.8M | $20.4M | $9.8M | −$8.2M |
| Income taxes | $20.2M | −$53.7M | $5.3M | $1.4M | $706,000 | $38.4M | −$31.5M | $420,000 | $58,000 | $67,000 |
| Net income | $140.9M | $204.1M | $2.7M | −$68.1M | $1.0M | $158.4M | $36.3M | $20.0M | $9.7M | −$8.3M |
| EBITDA | $186.0M | $171.9M | $36.6M | −$30.4M | $34.0M | $227.9M | $32.2M | $34.2M | $22.0M | $1.5M |
| EPS (diluted) | $5.30 | $4.40 | $1.70 | −$0.11 | $0.31 | $4.62 | $0.47 | $0.68 | $0.45 | −$0.18 |
| Gross margin | 61.3% | 62.0% | 61.6% | 59.3% | 59.9% | 61.6% | 60.3% | 61.3% | 61.6% | 57.7% |
| Operating margin | 16.1% | 17.1% | 0.2% | −15.3% | −3.3% | 3.2% | 2.5% | 10.3% | 6.5% | −8.0% |
| Net margin | 14.8% | 25.7% | 0.4% | −14.4% | 0.3% | 51.1% | 14.2% | 10.5% | 6.8% | −7.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $281.1M | $262.2M | $248.2M | $249.4M | $235.6M | $217.7M | $203.7M | $205.7M | $197.4M | $187.4M | $171.8M | $165.4M |
| Cost of revenue | $102.6M | $95.0M | $95.7M | $91.5M | $83.8M | $79.5M | $81.5M | $71.6M | $74.3M | $69.9M | $61.3M | $62.7M |
| Gross profit | $178.5M | $167.2M | $152.5M | $157.9M | $151.7M | $138.2M | $122.1M | $134.1M | $123.1M | $117.6M | $110.6M | $102.7M |
| Research & development | $51.0M | $49.6M | $46.0M | $54.0M | $46.7M | $43.8M | $42.3M | $40.7M | $39.5M | $37.9M | $34.8M | $46.0M |
| Sales, general & admin | $69.6M | $61.8M | $63.0M | $63.4M | $58.7M | $54.4M | $56.9M | $46.5M | $47.6M | $45.6M | $40.5M | $53.6M |
| Total operating expenses | $125.6M | $116.5M | $109.0M | $122.8M | $111.2M | $104.4M | $99.2M | $91.5M | $87.1M | $83.5M | $82.3M | $102.8M |
| Operating income | $53.0M | $50.7M | $43.6M | $35.0M | $40.5M | $33.8M | $23.0M | $42.6M | $36.0M | $34.1M | $28.2M | −$67,000 |
| Interest income | $1.4M | $1.8M | $2.0M | $1.7M | $1.5M | $3.0M | $3.5M | $4.0M | $3.5M | $3.0M | $2.4M | $1.8M |
| Income before taxes | $54.4M | $53.1M | $45.6M | $36.7M | $42.0M | $36.8M | $27.2M | $46.6M | $39.5M | $37.1M | $30.9M | $1.5M |
| Income taxes | $12.9M | $10.7M | $5.7M | $3.1M | $6.0M | $5.4M | −$75.6M | $13.6M | $9.8M | −$1.6M | $661,000 | −$25.0M |
| Net income | $41.5M | $42.4M | $39.9M | $33.6M | $36.0M | $31.4M | $102.7M | $33.0M | $29.7M | $38.7M | $30.3M | $26.4M |
| EBITDA | $56.2M | $58.7M | $51.4M | $42.7M | $48.3M | $43.5M | $32.6M | $51.0M | $44.7M | $42.8M | $37.8M | $9.5M |
| EPS (diluted) | $1.23 | $1.61 | $1.39 | $1.31 | $1.39 | $1.21 | $0.92 | $1.29 | $1.14 | $1.05 | $0.88 | $0.59 |
| Gross margin | 63.5% | 63.8% | 61.5% | 63.3% | 64.4% | 63.5% | 60.0% | 65.2% | 62.4% | 62.7% | 64.3% | 62.1% |
| Operating margin | 18.8% | 19.4% | 17.6% | 14.1% | 17.2% | 15.5% | 11.3% | 20.7% | 18.3% | 18.2% | 16.4% | −0.0% |
| Net margin | 14.8% | 16.2% | 16.1% | 13.5% | 15.3% | 14.4% | 50.4% | 16.0% | 15.0% | 20.6% | 17.6% | 16.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in APPF's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
APPF financial results
In fiscal year 2025 (ended December 31, 2025), AppFolio reported revenue of $950.8 million, up 19.7% from the year before. It had net income of $140.9 million (down 30.9%), a net profit margin of 14.8%. Diluted earnings per share came to $5.30. Over five years revenue grew at an average rate of 25.1% a year.
See the APPF stock overview for the latest quote and news, or the APPF chart for price history and technical indicators.
APPF income statement FAQ
What is AppFolio's annual revenue?
AppFolio reported total revenue of $950.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 19.7% from $794.2 million the previous year.
Is AppFolio profitable?
Yes. AppFolio reported net income of $140.9 million in fiscal 2025, a net profit margin of 14.8%; its operating margin was 16.1%.
What is AppFolio's gross margin?
AppFolio's gross margin was 61.3% in fiscal 2025: for every $100 of revenue, AppFolio kept $61 after the direct cost of its products and services.
How much does AppFolio spend on research and development?
AppFolio spent $190.4 million on research and development in fiscal 2025, 20.0% of revenue.
How fast is AppFolio growing?
Revenue grew 25.1% a year on average over the last five fiscal years, from $310.1 million to $950.8 million.
What are AppFolio's earnings per share?
AppFolio earned $5.30 per diluted share in fiscal 2025, compared with $4.40 a year earlier.
When will AppFolio report its next earnings?
AppFolio is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 after the market closes.
When does AppFolio's fiscal year end?
AppFolio's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.