Appfolio Inc income statement
In fiscal 2025, Appfolio Inc reported revenue of $951m, up 19.7% on the year before, operating income of $153m (a 16.1% margin) and net income of $141m, or $3.88 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 27 | 48 | 75 | 106 | 144 | 190 | 256 | 310 | 359 | 472 | 620 | 794 | 951 | 1,087 |
| Cost of revenue | 14 | 23 | 34 | 45 | 55 | 74 | 102 | 119 | 144 | — | — | — | — | — |
| Gross profit | 13 | 25 | 41 | 61 | 89 | 117 | 154 | 191 | 215 | — | — | — | — | — |
| Research and development | 5 | 7 | 10 | 13 | 17 | 24 | 40 | 49 | 66 | 111 | 151 | 160 | 190 | 200 |
| Selling and marketing | 10 | 17 | 26 | 29 | 29 | 33 | 52 | 58 | 73 | 107 | 108 | 111 | 144 | 170 |
| General and administrative | 2 | 6 | 14 | 18 | 21 | 25 | 34 | 47 | 57 | 101 | 93 | 86 | 96 | 99 |
| Operating income | −8 | −9 | −15 | −8 | 9 | 20 | 6 | 10 | −12 | −72 | 1 | 136 | 153 | 205 |
| Interest expense | — | — | 1 | — | — | — | — | — | — | — | — | — | — | — |
| Net interest income | 0 | 0 | −1 | 0 | 1 | 1 | −2 | −2 | 1 | 1 | 7 | — | — | — |
| Income before tax | −7 | −9 | −16 | −8 | 10 | 20 | 5 | 197 | 2 | −67 | 8 | 150 | 161 | 213 |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | −31 | 38 | 1 | 1 | 5 | −54 | 20 | 43 |
| Net income | −7 | −9 | −16 | −8 | 10 | 20 | 36 | 158 | 1 | −68 | 3 | 204 | 141 | 170 |
| Diluted EPS | −$0.87 | −$0.98 | −$0.73 | −$0.25 | $0.28 | $0.56 | $1.02 | $4.44 | $0.03 | −$1.95 | $0.07 | $5.55 | $3.88 | $4.75 |
| Diluted shares (average) | 8m | 9m | 21m | 34m | 35m | 36m | 36m | 36m | 36m | 35m | 36m | 37m | 36m | 36m |
| EBITDA | −5 | −5 | −9 | 2 | 22 | 34 | 29 | 37 | 17 | −42 | 30 | 155 | 176 | 225 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 204 | 218 | 236 | 249 | 248 | 262 | 281 | 296 |
| Research and development | 42 | 44 | 47 | 54 | 46 | 50 | 51 | 53 |
| Selling and marketing | 33 | 31 | 37 | 36 | 40 | 38 | 44 | 49 |
| General and administrative | 23 | 23 | 22 | 27 | 23 | 24 | 26 | 26 |
| Operating income | 23 | 34 | 41 | 35 | 44 | 51 | 53 | 57 |
| Income before tax | 27 | 37 | 42 | 37 | 46 | 53 | 54 | 60 |
| Income tax | −76 | 5 | 6 | 3 | 6 | 11 | 13 | 14 |
| Net income | 103 | 31 | 36 | 34 | 40 | 42 | 42 | 46 |
| Diluted EPS | $2.79 | $0.86 | $0.99 | $0.93 | $1.10 | $1.18 | $1.17 | $1.29 |
| EBITDA | 28 | 40 | 46 | 40 | 49 | 56 | 58 | 62 |
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