AppFolio Inc

Latest Results (02.04.2026):

AppFolio, Inc. — fourth quarter of 2025: AppFolio reported strong Q4 2025 results with revenue up 22% year‑over‑year to $248 million and total units under management up 8% to 9.4 million. Profitability improved on a non‑GAAP basis (non‑GAAP operating income of $62 million, 24.9% margin) while GAAP net income was $39.9 million (diluted EPS $1.10). For full‑year 2025 revenue grew 20% to $951 million and operating cash flow remained robust; the company guided 2026 revenue to $1.10–$1.12 billion with a targeted non‑GAAP operating margin of 25.5%–27.5%.

Revenue & growth

Q4 2025 revenue: $248.2M, +22% YoY. Fiscal 2025 revenue: $950.8M, +20% YoY. Value‑added services continue to be the largest revenue category (Q4 value‑added services $184.6M).

Units under management

Total units under management at Q4 2025: 9.4 million, up 8% year‑over‑year — the company cites accelerated unit acquisition as a driver of growth.

Profitability — GAAP and non‑GAAP

Q4 2025 GAAP operating income: ~$44M (17.6% of revenue). Q4 2025 non‑GAAP operating income: $62M (24.9% margin). For the full year, GAAP operating income was $153M (16.1% margin) and non‑GAAP operating income was $235M (24.7% margin).

Net income & EPS

Q4 2025 GAAP net income: $39.9M; diluted EPS $1.10. Q4 2024 comparatives were higher due to a large tax benefit in 2024 (making year‑over‑year comparisons distorted). Non‑GAAP Q4 net income was $50.4M with diluted non‑GAAP EPS of $1.39. Fiscal 2025 GAAP net income was $140.9M (diluted EPS $3.88); fiscal 2025 non‑GAAP net income was $192.0M (diluted non‑GAAP EPS $5.29).

Cash flow & balance sheet highlights

Q4 net cash provided by operating activities: $65.0M (26.2% of Q4 revenue). Fiscal 2025 operating cash flow: $242.1M (25.5% of revenue). Cash and cash equivalents at year‑end were about $107.2M; total assets ~$689.0M and stockholders’ equity ~$542.6M. The company repurchased ~$145.7M of common stock during the year.

Fiscal 2026 outlook

Guidance (as of Jan 29, 2026): full‑year 2026 revenue $1,100M–$1,120M; full‑year non‑GAAP operating margin 25.5%–27.5%; diluted weighted average shares outstanding ~36M–37M.

Other items to note

Stock‑based compensation remains a meaningful reconciling item: $15.3M in Q4 and $70.8M for FY 2025 (used in AppFolio’s non‑GAAP adjustments). Management emphasized continued AI investments and the company’s AI‑native platform as drivers of performance going into 2026.