AppFolio provides cloud software and related payments, screening and insurance services to property managers, primarily in the United States.
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A snapshot of what APPFOLIO INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001433195-24-000023 | Feb 1, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001433195-25-000013 | Feb 6, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001433195-26-000011 | Feb 5, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
AppFolio is growing through both its property-management platform and the services used alongside it. Third-quarter 2026 revenue reached $295.7 million, up a reported 19%, while GAAP operating margin improved to 19.4% from 14.1%. Value Added Services supplied most of the revenue increase. The improvement needs qualification: a lease-termination gain benefited both GAAP and adjusted earnings, higher taxes restrained net-income growth, and lower share counts helped earnings per share. Cash generation supported substantial repurchases, but cloud commitments and insurance obligations remain material demands. October guidance raised the full-year revenue floor while lowering the adjusted-margin ceiling—not an across-the-board upgrade. Pricing and realized AI benefits are not separately quantified, and several accounting-presentation differences remain unresolved.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.1 · 2026-07-23
AppFolio combines property-management and accounting software with payments, tenant screening, insurance-related risk mitigation and resident services. It reports one segment, not separate software and payments businesses. Subscription fees scale with property type and customer size; many additional services charge per transaction without minimum usage commitments. Payment fees are reported gross of processing costs—not as the underlying rent transferred—so revenue growth is not equivalent to growth in retained fees or profit.
At September 30, 2026, the platform covered 9.8 million active or committed units versus 9.1 million a year earlier. Q3 Value Added Services revenue was $231.9 million of $295.7 million total revenue. Management attributes growth principally to greater service usage. Pricing, retention, organic growth and AI-specific revenue or savings are not separately quantified; neither revenue growth above unit growth nor management's AI commentary establishes those contributions. Leasing seasonality typically strengthens the first three quarters before a fourth-quarter decline, although conditions and mix can change that pattern.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
The September quarter and nine-month statements, filed October 22, 2026, are unaudited. Nine-month revenue was $839.0 million versus $702.6 million; GAAP operating income increased to $161.1 million from $109.3 million, with margin improving to 19.2% from 15.6%. In Q3, lower research and administrative spending and slower growth in service costs helped margins, while sales and marketing rose faster than revenue. Lower depreciation also helped as assets reached the ends of their useful lives. The credit-loss accounting standard adopted in January had no reported material effect.
July's office-lease termination required a $3.9 million cash fee but produced an approximately $1.5 million accounting gain in administrative expenses. That gain remains in both GAAP and non-GAAP operating results. Nine-month adjusted operating income of $228.5 million excludes stock compensation and specified amortization; those exclusions do not make compensation costless. GAAP net income was $129.9 million versus $101.0 million, with higher taxes limiting growth. Management cites more nondeductible officer compensation and smaller stock-compensation tax benefits and research credits. Q3 diluted EPS of $1.29 versus $0.93 also benefited from fewer diluted shares.
On October 22, management forecast FY2026 revenue of $1.122–$1.127 billion and non-GAAP operating margin of 26.5%–27.5%. Compared with July, the revenue floor rose, but the margin ceiling fell from 28%; the release does not explain that reduction. These forecasts supersede April and July guidance and remain conditional. No GAAP-equivalent margin forecast was provided because excluded costs could be significant and cannot be reliably predicted.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.1 · 2026-07-23 · EX-99.1 · 2026-04-23
Nine-month operating cash flow increased to $218.7 million from $177.1 million. It exceeded profit partly because of $59.1 million of noncash stock compensation, $26.6 million of deferred-tax adjustments and working-capital movements. Annual bonuses accrued in 2025 were paid in Q1 2026. Q3 cash flow increased in dollars but declined to 32.7% of revenue from 34.5%, so conversion did not improve on every measure.
Through September, repurchases consumed $129.2 million, employee share-withholding taxes another $21.7 million, and a minority investment $10 million. Cash software capitalization of $3.5 million and equipment purchases of $0.2 million were separate from $153.8 million of expensed research and development. The remaining $120.8 million repurchase authorization is discretionary, not promised spending. Cloud agreements require at least $219.3 million through 2031, including $36.2 million classified short-term; usage can cost more. Lease liabilities were $29.3 million, representing $33.9 million of undiscounted payments rather than an additional obligation.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22
September cash of $258.5 million and current securities of $48.7 million totaled $307.3 million, versus $251.2 million at December 2025. Securities liquidation explains much of the larger increase in cash alone. The $87.7 million strategic-investment balance is illiquid and excluded from that total. The $150 million secured revolver matures September 30, 2030; no nine-month draws or September borrowings were reported, and management reported covenant compliance. Its restrictions mean the commitment is not unconditional cash availability, and quantitative headroom is undisclosed. Management's assessment that resources cover at least 12 months of working capital and capital expenditure is not a guarantee; expansion or acquisitions could require financing.
Sources: 10-Q · 2026-09-30 · 10-K · 2025-12-31
AppFolio depends on external payment providers and faces fraud, cybersecurity, screening-law and resident-fee regulation risks. Insurance services also carry underwriting exposure: September claims reserves were $8.3 million, with a separate $9.9 million liability for potentially refundable commissions. Some indemnities can be uncapped and their potential payments indeterminable, despite no related liability being recorded. Management reported no material change in annual risk factors—not an absence of risk. A 2021 FTC settlement also imposes continuing compliance and reporting obligations; noncompliance could bring material penalties or a ban on tenant-screening services.
Class B held approximately 82.5% of voting power at the April 16, 2026 meeting record date. Effective June 29, CEO Shane Trigg became chair and Winifred Webb became lead independent director; Diya Jolly and Michael Yang replaced retiring directors, and Saori Casey joined Audit and Compensation. The April 9 CEO agreement established equity awards and conditional severance protections, not a triggered payout or corporate transaction. The cash bonus plan adopted October 21 applies beginning in 2027; adoption establishes neither earned awards nor a quantified incremental expense. The annual report identifies a November 2025 Mazza separation agreement providing conditional salary continuation, a prorated cash bonus and benefits. The agreement does not establish actual payments or an October 2026 outstanding balance, so no additional current unpaid liability is assumed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · 8-K · 2026-06-12 · 8-K · 2026-06-26 · 8-K/A · 2026-01-12 · 8-K · 2026-04-09 · EX-10.25 · 2025-12-31
USD 950.822 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 950.822 m | 19.7% |
| 2024 | USD 794.202 m | 28.0% |
| 2023 | USD 620.445 m | — |
Consolidated GAAP revenue, including payment-service fees reported gross of interchange and processing costs.
Sources: 10-K · 2025-12-31
USD 140.923 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 140.923 m | -30.9% |
| 2024 | USD 204.068 m | 7452.5% |
| 2023 | USD 2.702 m | — |
Consolidated GAAP net income after income taxes, before allocation to participating securities for EPS.
Sources: 10-K · 2025-12-31
USD 242.105 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 242.105 m | — |
GAAP operating cash flow; excludes investing cash expenditures and financing share-withholding payments.
Sources: 10-K · 2025-12-31
USD 188.159 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 188.159 m | — |
GAAP operating cash flow; comparative operating line items conform to the current presentation.
Sources: 10-K · 2025-12-31
USD 60.283 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 60.283 m | — |
GAAP operating cash flow as presented in the 2025 annual comparative cash-flow statement.
Sources: 10-K · 2025-12-31
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