APPF on Nasdaq

AppFolio

Logo: appfolioinc.com⁴

American real estate software services company

AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$950.8MRevenue, fiscal 2025⁵

$140.9MNet income, fiscal 2025⁵

2007Founded¹

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TickerAPPF on Nasdaq¹
Industrysoftware industry¹
HeadquartersSanta Barbara¹
Websitewww.appfolioinc.com
Business address70 Castilian Drive, Santa Barbara, Ca 93117⁶
Filer categoryLarge accelerated filer⁶

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Image: appfolioinc.com⁴

AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.1%Operating margin⁵

14.8%Net margin⁵

19.7%Revenue growth, 2025⁵

26.0%Return on equity⁵

$238.9MFree cash flow⁵

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Value Added Services brought in 76% of the revenue AppFolio broke down this way in fiscal 2025.

Value Added Services$721.5M⁵76%up 19% from 2024
Subscription Services$211.5M⁵22%up 17% from 2024
Other Services$17.8M⁵2%up 108% from 2024

Products and services by year

Products and services	2023	2024	2025
Value Added Services	$454.1M	$605.0M	$721.5M
Subscription Services	$156.7M	$180.6M	$211.5M
Other Services	$9.7M	$8.6M	$17.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and developmentOther costsProfit

Research and development20¢$190.4M
Other costs63¢$599.3M
Income tax2¢$20.2M
Profit15¢$140.9M

Out of $950.8M in revenue.⁵

Where each dollar of operating cash went, fiscal 2025

Share buybacksKept or used elsewhere

Capital spending1¢$3.2M
Share buybacks60¢$145.7M
Kept or used elsewhere39¢$93.2M

Out of $242.1M of cash from operations.⁵

Financial statements

Revenue⁸⁹¹⁰¹¹¹²⁵$950.8M in 2025+400% since 2018

Operating income⁸⁹¹⁰¹¹¹²⁵$152.9M in 2025+678% since 2018

Net income⁸⁹¹⁰¹¹¹²⁵$140.9M in 2025+606% since 2018

Every line of the income statement in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	$950.8M	$794.2M	$620.4M
Cost of revenue (exclusive of depreciation and amortization)	$345.3M	$282.1M	$238.1M
Sales and marketing	$143.9M	$110.6M	$107.6M
Research and product development	$190.4M	$160.4M	$151.4M
General and administrative	$95.6M	$86.0M	$93.5M
Depreciation and amortization	$22.7M	$19.5M	$29.0M
Total costs and operating expenses	$797.9M	$658.6M	$619.5M
Income from operations	$152.9M	$135.6M	$963.0K
Other income, net	$38.0K	$697.0K	$3.0K
Interest income, net	$8.2M	$14.0M	$7.0M
Income before provision for income taxes	$161.1M	$150.3M	$8.0M
Provision for (benefit from) income taxes	$20.2M	-$53.7M	$5.3M
Net income	$140.9M	$204.1M	$2.7M
Basic (in dollars per share)	$3.91	$5.63	$0.08
Diluted (in dollars per share)	$3.88	$5.55	$0.07
Basic (in shares)	36.0M shares	36.3M shares	35.6M shares
Diluted (in shares)	36.3M shares	36.8M shares	36.4M shares
Total stock-based compensation expense	$70.8M	$60.3M	$52.4M

Total assets¹⁶⁸⁹¹⁰¹¹¹²⁵$689.0M in 2025+292% since 2018

Total liabilities¹⁶⁸⁹¹⁰¹¹¹²⁵$146.4M in 2025+74% since 2018

Shareholders’ equity⁹¹⁰¹¹¹²⁵$542.6M in 2025+491% since 2018

Cash⁸⁹¹⁰¹¹¹²⁵$107.0M in 2025+44% since 2018

Long-term debt¹⁶$47.4M in 2019−3% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$107.0M	$42.5M	$49.5M
Investment securitiescurrent	$144.3M	$235.7M
Accounts receivable, net	$36.9M	$24.3M
Prepaid expenses and other current assets	$65.2M	$32.8M
Total current assets	$353.3M	$335.4M
Property and equipment, net	$23.2M	$24.5M
Operating lease right-of-use assets	$15.9M	$17.5M
Capitalized software development costs, net	$11.3M	$15.4M
Goodwill	$96.4M	$96.4M	$56.1M
Intangible assets, net	$38.8M	$49.1M
Deferred income taxes	$58.8M	$76.9M
Long-term investments	$77.0M	$2.0M
Other long-term assets	$14.1M	$9.5M
Total assets	$689.0M	$626.7M
Accounts payable	$4.1M	$2.4M
Accrued employee expenses	$59.8M	$30.2M
Accrued expenses	$20.8M	$14.7M
Other current liabilities	$22.1M	$16.1M
Total current liabilities	$106.8M	$63.3M
Operating lease liabilities	$33.3M	$37.5M
Other liabilities	$6.3M	$6.6M
Total liabilities	$146.4M	$107.4M
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024	$0	$0
Additional paid-in capital	$284.1M	$254.8M
Accumulated other comprehensive (loss) Income	$30.0K	$173.0K
Treasury stock, at cost, 1,108 and 418753 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively	-$172.5M	-$25.8M
Retained earnings	$431.0M	$290.0M
Total stockholders equity	$542.6M	$519.3M	$297.3M
Total liabilities and stockholders equity	$689.0M	$626.7M
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	25.0M shares	25.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares

Cash from operations⁸⁹¹⁰¹¹¹²⁵$242.1M in 2025+568% since 2018

Capital spending⁸⁹¹⁰¹¹¹²⁵$3.2M in 2025+50% since 2018

Free cash flow⁸⁹¹⁰¹¹¹²⁵$238.9M in 2025+599% since 2018

Share buybacks⁸⁹¹⁰⁵$145.7M in 2025+576% since 2018

Every line of the cash flow in the latest annual report, as filed.⁵

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$140.9M	$204.1M	$2.7M
Depreciation and amortization	$22.7M	$19.5M	$29.0M
Amortization of operating lease right-of-use assets	$2.2M	$2.0M	$2.1M
Amortization of costs capitalized to obtain revenue contracts, net	$11.1M	$10.0M	$9.5M
Gain on lease modification	$0	$0	-$4.3M
Deferred income taxes	$18.1M	-$76.9M	-$490.0K
Stock-based compensation, including as amortized	$70.8M	$60.3M	$52.4M
Other	-$2.1M	-$8.2M	-$3.1M
Accounts receivable	-$12.5M	-$3.4M	-$4.2M
Prepaid expenses and other assets	-$21.4M	-$5.9M	-$23.0M
Accounts payable	$1.8M	$1.6M	-$1.6M
Operating lease liabilities	-$4.3M	-$3.1M	-$2.5M
Accrued expenses and other liabilities	$14.9M	-$11.8M	$3.7M
Net cash provided by operating activities	$242.1M	$188.2M	$60.3M
Purchases of available-for-sale investments	-$228.9M	-$317.2M	-$195.7M
Proceeds from sales of available-for-sale investments	$202.7M	$10.0M	$1.0M
Proceeds from maturities of available-for-sale investments	$119.0M	$240.0M	$152.4M
Purchases of property and equipment	-$3.2M	-$2.0M	-$9.0M
Capitalization of software development costs	-$3.4M	-$5.2M	-$4.8M
Purchases of long-term investments	-$75.0M	$0	$629.0K
Cash paid in business acquisition, net of cash acquired	-$906.0K	-$77.4M	$0
Net cash provided by (used in) investing activities	$10.2M	-$151.8M	-$55.6M
Proceeds from stock option exercises	$134.0K	$3.9M	$2.6M
Tax withholding for net share settlement	-$43.2M	-$47.3M	-$28.6M
Proceeds from the issuance of common stock under the employee stock purchase plan	$951.0K	$0	$0
Purchase of common stock	-$145.7M	$0	$0
Net cash used in financing activities	-$187.9M	-$43.4M	-$26.0M
Net increase (decrease) in cash, cash equivalents and restricted cash	$64.5M	-$7.0M	-$21.3M
Cash paid for income taxes	$28.8M	$14.0M	$8.1M
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$6.3M	$5.8M	$4.7M

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The story

AppFolio was established in 2006 by co-founders Klaus Schauser and Jon Walker. Schauser had previously founded Expertcity.

The company's first focus was property management for small to medium businesses and its first product, AppFolio Property Manager, was launched in 2007.

In November 2012, AppFolio acquired MyCase, a "legal practice management software provider."

AppFolio purchased real estate software firm RentLinx in April 2015. This acquisition included rights to the website ShowMeTheRent.com, which increased AppFolio's listing presence.

In May 2015, AppFolio announced its Initial public offering, which was unveiled in June.

In September 2018, AppFolio reported acquisition of utility analytics software WegoWise.

In January 2019, AppFolio acquired Dynasty Marketplace, Inc., for $60 million.

In September 2020, AppFolio announced the sale of MyCase to private equity firm Apax Funds, for approximately $193 million.

From Wikipedia’s article on AppFolio, shared under CC BY-SA 4.0.⁷

Products and brands

AppFolio Property Manager

AppFolio Property Manager is a cloud-based property management platform used to manage residential and commercial rental operations, including leasing, accounting, and resident communications. The platform was expanded in 2022 with the AppFolio Stack, a marketplace for other real-estate software that can be integrated with its products.