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AppFolio Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Fourth quarter revenue reached $248 million, up 22% year-over-year, capping a year of AI-driven innovation and unit growth.
Full-year revenue was $951 million, a 20% increase year-over-year, with non-GAAP operating margin at 24.7%.
Units on platform grew to 9.4 million, reflecting strong new business momentum and 8% year-over-year growth.
Recognized by Forbes, Time Magazine, and as a technology leader in real estate for business performance.
Focused on agentic AI and resident experience to deliver measurable outcomes for customers.
Financial highlights
Q4 2025 revenue grew 22% year-over-year to $248 million; full-year revenue up 20% to $951 million.
Q4 non-GAAP operating margin: 24.9%; full-year: 24.7%.
Q4 GAAP operating income was $44 million (17.6% margin); non-GAAP operating income was $62 million (24.9% margin).
Q4 net income was $39.9 million; full-year net income was $140.9 million.
Net cash from operating activities was $65 million in Q4 (26.2% of revenue) and $242 million for the year (25.5% of revenue).
Outlook and guidance
2026 annual revenue guidance: $1.1 billion–$1.12 billion, midpoint growth rate of 17%.
Expected 2026 non-GAAP operating margin: 25.5%–27.5%.
Diluted weighted average shares outstanding projected at 36–37 million.
Cost of revenue as a percentage of revenue expected to remain flat year-over-year.
Quantify AI's impact on average revenue per unit
Reconcile FY25 non-GAAP operating margin dip
Detail FY25 capital allocation decisions
How AI usage impacts cost of revenue?
Address industry's AI reliance gap
Drivers for premium tier adoption exceeding 25%
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Next AppFolio earnings date
Q1 202623 Apr, 2026
AppFolio
Next AppFolio earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
AppFolio is a leading provider of cloud business management solutions for the real estate industry. Their property management platform, AppFolio Property Manager, leverages process automation, easy to use interface, and the optimization of common workflows for their customers. Their platform also completes and records critical transactions in the system, giving their clients access to the data they need to run their businesses. AppFolio also offers AppFolio Property Manager Plus, which offers customizable workflows that allow customers to digitize their existing processes, performance insights, intelligent revenue management and integrations through selected partners and dedicated strategic account managers. AppFolio's investment management solution provides a platform for real estate investment management organizations to manage investor relationships through enhancing transparency and streamlining certain business processes.
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