AppFolio (APPF) Q4 2025 earnings summary

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.