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Appfolio (APPF) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Appfolio (APPF) Q3 2026 earnings results →

Q3 2026 Revenue up 19% year over year to $296M · 16¢ of every $1 of revenue kept as net profit · operating margin 19.4%

Appfolio made $296M in Q3 2026 (+19% Y/Y): Value Added Services $232M, Subscription Services $61.5M, Other $2.2M. Operating margin 19.4%, net earnings $46.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$296M
Year over year+19%
Operating margin19.4%
Net earnings$46.0M
Operating cash flow$96.8M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $295.7M in Q3 2026, up 19% year over year and up 5% from the previous quarter. Value Added Services was the largest line at 78% of revenue. Value Added Services added $39.9M year over year (up 21%), 86% of the total change. Other declined 37%.

Operating profit was $57.4M, a 19.4% margin (up 5.4 points year over year). Of the extra revenue versus Q3 2025, 48% reached operating profit, above the 14% margin then. Total costs grew 11% against revenue growth of 19%. The fastest-growing cost line was Sales & marketing (+35%). Net earnings were $46.0M, up 37% year over year. The effective tax rate was 22.9%.

Operating cash flow was $96.8M (up 13% year over year), 210% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $20.6M of share-based compensation. Working capital and other items added $25.2M. Capital expenditures of $14K left free cash flow of $96.8M.

Quarterly history

Appfolio revenue by quarterAppfolio revenue by quarter$218MQ1 2025$236MQ2 2025$249MQ3 2025$248MQ4 2025$262MQ1 2026$281MQ2 2026$296MQ3 2026
Appfolio net earnings by quarterAppfolio net earnings by quarter$31.4MQ1 2025$36.0MQ2 2025$33.6MQ3 2025$39.9MQ4 2025$42.4MQ1 2026$41.5MQ2 2026$46.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$296M+19%19.4%$46.0M$96.8M
Q2 202610-QJul 23, 2026$281M+19%18.8%$41.5M$87.6M
Q1 202610-QApr 23, 2026$262M+20%19.4%$42.4M$34.3M
Q4 202510-KFeb 5, 2026$248M+22%17.6%$39.9M$65.0M
Q3 202510-QOct 30, 2025$249M+21%14.1%$33.6M$86.0M
Q2 202510-QJul 31, 2025$236M+19%17.2%$36.0M$52.6M
Q1 202510-QApr 24, 2025$218M+16%15.5%$31.4M$38.5M

Charts

Appfolio: revenue growth, year over year and quarter over quarterAppfolio: revenue growth, year over year and quarter over quarterY/YQ/Q+16%Q1 2025+19%+8%Q2 2025+21%+6%Q3 2025+22%0%Q4 2025+20%+6%Q1 2026+19%+7%Q2 2026+19%+5%Q3 2026
Latest (Q3 2026): Y/Y +19%, Q/Q +5%.
Appfolio: where the cash came from (+) and went (−), TTM to Q3 2026Appfolio: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$284MCash drawn (+) / kept (−)−$182MBuybacks−$129MOther investing$61.0MTaxes on employees’ shares−$33.5MShares issued$2.0MCapital spending−$1.6MOther financing$134K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Appfolio: profit against cash, quarter by quarterAppfolio: profit against cash, quarter by quarterNet incomeOperating cash flow$103M$36.6MQ4 2024$31.4M$38.5MQ1 2025$36.0M$52.6MQ2 2025$33.6M$86.0MQ3 2025$39.9M$65.0MQ4 2025$42.4M$34.3MQ1 2026$41.5M$87.6MQ2 2026$46.0M$96.8MQ3 2026
Latest (Q3 2026): Net income $46.0M, Operating cash flow $96.8M.
Appfolio: diluted shares by fiscal yearAppfolio: diluted shares by fiscal year36MFY202036MFY202135MFY202236MFY202337MFY202436MFY2025
+1.7% since FY2020: more shares outstanding (issuance, stock pay).
Appfolio in its industry: growth against margin (192 companies, SIC 7372)Appfolio in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMECCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYAPPF (+19%, 19%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Appfolio

Unless otherwise stated in this Annual Report, references to "AppFolio," "we," "us," and "our" refer to AppFolio, Inc. and its consolidated subsidiaries. Founded in 2006, AppFolio is a technology leader powering the future of real estate. We provide a cloud-based platform, the AppFolio Platform, on which our customers operate their businesses. Our primary customers are property management companies who manage a variety of property types, including single family, multifamily, affordable, commercial, student, and community associations. We help our customers navigate an increasingly interconnected and growing network of stakeholders in their business ecosystems, including property managers, property investors, potential residents, residents, and vendors.

In its own words, from its 10-K, filed Feb 5, 2026.

Appfolio against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +19%. Operating margin: 19.4% against the peers' median 19.4%.

CompanyQuarterRevenueY/YOp. margin
APPF AppfolioQ3 2026$296M+19%19.4%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Appfolio 10-Q on SEC EDGAR · CIK 1433195 · Services-Prepackaged Software

Guidance and outlook

Appfolio Revenue: guidance against what was reportedAppfolio Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$794MFY2025$951MFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns APPF and who is buying

Largest holders of APPF (13F)Largest holders of APPF (13F)Vanguard Group$596MBlackRock$424MPrincipal Financial Group$257MVanguard Portfolio Management LLC$239MAshe Capital Management, LP$168MVanguard Capital Management LLC$167MState Street$123MWilliam Blair Investment Manageme…$116MLondon Co of Virginia$113MPrice T Rowe Associates$112M
Funds' net buying of APPF by quarter (13F)Funds' net buying of APPF by quarter (13F)−$118M2024-09−$77.2M2024-12$238M2025-03$215M2025-06−$135M2025-09$188M2025-12$91.5M2026-03$272M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on APPF

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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