Filing Flows › Appfolio (APPF) › Q3 2025
Appfolio (APPF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Appfolio (APPF) reported revenue of $249M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +6% from the quarter before. Operating margin was 14.1%, net earnings $33.6M (13.5% of revenue).
Appfolio, Q3 2025: revenue $249M (+21% year over year), operating margin 14.1%, net earnings $33.6M, operating cash flow $86.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $249M | +6% | +21% |
| Operating profit | $35.0M | -13% | -18% |
| Net earnings | $33.6M | -6% | +2% |
| Operating cash flow | $86.0M | +63% | +49% |
| Free cash flow | $84.7M | +62% | +47% |
What changed
Revenue was $249.4M in Q3 2025, up 21% year over year and up 6% from the previous quarter. Value Added Services was the largest line at 77% of revenue. Value Added Services added $34.4M year over year (up 22%), 79% of the total change.
Operating profit was $35.0M, a 14.1% margin (down 6.6 points year over year). Operating profit fell $7.5M even though revenue rose $43.6M versus a year earlier, so costs grew faster than sales. Total costs grew 31% against revenue growth of 21%. The fastest-growing cost line was Sales & marketing (+41%). Net earnings were $33.6M, up 2% year over year. The effective tax rate was 8.4%.
Operating cash flow was $86.0M (up 49% year over year), 256% of net earnings. Non-cash charges added back $5.4M of depreciation and amortization and $20.8M of share-based compensation. Working capital and other items added $26.1M. Capital expenditures of $1.3M left free cash flow of $84.7M.
Questions
What was Appfolio's revenue in the third quarter 2025?
Appfolio (APPF) reported revenue of $249M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +6% from the quarter before.
Was Appfolio profitable in the third quarter 2025?
Operating profit was $35.0M (14.1% of revenue) and net earnings $33.6M.
Source: Appfolio 10-Q on SEC EDGAR.