Filing Flows › Appfolio (APPF) › Q4 2025
Appfolio (APPF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 5, 2026
Appfolio (APPF) reported revenue of $248M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -0.5% from the quarter before. Operating margin was 17.6%, net earnings $39.9M (16.1% of revenue).
Appfolio, Q4 2025: revenue $248M (+22% year over year), operating margin 17.6%, net earnings $39.9M, operating cash flow $65.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $248M | -0.5% | +22% |
| Operating profit | $43.6M | +24% | +90% |
| Net earnings | $39.9M | +19% | -61% |
| Operating cash flow | $65.0M | -24% | +78% |
| Free cash flow | $63.7M | -25% | +75% |
What changed
Revenue was $248.2M in Q4 2025, up 22% year over year and roughly flat from the previous quarter.
Operating profit was $43.6M, a 17.6% margin (up 6.3 points year over year). Of the extra revenue versus a year earlier, 46% reached operating profit, above the 11% margin then. Total costs grew 13% against revenue growth of 22%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $39.9M, down 61% year over year. The effective tax rate was 12.5%.
Operating cash flow was $65.0M (up 78% year over year), 163% of net earnings. Non-cash charges added back $5.1M of depreciation and amortization and $15.3M of share-based compensation. Working capital and other items added $4.6M. Capital expenditures of $1.3M left free cash flow of $63.7M.
Questions
What was Appfolio's revenue in the fourth quarter 2025?
Appfolio (APPF) reported revenue of $248M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -0.5% from the quarter before.
Was Appfolio profitable in the fourth quarter 2025?
Operating profit was $43.6M (17.6% of revenue) and net earnings $39.9M.
Source: Appfolio 10-K on SEC EDGAR.