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Progress Software vs Appian: PRGS and APPN compared
Progress Software is the larger company: $246M of revenue in its latest quarter (Q3 FY26) against $235M for Appian (Q3 2026). Appian is growing faster (+26% against -2% a year earlier). Progress Software is more profitable, with an operating margin of 18.9% against 9.1%.
Where the money goes: PRGS and APPN
Progress Software (PRGS) · Q3 FY26
Progress Software, Q3 FY26: revenue $246M (-2% year over year), operating margin 18.9%, net earnings $22.8M, operating cash flow $88.0M. The chart follows the revenue to costs, profit and cash.
Appian (APPN) · Q3 2026
Appian, Q3 2026: revenue $235M (+26% year over year), operating margin 9.1%, net earnings $12.3M, operating cash flow −$15.4M. The chart follows the revenue to costs, profit and cash.
| Progress Software (PRGS) | Appian (APPN) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $246M | $235M |
| Revenue growth, Y/Y | -2% | +26% |
| Gross margin | 82.7% | 72.9% |
| Operating margin | 18.9% | 9.1% |
| Net earnings | $22.8M | $12.3M |
| Net margin | 9.3% | 5.3% |
| Operating cash flow | $88.0M | −$15.4M |
| Free cash flow | $86.3M | — |
| Market value | $1.6B | — |
| P/E | 18.0× | — |
| Analysts’ mean target | $56.20 | — |
Where the revenue comes from
Progress Software
- Maintenance, SaaS, and professional services: $182M (74%)
- Software licenses: $63.6M (26%)
Appian
- Subscriptions: $188M (80%)
- Professional services: $46.9M (20%)
Questions
Which is bigger, Progress Software or Appian?
Progress Software is the larger company: $246M of revenue in its latest quarter (Q3 FY26) against $235M for Appian (Q3 2026).
Is Progress Software or Appian growing faster?
Appian is growing faster (+26% against -2% a year earlier).
Which is more profitable, Progress Software or Appian?
Progress Software is more profitable, with an operating margin of 18.9% against 9.1%.
More: Progress Software earnings · how Progress Software makes money · Appian earnings · how Appian makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 30, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.