AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry. The company's headquarters is in Goleta, California, in the Santa Barbara area.3Wikipedia text CC BY-SA 4.0
Revenue10111213146$950.8M in 2025+400% since 2018Operating income10111213146$152.9M in 2025+678% since 2018Net income10111213146$140.9M in 2025+606% since 2018
Revenue151617$281.1M in Q2 FY2026+19% since Q2 FY2025Operating income151617$53.0M in Q2 FY2026+31% since Q2 FY2025Net income151617$41.5M in Q2 FY2026+15% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$950.8M
$794.2M
$620.4M
Cost of revenue (exclusive of depreciation and amortization)
$345.3M
$282.1M
$238.1M
Sales and marketing
$143.9M
$110.6M
$107.6M
Research and product development
$190.4M
$160.4M
$151.4M
General and administrative
$95.6M
$86.0M
$93.5M
Depreciation and amortization
$22.7M
$19.5M
$29.0M
Total costs and operating expenses
$797.9M
$658.6M
$619.5M
Income from operations
$152.9M
$135.6M
$963.0K
Other income, net
$38.0K
$697.0K
$3.0K
Interest income, net
$8.2M
$14.0M
$7.0M
Income before provision for income taxes
$161.1M
$150.3M
$8.0M
Provision for (benefit from) income taxes
$20.2M
-$53.7M
$5.3M
Net income
$140.9M
$204.1M
$2.7M
Basic (in dollars per share)
$3.91
$5.63
$0.08
Diluted (in dollars per share)
$3.88
$5.55
$0.07
Basic (in shares)
36.0M shares
36.3M shares
35.6M shares
Diluted (in shares)
36.3M shares
36.8M shares
36.4M shares
Total stock-based compensation expense
$70.8M
$60.3M
$52.4M
No quarter-by-quarter statement was filed.
Total assets1810111213146$689.0M in 2025+292% since 2018Total liabilities1810111213146$146.4M in 2025+74% since 2018Shareholders’ equity111213146$542.6M in 2025+491% since 2018Cash10111213146$107.0M in 2025+44% since 2018Long-term debt18$47.4M in 2019−3% since 2018
Total assets19161715$648.4M in Q2 FY2026+14% since Q2 FY2025Total liabilities19161715$122.2M in Q2 FY2026+9% since Q2 FY2025Shareholders’ equity151617$526.1M in Q2 FY2026+15% since Q2 FY2025Cash151617$217.4M in Q2 FY2026+196% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$107.0M
$42.5M
$49.5M
Investment securitiescurrent
$144.3M
$235.7M
Accounts receivable, net
$36.9M
$24.3M
Prepaid expenses and other current assets
$65.2M
$32.8M
Total current assets
$353.3M
$335.4M
Property and equipment, net
$23.2M
$24.5M
Operating lease right-of-use assets
$15.9M
$17.5M
Capitalized software development costs, net
$11.3M
$15.4M
Goodwill
$96.4M
$96.4M
$56.1M
Intangible assets, net
$38.8M
$49.1M
Deferred income taxes
$58.8M
$76.9M
Long-term investments
$77.0M
$2.0M
Other long-term assets
$14.1M
$9.5M
Total assets
$689.0M
$626.7M
Accounts payable
$4.1M
$2.4M
Accrued employee expenses
$59.8M
$30.2M
Accrued expenses
$20.8M
$14.7M
Other current liabilities
$22.1M
$16.1M
Total current liabilities
$106.8M
$63.3M
Operating lease liabilities
$33.3M
$37.5M
Other liabilities
$6.3M
$6.6M
Total liabilities
$146.4M
$107.4M
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024
$0
$0
Additional paid-in capital
$284.1M
$254.8M
Accumulated other comprehensive (loss) Income
$30.0K
$173.0K
Treasury stock, at cost, 1,108 and 418753 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively
-$172.5M
-$25.8M
Retained earnings
$431.0M
$290.0M
Total stockholders equity
$542.6M
$519.3M
$297.3M
$265.5M
Total liabilities and stockholders equity
$689.0M
$626.7M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
25.0M shares
25.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$107.0M
$42.5M
$49.5M
Investment securitiescurrent
$144.3M
$235.7M
Accounts receivable, net
$36.9M
$24.3M
Prepaid expenses and other current assets
$65.2M
$32.8M
Total current assets
$353.3M
$335.4M
Property and equipment, net
$23.2M
$24.5M
Operating lease right-of-use assets
$15.9M
$17.5M
Capitalized software development costs, net
$11.3M
$15.4M
Goodwill
$96.4M
$96.4M
$56.1M
Intangible assets, net
$38.8M
$49.1M
Deferred income taxes
$58.8M
$76.9M
Long-term investments
$77.0M
$2.0M
Other long-term assets
$14.1M
$9.5M
Total assets
$689.0M
$626.7M
Accounts payable
$4.1M
$2.4M
Accrued employee expenses
$59.8M
$30.2M
Accrued expenses
$20.8M
$14.7M
Other current liabilities
$22.1M
$16.1M
Total current liabilities
$106.8M
$63.3M
Operating lease liabilities
$33.3M
$37.5M
Other liabilities
$6.3M
$6.6M
Total liabilities
$146.4M
$107.4M
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024
$0
$0
Additional paid-in capital
$284.1M
$254.8M
Accumulated other comprehensive (loss) Income
$30.0K
$173.0K
Treasury stock, at cost, 1,108 and 418753 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively
-$172.5M
-$25.8M
Retained earnings
$431.0M
$290.0M
Total stockholders equity
$542.6M
$519.3M
$297.3M
$265.5M
Total liabilities and stockholders equity
$689.0M
$626.7M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
25.0M shares
25.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Cash from operations10111213146$242.1M in 2025+568% since 2018Capital spending10111213146$3.2M in 2025+50% since 2018Free cash flow10111213146$238.9M in 2025+599% since 2018Share buybacks1011126$145.7M in 2025+576% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$140.9M
$204.1M
$2.7M
Depreciation and amortization
$22.7M
$19.5M
$29.0M
Amortization of operating lease right-of-use assets
$2.2M
$2.0M
$2.1M
Amortization of costs capitalized to obtain revenue contracts, net
$11.1M
$10.0M
$9.5M
Gain on lease modification
$0
$0
-$4.3M
Deferred income taxes
$18.1M
-$76.9M
-$490.0K
Stock-based compensation, including as amortized
$70.8M
$60.3M
$52.4M
Other
-$2.1M
-$8.2M
-$3.1M
Accounts receivable
-$12.5M
-$3.4M
-$4.2M
Prepaid expenses and other assets
-$21.4M
-$5.9M
-$23.0M
Accounts payable
$1.8M
$1.6M
-$1.6M
Operating lease liabilities
-$4.3M
-$3.1M
-$2.5M
Accrued expenses and other liabilities
$14.9M
-$11.8M
$3.7M
Net cash provided by operating activities
$242.1M
$188.2M
$60.3M
Purchases of available-for-sale investments
-$228.9M
-$317.2M
-$195.7M
Proceeds from sales of available-for-sale investments
$202.7M
$10.0M
$1.0M
Proceeds from maturities of available-for-sale investments
$119.0M
$240.0M
$152.4M
Purchases of property and equipment
-$3.2M
-$2.0M
-$9.0M
Capitalization of software development costs
-$3.4M
-$5.2M
-$4.8M
Purchases of long-term investments
-$75.0M
$0
$629.0K
Cash paid in business acquisition, net of cash acquired
-$906.0K
-$77.4M
$0
Net cash provided by (used in) investing activities
$10.2M
-$151.8M
-$55.6M
Proceeds from stock option exercises
$134.0K
$3.9M
$2.6M
Tax withholding for net share settlement
-$43.2M
-$47.3M
-$28.6M
Proceeds from the issuance of common stock under the employee stock purchase plan
$951.0K
$0
$0
Purchase of common stock
-$145.7M
$0
$0
Net cash used in financing activities
-$187.9M
-$43.4M
-$26.0M
Net increase (decrease) in cash, cash equivalents and restricted cash
$64.5M
-$7.0M
-$21.3M
Cash paid for income taxes
$28.8M
$14.0M
$8.1M
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows
AppFolio sits at the top of its group. 6 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of AppFolio
Maurice J. Duca Filed SCHEDULE 13D/A on AppFolio, latest Aug 13, 2026 (4 filings since Nov 10, 2022)
PRINCIPAL GLOBAL INVESTORSFiled SCHEDULE 13G/A on AppFolio, latest Aug 5, 2026 (2 filings since Feb 6, 2026)
AppFolio Insurance Services, Inc. Subsidiary · California, United States
AppFolio Investment Management, Inc. Subsidiary · California, United States
Home Concierge Move Easy Private Limited Subsidiary · India
Move EZ, Inc. Subsidiary · Delaware, United States
Terra Mar Insurance Company, Inc. Subsidiary · Hawaii, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What AppFolio reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters is located in Santa Barbara, California, where we lease approximately 86,000 square feet of space. We also lease office space in several other U.S. cities. We do not own any real estate.
We believe our current facilities are adequate for our current needs and that, should it be needed, suitable additional or alternative space will be available to us to accommodate any such expansion of our operations.
AppFolio was established in 2006 by co-founders Klaus Schauser and Jon Walker. Schauser had previously founded Expertcity.
The company's first focus was property management for small to medium businesses and its first product, AppFolio Property Manager, was launched in 2007.
In November 2012, AppFolio acquired MyCase, a "legal practice management software provider."
AppFolio purchased real estate software firm RentLinx in April 2015. This acquisition included rights to the website ShowMeTheRent.com, which increased AppFolio's listing presence.
In May 2015, AppFolio announced its Initial public offering, which was unveiled in June.
In September 2018, AppFolio reported acquisition of utility analytics software WegoWise.
In January 2019, AppFolio acquired Dynasty Marketplace, Inc., for $60 million.
In September 2020, AppFolio announced the sale of MyCase to private equity firm Apax Funds, for approximately $193 million.
AppFolio Property Manager is a cloud-based property management platform used to manage residential and commercial rental operations, including leasing, accounting, and resident communications. The platform was expanded in 2022 with the AppFolio Stack, a marketplace for other real-estate software that can be integrated with its products.
Oct 22, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.98 a share, on Oct 30, 2025.58
When it reported results
Jul 23, 2026Reported quarterly or annual results46
Apr 23, 2026Reported quarterly or annual results50
Jan 29, 2026Reported quarterly or annual results52
Oct 30, 2025Reported quarterly or annual results56
Jul 31, 2025Reported quarterly or annual results59
Apr 24, 2025Reported quarterly or annual results60
Jan 30, 2025Reported quarterly or annual results61
Oct 24, 2024Reported quarterly or annual results62
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
482 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 42 major events, 299 insider forms, 40 large holders, 81 other. The latest 20:
187 open-market trades by officers, directors and large owners since October 2021: 11 buys and 176 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 5, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks AppFolio names in Item 1A of its 10-K filed Feb 5, 2026: 47 risks under these headings, as written.20
Risks Related to Our Products and Services
If we are found to be in violation of the legal requirements applicable to our products and services, our business and operating results may be adversely affected.
We face risks in our electronic payment services business that could adversely affect our business and/or results of operations.
Changes to payment card networks or bank fees, rules, or practices could harm our business.
We face risks in our tenant screening services business that could adversely affect our business and/or operating results.
Our resident-focused offerings, such as Resident Onboarding and Resident Onboarding Lift, subject us and our customers to increased regulatory scrutiny and legal requirements.
We could face antitrust challenges, which could harm our business and operating results.
Errors, defects or other disruptions in our products, or the products of our third-party service providers upon which certain of our products are dependent, could harm our reputation, cause us to lose customers, and result in significant expenditures to correct the problem.
If we are unable to deliver effective customer service, it could harm our relationships with our existing customers and adversely affect our ability to attract new customers and our operating results.
If our property management customers stop requiring insurance coverage for their units, our operating results could be harmed.
If we fail to maintain relationships with third-party service providers that enable certain functionality within our products and services or provide our customers with specialized technology and services, our business and operating results may be harmed.
The development and incorporation of AI in our services may result in reputational harm or liability, which could adversely affect our business and operating results.
The other 36 risks
If we are unable to ensure that our products and services keep pace with other technology, we may become less competitive and our operating results may be harmed.
If we are unable to ensure that our products and services interoperate with other technology, we may become less competitive and our operating results may be harmed.
We rely upon third-party service providers to host our platform and any disruption of such third-party services would impact our operations and our business could be adversely impacted.
Risks Related to Cybersecurity and Data Privacy
Security vulnerabilities in our products, human error, or a breach of our security controls could result in the loss, theft, misuse, unauthorized disclosure, or unauthorized access to customer or employee data, or other confidential or sensitive information, which could harm our customer and/or employee relationships, competitiveness and reputation, and expose us to litigation, fines, or penalties.
Privacy laws and regulations could impose additional costs and reduce demand for our services.
Risks Related to Attracting and Retaining Talent
We depend on highly skilled personnel and, if we are unable to retain or hire additional qualified personnel or if we lose key members of our management team, we may not be able to achieve our strategic objectives and our business may be harmed.
Our corporate culture has contributed to our success and, if we cannot continue to preserve this culture, we could lose the passion, creativity, teamwork, focus and innovation fostered by our culture.
Risks Related to Our Industry
All of our revenues are presently generated by sales to customers in the real estate industry, and factors that adversely affect that industry, or our customers within it, could also adversely affect us.
Our estimates of market opportunity are subject to significant uncertainty.
Risks Related to Growing Our Business
Our inability to effectively maintain and enhance our brands could adversely affect our ability to attract new customers and negatively affect our business and operating results.
If we fail to manage our growth effectively, our costs and operating expenses may increase without corresponding increases in revenue, which would adversely affect our operating results.
If we do not accurately predict and respond promptly to rapidly evolving technological developments and customer needs, the demand for our products and our business and operating results may be harmed.
We participate in an intensely competitive market and our business could be harmed if we do not compete effectively.
If we are unable to successfully expand sales of our products and services to new markets, our business, financial condition, and operating results may suffer.
Our business depends substantially on existing customers renewing their subscriptions with us and expanding their use of our Value Added Services, and a decline in either could adversely affect our operating results.
We manage our business to achieve long-term growth, which may not be consistent with the short-term expectations of some investors.
Our acquisition of other companies or technologies may subject us to risks.
We are subject to risks associated with our strategic investments, including partial or complete loss of invested capital. Changes in the fair value of our strategic investments could negatively impact our business, financial condition and results of operations.
Risks Related to Intellectual Property Matters
Failure to protect our intellectual property rights, including our code, proprietary technology and brands, could impair our competitive position and harm our business.
We may be sued by third parties for alleged infringement of their intellectual property rights, which could cause us to incur significant expenses and require us to pay substantial damages.
Our products and services contain open source and third-party software, which may pose risks to our proprietary source code and/or introduce security vulnerabilities, and could have an adverse impact on our business and operating results.
Risks Related to Our Financial Results
As our business grows, we expect our revenue growth rate to decline over the long term.
We expect to make substantial investments across our organization to grow our business, which may impact profitability.
Our quarterly results may fluctuate significantly and period-to-period comparisons of our results may not be meaningful.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
Risks Related to Indebtedness
Our revolving Credit Facility contains covenants which may limit our operational flexibility and otherwise adversely affect our financial condition and/or results of operations, and provides the lender with a first-priority security interest in substantially all of our and our subsidiary guarantors’ personal property.
Risks Related to Our Common Stock
The market price of our Class A common stock may be volatile or decline regardless of our operating performance, which could result in substantial losses for our stockholders.
The dual class structure of our common stock concentrates voting control with a limited number of stockholders, including certain of our directors and principal stockholders, effectively limiting other stockholders' ability to influence corporate matters.
We cannot predict the impact that our capital structure may have on our stock price.
We do not expect to pay any dividends in the foreseeable future.
Anti-takeover provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
Share repurchases could increase the volatility of the trading price of our Class A common stock and diminish our cash reserves, and we cannot guarantee that our share repurchase program will enhance long-term stockholder value.
Risks Related to Macroeconomic Conditions
Global and regional economic conditions could harm our business.
Laws and regulations are continuously evolving and unfavorable changes could adversely affect our operating results, subject us to litigation or governmental investigation, or otherwise harm our business.
Audits and reviews by tax authorities may prove costly and a distraction to management.
Natural disasters, health epidemics, or other catastrophic events may cause damage or disruption to our operations, commerce and the global economy, and have a negative effect on our business and operations.
Legal proceedings
From time to time, we are involved in various investigative inquiries, legal proceedings and disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, labor, regulatory and contractual matters. Although the ultimate outcome of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we do not believe that any such pending investigative inquiries, legal proceedings and other disputes, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows.
For additional information regarding legal proceedings, refer to Note 11, Commitments and Contingencies of our Consolidated Financial Statements.
