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Sep 30
Appfolio Q3 2025 Earnings Report
Appfolio reported strong third quarter 2025 financial results with significant revenue and units under management growth, driven by customer acquisition, expansion, and Realm-X adoption.
Key Takeaways
AppFolio delivered a strong third quarter in 2025, with revenue increasing 21% year-over-year to $249 million and total units under management growing 7% to 9.1 million. The company achieved GAAP operating income of $35 million and non-GAAP operating income of $59 million, while net cash provided by operating activities reached $86 million.
Revenue grew 21% year-over-year, reaching $249 million in Q3 2025.
Total units under management increased by 7% year-over-year, totaling 9.1 million.
GAAP operating income was $35 million, representing 14.1% of revenue.
Non-GAAP operating income was $59 million, or 23.5% of revenue.
Appfolio
Appfolio
Appfolio Revenue by Segment
Revenue by Segment
Core Solutions Revenue
CapyFin.comValue Added Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
AppFolio expects full-year 2025 revenue to be between $945 million and $950 million, with non-GAAP operating margin projected to be in the range of 23.5% to 24.5%. Diluted weighted average shares outstanding are expected to be approximately 36 million for the full year.
Positive Outlook
- Full year revenue expected to be strong, in the range of $945 million to $950 million.
- Non-GAAP operating margin for the full year is projected to be healthy, between 23.5% and 24.5%.
- Continued focus on customer acquisition and expansion, driving future growth.
- Realm-X adoption through premium tiers and value-added services is a key growth driver.
- Performance Platform, built on an AI-native architecture, is expected to drive real performance outcomes for customers.
Challenges Ahead
- GAAP equivalent guidance for non-GAAP operating margin is not provided due to uncertainties.
- Certain items impacting non-GAAP operating margin are out of control or cannot be reasonably predicted.
- Charges related to stock-based compensation expense may significantly affect GAAP measures.
- The effect of excluded items in non-GAAP measures may be significant.
- No specific negative forward-looking statements were explicitly mentioned in the provided text.