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Dec 31, 2025
Appfolio Q4 2025 Earnings Report
AppFolio reported strong financial results for the fourth quarter and fiscal year ended December 31, 2025, driven by industry-leading innovation and accelerated unit growth.
Key Takeaways
AppFolio, Inc. announced a robust fourth quarter and fiscal year 2025, with revenue growing 22% year-over-year to $248 million in Q4 and 20% for the full fiscal year to $951 million. The company demonstrated strong profitability with GAAP operating income reaching $44 million in Q4 2025, up from $23 million in Q4 2024, and non-GAAP operating income increasing to $62 million from $41 million in the same period. Net cash provided by operating activities also saw significant growth, reaching $65 million in Q4 2025.
Fourth quarter revenue increased by 22% year-over-year, reaching $248 million.
Total units under management grew by 8% year-over-year, totaling 9.4 million.
GAAP operating income more than doubled to $44 million, or 17.6% of revenue, compared to $23 million in Q4 2024.
Net cash provided by operating activities increased by 75.7% to $65 million, or 26.2% of revenue, in Q4 2025.
Revenue by Segment
Forward Guidance
AppFolio expects full year 2026 revenue to be between $1,100 million and $1,120 million, with a non-GAAP operating margin ranging from 25.5% to 27.5%. Diluted weighted average shares outstanding are projected to be approximately 36 million to 37 million.
Positive Outlook
- Full year revenue is expected to be in the range of $1,100 million to $1,120 million, indicating continued growth.
- Full year non-GAAP operating margin is expected to be strong, in the range of 25.5% to 27.5%.
- The company anticipates continued strong performance validating its strategy and business momentum.
- Continued investments in AI-native Performance Platform and agentic AI are expected to drive future growth.
- Focus on driving real, measurable performance outcomes for customers.
Challenges Ahead
- The company is unable to provide GAAP equivalent guidance for non-GAAP operating margin due to uncertainties.
- Certain items impacting non-GAAP operating margin are out of the company's control or cannot be reasonably predicted.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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