What is AppFolio's net debt?

AppFolio (APPF) reported net debt of -$110.68M in Q1 2026.

How has AppFolio's net debt changed year-over-year?

AppFolio's net debt decreased by 571.4% year-over-year, from -$16.49M to -$110.68M.

What is the long-term trend for AppFolio's net debt?

Over 5 years (2020 to 2025), AppFolio's net debt has grown at a -6.9% compound annual growth rate (CAGR), from -$98.71M to -$69.06M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

AppFolio APPF Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$262.2M+20.4%

Gross profit$167.2M+21.0%

Operating income$50.7M+50.2%

Net income$42.4M+35.2%

EPS (diluted)$1.18+37.2%

Balance sheet

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Cash & equivalents$147.7M+158%

Total debt$37.0M-9.1%

Total equity$470.2M+1.8%

Total assets$580.6M+2.8%

Cash flow

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Operating cash flow$34.3M-10.8%

CapEx$231.0K+0.4%

Free cash flow$34.1M-10.9%

Valuation

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Market cap$5.36B-29.0%

Profitability

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Gross margin63.7%-0.2pp

Operating margin17.1%+0.7pp

Net margin15.3%-8.6pp

FCF margin23.6%+1.4pp

Returns & leverage

See full

Return on equity32.6%-16.5pp

Debt / equity0.1×0.0×

Current ratio3.5×-1.1×

Where this comes from

Calculated from AppFolio’s reported figures.

$37.0Mtotal debt−$147.7Mcash and equivalents=-$110.68M

The official record: AppFolio’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is AppFolio's net debt?: AppFolio (APPF) reported net debt of -$110.68M in Q1 2026.
How has AppFolio's net debt changed year-over-year?: AppFolio's net debt decreased by 571.4% year-over-year, from -$16.49M to -$110.68M.
What is the long-term trend for AppFolio's net debt?: Over 5 years (2020 to 2025), AppFolio's net debt has grown at a -6.9% compound annual growth rate (CAGR), from -$98.71M to -$69.06M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.