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Other financials

Income statement

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Revenue$281.1M+19.3%
Gross profit$178.5M+17.6%
Operating income$53.0M+30.8%
Net income$41.5M+15.5%
EPS (diluted)$1.17+18.2%

Balance sheet

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Cash & equivalents$217.7M+195%
Total debt$35.8M-9.8%
Total equity$526.1M+15.5%
Total assets$648.4M+14.3%

Cash flow

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Operating cash flow$87.6M+66.4%
CapEx$231.0K+0.4%
Free cash flow$87.6M+67.3%

Valuation

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Market cap$6.87B-38.6%
Enterprise value$6.69B-40.1%
P/E43.6×-11.5×
P/S6.6×-6.4×

Profitability

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Gross margin63.5%-0.4pp
Operating margin17.5%+1.3pp
Net margin15.1%-8.4pp
FCF margin25.9%+4.6pp

Returns & leverage

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Return on equity32.1%-17.0pp
Debt / equity0.1×0.0×
Current ratio3.8×+0.9×

Where this comes from

Reported directly by AppFolio in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: AppFolio’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:10 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001433195-26-000058
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)(1)102,59583,827197,570163,325
Sales and marketing(1)43,94436,77681,44567,833
Research and product development(1)50,99746,674100,62690,432
General and administrative(1)25,62621,93649,96745,287
Depreciation and amortization4,9855,85010,00512,105
Total costs and operating expenses228,147195,063439,613378,982
Income from operations52,97740,512103,72574,295

Item 1. Condensed Consolidated Financial Statements (Unaudited)

FAQ

What is AppFolio's R&D?
AppFolio (APPF) reported R&D of $51M in Q2 2026.
How has AppFolio's R&D changed year-over-year?
AppFolio's R&D increased by 9.3% year-over-year, from $46.67M to $51M.
What is the long-term trend for AppFolio's R&D?
Over 4 years (2021 to 2025), AppFolio's R&D has grown at a 30.3% compound annual growth rate (CAGR), from $65.98M to $190.42M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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