APPFOLIO INC
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 5, 2026
APPF$229.49-0.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(in thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue | $950,822 | $794,202 | $620,445 |
| Costs and operating expenses: | |||
| Cost of revenue (exclusive of depreciation and amortization)(1) | 345,341 | 282,067 | 238,076 |
| Sales and marketing(1) | 143,904 | 110,597 | 107,602 |
| Research and product development(1) | 190,419 | 160,375 | 151,364 |
| General and administrative(1) | 95,590 | 85,974 | 93,452 |
| Depreciation and amortization | 22,651 | 19,545 | 28,988 |
| Total costs and operating expenses | 797,905 | 658,558 | 619,482 |
| Income from operations | 152,917 | 135,644 | 963 |
| Other income, net | 38 | 697 | 3 |
| Interest income, net | 8,157 | 13,981 | 7,031 |
| Income before provision for income taxes | 161,112 | 150,322 | 7,997 |
| Provision for (benefit from) income taxes | 20,189 | (53,746) | 5,295 |
| Net income | $140,923 | $204,068 | $2,702 |
| Net income per common share: | |||
| Basic | $3.91 | $5.63 | $0.08 |
| Diluted | $3.88 | $5.55 | $0.07 |
| Weighted average common shares outstanding: | |||
| Basic | 36,013 | 36,252 | 35,629 |
| Diluted | 36,327 | 36,782 | 36,417 |
(1) Includes stock-based compensation expense as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Stock-based compensation expense included in costs and operating expenses: | |||
| Cost of revenue (exclusive of depreciation and amortization) | $5,138 | $4,522 | $3,703 |
| Sales and marketing | 12,332 | 8,030 | 5,983 |
| Research and product development | 30,687 | 25,414 | 20,974 |
| General and administrative | 22,633 | 22,361 | 21,704 |
| Total stock-based compensation expense | $70,790 | $60,327 | $52,364 |
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