AppFolio, Inc.
appfolio.comWhat Do They Do?
Provides cloud-based property-management software and related services to property management companies serving residential, commercial and community-association properties.
10-K for FY2025, filed Feb 5, 2026Founded in 2006, AppFolio is a technology leader powering the future of real estate. We provide a cloud-based platform, the AppFolio…View ↗
Our mission is to build the platform where real estate comes to do business. The AppFolio Platform is designed to deliver value to industry…View ↗
Accounting and Reporting. AppFolio provides property management accounting software that acts as a single system of record, capturing every…View ↗
AppFolio also offers Value Added Services that supplement our Subscription Services and are designed to enhance, automate, and streamline…View ↗
How Do They Make Money?
Property managers pay for Value Added Services mainly per use, with some subscription-based services; fees are billed monthly or collected when provided. Subscription Services are billed monthly or annually in advance; Other includes onboarding and recurring or one-time services.
10-K for FY2025, filed Feb 5, 2026We primarily charge our customers on a usage basis for our Value Added Services. Usage-based fees are charged either as a percentage of the…View ↗
We charge our customers on a subscription basis for our Subscription Services. Our customers do not have rights to the underlying software…View ↗
Other revenue include fees from one-time services related to the implementation of our software solutions and other recurring or one-time…View ↗
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10-K for FY2025, filed Feb 5, 2026
FY2025 revenue by product or service ↗
$950.8M
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10-K for FY2025, filed Feb 5, 2026
$950.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscription Services
Recurring
10-K for FY2025, filed Feb 5, 2026 |
22% |
Subscription Services, FY2025
$211.5M Sources
|
Recurring |
|
Value Added Services
Mix
10-K for FY2025, filed Feb 5, 2026 |
76%
FY2022: 69%
|
Value Added Services, FY2025
$721.5M Sources
|
Mix |
|
Other
Mix
|
1.9%
FY2022: 2.5%
|
Other, FY2025
$17.8M Sources
|
Mix |
Who Are Their Customers?
Property management companies contract for the subscription plans; property owners, investors, residents and vendors use related platform features, including payment services.
10-K for FY2025, filed Feb 5, 2026Founded in 2006, AppFolio is a technology leader powering the future of real estate. We provide a cloud-based platform, the AppFolio…View ↗
Electronic Payment Services. Our electronic payment services allow property managers to streamline their receivables and payables through a…View ↗
We define customers as those contracted for a Property Manager Subscription Services Plan. As of December 31, 2025, we had 22,096 property…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 25 cents into free cash flow.
10-K for FY2025, filed Feb 5, 2026
$152.9MView ↗
10-K for FY2025, filed Feb 5, 2026
$140.9MView ↗
10-K for FY2025, filed Feb 5, 2026
$239MView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 22, 2026
Open tableView ↗
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Jul 1, 2026
CEO Shane Trigg became board chair after the chair retired
Andreas von Blottnitz retired from the board and chair role; Trigg succeeded him.
Sources
8-K, filed Jul 1, 2026
(b) On June 26, 2026, Andreas von Blottnitz and Janet Kerr retired, effective as of June 29, 2026, from the Board of Directors of AppFolio…View ↗
Growing. Revenue grew 2.6x in 4 years, from $359.4M in FY2021 to $950.8M in FY2025, about 28% a year.
Plan for larger operators
The older report described Plus as serving larger, more complex portfolios; the latest lays out Core, Plus and Max plans, with Max designed for the largest operators.
10-K for FY2022, filed Feb 9, 2023
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