APPF Nasdaq Russell 1000 Earnings call
Appfolio Inc. (APPF) · Q2 2026 results and valuation
Share price: $224.85 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026
Net income down 2.1% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−2.1%
Net income vs Q1 2026
Outlook given
Net income 41.5M vs 42.4M
Revenue +7.2%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
Appfolio raised its full-year revenue guidance to a range of $1.117 billion to $1.127 billion, increasing the midpoint growth rate to 18.0%.
Valuation
Is Appfolio Inc. undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $88.28 a share — the stock trades 155% above it. Today's price assumes 22.2% growth a year.
Current price
$224.85
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+22.2% for 10 yrs
Fair value / share
$88.28
Buy below
$66.21
Price vs fair value
Overvalued 155%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
Cost of revenue, excluding depreciation and amortization, expected to stay relatively flat as a percentage of revenue compared to 2025.
Source quote
“We expect cost of revenue, exclusive of depreciation and amortization, to be relatively flat as a percentage of revenue compared to 2025.”
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Guidance
Full-year share count is expected to be roughly 36 million.
Source quote
“We anticipate diluted weighted average shares outstanding of approximately 36 million for the full year.”
-
Figure
The company crossed $1 billion in revenue on a trailing 12-month basis for the first time.
Source quote
“For the first time, we've crossed $1 billion in revenue on a trailing 12-month basis.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our continued investment in AI and the resident experience is expanding the value customers receive from our platform, and we remain focused on durable revenue growth, margin expansion and disciplined...”
“This growth was driven by winning new customers, growth in units under management and customers continuing to upgrade to our premium tiers.”
“We are raising our full year revenue guidance to a range of $1.117 billion to $1.127 billion, lifting the midpoint growth rate to 18.0%, fueled by premium tier adoption, growth...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 281.1M | 262.2M | +7.2% | 235.6M | +19.3% |
| Operating income | 53.0M | 50.7M | +4.4% | 40.5M | +30.8% |
| Net income | 41.5M | 42.4M | −2.1% | 36.0M | +15.5% |
| EPS | 1.17 | 1.18 | −0.8% | 0.99 | +18.2% |
| P/E today 46.5 | 36.5 | 37.6 | −1.1 | 41.6 | −5.1 |
Topics
Most discussed now
- To drive greater impact across their real estate operations, property managers are prioritizing technology consolidation.
- Value-added services revenue grew 22% year-over-year to $219 million, led by Appfolio's FolioGuard risk mitigation services, FolioScreen…
Faded since Q1 2026
- Fading At its annual future conference last year, Appfolio introduced real estate performance management, what it calls RPM, a new way...
- Fading This tier upgrade trend reflects the growing value customers are finding in Realm-X flows, Appfolio's AI-powered workflow automation engine…
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K