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Side-by-side financial comparison of APPFOLIO INC (APPF) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $165.3M, roughly 1.6× INDEPENDENCE REALTY TRUST, INC.). On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 2.5%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs 2.2%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
APPF vs IRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $165.3M |
| Net Profit | $42.4M | — |
| Gross Margin | — | — |
| Operating Margin | 19.4% | — |
| Net Margin | 16.2% | — |
| Revenue YoY | 20.4% | 2.5% |
| Net Profit YoY | 35.2% | — |
| EPS (diluted) | $1.18 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $262.2M | $165.3M | ||
| Q4 25 | $248.2M | $167.1M | ||
| Q3 25 | $249.4M | $167.1M | ||
| Q2 25 | $235.6M | $162.2M | ||
| Q1 25 | $217.7M | $161.2M | ||
| Q4 24 | $203.7M | $161.0M | ||
| Q3 24 | $205.7M | $160.1M | ||
| Q2 24 | $197.4M | $158.4M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $33.3M | ||
| Q3 25 | $33.6M | $6.9M | ||
| Q2 25 | $36.0M | $8.0M | ||
| Q1 25 | $31.4M | $8.4M | ||
| Q4 24 | $102.7M | $-1.0M | ||
| Q3 24 | $33.0M | $12.4M | ||
| Q2 24 | $29.7M | $10.4M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | — | ||
| Q3 25 | 14.1% | — | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 15.5% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 20.7% | — | ||
| Q2 24 | 18.3% | — |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 19.9% | ||
| Q3 25 | 13.5% | 4.1% | ||
| Q2 25 | 15.3% | 5.0% | ||
| Q1 25 | 14.4% | 5.2% | ||
| Q4 24 | 50.4% | -0.6% | ||
| Q3 24 | 16.0% | 7.7% | ||
| Q2 24 | 15.0% | 6.5% |
| Q1 26 | $1.18 | $0.00 | ||
| Q4 25 | $1.10 | $0.14 | ||
| Q3 25 | $0.93 | $0.03 | ||
| Q2 25 | $0.99 | $0.03 | ||
| Q1 25 | $0.86 | $0.04 | ||
| Q4 24 | $2.79 | $-0.01 | ||
| Q3 24 | $0.90 | $0.05 | ||
| Q2 24 | $0.81 | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $147.4M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $3.4B |
| Total Assets | $580.6M | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | $23.3M | ||
| Q4 25 | $107.0M | $23.6M | ||
| Q3 25 | $76.1M | $23.3M | ||
| Q2 25 | $73.5M | $19.5M | ||
| Q1 25 | $56.9M | $29.1M | ||
| Q4 24 | $42.5M | $21.2M | ||
| Q3 24 | $62.4M | $17.6M | ||
| Q2 24 | $59.6M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | $470.2M | $3.4B | ||
| Q4 25 | $542.6M | $3.5B | ||
| Q3 25 | $498.9M | $3.5B | ||
| Q2 25 | $455.6M | $3.4B | ||
| Q1 25 | $462.1M | $3.5B | ||
| Q4 24 | $519.3M | $3.4B | ||
| Q3 24 | $412.8M | $3.4B | ||
| Q2 24 | $371.4M | $3.4B |
| Q1 26 | $580.6M | $6.1B | ||
| Q4 25 | $689.0M | $6.0B | ||
| Q3 25 | $640.5M | $6.1B | ||
| Q2 25 | $567.4M | $6.0B | ||
| Q1 25 | $564.7M | $6.0B | ||
| Q4 24 | $626.7M | $6.1B | ||
| Q3 24 | $523.3M | $5.9B | ||
| Q2 24 | $479.3M | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $34.3M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $282.1M | ||
| Q3 25 | $86.0M | $79.3M | ||
| Q2 25 | $52.6M | $82.2M | ||
| Q1 25 | $38.5M | $60.4M | ||
| Q4 24 | $36.6M | $259.8M | ||
| Q3 24 | $57.8M | $69.2M | ||
| Q2 24 | $50.9M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | — | ||
| Q3 25 | $84.7M | — | ||
| Q2 25 | $52.4M | — | ||
| Q1 25 | $38.2M | — | ||
| Q4 24 | $36.4M | — | ||
| Q3 24 | $57.4M | — | ||
| Q2 24 | $50.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | — | ||
| Q3 25 | 34.0% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 27.9% | — | ||
| Q2 24 | 25.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.0% | — |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 8.48× | ||
| Q3 25 | 2.56× | 11.51× | ||
| Q2 25 | 1.46× | 10.22× | ||
| Q1 25 | 1.23× | 7.23× | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | 5.60× | ||
| Q2 24 | 1.71× | 8.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
