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Side-by-side financial comparison of APPFOLIO INC (APPF) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $262.2M, roughly 1.3× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs -12.9%, a 29.1% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
APPF vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $340.0M |
| Net Profit | $42.4M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | -17.2% |
| Net Margin | 16.2% | -12.9% |
| Revenue YoY | 20.4% | -0.4% |
| Net Profit YoY | 35.2% | -131.0% |
| EPS (diluted) | $1.18 | $-0.41 |
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 | — | ||
| Q4 25 | $248.2M | $340.0M | ||
| Q3 25 | $249.4M | $337.7M | ||
| Q2 25 | $235.6M | $319.2M | ||
| Q1 25 | $217.7M | $237.4M | ||
| Q4 24 | $203.7M | $341.5M | ||
| Q3 24 | $205.7M | $292.3M | ||
| Q2 24 | $197.4M | $270.7M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-13.9M | ||
| Q3 25 | $33.6M | $33.5M | ||
| Q2 25 | $36.0M | $34.0M | ||
| Q1 25 | $31.4M | $2.8M | ||
| Q4 24 | $102.7M | $44.8M | ||
| Q3 24 | $33.0M | $28.8M | ||
| Q2 24 | $29.7M | $22.7M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -17.2% | ||
| Q3 25 | 14.1% | 13.6% | ||
| Q2 25 | 17.2% | 14.5% | ||
| Q1 25 | 15.5% | 2.2% | ||
| Q4 24 | 11.3% | 15.3% | ||
| Q3 24 | 20.7% | 12.8% | ||
| Q2 24 | 18.3% | 10.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -12.9% | ||
| Q3 25 | 13.5% | 9.9% | ||
| Q2 25 | 15.3% | 10.6% | ||
| Q1 25 | 14.4% | 1.2% | ||
| Q4 24 | 50.4% | 13.1% | ||
| Q3 24 | 16.0% | 9.9% | ||
| Q2 24 | 15.0% | 8.4% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-0.41 | ||
| Q3 25 | $0.93 | $0.98 | ||
| Q2 25 | $0.99 | $0.99 | ||
| Q1 25 | $0.86 | $0.08 | ||
| Q4 24 | $2.79 | $1.32 | ||
| Q3 24 | $0.90 | $0.85 | ||
| Q2 24 | $0.81 | $0.67 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $1.7B |
| Total Assets | $580.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $299.3M | ||
| Q3 25 | $76.1M | $274.8M | ||
| Q2 25 | $73.5M | $233.7M | ||
| Q1 25 | $56.9M | $181.0M | ||
| Q4 24 | $42.5M | $279.3M | ||
| Q3 24 | $62.4M | $179.8M | ||
| Q2 24 | $59.6M | $208.1M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $1.7B | ||
| Q3 25 | $498.9M | $1.8B | ||
| Q2 25 | $455.6M | $1.8B | ||
| Q1 25 | $462.1M | $1.7B | ||
| Q4 24 | $519.3M | $1.7B | ||
| Q3 24 | $412.8M | $1.7B | ||
| Q2 24 | $371.4M | $1.7B |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $5.1B | ||
| Q3 25 | $640.5M | $5.8B | ||
| Q2 25 | $567.4M | $4.7B | ||
| Q1 25 | $564.7M | $4.5B | ||
| Q4 24 | $626.7M | $4.4B | ||
| Q3 24 | $523.3M | $4.6B | ||
| Q2 24 | $479.3M | $4.2B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $-664.3M | ||
| Q3 25 | $86.0M | $-948.1M | ||
| Q2 25 | $52.6M | $-238.5M | ||
| Q1 25 | $38.5M | $-281.1M | ||
| Q4 24 | $36.6M | $129.4M | ||
| Q3 24 | $57.8M | $-202.0M | ||
| Q2 24 | $50.9M | $-237.8M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-680.1M | ||
| Q3 25 | $84.7M | $-950.4M | ||
| Q2 25 | $52.4M | $-241.0M | ||
| Q1 25 | $38.2M | $-284.7M | ||
| Q4 24 | $36.4M | $116.4M | ||
| Q3 24 | $57.4M | $-204.0M | ||
| Q2 24 | $50.8M | $-241.7M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -200.0% | ||
| Q3 25 | 34.0% | -281.5% | ||
| Q2 25 | 22.2% | -75.5% | ||
| Q1 25 | 17.6% | -120.0% | ||
| Q4 24 | 17.9% | 34.1% | ||
| Q3 24 | 27.9% | -69.8% | ||
| Q2 24 | 25.8% | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.6% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.1% | 0.8% | ||
| Q1 25 | 0.1% | 1.5% | ||
| Q4 24 | 0.1% | 3.8% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.0% | 1.4% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | -28.34× | ||
| Q2 25 | 1.46× | -7.02× | ||
| Q1 25 | 1.23× | -102.07× | ||
| Q4 24 | 0.36× | 2.89× | ||
| Q3 24 | 1.75× | -7.01× | ||
| Q2 24 | 1.71× | -10.49× |
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% |
WD
Segment breakdown not available.
