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Side-by-side financial comparison of APPFOLIO INC (APPF) and WORKIVA INC (WK). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $238.9M, roughly 1.1× WORKIVA INC). APPFOLIO INC runs the higher net margin — 16.2% vs 4.9%, a 11.2% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 19.5%). Over the past eight quarters, WORKIVA INC's revenue compounded faster (16.6% 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.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
APPF vs WK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $238.9M |
| Net Profit | $42.4M | $11.8M |
| Gross Margin | — | 80.7% |
| Operating Margin | 19.4% | 3.3% |
| Net Margin | 16.2% | 4.9% |
| Revenue YoY | 20.4% | 19.5% |
| Net Profit YoY | 35.2% | 234.0% |
| EPS (diluted) | $1.18 | $0.21 |
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 | $238.9M | ||
| Q3 25 | $249.4M | $224.2M | ||
| Q2 25 | $235.6M | $215.2M | ||
| Q1 25 | $217.7M | $206.3M | ||
| Q4 24 | $203.7M | $199.9M | ||
| Q3 24 | $205.7M | $185.6M | ||
| Q2 24 | $197.4M | $177.5M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $11.8M | ||
| Q3 25 | $33.6M | $2.8M | ||
| Q2 25 | $36.0M | $-19.4M | ||
| Q1 25 | $31.4M | $-21.4M | ||
| Q4 24 | $102.7M | $-8.8M | ||
| Q3 24 | $33.0M | $-17.0M | ||
| Q2 24 | $29.7M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 3.3% | ||
| Q3 25 | 14.1% | -1.5% | ||
| Q2 25 | 17.2% | -10.3% | ||
| Q1 25 | 15.5% | -12.0% | ||
| Q4 24 | 11.3% | -6.7% | ||
| Q3 24 | 20.7% | -11.7% | ||
| Q2 24 | 18.3% | -13.0% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 4.9% | ||
| Q3 25 | 13.5% | 1.2% | ||
| Q2 25 | 15.3% | -9.0% | ||
| Q1 25 | 14.4% | -10.4% | ||
| Q4 24 | 50.4% | -4.4% | ||
| Q3 24 | 16.0% | -9.2% | ||
| Q2 24 | 15.0% | -9.9% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.21 | ||
| Q3 25 | $0.93 | $0.05 | ||
| Q2 25 | $0.99 | $-0.35 | ||
| Q1 25 | $0.86 | $-0.38 | ||
| Q4 24 | $2.79 | $-0.15 | ||
| Q3 24 | $0.90 | $-0.31 | ||
| Q2 24 | $0.81 | $-0.32 |
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 | $338.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $-5.4M |
| Total Assets | $580.6M | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $338.8M | ||
| Q3 25 | $76.1M | $315.9M | ||
| Q2 25 | $73.5M | $284.3M | ||
| Q1 25 | $56.9M | $242.0M | ||
| Q4 24 | $42.5M | $301.8M | ||
| Q3 24 | $62.4M | $248.2M | ||
| Q2 24 | $59.6M | $267.9M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $-5.4M | ||
| Q3 25 | $498.9M | $-36.9M | ||
| Q2 25 | $455.6M | $-66.5M | ||
| Q1 25 | $462.1M | $-75.7M | ||
| Q4 24 | $519.3M | $-41.7M | ||
| Q3 24 | $412.8M | $-50.8M | ||
| Q2 24 | $371.4M | $-77.7M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.5B | ||
| Q3 25 | $640.5M | $1.4B | ||
| Q2 25 | $567.4M | $1.3B | ||
| Q1 25 | $564.7M | $1.3B | ||
| Q4 24 | $626.7M | $1.4B | ||
| Q3 24 | $523.3M | $1.3B | ||
| Q2 24 | $479.3M | $1.2B |
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 | $51.0M |
| Free Cash FlowOCF − Capex | — | $50.7M |
| FCF MarginFCF / Revenue | — | 21.2% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.81× | 4.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | $138.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $51.0M | ||
| Q3 25 | $86.0M | $46.2M | ||
| Q2 25 | $52.6M | $50.3M | ||
| Q1 25 | $38.5M | $-7.4M | ||
| Q4 24 | $36.6M | $44.0M | ||
| Q3 24 | $57.8M | $18.9M | ||
| Q2 24 | $50.9M | $-14.0K |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $50.7M | ||
| Q3 25 | $84.7M | $46.1M | ||
| Q2 25 | $52.4M | $49.3M | ||
| Q1 25 | $38.2M | $-8.1M | ||
| Q4 24 | $36.4M | $43.2M | ||
| Q3 24 | $57.4M | $18.7M | ||
| Q2 24 | $50.8M | $-122.0K |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 21.2% | ||
| Q3 25 | 34.0% | 20.5% | ||
| Q2 25 | 22.2% | 22.9% | ||
| Q1 25 | 17.6% | -3.9% | ||
| Q4 24 | 17.9% | 21.6% | ||
| Q3 24 | 27.9% | 10.1% | ||
| Q2 24 | 25.8% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.1% | ||
| Q3 25 | 0.5% | 0.0% | ||
| Q2 25 | 0.1% | 0.5% | ||
| Q1 25 | 0.1% | 0.4% | ||
| Q4 24 | 0.1% | 0.4% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.0% | 0.1% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 4.31× | ||
| Q3 25 | 2.56× | 16.57× | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $164.7M | 63% |
| Subscription Services | $58.2M | 22% |
| Other | $39.3M | 15% |
WK
| License And Service | $219.3M | 92% |
| XBRL Professional Services | $16.4M | 7% |
| Other Services | $3.2M | 1% |
