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Side-by-side financial comparison of APPIAN CORP (APPN) and BRANDYWINE REALTY TRUST (BDN). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $127.0M, roughly 1.6× BRANDYWINE REALTY TRUST). APPIAN CORP runs the higher net margin — -2.5% vs -38.4%, a 35.9% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 4.5%). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 0.7%).
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
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.
APPN vs BDN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $127.0M |
| Net Profit | $-5.1M | $-48.8M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | 1.2% |
| Net Margin | -2.5% | -38.4% |
| Revenue YoY | 21.7% | 4.5% |
| Net Profit YoY | 62.6% | -80.4% |
| EPS (diluted) | $-0.06 | $-0.28 |
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 | — | $127.0M | ||
| Q4 25 | $202.9M | $121.0M | ||
| Q3 25 | $187.0M | $121.4M | ||
| Q2 25 | $170.6M | $120.6M | ||
| Q1 25 | $166.4M | $121.5M | ||
| Q4 24 | $166.7M | $121.9M | ||
| Q3 24 | $154.1M | $131.8M | ||
| Q2 24 | $146.4M | $125.3M |
| Q1 26 | — | $-48.8M | ||
| Q4 25 | $-5.1M | $-36.7M | ||
| Q3 25 | $7.8M | $-25.9M | ||
| Q2 25 | $-312.0K | $-88.7M | ||
| Q1 25 | $-1.2M | $-27.0M | ||
| Q4 24 | $-13.6M | $-44.5M | ||
| Q3 24 | $-2.1M | $-165.2M | ||
| Q2 24 | $-43.6M | $30.2M |
| Q1 26 | — | — | ||
| Q4 25 | 64.8% | 61.3% | ||
| Q3 25 | 75.8% | 62.6% | ||
| Q2 25 | 74.3% | 62.4% | ||
| Q1 25 | 76.6% | 60.8% | ||
| Q4 24 | 67.8% | 61.2% | ||
| Q3 24 | 75.9% | 64.9% | ||
| Q2 24 | 73.1% | 63.1% |
| Q1 26 | — | 1.2% | ||
| Q4 25 | -0.3% | 22.8% | ||
| Q3 25 | 7.0% | 20.8% | ||
| Q2 25 | -6.4% | -34.3% | ||
| Q1 25 | -0.5% | 12.5% | ||
| Q4 24 | 3.0% | 18.0% | ||
| Q3 24 | -4.6% | -7.2% | ||
| Q2 24 | -26.8% | 15.5% |
| Q1 26 | — | -38.4% | ||
| Q4 25 | -2.5% | -30.3% | ||
| Q3 25 | 4.2% | -21.3% | ||
| Q2 25 | -0.2% | -73.5% | ||
| Q1 25 | -0.7% | -22.2% | ||
| Q4 24 | -8.2% | -36.5% | ||
| Q3 24 | -1.4% | -125.4% | ||
| Q2 24 | -29.8% | 24.1% |
| Q1 26 | — | $-0.28 | ||
| Q4 25 | $-0.06 | $-0.21 | ||
| Q3 25 | $0.10 | $-0.15 | ||
| Q2 25 | $0.00 | $-0.51 | ||
| Q1 25 | $-0.02 | $-0.16 | ||
| Q4 24 | $-0.18 | $-0.25 | ||
| Q3 24 | $-0.03 | $-0.96 | ||
| Q2 24 | $-0.60 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $36.2M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | — |
| Total Assets | $691.4M | $3.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $36.2M | ||
| Q4 25 | $187.2M | $32.3M | ||
| Q3 25 | $191.6M | $75.5M | ||
| Q2 25 | $184.8M | $122.6M | ||
| Q1 25 | $199.7M | $29.4M | ||
| Q4 24 | $159.9M | $90.2M | ||
| Q3 24 | $99.2M | $36.5M | ||
| Q2 24 | $120.8M | $30.4M |
| Q1 26 | — | — | ||
| Q4 25 | $240.8M | $2.6B | ||
| Q3 25 | $245.7M | $2.3B | ||
| Q2 25 | $245.6M | $2.3B | ||
| Q1 25 | $248.0M | $2.2B | ||
| Q4 24 | $250.4M | $2.2B | ||
| Q3 24 | $252.8M | $2.3B | ||
| Q2 24 | $254.0M | $2.2B |
| Q1 26 | — | — | ||
| Q4 25 | $-47.0M | $792.7M | ||
| Q3 25 | $-48.5M | $841.5M | ||
| Q2 25 | $-53.7M | $879.8M | ||
| Q1 25 | $-31.7M | $993.6M | ||
| Q4 24 | $-32.6M | $1.0B | ||
| Q3 24 | $-49.8M | $1.1B | ||
| Q2 24 | $-45.7M | $1.3B |
| Q1 26 | — | $3.6B | ||
| Q4 25 | $691.4M | $3.6B | ||
| Q3 25 | $611.7M | $3.3B | ||
| Q2 25 | $590.7M | $3.4B | ||
| Q1 25 | $592.9M | $3.4B | ||
| Q4 24 | $621.0M | $3.5B | ||
| Q3 24 | $549.9M | $3.6B | ||
| Q2 24 | $554.6M | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.23× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | — | 2.63× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | — | 2.13× | ||
| Q3 24 | — | 2.06× | ||
| Q2 24 | — | 1.73× |
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 | $1.1M | — |
| Free Cash FlowOCF − Capex | $270.0K | — |
| FCF MarginFCF / Revenue | 0.1% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1M | $116.7M | ||
| Q3 25 | $18.7M | $47.5M | ||
| Q2 25 | $-1.9M | $34.4M | ||
| Q1 25 | $45.0M | $6.3M | ||
| Q4 24 | $13.9M | $181.1M | ||
| Q3 24 | $-8.2M | $52.2M | ||
| Q2 24 | $-17.6M | $48.2M |
| Q1 26 | — | — | ||
| Q4 25 | $270.0K | — | ||
| Q3 25 | $18.1M | — | ||
| Q2 25 | $-3.1M | — | ||
| Q1 25 | $44.3M | — | ||
| Q4 24 | $13.4M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-18.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | -1.8% | — | ||
| Q1 25 | 26.6% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | -5.6% | — | ||
| Q2 24 | -12.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
