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Side-by-side financial comparison of APPIAN CORP (APPN) and Braze, Inc. (BRZE), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $190.8M, roughly 1.1× Braze, Inc.). APPIAN CORP runs the higher net margin — -2.5% vs -18.9%, a 16.3% gap on every dollar of revenue. On growth, Braze, Inc. posted the faster year-over-year revenue change (25.5% vs 21.7%). Braze, Inc. produced more free cash flow last quarter ($19.0M vs $270.0K). Over the past eight quarters, Braze, Inc.'s revenue compounded faster (20.7% CAGR vs 16.4%).
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.
Braze, Inc. is an American cloud-based software company based in New York City. It is a customer engagement platform used by businesses for multichannel marketing.
APPN vs BRZE — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $190.8M |
| Net Profit | $-5.1M | $-36.0M |
| Gross Margin | 64.8% | 67.2% |
| Operating Margin | -0.3% | -19.7% |
| Net Margin | -2.5% | -18.9% |
| Revenue YoY | 21.7% | 25.5% |
| Net Profit YoY | 62.6% | -29.0% |
| EPS (diluted) | $-0.06 | $-0.33 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $202.9M | $190.8M | ||
| Q3 25 | $187.0M | $180.1M | ||
| Q2 25 | $170.6M | $162.1M | ||
| Q1 25 | $166.4M | $160.4M | ||
| Q4 24 | $166.7M | $152.1M | ||
| Q3 24 | $154.1M | $145.5M | ||
| Q2 24 | $146.4M | $135.5M | ||
| Q1 24 | $149.8M | $131.0M |
| Q4 25 | $-5.1M | $-36.0M | ||
| Q3 25 | $7.8M | $-27.9M | ||
| Q2 25 | $-312.0K | $-35.8M | ||
| Q1 25 | $-1.2M | $-17.2M | ||
| Q4 24 | $-13.6M | $-27.9M | ||
| Q3 24 | $-2.1M | $-23.0M | ||
| Q2 24 | $-43.6M | $-35.6M | ||
| Q1 24 | $-32.9M | $-28.3M |
| Q4 25 | 64.8% | 67.2% | ||
| Q3 25 | 75.8% | 67.7% | ||
| Q2 25 | 74.3% | 68.6% | ||
| Q1 25 | 76.6% | 69.3% | ||
| Q4 24 | 67.8% | 69.8% | ||
| Q3 24 | 75.9% | 70.2% | ||
| Q2 24 | 73.1% | 67.1% | ||
| Q1 24 | 74.6% | 67.2% |
| Q4 25 | -0.3% | -19.7% | ||
| Q3 25 | 7.0% | -21.5% | ||
| Q2 25 | -6.4% | -24.8% | ||
| Q1 25 | -0.5% | -13.4% | ||
| Q4 24 | 3.0% | -21.4% | ||
| Q3 24 | -4.6% | -19.2% | ||
| Q2 24 | -26.8% | -29.6% | ||
| Q1 24 | -13.0% | -24.7% |
| Q4 25 | -2.5% | -18.9% | ||
| Q3 25 | 4.2% | -15.5% | ||
| Q2 25 | -0.2% | -22.1% | ||
| Q1 25 | -0.7% | -10.7% | ||
| Q4 24 | -8.2% | -18.4% | ||
| Q3 24 | -1.4% | -15.8% | ||
| Q2 24 | -29.8% | -26.3% | ||
| Q1 24 | -22.0% | -21.6% |
| Q4 25 | $-0.06 | $-0.33 | ||
| Q3 25 | $0.10 | $-0.26 | ||
| Q2 25 | $0.00 | $-0.34 | ||
| Q1 25 | $-0.02 | $-0.17 | ||
| Q4 24 | $-0.18 | $-0.27 | ||
| Q3 24 | $-0.03 | $-0.23 | ||
| Q2 24 | $-0.60 | $-0.35 | ||
| Q1 24 | $-0.45 | $-0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $97.8M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $602.0M |
| Total Assets | $691.4M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $187.2M | $97.8M | ||
| Q3 25 | $191.6M | $81.0M | ||
| Q2 25 | $184.8M | $231.5M | ||
| Q1 25 | $199.7M | $83.1M | ||
| Q4 24 | $159.9M | $61.3M | ||
| Q3 24 | $99.2M | $79.1M | ||
| Q2 24 | $120.8M | $74.8M | ||
| Q1 24 | $170.1M | $68.2M |
| Q4 25 | $240.8M | — | ||
| Q3 25 | $245.7M | — | ||
| Q2 25 | $245.6M | — | ||
| Q1 25 | $248.0M | — | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | — |
| Q4 25 | $-47.0M | $602.0M | ||
| Q3 25 | $-48.5M | $598.9M | ||
| Q2 25 | $-53.7M | $474.4M | ||
| Q1 25 | $-31.7M | $474.9M | ||
| Q4 24 | $-32.6M | $458.1M | ||
| Q3 24 | $-49.8M | $453.7M | ||
| Q2 24 | $-45.7M | $436.1M | ||
| Q1 24 | $-9.7M | $444.2M |
| Q4 25 | $691.4M | $1.0B | ||
| Q3 25 | $611.7M | $1.0B | ||
| Q2 25 | $590.7M | $889.1M | ||
| Q1 25 | $592.9M | $871.0M | ||
| Q4 24 | $621.0M | $842.0M | ||
| Q3 24 | $549.9M | $825.6M | ||
| Q2 24 | $554.6M | $816.1M | ||
| Q1 24 | $595.4M | $810.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1M | $21.0M |
| Free Cash FlowOCF − Capex | $270.0K | $19.0M |
| FCF MarginFCF / Revenue | 0.1% | 10.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.4% | 1.0% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $63.3M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.1M | $21.0M | ||
| Q3 25 | $18.7M | $7.0M | ||
| Q2 25 | $-1.9M | $24.1M | ||
| Q1 25 | $45.0M | $17.1M | ||
| Q4 24 | $13.9M | $-11.4M | ||
| Q3 24 | $-8.2M | $11.6M | ||
| Q2 24 | $-17.6M | $19.4M | ||
| Q1 24 | $18.9M | $3.8M |
| Q4 25 | $270.0K | $19.0M | ||
| Q3 25 | $18.1M | $4.3M | ||
| Q2 25 | $-3.1M | $23.9M | ||
| Q1 25 | $44.3M | $16.0M | ||
| Q4 24 | $13.4M | $-13.3M | ||
| Q3 24 | $-8.6M | $8.3M | ||
| Q2 24 | $-18.3M | $12.5M | ||
| Q1 24 | $16.7M | $-2.5M |
| Q4 25 | 0.1% | 10.0% | ||
| Q3 25 | 9.7% | 2.4% | ||
| Q2 25 | -1.8% | 14.8% | ||
| Q1 25 | 26.6% | 10.0% | ||
| Q4 24 | 8.0% | -8.8% | ||
| Q3 24 | -5.6% | 5.7% | ||
| Q2 24 | -12.5% | 9.2% | ||
| Q1 24 | 11.1% | -1.9% |
| Q4 25 | 0.4% | 1.0% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.7% | 0.1% | ||
| Q1 25 | 0.4% | 0.7% | ||
| Q4 24 | 0.3% | 1.3% | ||
| Q3 24 | 0.2% | 2.3% | ||
| Q2 24 | 0.5% | 5.1% | ||
| Q1 24 | 1.5% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
BRZE
| Subscription Revenue | $181.7M | 95% |
| Professional Services Revenue | $9.2M | 5% |
