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Side-by-side financial comparison of APPIAN CORP (APPN) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $202.9M, roughly 2.1× APPIAN CORP). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -2.5%, a 10.1% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 10.7%).
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.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
APPN vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $430.0M |
| Net Profit | $-5.1M | $32.8M |
| Gross Margin | 64.8% | 75.2% |
| Operating Margin | -0.3% | 8.6% |
| Net Margin | -2.5% | 7.6% |
| Revenue YoY | 21.7% | -9.6% |
| Net Profit YoY | 62.6% | — |
| EPS (diluted) | $-0.06 | $0.18 |
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 | — | $430.0M | ||
| Q4 25 | $202.9M | $504.3M | ||
| Q3 25 | $187.0M | $381.4M | ||
| Q2 25 | $170.6M | $384.5M | ||
| Q1 25 | $166.4M | $475.6M | ||
| Q4 24 | $166.7M | $490.8M | ||
| Q3 24 | $154.1M | $325.1M | ||
| Q2 24 | $146.4M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-5.1M | $234.6M | ||
| Q3 25 | $7.8M | $43.4M | ||
| Q2 25 | $-312.0K | $30.1M | ||
| Q1 25 | $-1.2M | $85.4M | ||
| Q4 24 | $-13.6M | $119.1M | ||
| Q3 24 | $-2.1M | $-14.4M | ||
| Q2 24 | $-43.6M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 64.8% | 79.5% | ||
| Q3 25 | 75.8% | 72.2% | ||
| Q2 25 | 74.3% | 71.5% | ||
| Q1 25 | 76.6% | 78.5% | ||
| Q4 24 | 67.8% | 79.1% | ||
| Q3 24 | 75.9% | 70.2% | ||
| Q2 24 | 73.1% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -0.3% | 20.7% | ||
| Q3 25 | 7.0% | 3.8% | ||
| Q2 25 | -6.4% | 4.5% | ||
| Q1 25 | -0.5% | 26.7% | ||
| Q4 24 | 3.0% | 29.1% | ||
| Q3 24 | -4.6% | -3.6% | ||
| Q2 24 | -26.8% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -2.5% | 46.5% | ||
| Q3 25 | 4.2% | 11.4% | ||
| Q2 25 | -0.2% | 7.8% | ||
| Q1 25 | -0.7% | 18.0% | ||
| Q4 24 | -8.2% | 24.3% | ||
| Q3 24 | -1.4% | -4.4% | ||
| Q2 24 | -29.8% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.06 | $0.81 | ||
| Q3 25 | $0.10 | $0.24 | ||
| Q2 25 | $0.00 | $0.17 | ||
| Q1 25 | $-0.02 | $0.91 | ||
| Q4 24 | $-0.18 | $1.35 | ||
| Q3 24 | $-0.03 | $-0.17 | ||
| Q2 24 | $-0.60 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $705.9M |
| Total Assets | $691.4M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $187.2M | $425.8M | ||
| Q3 25 | $191.6M | $351.4M | ||
| Q2 25 | $184.8M | $411.6M | ||
| Q1 25 | $199.7M | $371.7M | ||
| Q4 24 | $159.9M | $740.0M | ||
| Q3 24 | $99.2M | $703.0M | ||
| Q2 24 | $120.8M | $665.1M |
| Q1 26 | — | — | ||
| 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 26 | — | $705.9M | ||
| Q4 25 | $-47.0M | $787.4M | ||
| Q3 25 | $-48.5M | $596.8M | ||
| Q2 25 | $-53.7M | $624.5M | ||
| Q1 25 | $-31.7M | $611.3M | ||
| Q4 24 | $-32.6M | $585.5M | ||
| Q3 24 | $-49.8M | $473.0M | ||
| Q2 24 | $-45.7M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $691.4M | $1.6B | ||
| Q3 25 | $611.7M | $1.3B | ||
| Q2 25 | $590.7M | $1.3B | ||
| Q1 25 | $592.9M | $1.3B | ||
| Q4 24 | $621.0M | $1.8B | ||
| Q3 24 | $549.9M | $1.6B | ||
| Q2 24 | $554.6M | $1.5B |
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 | $206.5M |
| FCF MarginFCF / Revenue | 0.1% | 48.0% |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1M | $158.4M | ||
| Q3 25 | $18.7M | $56.3M | ||
| Q2 25 | $-1.9M | $86.3M | ||
| Q1 25 | $45.0M | $204.2M | ||
| Q4 24 | $13.9M | $95.2M | ||
| Q3 24 | $-8.2M | $30.5M | ||
| Q2 24 | $-17.6M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $270.0K | $152.4M | ||
| Q3 25 | $18.1M | $51.8M | ||
| Q2 25 | $-3.1M | $84.1M | ||
| Q1 25 | $44.3M | $202.3M | ||
| Q4 24 | $13.4M | $92.4M | ||
| Q3 24 | $-8.6M | $27.4M | ||
| Q2 24 | $-18.3M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 0.1% | 30.2% | ||
| Q3 25 | 9.7% | 13.6% | ||
| Q2 25 | -1.8% | 21.9% | ||
| Q1 25 | 26.6% | 42.5% | ||
| Q4 24 | 8.0% | 18.8% | ||
| Q3 24 | -5.6% | 8.4% | ||
| Q2 24 | -12.5% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 1.2% | ||
| Q3 25 | 0.3% | 1.2% | ||
| Q2 25 | 0.7% | 0.6% | ||
| Q1 25 | 0.4% | 0.4% | ||
| Q4 24 | 0.3% | 0.6% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.5% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | 2.39× | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
