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Side-by-side financial comparison of APPIAN CORP (APPN) and WORKIVA INC (WK). Click either name above to swap in a different company.
WORKIVA INC is the larger business by last-quarter revenue ($238.9M vs $202.9M, roughly 1.2× APPIAN CORP). WORKIVA INC runs the higher net margin — 4.9% vs -2.5%, a 7.5% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 19.5%). WORKIVA INC produced more free cash flow last quarter ($50.7M vs $270.0K). Over the past eight quarters, WORKIVA INC's revenue compounded faster (16.6% 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.
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.
APPN vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $238.9M |
| Net Profit | $-5.1M | $11.8M |
| Gross Margin | 64.8% | 80.7% |
| Operating Margin | -0.3% | 3.3% |
| Net Margin | -2.5% | 4.9% |
| Revenue YoY | 21.7% | 19.5% |
| Net Profit YoY | 62.6% | 234.0% |
| EPS (diluted) | $-0.06 | $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.
| Q4 25 | $202.9M | $238.9M | ||
| Q3 25 | $187.0M | $224.2M | ||
| Q2 25 | $170.6M | $215.2M | ||
| Q1 25 | $166.4M | $206.3M | ||
| Q4 24 | $166.7M | $199.9M | ||
| Q3 24 | $154.1M | $185.6M | ||
| Q2 24 | $146.4M | $177.5M | ||
| Q1 24 | $149.8M | $175.7M |
| Q4 25 | $-5.1M | $11.8M | ||
| Q3 25 | $7.8M | $2.8M | ||
| Q2 25 | $-312.0K | $-19.4M | ||
| Q1 25 | $-1.2M | $-21.4M | ||
| Q4 24 | $-13.6M | $-8.8M | ||
| Q3 24 | $-2.1M | $-17.0M | ||
| Q2 24 | $-43.6M | $-17.5M | ||
| Q1 24 | $-32.9M | $-11.7M |
| Q4 25 | 64.8% | 80.7% | ||
| Q3 25 | 75.8% | 79.3% | ||
| Q2 25 | 74.3% | 77.0% | ||
| Q1 25 | 76.6% | 76.6% | ||
| Q4 24 | 67.8% | 77.1% | ||
| Q3 24 | 75.9% | 76.5% | ||
| Q2 24 | 73.1% | 76.8% | ||
| Q1 24 | 74.6% | 76.4% |
| Q4 25 | -0.3% | 3.3% | ||
| Q3 25 | 7.0% | -1.5% | ||
| Q2 25 | -6.4% | -10.3% | ||
| Q1 25 | -0.5% | -12.0% | ||
| Q4 24 | 3.0% | -6.7% | ||
| Q3 24 | -4.6% | -11.7% | ||
| Q2 24 | -26.8% | -13.0% | ||
| Q1 24 | -13.0% | -10.4% |
| Q4 25 | -2.5% | 4.9% | ||
| Q3 25 | 4.2% | 1.2% | ||
| Q2 25 | -0.2% | -9.0% | ||
| Q1 25 | -0.7% | -10.4% | ||
| Q4 24 | -8.2% | -4.4% | ||
| Q3 24 | -1.4% | -9.2% | ||
| Q2 24 | -29.8% | -9.9% | ||
| Q1 24 | -22.0% | -6.7% |
| Q4 25 | $-0.06 | $0.21 | ||
| Q3 25 | $0.10 | $0.05 | ||
| Q2 25 | $0.00 | $-0.35 | ||
| Q1 25 | $-0.02 | $-0.38 | ||
| Q4 24 | $-0.18 | $-0.15 | ||
| Q3 24 | $-0.03 | $-0.31 | ||
| Q2 24 | $-0.60 | $-0.32 | ||
| Q1 24 | $-0.45 | $-0.21 |
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 | $338.8M |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $-5.4M |
| Total Assets | $691.4M | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $338.8M | ||
| Q3 25 | $191.6M | $315.9M | ||
| Q2 25 | $184.8M | $284.3M | ||
| Q1 25 | $199.7M | $242.0M | ||
| Q4 24 | $159.9M | $301.8M | ||
| Q3 24 | $99.2M | $248.2M | ||
| Q2 24 | $120.8M | $267.9M | ||
| Q1 24 | $170.1M | $296.1M |
| 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 | $-5.4M | ||
| Q3 25 | $-48.5M | $-36.9M | ||
| Q2 25 | $-53.7M | $-66.5M | ||
| Q1 25 | $-31.7M | $-75.7M | ||
| Q4 24 | $-32.6M | $-41.7M | ||
| Q3 24 | $-49.8M | $-50.8M | ||
| Q2 24 | $-45.7M | $-77.7M | ||
| Q1 24 | $-9.7M | $-83.2M |
| Q4 25 | $691.4M | $1.5B | ||
| Q3 25 | $611.7M | $1.4B | ||
| Q2 25 | $590.7M | $1.3B | ||
| Q1 25 | $592.9M | $1.3B | ||
| Q4 24 | $621.0M | $1.4B | ||
| Q3 24 | $549.9M | $1.3B | ||
| Q2 24 | $554.6M | $1.2B | ||
| Q1 24 | $595.4M | $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 | $1.1M | $51.0M |
| Free Cash FlowOCF − Capex | $270.0K | $50.7M |
| FCF MarginFCF / Revenue | 0.1% | 21.2% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 4.31× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $138.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $51.0M | ||
| Q3 25 | $18.7M | $46.2M | ||
| Q2 25 | $-1.9M | $50.3M | ||
| Q1 25 | $45.0M | $-7.4M | ||
| Q4 24 | $13.9M | $44.0M | ||
| Q3 24 | $-8.2M | $18.9M | ||
| Q2 24 | $-17.6M | $-14.0K | ||
| Q1 24 | $18.9M | $24.8M |
| Q4 25 | $270.0K | $50.7M | ||
| Q3 25 | $18.1M | $46.1M | ||
| Q2 25 | $-3.1M | $49.3M | ||
| Q1 25 | $44.3M | $-8.1M | ||
| Q4 24 | $13.4M | $43.2M | ||
| Q3 24 | $-8.6M | $18.7M | ||
| Q2 24 | $-18.3M | $-122.0K | ||
| Q1 24 | $16.7M | $24.6M |
| Q4 25 | 0.1% | 21.2% | ||
| Q3 25 | 9.7% | 20.5% | ||
| Q2 25 | -1.8% | 22.9% | ||
| Q1 25 | 26.6% | -3.9% | ||
| Q4 24 | 8.0% | 21.6% | ||
| Q3 24 | -5.6% | 10.1% | ||
| Q2 24 | -12.5% | -0.1% | ||
| Q1 24 | 11.1% | 14.0% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.4% | 0.4% | ||
| Q4 24 | 0.3% | 0.4% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.5% | 0.1% | ||
| Q1 24 | 1.5% | 0.1% |
| Q4 25 | — | 4.31× | ||
| Q3 25 | 2.39× | 16.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
WK
| License And Service | $219.3M | 92% |
| XBRL Professional Services | $16.4M | 7% |
| Other Services | $3.2M | 1% |
