How AppFolio makes money

Period

FY2025

How does AppFolio make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

AppFolio Inc. · FY2025 · year ended 2025-12-31

Revenue$951MGross profit$951M · 100%Cost of revenue$0 · 0%Operating income$153M · 16%Operating expenses$798M · 84%R&D$190M · 20%SG&A$96M · 10%Selling & marketing$144M · 15%Other opex$368M · 39%Pre-tax income$161M · 17%Other income$8M · 1%Net income$141M · 15%Income tax$20M · 2%Value Added Services$722M · 76%Subscription Services$211M · 22%Other Services$18M · 2%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.