Research Reports

Q1 2026 total revenue reached $262 million, a 20% year-over-year increase, up from 16% YoY in Q1 2025 (CFO, prepared).
Subscription services revenue (formerly core revenue) grew 18% YoY to $58 million (CFO).
Value-added services revenue grew 22% YoY to $201 million (CFO).
GAAP operating income grew 50% YoY to $51 million, or 19.4% of revenue (CFO).
Non-GAAP operating income grew 35% to $72 million, or 27.3% of revenue (CFO).
R&D as a percentage of revenue declined to 16% from 17% year-over-year; G&A declined to 7% from 8% (CFO).
Total units on platform: 9.5 million, up 8% YoY (CFO).
Customers: 22,520, up 7% YoY (CFO).
Share repurchase: $125 million deployed in Q1, repurchasing 702,500 shares; remaining $125 million under existing program (CFO).
AI actions up 7x year-over-year; performer adoption up almost 500% quarter-over-quarter (CEO).
99%+ of nearly 23,000 customers use some form of AI-powered Realm suite (CEO).
Official guidance (raised): Full-year 2026 revenue range $1.110 billion to $1.125 billion (midpoint growth 17.5%); non-GAAP operating margin expected between 26% and 28%; diluted weighted average shares outstanding ~36 million (CFO).

Metric	Value	Speaker/Context
Total Revenue (Q1 2026)	$262M, +20% YoY	CFO, prepared
Subscription Services Revenue	$58M, +18% YoY	CFO, prepared
Value-Added Services Revenue	$201M, +22% YoY	CFO, prepared
GAAP Operating Income	$51M (19.4% of revenue)	CFO, prepared
Non-GAAP Operating Income	$72M (27.3% of revenue)	CFO, prepared
Units on Platform (end of Q1)	9.5M, +8% YoY	CFO, prepared
Customers (end of Q1)	22,520, +7% YoY	CFO, prepared
R&D as % of Revenue (non-GAAP)	16% vs 17% prior year	CFO, prepared
G&A as % of Revenue (non-GAAP)	7% vs 8% prior year	CFO, prepared
Employees (end of Q1)	1,721, +4% YoY	CFO, prepared
Share Repurchases in Q1	$125M / 702,500 shares	CFO, prepared
Full-Year Revenue Guidance	$1.110B–$1.125B	CFO, prepared
Full-Year Non-GAAP Operating Margin Guidance	26%–28%	CFO, prepared
Diluted Weighted Average Shares (FY guidance)	~36 million	CFO, prepared

"AppFolio is off to a strong start in 2026. First quarter revenue reached $262 million, a 20% year-over-year increase and up from the 16% year-over-year increase we delivered in Q1 2025." — CEO
"Non-GAAP operating income grew 36% and was 27.3% of revenue and GAAP operating income increased 50% and was 19.4% of revenue." — CEO
"AI is powerful, and we're putting it to work across every dimension of our business, accelerating performance for our customers while driving greater efficiency across our own operations." — CEO
"We are raising our guidance for annual revenue to a range of $1.110 billion to $1.125 billion, for a full year midpoint growth rate of 17.5%." — CFO
"We are also raising our guidance for non-GAAP operating margin and expect to deliver between 26% and 28% compared to 2025 of 24.7%." — CFO