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Software - Application · Technology · Fiscal year ends Dec 31
Appian reported revenue of $727M in the fiscal year ended Dec 2025, up 17.8% from the year before. Operating income was $609,000, an operating margin of 0.1%, and net income was $1M. Operating cash flow of $63M less capital expenditure of $3M left free cash flow of $60M. Net debt was $105M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 369 | 468 | 545 | 617 | 727 |
| Cost of revenue | 104 | 133 | 160 | 168 | 200 |
| Gross profit | 265 | 335 | 385 | 449 | 527 |
| Research & development | 97.5 | 139 | 160 | 163 | 172 |
| Selling, general & admin | 252 | 340 | 333 | 346 | 355 |
| Operating income | −83.9 | −145 | −108 | −60.9 | 0.6 |
| Interest expense | – | 1.7 | 17.9 | 23.6 | 20.9 |
| Pre-tax income | −87.9 | −150 | −108 | −91.2 | 6.4 |
| Income tax | 0.8 | 0.7 | 3.2 | 1.1 | 5.2 |
| Net income | −88.6 | −151 | −111 | −92.3 | 1.2 |
| Diluted EPS | −1.25 | −2.08 | −1.52 | −1.26 | 0.02 |
| Diluted shares | 71.0 | 72.5 | 73.1 | 73.0 | 74.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 101 | 148 | 149 | 119 | 136 |
| Receivables | 130 | 166 | 172 | 195 | 255 |
| Current assets | 338 | 422 | 414 | 436 | 519 |
| Net PP&E | 36.9 | 41.9 | 42.7 | 37.1 | 32.1 |
| Goodwill | 27.8 | 26.3 | 27.1 | 25.6 | 28.8 |
| Total assets | 505 | 594 | 628 | 621 | 691 |
| Payables | 5.8 | 8.0 | 6.2 | 4.3 | 6.7 |
| Deferred revenue | 150 | 195 | 236 | 282 | 341 |
| Current liabilities | 216 | 270 | 371 | 355 | 452 |
| Short-term debt | 0.0 | 2.7 | 66.4 | 9.6 | 9.6 |
| Long-term debt | 0.0 | 115 | 140 | 241 | 231 |
| Total liabilities | 271 | 449 | 575 | 654 | 738 |
| Shareholders' equity | 234 | 146 | 52.3 | −32.6 | −47.0 |
| Backlog (remaining obligations) | 286 | 377 | 490 | 546 | 662 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −53.9 | −107 | −110 | 6.9 | 62.9 |
| Capital expenditure | 6.1 | 9.1 | 9.6 | 3.8 | 3.3 |
| Free cash flow | −60.0 | −116 | −120 | 3.1 | 59.6 |
| Depreciation & amortisation | 4.9 | 5.8 | 8.0 | 10.0 | 9.7 |
| Stock-based compensation | 23.8 | 38.8 | 43.4 | 39.0 | 41.5 |
| Acquisitions | 30.7 | 0.0 | 0.0 | – | – |
| Share buybacks | – | 0.0 | 0.0 | 50.0 | 20.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.7% | 16.5% | 13.1% | 17.8% |
| Gross margin | 71.8% | 71.5% | 70.6% | 72.7% | 72.5% |
| Operating margin | −22.7% | −31.0% | −19.8% | −9.9% | 0.1% |
| Net margin | −24.0% | −32.2% | −20.4% | −15.0% | 0.2% |
| Return on equityBlank when equity is negative | −37.9% | −103.6% | −212.9% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −29.1% | −44.8% | −42.1% | −22.9% | 0.3% |
| Free cash flow margin | −16.2% | −24.7% | −22.0% | 0.5% | 8.2% |
| Cash conversion (CFO ÷ net income) | 0.61x | 0.71x | 0.99x | −0.07x | 51.0x |
| Receivable days | 129 | 129 | 115 | 115 | 128 |
| Payable days | 20 | 22 | 14 | 9 | 12 |
| Interest cover | – | −86.7x | −6.04x | −2.58x | 0.03x |
| Debt ÷ equity | 0.00x | 0.81x | 3.95x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −101 | −30.0 | 57.2 | 132 | 105 |
| Current ratio | 1.57x | 1.56x | 1.12x | 1.23x | 1.15x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.