Q4 2025 Appfolio Inc Earnings Call Transcript
Key Points
- AppFolio Inc (APPF) reported a 22% year-over-year increase in fourth-quarter revenue, reaching $248 million.
- The company achieved a full-year revenue of $951 million, representing a 20% year-over-year growth.
- AppFolio Inc (APPF) has been recognized on Forbes America's most successful mid-cap companies and Time Magazine's America's growth leaders.
- Adoption of AppFolio's AI capabilities is high, with 98% of customers actively using one or more AI features.
- The company added over 500,000 units to its platform in the second half of 2025, indicating strong market expansion.
- Despite growth, there is a persistent performance gap and rising operating costs that challenge the bottom line.
- Pressure on occupancy rates continues to be a concern for the company.
- Half of AI users in the industry report they cannot rely on AI features embedded in their core property management systems.
- The full-year non-GAAP operating margin declined slightly from 25.2% to 24.7% due to additional expenses from the corporate incentive plan.
- Cost of revenue increased from 35% to 36% for the full year, driven by payments mix and additional data center spend.
Good afternoon, and thank you for standing by, and welcome to AppFolio Inc's fourth-quarter and full year 2025 financial results conference call. Please be advised today's conference is being recorded, and a replay will be available on AppFolio's Investor Relations website.
I would now like to hand the conference over to Lori Barker, Investor Relations.
Thank you. Good afternoon, everyone. I'm Lori Barker, Investor Relations for AppFolio, and I'd like to thank you for joining us today as we report AppFolio's fourth-quarter and full year 2025 financial results. With me on the call today are Shane Trigg, AppFolio's President and CEO; and Tim Eaton, AppFolio's CFO. This call is simultaneously being webcast on the Investor Relations section of our website at appfolioinc.com.
Before we get started, I would like to remind everyone of AppFolio's safe harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities
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