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APPN

Appian Corporation

APPN

Appian Corporation • NASDAQ
$40.40 ▼ -1.66% (-0.68)
Market Cap $2.99 B
52w High $46.06
52w Low $24.00
Dividend Yield 0%
P/E -404
Volume 285.35K
Outstanding Shares 74.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $187.004M ▲ $128.597M ▼ $7.825M ▲ 4.184% ▲ $0.11 ▲ $16.971M ▲
Q2-2025 $170.64M ▲ $137.703M ▲ $-312K ▲ -0.183% ▲ $-0.004 ▲ $9.104M ▲
Q1-2025 $166.426M ▼ $128.342M ▲ $-1.177M ▲ -0.707% ▲ $-0.016 ▲ $7.328M ▲
Q4-2024 $166.685M ▲ $125.967M ▲ $-13.647M ▼ -8.187% ▼ $-0.18 ▼ $-5.095M ▼
Q3-2024 $154.052M $124.125M $-2.1M -1.363% $-0.029 $7.949M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $191.561M ▲ $611.735M ▲ $660.279M ▲ $-48.544M ▲
Q2-2025 $184.753M ▼ $590.748M ▼ $644.489M ▲ $-53.741M ▼
Q1-2025 $199.698M ▲ $592.899M ▼ $624.644M ▼ $-31.745M ▲
Q4-2024 $159.86M ▲ $621.039M ▲ $653.679M ▲ $-32.64M ▲
Q3-2024 $139.991M $549.913M $599.714M $-49.801M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.825M ▲ $18.711M ▲ $5.639M ▲ $-11.173M ▲ $13.042M ▲ $18.057M ▲
Q2-2025 $-312K ▲ $-1.94M ▼ $-9.016M ▲ $-13.456M ▼ $-22.775M ▼ $-3.086M ▼
Q1-2025 $-1.177M ▲ $44.966M ▲ $-24.077M ▼ $-5.509M ▼ $16.43M ▼ $44.315M ▲
Q4-2024 $-13.647M ▼ $13.871M ▲ $-1.096M ▲ $8.238M ▲ $19.359M ▲ $13.36M ▲
Q3-2024 $-2.1M $-8.244M $-12.665M $-1.801M $-21.594M $-8.599M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cloud Subscriptions
Cloud Subscriptions
 $100.00M ▲$100.00M ▲$110.00M ▲$110.00M ▲
Maintenance And Support
Maintenance And Support
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Professional Services Member
Professional Services Member
 $30.00M ▲$30.00M ▲$40.00M ▲$40.00M ▲
Subscriptions Software And Support Member
Subscriptions Software And Support Member
 $0 ▲$130.00M ▲$130.00M ▲$150.00M ▲
Term License Subscriptions
Term License Subscriptions
 $30.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing at a healthy pace over the past five years, and gross profit has risen alongside it, which means the core business is scaling. However, the company still posts operating and net losses, though the size of those losses has been shrinking compared with the worst year in the middle of the period. In simple terms: the business is clearly growing and getting more efficient, but it has not yet crossed firmly into sustained profitability at the earnings level.

Balance Sheet

Balance Sheet The asset base has inched up over time and cash reserves are decent but not abundant, which gives some flexibility but not a big safety cushion. Debt has increased meaningfully over the last few years, shifting the capital structure toward more leverage. Most notably, shareholder equity has moved from solidly positive to slightly negative, which is a warning sign that accumulated losses and financing choices have eroded the balance sheet. Overall, financial strength looks serviceable but not conservative, and it requires ongoing attention to debt and capital needs.

Cash Flow

Cash Flow The cash story is more encouraging than the accounting earnings: operating cash flow has moved from clearly negative to slightly positive in the most recent year. Free cash flow is roughly at break-even after several years of outflows, helped by very light capital spending. This suggests the business model is maturing and getting closer to self-funding, but the margin for error is still thin and sustained positive cash generation has not yet been firmly established over multiple years.

Competitive Edge

Competitive Edge Appian operates in the low-code and process automation space, offering a unified platform that blends application development, workflow, data integration, and AI. Its strength lies in handling complex, mission-critical processes for industries like financial services, government, and insurance, where regulation and customization create high switching costs. Strong customer retention and an expanding partner ecosystem add stickiness and help defend its position. That said, it competes in a crowded market with many well-funded software and cloud players, so continuous differentiation and visible customer wins remain critical.

Innovation and R&D

Innovation and R&D The company’s strategy is heavily innovation-led, centered on a unified platform that integrates low-code development, data fabric, process mining, automation, and AI. It has been pushing into areas like AI-assisted development, intelligent document processing, and advanced case management, which cater to complex enterprise workflows rather than simple apps. Continued investment in generative AI, data fabric performance, and industry-specific solutions is a key part of its roadmap. This focus strengthens the product moat but also implies ongoing high R&D spending, which can weigh on near-term profitability even as it supports long-term competitiveness.

Summary

Appian shows a clear pattern of steady revenue growth and improving efficiency, with losses narrowing and cash flow gradually moving toward break-even and slightly positive territory. The balance sheet, however, is more mixed: higher debt and now-negative equity reduce financial cushion and make the path to sustained profitability and cash generation more important. Competitively, the company is well positioned in a specialized segment of enterprise software, supported by a unified platform and strong innovation in AI and process automation. Going forward, the key tensions to watch are whether it can maintain its innovation edge and customer loyalty while strengthening the balance sheet and turning consistent, durable free cash flow from its growing revenue base.

NEWS

November 20, 2025 · 12:24 PM UTC

Appian Names 2025 Public Sector Partner Award Winners

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November 20, 2025 · 9:00 AM UTC

Appian AI Transforms Clinical Workflows for Global Public Health Agencies

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November 12, 2025 · 9:30 AM UTC

Appian Launches New AI Capabilities To Automate Complex Work & Accelerate App Modernization

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November 6, 2025 · 7:05 AM UTC

Appian Announces Third Quarter 2025 Financial Results

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October 24, 2025 · 12:48 PM UTC

Appian is Named a Leader in Inaugural Gartner® Magic Quadrant™ for Business Orchestration and Automation Technologies (BOAT)

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