Appian Corporation (APPN) annual cash flow statement — 11-year operating, investing & financing history
| Cash from Operations | 70.29M | 62.87M | 6.88M | -110.44M | -106.55M | -53.92M | -7.62M | -8.93M | -31.32M | -9.13M | -7.76M | -2.15M |
| Operating CF Margin % | - | 8.65% | 1.11% | -20.25% | -22.77% | -14.6% | -2.5% | -3.43% | -13.81% | -5.16% | -5.83% | -1.93% |
| Operating CF Growth % | 358.37% | 814.13% | 106.23% | -3.65% | -97.62% | -607.59% | 14.63% | 71.5% | -243.13% | -17.69% | -261.59% | - |
| Net Income | 885K | 1.23M | -92.26M | -111.44M | -150.92M | -88.64M | -33.48M | -50.71M | -49.45M | -31.01M | -12.46M | -6.99M |
| Depreciation & Amortization | 10.57M | 9.71M | 10.03M | 9.47M | 7.3M | 5.74M | 5.85M | 4.74M | 2.02M | 886K | 764K | 763K |
| Stock-Based Compensation | 20.95M | 41.54M | 39.05M | 43.39M | 38.83M | 23.84M | 15.28M | 16.44M | 16.05M | 12.98M | 0 | 0 |
| Deferred Taxes | -260K | -349K | -899K | -1.54M | -1.09M | -498K | -184K | -330K | -218K | -251K | -1.12M | -291K |
| Other Non-Cash Items | 7.31M | -22.68M | 24.56M | -10.73M | 1.34M | 489K | 1.03M | 245K | 207K | 787K | 207K | 277K |
| Working Capital Changes | 30.82M | 33.42M | 26.41M | -39.59M | -2.01M | 5.14M | 3.88M | 20.69M | 66K | 7.48M | 4.86M | 4.09M |
| Change in Receivables | -30.58M | -51.67M | -28.35M | -1.87M | -37.92M | -33.9M | -33.56M | 7.43M | -23.33M | -9.72M | -11.15M | -6.64M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 4.24M | 16.9M | 798K | -3.78M | -1.65M | -1.24M |
| Change in Payables | 5.15M | 9.27M | -871K | -1.39M | -3.29M | 11.47M | -4.24M | -4.04M | 7.46M | 4.13M | 1.29M | 1.06M |
| Cash from Investing | 5.97M | -12.83M | -35.39M | 28.59M | 10.26M | 41.94M | -153.36M | -32.42M | -7.01M | -433K | -984K | -524K |
| Capital Expenditures | -2.85M | -3.32M | -3.8M | -9.64M | -9.1M | -6.06M | -1.25M | -32.42M | -7.01M | -433K | -984K | -524K |
| CapEx % of Revenue | 0.37% | 0.46% | 0.62% | 1.77% | 1.94% | 1.64% | 0.41% | 12.45% | 3.09% | 0.24% | 0.74% | 0.47% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -30.73M | -6.14M | 0 | 4K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -152.11M | 0 | 4K | 0 | 0 | 0 |
| Cash from Financing | -59.56M | -36.28M | -258K | 79.17M | 142.87M | 2.79M | 110.47M | 105.55M | 60.96M | 50.95M | 10M | 10M |
| Debt Issued (Net) | -10M | -10M | 43.75M | 88.44M | 119.38M | 0 | -3.82M | -653K | 0 | -20.38M | 10M | 10M |
| Equity Issued (Net) | -40.56M | -18.88M | -50.02M | 0 | 0 | 0 | 108.26M | 101.65M | 58.26M | 77.79M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.57M | 0 | 0 |
| Share Repurchases | -41.81M | -20M | -50.02M | 0 | 0 | 0 | 0 | 0 | 0 | -2.42M | 0 | 0 |
| Other Financing | -9M | -7.4M | 6.01M | -9.27M | 23.49M | 2.79M | 6.03M | 4.55M | 2.7M | 1.11M | 0 | 0 |
| Net Change in Cash | 15.04M | 17.26M | -30.8M | -1.03M | 46.42M | -8.5M | -47.29M | 64.83M | 21.17M | 42.62M | -250K | 6.4M |
| Free Cash Flow | 67.44M | 59.56M | 3.08M | -120.08M | -115.65M | -59.98M | -8.87M | -41.35M | -38.34M | -9.56M | -8.74M | -2.67M |
| FCF Margin % | 8.84% | 8.19% | 0.5% | -22.02% | -24.71% | -16.24% | -2.91% | -15.88% | -16.91% | -5.41% | -6.58% | -2.4% |
| FCF Growth % | 119.47% | 1833.64% | 102.56% | -3.83% | -92.82% | -576.09% | 78.55% | -7.86% | -300.95% | -9.39% | -227.46% | - |
| FCF per Share | 0.91 | 0.80 | 0.04 | -1.64 | -1.60 | -0.84 | -0.13 | -0.63 | -0.62 | -0.19 | -0.16 | -0.05 |
| FCF Conversion (FCF/Net Income) | 76.20x | 50.99x | -0.07x | 0.99x | 0.71x | 0.61x | 0.23x | 0.18x | 0.63x | 0.29x | 0.62x | 0.31x |
| Interest Paid | 5M | 0 | 22.57M | 16.91M | 1.67M | 323K | 165K | 331K | 46K | 515K | 895K | 193K |
| Taxes Paid | 1.2M | 0 | 3.33M | 4M | 1.24M | 1.5M | 1.18M | 356K | 680K | 615K | 610K | 1.05M |
High operating expense intensity
Based on reported financial statements, Appian exhibits a significant disconnect between GAAP net income and operating cash flow, highlighted by the 2026Q1 period where the company generated $48.8 million in operating cash despite reporting a net loss of $1.5 million, suggesting heavy reliance on non-cash adjustments.
The persistent gap between net income and operating cash flow indicates that the company's cash-generative capacity is heavily influenced by working capital fluctuations rather than core operational profitability. Investors should monitor whether this conversion quality remains sustainable or if it is merely a byproduct of timing differences in deferred revenue recognition.
As evidenced by historical data, Appian's free cash flow trajectory remains highly erratic, swinging from a negative $18.3 million in 2024Q2 to a peak of $48.6 million in 2026Q1, which underscores the company's ongoing struggle to achieve consistent, self-sustaining cash flow margins across diverse fiscal quarters.
The lack of a stable FCF trend suggests that the business model is sensitive to seasonal procurement cycles and project-based service revenue. This volatility warrants further investigation into whether the company can maintain positive cash flow without relying on favorable working capital swings.
According to recent SEC filings, working capital changes have frequently served as the primary engine for cash flow, with a notable $35.2 million contribution in 2026Q1, indicating that the company's cash position is highly sensitive to the timing of customer billings and deferred revenue management.
The reliance on working capital to bolster cash flow suggests that the underlying operational efficiency is not yet sufficient to drive organic cash growth. Analysts should be cautious of periods where these working capital benefits reverse, as they could lead to sudden liquidity pressure.
Based on reported figures, Appian has prioritized share repurchases, including a $50 million buyback in 2024Q1, despite reporting consistent GAAP net losses, which suggests a management focus on offsetting dilution rather than reinvesting all available cash into high-return internal growth or debt reduction initiatives.
This capital allocation strategy appears aggressive given the company's thin profitability profile and the ongoing need for R&D investment. Investors should consider whether these buybacks provide genuine long-term value or if they represent an inefficient use of capital during a critical scaling phase.
As reported in financial statements, stock-based compensation remains a consistent quarterly expense of approximately $10 million, which effectively masks the true economic cost of operations and complicates the assessment of the company's actual cash-generative capacity relative to its reported GAAP net income figures.
By excluding these significant non-cash charges, the company's operating cash flow may appear more robust than the underlying business performance warrants. Analysts should adjust for these recurring equity grants to better understand the true cost of talent acquisition and retention.
Quick answers to the most common questions about buying APPN stock.
Appian Corporation (APPN) generated $62.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Appian Corporation (APPN) generated $59.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Appian Corporation (APPN) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Appian Corporation (APPN) spent $20.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.