Appian Corporation (APPN) annual income statement — 11-year revenue, gross profit & net income history
| Sales/Revenue | 762.69M | 726.94M | 617.02M | 545.36M | 467.99M | 369.26M | 304.57M | 260.35M | 226.74M | 176.74M | 132.92M | 111.2M |
| Revenue Growth % | 20.37% | 17.81% | 13.14% | 16.53% | 26.74% | 21.24% | 16.99% | 14.82% | 28.29% | 32.96% | 19.53% | - |
| Cost of Goods Sold | 199.53M | 199.6M | 150.18M | 143.32M | 133.31M | 104.09M | 88.77M | 93.84M | 84.92M | 64.6M | 50.12M | 48.48M |
| COGS % of Revenue | - | 27.46% | 24.34% | 26.28% | 28.48% | 28.19% | 29.14% | 36.04% | 37.45% | 36.55% | 37.71% | 43.6% |
| Gross Profit | 563.16M | 527.34M | 466.84M | 402.04M | 334.69M | 265.17M | 215.81M | 166.51M | 141.82M | 112.14M | 82.8M | 62.72M |
| Gross Margin % | 73.84% | 72.54% | 75.66% | 73.72% | 71.52% | 71.81% | 70.86% | 63.96% | 62.55% | 63.45% | 62.29% | 56.4% |
| Gross Profit Growth % | - | 12.96% | 16.12% | 20.13% | 26.22% | 22.87% | 29.61% | 17.41% | 26.47% | 35.43% | 32.01% | - |
| Operating Expenses | 558.57M | 526.73M | 527.7M | 510.01M | 479.69M | 349.07M | 253.71M | 216.98M | 188.54M | 143.95M | 94.17M | 67.56M |
| OpEx % of Revenue | - | 72.46% | 85.52% | 93.52% | 102.5% | 94.53% | 83.3% | 83.34% | 83.15% | 81.45% | 70.85% | 60.76% |
| Selling, General & Admin | 386.49M | 354.54M | 372.72M | 356.92M | 340.49M | 251.56M | 183.47M | 158.94M | 143.81M | 109.12M | 71.18M | 50.81M |
| SG&A % of Revenue | - | 48.77% | 60.41% | 65.45% | 72.75% | 68.12% | 60.24% | 61.05% | 63.43% | 61.74% | 53.55% | 45.7% |
| Research & Development | 172.08M | 172.19M | 154.98M | 153.1M | 139.21M | 97.52M | 70.24M | 58.04M | 44.72M | 34.84M | 22.99M | 16.75M |
| R&D % of Revenue | - | 23.69% | 25.12% | 28.07% | 29.75% | 26.41% | 23.06% | 22.29% | 19.72% | 19.71% | 17.3% | 15.06% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 941K | 0 | 0 | 0 | 0 |
| Operating Income | 4.6M | 609K | -60.85M | -107.97M | -145.01M | -83.91M | -37.9M | -50.47M | -46.72M | -31.81M | -11.37M | -4.84M |
| Operating Margin % | 0.6% | 0.08% | -9.86% | -19.8% | -30.99% | -22.72% | -12.44% | -19.38% | -20.6% | -18% | -8.55% | -4.35% |
| Operating Income Growth % | - | 101% | 43.64% | 25.54% | -72.82% | -121.38% | 24.9% | -8.02% | -46.86% | -179.78% | -134.82% | - |
| EBITDA | 11.86M | 10.31M | -50.82M | -98.5M | -137.71M | -78.16M | -32.05M | -45.73M | -44.7M | -30.93M | -10.61M | -4.08M |
| EBITDA Margin % | 1.55% | 1.42% | -8.24% | -18.06% | -29.43% | -21.17% | -10.52% | -17.56% | -19.71% | -17.5% | -7.98% | -3.67% |
| EBITDA Growth % | 137.98% | 120.3% | 48.4% | 28.47% | -76.18% | -143.87% | 29.91% | -2.3% | -44.54% | -191.58% | -160.01% | - |
| D&A (Non-Cash Add-back) | 7.26M | 9.71M | 10.03M | 9.47M | 7.3M | 5.74M | 5.85M | 4.74M | 2.02M | 886K | 764K | 763K |
| EBIT | 25.57M | 27.29M | -67.63M | -90.37M | -148.56M | -87.49M | -32.12M | -49.53M | -49.01M | -29.77M | -13.16M | -6.42M |
| Net Interest Income | -19.7M | -20.85M | -23.58M | -17.86M | -1.67M | -372K | -478K | -367K | -198K | -473K | -982K | -188K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.7M | 20.85M | 23.58M | 17.86M | 1.67M | 372K | 478K | 367K | 198K | 473K | 982K | 188K |
| Other Income/Expense | 1.35M | 5.83M | -30.36M | -259K | -5.22M | -3.96M | 5.31M | 574K | -2.49M | 1.56M | -2.77M | -1.77M |
| Pretax Income | 5.95M | 6.44M | -91.21M | -108.23M | -150.23M | -87.86M | -32.59M | -49.89M | -49.21M | -30.25M | -14.14M | -6.61M |
| Pretax Margin % | 0.78% | 0.89% | -14.78% | -19.85% | -32.1% | -23.79% | -10.7% | -19.16% | -21.7% | -17.11% | -10.64% | -5.94% |
| Income Tax | 5.06M | 5.21M | 1.05M | 3.21M | 692K | 778K | 883K | 820K | 239K | 761K | -1.68M | 378K |
| Effective Tax Rate % | 85.12% | 80.87% | -1.16% | -2.96% | -0.46% | -0.89% | -2.71% | -1.64% | -0.49% | -2.52% | 11.9% | -5.72% |
| 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 |
| Net Margin % | 0.12% | 0.17% | -14.95% | -20.43% | -32.25% | -24.01% | -10.99% | -19.48% | -21.81% | -17.54% | -9.37% | -6.28% |
| Net Income Growth % | 101.46% | 101.34% | 17.21% | 26.16% | -70.26% | -164.78% | 33.99% | -2.55% | -59.48% | -148.83% | -78.35% | - |
| Net Income (Continuing) | 885K | 1.23M | -92.26M | -111.44M | -150.92M | -88.64M | -33.48M | -50.71M | -49.45M | -31.01M | -12.46M | -6.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.01 | 0.02 | -1.26 | -1.52 | -2.08 | -1.25 | -0.48 | -0.77 | -0.80 | -0.63 | -0.23 | -0.13 |
| EPS Growth % | 100.7% | 101.31% | 17.11% | 26.92% | -66.4% | -160.42% | 37.66% | 3.75% | -26.98% | -173.91% | -76.92% | - |
| EPS (Basic) | - | 0.02 | -1.26 | -1.52 | -2.08 | -1.25 | -0.48 | -0.77 | -0.80 | -0.63 | -0.23 | -0.13 |
| Diluted Shares Outstanding | 73.82M | 74.65M | 72.99M | 73.1M | 72.46M | 71.04M | 69.05M | 65.48M | 62.14M | 49.53M | 54.72M | 54.72M |
| Basic Shares Outstanding | 73.82M | 74.05M | 72.99M | 73.1M | 72.46M | 71.04M | 69.05M | 65.48M | 62.14M | 49.53M | 54.72M | 54.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
High operating expense intensity
According to recent quarterly filings, Appian has successfully accelerated its top-line growth to 21.5% in 2026Q1, marking a notable improvement from the 10.8% growth observed in 2024Q1, suggesting that the company's core subscription-led strategy is gaining traction within its target enterprise market segments.
The consistent double-digit revenue expansion indicates that the company's low-code platform is successfully capturing demand for enterprise workflow automation. Investors should monitor whether this acceleration is driven by new customer acquisition or deeper penetration within the existing base, as the latter would imply higher long-term durability.
Based on reported financial statements, Appian has maintained gross margins in the 72% to 78% range over the last ten quarters, reflecting a structural reliance on high-margin software subscriptions that appears to be partially offset by the dilutive impact of professional services engagements.
The stability of these margins suggests that the company has successfully managed its cloud infrastructure costs despite increasing scale. However, the inability to consistently push margins toward the 80% threshold may indicate that professional services remain a necessary, albeit lower-margin, component of the current deployment model.
As evidenced by the income statement data, Appian's operating income remains highly volatile, swinging from a 26.8% loss in 2024Q2 to a modest 1.6% profit in 2026Q1, which suggests that the company has yet to achieve the consistent operating leverage required for sustainable profitability.
The high level of SG&A spending relative to gross profit indicates that the company is still prioritizing aggressive market capture over bottom-line optimization. Future margin expansion appears contingent on the company's ability to decouple revenue growth from the current high-touch sales and marketing cost structure.
Analysis of the cost structure reveals that SG&A expenses frequently exceed $90 million per quarter, a significant burden that, as reported in recent filings, continues to constrain the company's ability to translate gross profit into meaningful GAAP net income on a consistent basis.
The heavy investment in R&D and SG&A suggests a management team focused on maintaining a competitive technical edge, yet this strategy leaves little room for error in revenue execution. Investors should scrutinize whether these expenditures are yielding proportional increases in long-term contract value or if they represent a structural inefficiency.
Quick answers to the most common questions about buying APPN stock.
For fiscal year 2025, Appian Corporation (APPN) reported total revenue of $726.9M. This represents a 553.7% increase compared to $111.2M in 2015.
Appian Corporation (APPN) is profitable, generating $1.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Appian Corporation (APPN) reported an operating income of $0.6M, resulting in an operating profit margin of 0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Appian Corporation (APPN) generated $527.3M in gross profit for the year, representing a gross profit margin of 72.5%. This demonstrates the company's core pricing power and production efficiency.