0001433195-26-000023 | 10-Q | XBRL Viewer

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Subsequent Event (Details) - USD ($) $ in Thousands	Apr. 23, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Long-term investments		$ 77,668	$ 77,033
Subsequent Event
Subsequent Event [Line Items]
Long-term investments	$ 10,000

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

Net income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below. The following table sets forth the computation of basic and diluted net income per common share (in thousands):


	Three Months Ended March 31,
	2026		2025
Basic net income per share:
Numerator


Net income attributable to common stockholders	$	42,424	$	31,383
Denominator


Weighted average common shares outstanding; basic	35,699		36,302
Net income per common share; basic	$	1.19	$	0.86
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	42,424	$	31,383
Denominator
Weighted average common shares outstanding; basic	35,699		36,302
Add: Weighted average dilutive options outstanding	22		39
Add: Weighted average dilutive restricted stock units outstanding	91		307
Weighted average common shares outstanding; diluted	35,812		36,648
Net income per common share; diluted	$	1.18	$	0.86

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that are not included in the calculation of diluted net income per share because doing so would be antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2026	2025


Restricted stock units	385	45
Total potentially dilutive securities	385	45

Other Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unearned premium liabilities	$ 7,422	$ 6,662
Insurance reserves	7,482	6,630
Operating lease liabilities-current	4,998	4,873
Other	2,116	3,956
Total other current liabilities	$ 22,018	$ 22,121

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 147,412	$ 106,967
Investment securities—current	4,241	144,256
Accounts receivable, net	43,966	36,873
Prepaid expenses and other current assets	59,323	65,218
Total current assets	254,942	353,314
Property and equipment, net	22,449	23,228
Operating lease right-of-use assets	15,364	15,924
Capitalized software development costs, net	11,416	11,324
Goodwill	96,410	96,410
Intangible assets, net	36,269	38,826
Deferred income taxes	50,795	58,823
Long-term investments	77,668	77,033
Other long-term assets	15,247	14,085
Total assets	580,560	688,967
Current liabilities
Accounts payable	3,740	4,123
Accrued employee expenses	25,163	59,774
Accrued expenses	21,436	20,829
Other current liabilities	22,018	22,121
Total current liabilities	72,357	106,847
Operating lease liabilities	31,981	33,287
Other liabilities	5,994	6,254
Total liabilities	110,332	146,388
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	295,114	284,054
Accumulated other comprehensive (loss) Income	(12)	30
Treasury stock	(298,273)	(172,480)
Retained earnings	473,395	430,971
Total stockholders’ equity	470,228	542,579
Total liabilities and stockholders’ equity	580,560	688,967
Class A common stock
Stockholders’ equity:
Common stock	3	3
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 0	$ 61
Gross Realized Losses	(61)	(5)
Gross Proceeds from Sales	140,154	102,718
Gross Proceeds from Maturities	42,360	42,150
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	61
Gross Realized Losses	(61)	(5)
Gross Proceeds from Sales	140,154	102,718
Gross Proceeds from Maturities	$ 42,360	$ 42,150

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 17,989	$ 16,371
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	17,700	$ 16,000
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 148,300
Stock-based compensation expense, weighted average recognition period (in years)	2 years 8 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	908		627
Vesting period	4 years
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	800
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested performance stock units (in shares)	100
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percent of targeted performance metric	100.00%
Maximum payout, percentage	135.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash from operating activities
Net income	$ 42,424	$ 31,383
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,020	6,255
Amortization of operating lease right-of-use assets	560	501
Amortization of costs capitalized to obtain revenue contracts	3,168	2,720
Deferred income taxes	8,028	(5,541)
Stock-based compensation, including as amortized	17,989	16,371
Other	(523)	(917)
Changes in operating assets and liabilities:
Accounts receivable	(7,443)	(3,116)
Prepaid expenses and other assets	(8,206)	(5,460)
Accounts payable	(382)	2,546
Operating lease liabilities	(1,180)	(1,051)
Accrued expenses and other liabilities	(25,157)	(5,226)
Net cash provided by operating activities	34,298	38,465
Cash from investing activities
Purchases of available-for-sale investments	(42,663)	(62,302)
Proceeds from sales of available-for-sale investments	140,154	102,718
Proceeds from maturities of available-for-sale investments	42,360	42,150
Purchases of property and equipment	(231)	(230)
Capitalization of software development costs	(1,304)	(636)
Cash paid in business acquisition, net of cash acquired	0	(906)
Net cash provided by investing activities	138,316	80,794
Cash from financing activities
Proceeds from stock option exercises and the issuance of common stock under the Employee Stock Purchase Plan	998	11
Tax withholding for net share settlement	(8,157)	(9,078)
Purchase of common stock	(125,010)	(95,763)
Net cash used in financing activities	(132,169)	(104,830)
Net increase in cash, cash equivalents and restricted cash	40,445	14,429
Cash, cash equivalents and restricted cash
Beginning of period	107,217	42,754
End of period	147,662	57,183
Cash and cash equivalents	147,412	56,933
Restricted cash included in prepaid expenses and other current assets	250	250
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	147,662	57,183
Supplemental disclosure of cash flow information
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 1,666	$ 1,558

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Apr. 23, 2025	Feb. 20, 2019
Share Repurchase Program [Abstract]
Share repurchase program, authorized amount						$ 300.0	$ 100.0
Stock repurchased (in shares)	702,502	0	0	243,987	445,311
Average purchase price (in dollars per share)	$ 177.95			$ 204.77	$ 215.05
Stock repurchased	$ 125.0			$ 50.0	$ 95.8
Share repurchase program, remaining authorized amount	$ 125.0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2024		23,241	13,163
Beginning balance at Dec. 31, 2024	$ 519,290	$ 2	$ 2	$ 254,821	$ 173	$ (25,756)	$ 290,048
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)		1
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	11			11
Stock-based compensation	16,483			16,483
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		60
Vesting of restricted stock units, net of shares withheld for taxes	(9,078)			(9,078)
Conversion of Class B common stock to Class A common stock (in shares)		182	(182)
Repurchase of common stock (in shares)		(445)
Repurchase of common stock	(95,763)					(95,763)
Other comprehensive loss	(207)				(207)
Net income	31,383						31,383
Ending balance (in shares) at Mar. 31, 2025		23,039	12,981
Ending balance at Mar. 31, 2025	462,119	$ 2	$ 2	262,237	(34)	(121,519)	321,431
Beginning balance (in shares) at Dec. 31, 2025		24,335	11,655
Beginning balance at Dec. 31, 2025	542,579	$ 3	$ 1	284,054	30	(172,480)	430,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)		7
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	998			998
Stock-based compensation	18,219			18,219
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		65
Vesting of restricted stock units, net of shares withheld for taxes	(8,157)			(8,157)
Conversion of Class B common stock to Class A common stock (in shares)		325	(325)
Repurchase of common stock (in shares)		(703)
Repurchase of common stock	(125,793)					(125,793)
Other comprehensive loss	(42)				(42)
Net income	42,424						42,424
Ending balance (in shares) at Mar. 31, 2026		24,029	11,330
Ending balance at Mar. 31, 2026	$ 470,228	$ 3	$ 1	$ 295,114	$ (12)	$ (298,273)	$ 473,395

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 16, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-37468
Entity Registrant Name	AppFolio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0359894
Entity Address, Address Line One	70 Castilian Drive
Entity Address, City or Town	Santa Barbara,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93117
City Area Code	805
Local Phone Number	364-6093
Title of 12(b) Security	Class A common stock, $0.0001 par value
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001433195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,028,908
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,329,625

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	627
Granted (in shares) \| shares	402
Vested (in shares) \| shares	(108)
Forfeited (in shares) \| shares	(13)
Unvested, ending balance (in shares) \| shares	908
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 200.81
Granted (in dollars per share) \| $ / shares	201.66
Vested (in dollars per share) \| $ / shares	180.60
Forfeited (in dollars per share) \| $ / shares	203.14
Unvested, ending balance (in dollars per share) \| $ / shares	$ 203.45

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 5, 2026. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of financial instruments, the fair value of privately-held strategic investments, useful lives of property and equipment and intangible assets, capitalized software development costs, incremental borrowing rate applied in lease accounting, the period of benefit associated with deferred costs, stock-based compensation, income taxes, and contingencies. Actual results could differ from those estimates and any such differences may have a material impact on our Consolidated Financial Statements.
Segment Information	Segment Information Our chief operating decision maker ("CODM"), the Chief Executive Officer, allocates resources and assesses financial performance based upon discrete financial information at the consolidated level. There are no segment managers who are held accountable by our CODM, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we have determined that we operate as a single operating and reportable segment. Our CODM uses consolidated net income (loss) as the sole measure of segment profit or loss. Significant segment expenses include cost of revenue (excluding depreciation and amortization), sales and marketing, research and product development, general and administrative expenses, and depreciation and amortization. For expenses incurred during the three months ended March 31, 2026 and 2025, refer to our Condensed Consolidated Statements of Operations. Stock-based compensation expense is also recognized as a significant segment expense. Details regarding this expense for the three months ended March 31, 2026 and 2025 is included in the parenthetical note to the respective Condensed Consolidated Statements of Operations.
Recent Accounting Pronouncements Adopted and Not Yet Adopted	Recent Accounting Pronouncements Adopted In July 2025, the Financial Accounting Standards Board ("FASB") issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance will be applied on a prospective basis and is effective for calendar year-end public business entities in the 2026 annual period and its interim periods, with early adoption permitted. We adopted the standard from January 1, 2026 prospectively. The adoption of the standard has no material impact on our financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, FASB issued ASU 2024-03, Disaggregation of Income Statement Expense. The new standard requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The guidance applies prospectively with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2027 annual period and in 2028 for interim periods with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. The new guidance will be effective for calendar year-end public business entities in the 2028 annual period. The guidance can be applied on a fully prospective basis, a modified basis for in-process projects, or a full retrospective basis. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.
Remaining Performance Obligations	Remaining Performance Obligations Transaction price allocated to remaining performance obligations (“RPO”) represents contracted revenue that has not been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. RPO does not include revenue related to performance obligations that are part of a contract with an original expected duration of one year or less or related to usage-based Value Added Services that are billed in arrears.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Significant Accounting Policies The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 5, 2026. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements. The operating results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full year ending December 31, 2026. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of financial instruments, the fair value of privately-held strategic investments, useful lives of property and equipment and intangible assets, capitalized software development costs, incremental borrowing rate applied in lease accounting, the period of benefit associated with deferred costs, stock-based compensation, income taxes, and contingencies. Actual results could differ from those estimates and any such differences may have a material impact on our Consolidated Financial Statements. Segment Information Our chief operating decision maker ("CODM"), the Chief Executive Officer, allocates resources and assesses financial performance based upon discrete financial information at the consolidated level. There are no segment managers who are held accountable by our CODM, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we have determined that we operate as a single operating and reportable segment. Our CODM uses consolidated net income (loss) as the sole measure of segment profit or loss. Significant segment expenses include cost of revenue (excluding depreciation and amortization), sales and marketing, research and product development, general and administrative expenses, and depreciation and amortization. For expenses incurred during the three months ended March 31, 2026 and 2025, refer to our Condensed Consolidated Statements of Operations. Stock-based compensation expense is also recognized as a significant segment expense. Details regarding this expense for the three months ended March 31, 2026 and 2025 is included in the parenthetical note to the respective Condensed Consolidated Statements of Operations. Recent Accounting Pronouncements Adopted In July 2025, the Financial Accounting Standards Board ("FASB") issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance will be applied on a prospective basis and is effective for calendar year-end public business entities in the 2026 annual period and its interim periods, with early adoption permitted. We adopted the standard from January 1, 2026 prospectively. The adoption of the standard has no material impact on our financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, FASB issued ASU 2024-03, Disaggregation of Income Statement Expense. The new standard requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The guidance applies prospectively with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2027 annual period and in 2028 for interim periods with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. The new guidance will be effective for calendar year-end public business entities in the 2028 annual period. The guidance can be applied on a fully prospective basis, a modified basis for in-process projects, or a full retrospective basis. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 42,424	$ 31,383
Other comprehensive loss:
Changes in unrealized losses on investment securities, net of tax	(42)	(207)
Comprehensive income	$ 42,382	$ 31,176

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Investment Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Investment Securities and Fair Value Measurements

Investment Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. government and agency securities	4,242		—		(1)		4,241
Total available-for-sale investment securities	$	4,242	$	—	$	(1)	$	4,241


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. government and agency securities	144,216		40		—		144,256
Total available-for-sale investment securities	$	144,216	$	40	$	—	$	144,256

As of March 31, 2026, for available-for-sale debt securities in an unrealized loss position, the Company evaluated whether any portion of the decline in fair value below amortized cost was due to credit losses. Based on this evaluation, and considering that it is more likely than not that the Company will hold the securities until maturity or recovery of the cost basis, no allowance for credit losses was recorded for available-for-sale investment securities as of March 31, 2026 or December 31, 2025.

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	4,242	$	4,241	$	144,216	$	144,256

Total available-for-sale investment securities	$	4,242	$	4,241	$	144,216	$	144,256

During the three months ended March 31, 2026 and 2025, we had sales and maturities of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2026
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
U.S. government and agency securities	$	—	$	(61)	$	140,154	$	42,360
Total	$	—	$	(61)	$	140,154	$	42,360


	Three Months Ended March 31, 2025
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
U.S. government and agency securities	61		(5)		102,718		42,150
Total	$	61	$	(5)	$	102,718	$	42,150

The tables above do not include our strategic investments of non-marketable equity investments in privately-held companies, which are recorded in long-term investments in our Condensed Consolidated Balance Sheets. These strategic investments consist of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Second Nature	$	75,000	$	75,000
Others	2,668		2,033
Total long-term investments	$	77,668	$	77,033

The cumulative amount of upward adjustments recognized on our strategic investments of non-marketable equity investments was $0.6 million, all of which was recorded during the first quarter of 2026 for our investment in a privately held technology company. There is no cumulative amount of downward adjustment as of March 31, 2026.

There were no realized or unrealized gains or losses from remeasurement of investments in equity securities under the measurement alternative for the three months ended March 31, 2025.

Fair Value Measurements

Recurring Fair Value Measurements

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 by level within the fair value hierarchy (in thousands):


	March 31, 2026
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	108,701	$	—	$	108,701
Available-for-sale investment securities:
U.S. government and agency securities	—		4,241		4,241
Total	$	108,701	$	4,241	$	112,942


	December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	89,365	$	—	$	89,365
Available-for-sale investment securities:
U.S. government and agency securities	—		144,256		144,256
Total	$	89,365	$	144,256	$	233,621

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short maturity of these items.

Fair value for our Level 1 investment securities is based on market prices for identical assets. Our Level 2 securities were priced by a pricing vendor. The pricing vendor utilizes the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, other observable inputs like market transactions involving comparable securities are used.

Strategic Investments Measured and Recorded at Fair Value on a Non-Recurring Basis

Strategic investments primarily include equity investments in privately-held companies, which do not have a readily determinable fair value. Strategic investments are classified as Level 3 in the fair value hierarchy, as their nonrecurring fair value measurements may include observable and unobservable inputs. As of March 31, 2026 and December 31, 2025, the balance of strategic investments was $77.7 million and $77.0 million, respectively. We recognized a net unrealized gain of $0.6 million in connection with our investment in a privately held technology company in Other income, net in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2026. We did not recognize any net unrealized gain or loss for our strategic investments for the three months ended March 31, 2025.

Other Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Income tax receivable(1)	$	17,365	$	27,133
Prepaid expenses	24,151		15,707
Deferred commissions(2)	11,784		11,166
Deposits for insurance services(3)	4,545		7,765
Other	1,478		3,447
Total Prepaid expenses and other current assets	$	59,323	$	65,218

(1)For additional information on income tax, refer to Note 9, Income Taxes.

(2)For additional information on deferred commissions, refer to Deferred Costs in Note 3, Revenue and Deferred Costs.

(3)For additional information on deposits held with a third party related to requirements to maintain collateral for insurance services, refer to "Legal Liability to Landlord Insurance" in Note 6, Commitments and Contingencies.

Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued bonuses(1)	$	7,985	$	43,298
Accrued payroll and other	17,178		16,476
Total accrued employee expenses	$	25,163	$	59,774

(1)Accrued bonuses decreased significantly as of March 31, 2026, due to the payment of 2025 annual bonuses in the first quarter of 2026.

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Unearned premium liabilities(1)	$	7,422	$	6,662
Insurance reserves(2)	7,482		6,630
Operating lease liabilities-current	4,998		4,873
Other	2,116		3,956
Total other current liabilities	$	22,018	$	22,121

(1)Unearned premium liabilities are the refundable portion of commissions received in connection with the sale of renters insurance policies to residents through AppFolio Insurance Services, Inc., our wholly owned subsidiary. In the event a resident cancels their renters insurance policy prior to the end of such policy, we may be required to refund a pro rata portion of the commission paid on such policy.

(2)For additional information on insurance reserves, refer to "Legal Liability to Landlord Insurance" in Note 6, Commitments and Contingencies.

Share Repurchase Program	3 Months Ended
Share Repurchase Program	Mar. 31, 2026
Share Repurchase Program [Abstract]
Share Repurchase Program	Share Repurchase Program On February 20, 2019, our Board of Directors (our "Board") authorized a $100.0 million share repurchase program (the "2019 Stock Repurchase Program") relating to our outstanding shares of Class A common stock. Under the 2019 Stock Repurchase Program, we were authorized to repurchase shares of our Class A common stock from time to time in open market purchases or privately negotiated transactions. The 2019 Stock Repurchase Program did not obligate us to repurchase any minimum dollar amount or number of shares, did not have an expiration date, and it could have been modified, suspended or terminated at any time and for any reason. During the first quarter of 2025, we repurchased 445,311 shares of our Class A common stock through open market repurchases under the 2019 Stock Repurchase Program at an average purchase price of $215.05 per share, inclusive of broker commissions, for an aggregate repurchase price of $95.8 million which was recorded as a reduction to stockholders' equity. As a result of the repurchases, we substantially exhausted the remaining shares available for purchase under the 2019 Stock Repurchase Program, and it has terminated. On April 23, 2025, our Board authorized a $300.0 million share repurchase program (the "2025 Stock Repurchase Program") relating to our outstanding shares of Class A common stock. Under the 2025 Stock Repurchase Program, we are authorized to repurchase shares of our Class A common stock from time to time in open market purchases or privately negotiated transactions. The 2025 Stock Repurchase Program does not obligate us to repurchase any minimum dollar amount or number of shares, has no expiration date, and can be modified, suspended or terminated at any time and for any reason. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and legal requirements, market conditions and other factors. During the second quarter of 2025, we repurchased 243,987 shares of our Class A common stock through open market repurchases under the 2025 Stock Repurchase Program at an average purchase price of $204.77 per share, inclusive of broker commissions, for an aggregate repurchase price of $50.0 million which was recorded as a reduction to stockholders' equity. We did not repurchase any shares of our Class A common stock during the third or fourth quarter of 2025. During the first quarter of 2026, we repurchased 702,502 shares of our Class A common stock through open market repurchases under the 2025 Stock Repurchase Program at an average purchase price of $177.95 per share, inclusive of broker commissions, for an aggregate repurchase price of $125.0 million, which was recorded as a reduction to stockholders' equity. As of March 31, 2026, the amount remaining available for repurchases under the 2025 Stock Repurchase Program was $125.0 million.

Revenue and Deferred Costs - Schedule of Product Information by Revenue Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 262,214	$ 217,702
Subscription Services
Disaggregation of Revenue [Line Items]
Total revenue	58,222	49,513
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	201,363	164,706
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,629	$ 3,483

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Net Income Per Share - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income attributable to common stockholders	$ 42,424	$ 31,383
Denominator
Weighted average common shares outstanding; basic (in shares)	35,699	36,302
Net income per common share, basic (in dollars per share)	$ 1.19	$ 0.86
Numerator
Net income attributable to common stockholders	$ 42,424	$ 31,383
Denominator
Weighted average common shares outstanding; basic (in shares)	35,699	36,302
Weighted average common shares outstanding; diluted (in shares)	35,812	36,648
Net income per common share, diluted (in dollars per share)	$ 1.18	$ 0.86
Option
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	22	39
Restricted stock units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	91	307

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Janet Kerr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 12, 2026, Janet Kerr, a member of our Board, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 3,500 shares of our Class A common stock between June 30, 2026 and December 31, 2026. This trading arrangement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Janet Kerr
Title	member of our Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2026
Expiration Date	December 31, 2026
Arrangement Duration	184 days
Aggregate Available	3,500
Don Rigler [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 13, 2026, Don Rigler, our Vice President of Accounting (Principle Accounting Officer), adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 1,650 shares of our Class A common stock between June 12, 2026 and November 13, 2028. This trading arrangement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Don Rigler
Title	Vice President of Accounting
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2026
Expiration Date	November 13, 2028
Arrangement Duration	885 days
Aggregate Available	1,650
Tim Eaton [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 13, 2026, Tim Eaton, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale between June 15, 2026 and November 22, 2027 of (i) up to 2,211 shares of our Class A common stock and (ii) an indeterminate number of shares of our Class A common stock received by Mr. Eaton in connection with the vesting between May 10, 2026 and November 10, 2027 of certain RSUs and PSUs held by Mr. Eaton. The actual number of shares of Class A common stock sold will depend on the vesting of the RSUs and PSUs and the number of shares withheld to satisfy tax withholding obligations. This trading arrangement was entered into during an open trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Tim Eaton
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2026
Expiration Date	November 22, 2027
Arrangement Duration	525 days
Aggregate Available	2,211
Evan Pickering May 2025 Plan [Member] \| Evan Pickering [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2026, Evan Pickering, our General Counsel and Corporate Secretary, terminated a Rule 10b5-1 trading arrangement that he had adopted on May 15, 2025, prior to his appointment as an officer (as defined in Rule 16a-1(f) under the Exchange Act). This trading arrangement provided for the sale between August 10, 2025 and May 1, 2026 of an indeterminate number of shares of our Class A common stock received by Mr. Pickering in connection with the vesting in between August 10, 2025 and February 10, 2026 of certain RSUs and PSUs held by Mr. Pickering. The actual number of shares of Class A common stock sold depended on the vesting of the RSUs and PSUs and the number of shares withheld to satisfy tax withholding obligations. This trading arrangement was entered into during an open trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Evan Pickering
Title	General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 6, 2026
Evan Pickering March 2026 Plan [Member] \| Evan Pickering [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 13, 2026, Mr. Pickering adopted a new Rule 10b5-1 trading arrangement providing for the sale between June 12, 2026 and June 30, 2028 of (i) up to 1,554 shares of our Class A common stock and (ii) an indeterminate number of shares of our Class A common stock received by Mr. Pickering in connection with the vesting between May 10, 2026 and May 10, 2028 of certain RSUs and PSUs held by Mr. Pickering. The actual number of shares of Class A common stock sold will depend on the vesting of the RSUs and PSUs and the number of shares withheld to satisfy tax withholding obligations. This trading arrangement was entered into during an open trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Evan Pickering
Title	General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2026
Expiration Date	June 30, 2028
Arrangement Duration	749 days
Aggregate Available	1,554

Investment Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 4,242	$ 144,216
Gross Unrealized Gains	0	40
Gross Unrealized Losses	(1)	0
Estimated Fair Value	4,241	144,256
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,242	144,216
Gross Unrealized Gains	0	40
Gross Unrealized Losses	(1)	0
Estimated Fair Value	$ 4,241	$ 144,256

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025
Loss Contingencies [Line Items]
Quota share of tenant liability insurance (as a percent)		100.00%
Long-term purchase commitment, amount	$ 219.3
Short-term purchase commitment, amount	$ 36.2
Credit Facility \| Line of credit
Loss Contingencies [Line Items]
Maximum borrowing capacity				$ 150.0
Outstanding borrowings		$ 0.0
Credit Facility \| Line of credit \| Minimum
Loss Contingencies [Line Items]
Commitment fee, in basis points		0.15%
Credit Facility \| Line of credit \| Minimum \| SOFR
Loss Contingencies [Line Items]
Variable rate margin		1.25%
Credit Facility \| Line of credit \| Minimum \| Base Rate
Loss Contingencies [Line Items]
Variable rate margin		0.25%
Credit Facility \| Line of credit \| Maximum
Loss Contingencies [Line Items]
Commitment fee, in basis points		0.30%
Credit Facility \| Line of credit \| Maximum \| SOFR
Loss Contingencies [Line Items]
Variable rate margin		2.00%
Credit Facility \| Line of credit \| Maximum \| Base Rate
Loss Contingencies [Line Items]
Variable rate margin		1.00%
Credit Facility \| Line of credit \| Letters of credit
Loss Contingencies [Line Items]
Maximum borrowing capacity				25.0
Credit Facility \| Line of credit \| Swingline loans
Loss Contingencies [Line Items]
Maximum borrowing capacity				$ 25.0
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported		$ 7.5	$ 6.6
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral		$ 4.5	$ 7.8

Other Balance Sheet Components- Schedule of Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax receivable	$ 17,365	$ 27,133
Prepaid expenses	24,151	15,707
Deferred commissions	11,784	11,166
Deposits for insurance services	4,545	7,765
Other	1,478	3,447
Prepaid expenses and other current assets	$ 59,323	$ 65,218

Investment Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. government and agency securities	4,242		—		(1)		4,241
Total available-for-sale investment securities	$	4,242	$	—	$	(1)	$	4,241


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. government and agency securities	144,216		40		—		144,256
Total available-for-sale investment securities	$	144,216	$	40	$	—	$	144,256

Schedule of Available-for-sale Investments, by Remaining Contract Maturity

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	4,242	$	4,241	$	144,216	$	144,256

Total available-for-sale investment securities	$	4,242	$	4,241	$	144,216	$	144,256

Schedule of Sales, Calls, and Maturities

During the three months ended March 31, 2026 and 2025, we had sales and maturities of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2026
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
U.S. government and agency securities	$	—	$	(61)	$	140,154	$	42,360
Total	$	—	$	(61)	$	140,154	$	42,360


	Three Months Ended March 31, 2025
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
U.S. government and agency securities	61		(5)		102,718		42,150
Total	$	61	$	(5)	$	102,718	$	42,150

Schedule of Long-Term Investments


	March 31, 2026		December 31, 2025
Second Nature	$	75,000	$	75,000
Others	2,668		2,033
Total long-term investments	$	77,668	$	77,033

Schedule of Fair Value, Assets Measured on Recurring Basis


	March 31, 2026
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	108,701	$	—	$	108,701
Available-for-sale investment securities:
U.S. government and agency securities	—		4,241		4,241
Total	$	108,701	$	4,241	$	112,942


	December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	89,365	$	—	$	89,365
Available-for-sale investment securities:
U.S. government and agency securities	—		144,256		144,256
Total	$	89,365	$	144,256	$	233,621

Net Income Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Share


	Three Months Ended March 31,
	2026		2025
Basic net income per share:
Numerator


Net income attributable to common stockholders	$	42,424	$	31,383
Denominator


Weighted average common shares outstanding; basic	35,699		36,302
Net income per common share; basic	$	1.19	$	0.86
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	42,424	$	31,383
Denominator
Weighted average common shares outstanding; basic	35,699		36,302
Add: Weighted average dilutive options outstanding	22		39
Add: Weighted average dilutive restricted stock units outstanding	91		307
Weighted average common shares outstanding; diluted	35,812		36,648
Net income per common share; diluted	$	1.18	$	0.86

Potentially dilutive securities that are not included in the calculation of diluted net income per share because doing so would be antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2026	2025


Restricted stock units	385	45
Total potentially dilutive securities	385	45

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn April 2026, we purchased a minority, non-controlling equity interest in a private company, for $10.0 million, paid with cash on hand.

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	385	45
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	385	45

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Stock Units

A summary of activity in connection with our restricted stock units ("RSUs") for the three months ended March 31, 2026, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2025	627	$	200.81
Granted	402	201.66
Vested	(108)	180.60
Forfeited	(13)	203.14
Unvested as of March 31, 2026	908	$	203.45

Unvested RSUs as of March 31, 2026 were composed of 0.8 million RSUs with only service conditions and 0.1 million performance share units ("PSUs") with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period, assuming continued employment through the applicable vesting date. The number of PSUs granted, as included in the above table, assumes achievement of the performance metrics at 100% of the performance target. The unvested PSUs as of March 31, 2026, are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2026 and will vest over a three year period, assuming continued employment through each applicable vesting date. The actual number of shares to be granted at the end of the performance period will range from 0% to 150% of the target number of shares depending on achievement relative to the performance metrics over the applicable period; however, performance-based compensation expense is included in calculating achievement of the performance metrics, resulting in an effective maximum payout of approximately 135% of target.

We recognized stock-based compensation expense for the RSUs and PSUs of $17.7 million and $16.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $148.3 million, which is expected to be recognized over a weighted average period of 2.7 years.

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Upward adjustments of non-marketable equity investments	$ 600,000
Downward adjustments of non-marketable equity investments	0
Long-term investments	77,700,000		$ 77,000,000.0
Unrealized gain on equity securities	$ 600,000	$ 0

Revenue and Deferred Costs

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue and Deferred Costs

The following table presents our revenue categories for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Subscription Services	$	58,222	$	49,513
Value Added Services	201,363		164,706
Other	2,629		3,483
Total revenue	$	262,214	$	217,702

Our revenue is generated primarily from customers in the United States.

Deferred Costs

Deferred costs were $23.8 million and $22.8 million as of March 31, 2026 and December 31, 2025, respectively, of which $11.8 million and $11.2 million, respectively, are included in Prepaid expenses and other current assets and $12.0 million and $11.6 million, respectively, are included in Other long-term assets in the accompanying Condensed Consolidated Balance Sheets. Amortization expense for deferred costs was $3.2 million, and $2.7 million for three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, no impairments were identified in relation to the costs capitalized for the periods presented.

Remaining Performance Obligations

Transaction price allocated to remaining performance obligations (“RPO”) represents contracted revenue that has not been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. RPO does not include revenue related to performance obligations that are part of a contract with an original expected duration of one year or less or related to usage-based Value Added Services that are billed in arrears.

As of March 31, 2026, the total non-cancelable RPO under our contracts with customers was $103.6 million, and we expect to recognize revenue on approximately 40.3% of these RPO over the following 12 months, with the balance to be recognized thereafter. During the three months ended March 31, 2026, we recognized revenue of $8.9 million, that was included in the RPO at the beginning of the period presented.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 4,242	$ 144,216
Amortized Cost	4,242	144,216
Estimated Fair Value
Due in one year or less	4,241	144,256
Estimated Fair Value	$ 4,241	$ 144,256

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

Revenue

$ 262,214

$ 217,702

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

94,975

79,498

Sales and marketing

^[1]

37,501

31,057

Research and product development

^[1]

49,629

43,758

General and administrative

^[1]

24,341

23,351

Depreciation and amortization

5,020

6,255

Total costs and operating expenses

211,466

183,919

Income from operations

50,748

33,783

Other income, net

569

Interest income, net

1,784

2,953

Income before provision for income taxes

53,101

36,792

Provision for income taxes

10,677

5,409

Net income

$ 42,424

$ 31,383

Net income per common share:

Basic (in dollars per share)

$ 1.19

$ 0.86

Diluted (in dollars per share)

$ 1.18

$ 0.86

Weighted average common shares outstanding:

Basic (in shares)

35,699

36,302

Diluted (in shares)

35,812

36,648

[1]

Includes stock-based compensation expense as follows:


	Three Months Ended March 31,
	2026		2025
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	1,088	$	1,287
Sales and marketing	3,340		2,848
Research and product development	7,882		6,931
General and administrative	5,679		5,305
Total stock-based compensation expense	$	17,989	$	16,371

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expenses (benefit)	$ 10,677	$ 5,409
Effective tax rate	20.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 4,241	$ 144,256
Total	112,942	233,621
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	4,241	144,256
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	108,701	89,365
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	108,701	89,365
Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	108,701	89,365
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,241	144,256
Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	4,241	144,256
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Other Balance Sheet Components - Schedule of Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued bonuses	$ 7,985	$ 43,298
Accrued payroll and other	17,178	16,476
Total accrued employee expenses	$ 25,163	$ 59,774

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Liability to Landlord Insurance We have a wholly owned subsidiary, Terra Mar Insurance Company, Inc., which was established in connection with reinsuring liability to landlord insurance policies offered to our customers by our third-party service provider. We assume a 100% quota share of the liability to landlord insurance policies placed with our customers by our third-party service provider. We accrue for reported claims, and include an estimate of losses incurred but not reported by our property manager customers, in cost of revenue because we bear the risk related to all such claims. Our estimated liability for reported claims and incurred but not reported claims as of March 31, 2026 and December 31, 2025 was $7.5 million and $6.6 million, respectively, and is included in Other current liabilities on our Condensed Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 are $4.5 million and $7.8 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Commitments In January 2026, we entered into an agreement with vendors for certain cloud computing services. We are committed to spend a minimum of at least $219.3 million through 2031, of which $36.2 million is short-term. We may pay more than the minimum purchase commitment to our cloud-computing vendors based on usage. Credit Facility On September 30, 2025, we entered into a credit agreement by and among AppFolio, Inc., certain of our subsidiaries as guarantors, the lender(s) party thereto, and PNC Bank, National Association, in its capacity as Administrative Agent, Swingline Loan Lender and Issuing Lender (the “Credit Facility”). The Credit Facility provides for a $150.0 million senior secured revolving credit facility, including sublimits of $25.0 million for letters of credit and $25.0 million for swingline loans, and is scheduled to mature on September 30, 2030. We may, subject to customary conditions and consent of the applicable lenders, increase the revolving commitment or incur term loans thereunder (capped at amounts specified in the Credit Facility) or extend the maturity date of the Credit Facility. Borrowings under the Credit Facility bear interest at variable rates based, at our option, on Term Secured Overnight Financing Rate Data ("SOFR"), Daily Simple SOFR, or a Base Rate, plus an applicable margin (ranging from 125.0 to 200.00 basis points in the case of Term SOFR and Daily Simple SOFR and 25.0 to 100.00 basis points in the case of the Base Rate) determined by our Consolidated Net Leverage Ratio, all as defined in the Credit Facility. We also pay a quarterly commitment fee (ranging from 15.0 to 30.0 basis points depending on our Consolidated Net Leverage Ratio) on unused amounts, as well as customary letter of credit and agency fees. The obligations under the Credit Facility are guaranteed by certain of our subsidiaries and secured by a first-priority security interest in substantially all of our and our guarantors' personal property, subject to customary exclusions and exceptions. The Credit Facility includes customary representations, warranties, and affirmative and negative covenants, including a financial covenant requiring maintenance of a Consolidated Net Leverage Ratio. The negative covenants include, among other things, restrictions on our and our subsidiaries' ability to incur indebtedness and liens, make investments, pay dividends or distributions or repurchase equity interests, merge, consolidate or otherwise dispose of assets, enter into transactions with affiliates, and prepay, redeem, purchase or otherwise retire junior indebtedness, all subject to certain exceptions. As of March 31, 2026, there were no outstanding borrowings under the Credit Facility, and we were in compliance with the covenants under the Credit Facility. Legal Proceedings From time to time, we are involved in various investigative inquiries, legal proceedings and disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, labor, regulatory and contractual matters. Although the ultimate outcome of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we do not believe that any such investigative inquires, legal proceedings and other disputes, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, business partners, investors, directors, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of any applicable agreements, intellectual property infringement claims made by third parties, and other liabilities relating to or arising from our services or our acts or omissions. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments we could be required to make under these indemnification provisions may not be subject to maximum loss clauses and is indeterminable. We have not incurred any costs as a result of such indemnification obligations and have not recorded any liabilities related to such obligations in the Condensed Consolidated Financial Statements.

Other Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Income tax receivable(1)	$	17,365	$	27,133
Prepaid expenses	24,151		15,707
Deferred commissions(2)	11,784		11,166
Deposits for insurance services(3)	4,545		7,765
Other	1,478		3,447
Total Prepaid expenses and other current assets	$	59,323	$	65,218

(1)For additional information on income tax, refer to Note 9, Income Taxes.

(2)For additional information on deferred commissions, refer to Deferred Costs in Note 3, Revenue and Deferred Costs.

Schedule of Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued bonuses(1)	$	7,985	$	43,298
Accrued payroll and other	17,178		16,476
Total accrued employee expenses	$	25,163	$	59,774

(1)Accrued bonuses decreased significantly as of March 31, 2026, due to the payment of 2025 annual bonuses in the first quarter of 2026.

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Unearned premium liabilities(1)	$	7,422	$	6,662
Insurance reserves(2)	7,482		6,630
Operating lease liabilities-current	4,998		4,873
Other	2,116		3,956
Total other current liabilities	$	22,018	$	22,121

(2)For additional information on insurance reserves, refer to "Legal Liability to Landlord Insurance" in Note 6, Commitments and Contingencies.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our provision for income taxes on a quarterly basis by applying an estimated annual effective tax rate to income (loss) from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three months ended March 31, 2026, we recorded income tax expense of $10.7 million, representing an effective tax rate of 20.1%. Our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to research and development tax credits, partially offset by state income taxes and non-deductible officers' compensation. For the three months ended March 31, 2025, our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to excess tax benefits from stock-based compensation and research & development tax credits, partially offset by state income taxes and non-deductible officers' compensation. We assess our ability to realize our deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. During the three months ended December 31, 2024, we assessed all available evidence and determined that there was sufficient positive evidence to overcome the negative evidence, including our past and current financial results, growth demonstrated in our top-line performance, as well as projected profitability. Accordingly, we determined it is more likely than not that the deferred tax assets will be realized and we released our valuation allowance at December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, Inc. ("we," "us" or "our") is a technology leader powering the future of the real estate industry. We provide a cloud-based platform on which our customers operate their businesses. Our services enable our customers to connect communities, increase operational efficiency, deliver exceptional customer experiences, and improve financial and operational performance.

Investment Securities and Fair Value Measurements- Schedule of Long-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total long-term investments	$ 77,668	$ 77,033
Second Nature
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total long-term investments	75,000	75,000
Others
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total long-term investments	$ 2,668	$ 2,033

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue and Deferred Costs - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Deferred costs	$ 23,800,000		$ 22,800,000
Deferred costs, current	11,784,000		11,166,000
Deferred costs, noncurrent	12,000,000.0		$ 11,600,000
Amortization of costs capitalized to obtain revenue contracts	3,168,000	$ 2,720,000
Capitalized contract cost, impairment loss	0	$ 0
Remaining performance obligation, amount	103,600,000
Revenue recognized from deferred revenue	$ 8,900,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	40.30%
Remaining performance obligation, expected timing of satisfaction, period	12 months

Revenue and Deferred Costs (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Subscription Services	$	58,222	$	49,513
Value Added Services	201,363		164,706
Other	2,629		3,483
Total revenue	$	262,214	$	217,702

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Total stock-based compensation expense	$ 17,989	$ 16,371
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	1,088	1,287
Sales and marketing
Total stock-based compensation expense	3,340	2,848
Research and product development
Total stock-based compensation expense	7,882	6,931
General and administrative
Total stock-based compensation expense	$ 5,679	$ 5,305

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our restricted stock units ("RSUs") for the three months ended March 31, 2026, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2025	627	$	200.81
Granted	402	201.66
Vested	(108)	180.60
Forfeited	(13)	203.14
Unvested as of March 31, 2026	908	$	203.45