Appian (APPN) Financials

$22.72 +0.14 (+0.62%)

Closing price 04:00 PM Eastern

Extended Trading

$22.58 -0.14 (-0.61%)

As of 07:52 PM Eastern

Annual Income Statements for Appian

This table shows Appian's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.85	-13	-31	-49	-51	-33	-89	-151	-111	-92	1.23
Consolidated Net Income / (Loss)	-6.99	-12	-31	-49	-51	-33	-89	-151	-111	-92	1.23
Net Income / (Loss) Continuing Operations	-6.99	-12	-31	-49	-51	-33	-89	-151	-111	-92	1.23
Total Pre-Tax Income	-6.61	-14	-30	-49	-50	-33	-88	-150	-108	-91	6.44
Total Operating Income	-4.84	-11	-32	-47	-50	-38	-84	-145	-108	-61	0.61
Total Gross Profit	63	83	112	142	167	216	265	335	385	449	527
Total Revenue	111	133	177	227	260	305	369	468	545	617	727
Operating Revenue	111	133	177	227	260	305	369	468	545	617	727
Total Cost of Revenue	48	50	65	85	94	89	104	133	160	168	200
Operating Cost of Revenue	48	50	65	85	94	89	104	133	160	168	200
Total Operating Expenses	68	94	144	189	217	254	349	480	493	510	527
Selling, General & Admin Expense	13	17	27	38	41	53	84	120	83	108	113
Marketing Expense	38	54	82	106	117	130	168	220	250	238	241
Research & Development Expense	17	23	35	45	58	70	98	139	160	163	172
Total Other Income / (Expense), net	-1.77	-2.77	1.57	-2.49	0.57	5.31	-3.96	-5.22	-0.26	-30	5.84
Interest Expense	-	-	-	-	-	-	-	1.67	18	24	21
Other Income / (Expense), net	-1.58	-1.79	2.04	-2.30	0.94	5.79	-3.58	-3.55	18	-6.77	27
Income Tax Expense	0.38	-1.68	0.76	0.24	0.82	0.88	0.78	0.69	3.21	1.05	5.21
Basic Earnings per Share	($0.23)	($0.39)	($0.63)	($0.80)	($0.77)	($0.48)	($1.25)	($2.08)	($1.52)	($1.26)	$0.02
Weighted Average Basic Shares Outstanding	34.27M	34.27M	49.53M	62.14M	65.48M	69.05M	71.04M	72.46M	73.10M	72.99M	74.05M
Diluted Earnings per Share	($0.23)	($0.39)	($0.63)	($0.80)	($0.77)	($0.48)	($1.25)	($2.08)	($1.52)	($1.26)	$0.02
Weighted Average Diluted Shares Outstanding	34.27M	34.27M	49.53M	62.14M	65.48M	69.05M	71.04M	72.46M	73.10M	72.99M	74.65M
Weighted Average Basic & Diluted Shares Outstanding	34.27M	34.27M	49.53M	62.14M	65.48M	69.05M	72.23M	72.84M	73.40M	74.05M	73.96M

This table shows Appian's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-42	-22	-10	-33	-44	-2.10	-14	-1.18	-0.31	7.83	-5.10
Consolidated Net Income / (Loss)	-42	-22	-10	-33	-44	-2.10	-14	-1.18	-0.31	7.83	-5.10
Net Income / (Loss) Continuing Operations	-42	-22	-10	-33	-44	-2.10	-14	-1.18	-0.31	7.83	-5.10
Total Pre-Tax Income	-42	-22	-8.93	-33	-44	-0.78	-13	-0.44	1.26	9.20	-3.58
Total Operating Income	-41	-15	-17	-20	-39	-7.16	5.03	-0.83	-11	13	-0.69
Total Gross Profit	91	101	111	112	107	117	131	128	127	142	131
Total Revenue	128	137	145	150	146	154	167	166	171	187	203
Operating Revenue	128	137	145	150	146	154	167	166	171	187	203
Total Cost of Revenue	37	36	34	38	39	37	36	39	44	45	71
Operating Cost of Revenue	37	36	34	38	39	37	36	39	44	45	71
Total Operating Expenses	132	116	128	131	146	124	126	128	138	129	132
Selling, General & Admin Expense	29	23	32	33	40	35	34	34	37	36	5.77
Marketing Expense	63	56	61	58	67	51	55	55	60	52	74
Research & Development Expense	40	37	35	40	39	39	37	40	40	40	52
Total Other Income / (Expense), net	-0.87	-6.86	7.89	-14	-4.56	6.38	-18	0.40	12	-3.91	-2.90
Interest Expense	4.76	4.92	-	5.65	6.11	6.17	-	5.32	5.32	5.31	4.90
Other Income / (Expense), net	3.89	-1.94	13	-8.21	1.55	13	-13	5.72	18	1.40	2.01
Income Tax Expense	0.82	0.18	1.07	-0.47	-0.16	1.32	0.36	0.74	1.57	1.38	1.52
Basic Earnings per Share	($0.58)	($0.30)	($0.13)	($0.45)	($0.60)	($0.03)	($0.18)	($0.02)	$0.00	$0.11	($0.07)
Weighted Average Basic Shares Outstanding	73.04M	73.18M	73.10M	73.30M	72.30M	72.40M	72.99M	74.09M	74.20M	74.01M	74.05M
Diluted Earnings per Share	($0.58)	($0.30)	($0.13)	($0.45)	($0.60)	($0.03)	($0.18)	($0.02)	$0.00	$0.10	($0.06)
Weighted Average Diluted Shares Outstanding	73.04M	73.18M	73.10M	73.30M	72.30M	72.40M	72.99M	74.09M	74.20M	74.58M	74.65M
Weighted Average Basic & Diluted Shares Outstanding	73.12M	73.23M	73.40M	72.24M	72.35M	73.89M	74.05M	74.23M	74.03M	73.82M	73.96M

This table details how cash moves in and out of Appian's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.40	-0.25	43	21	65	-47	-8.50	46	-1.03	-31	17
Net Cash From Operating Activities	-2.15	-7.76	-9.13	-31	-8.93	-7.62	-54	-107	-110	6.88	63
Net Cash From Continuing Operating Activities	-2.15	-7.77	-9.13	-31	-8.93	-7.62	-54	-107	-110	6.88	63
Net Income / (Loss) Continuing Operations	-6.99	-12	-31	-49	-51	-33	-89	-151	-111	-92	1.23
Consolidated Net Income / (Loss)	-6.99	-12	-31	-49	-51	-33	-89	-151	-111	-92	1.23
Depreciation Expense	0.76	0.76	0.89	2.02	4.74	5.85	5.74	7.30	9.47	10	9.71
Amortization Expense	-	-	-	-	-	0.00	0.00	0.04	0.44	0.59	0.60
Non-Cash Adjustments To Reconcile Net Income	-0.69	3.91	16	16	14	28	37	47	29	60	42
Changes in Operating Assets and Liabilities, net	4.77	0.02	4.87	-0.15	23	-8.10	-7.95	-9.68	-38	28	9.52
Net Cash From Investing Activities	-0.52	-0.98	-0.43	-7.01	-32	-153	42	10	29	-35	-13
Net Cash From Continuing Investing Activities	-0.52	-0.98	-0.43	-7.01	-32	-153	42	10	29	-35	-13
Purchase of Property, Plant & Equipment	-0.52	-0.98	-0.43	-7.01	-32	-1.25	-6.06	-9.10	-9.64	-3.80	-3.32
Purchase of Investments	-	-	-	0.00	0.00	-146	-42	-65	-53	-52	-62
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	121	85	92	20	53
Net Cash From Financing Activities	10	10	51	61	106	110	2.79	143	79	-0.26	-36
Net Cash From Continuing Financing Activities	10	10	51	61	106	110	2.79	143	79	-0.26	-36
Repayment of Debt	0.00	-10	-40	0.00	-0.65	-3.82	0.00	-2.57	-3.84	-6.71	-10
Repurchase of Common Equity	0.00	0.00	-2.42	-0.43	-0.35	-0.35	-	0.00	0.00	-50	-20
Issuance of Debt	10	20	20	-	-	0.00	0.00	120	92	50	0.00
Other Financing Activities, net	0.00	0.00	1.11	3.13	4.90	6.38	2.79	25	-9.00	6.47	-6.28
Effect of Exchange Rate Changes	-0.93	-1.51	-	-	-	-	0.69	-	-	-	3.49
Cash Interest Paid	0.19	0.90	0.52	0.05	0.33	0.17	0.32	1.67	17	23	20
Cash Income Taxes Paid	1.06	0.61	0.62	0.68	0.36	1.18	1.51	1.24	4.00	3.33	5.12

This table details how cash moves in and out of Appian's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-27	-43	19	21	-49	-22	19	16	-23	13	11
Net Cash From Operating Activities	-12	-65	-8.24	19	-18	-8.24	14	45	-1.94	19	1.14
Net Cash From Continuing Operating Activities	-12	-65	-8.24	19	-18	-8.24	14	45	-1.94	19	1.14
Net Income / (Loss) Continuing Operations	-42	-22	-10	-33	-44	-2.10	-14	-1.18	-0.31	7.83	-5.10
Consolidated Net Income / (Loss)	-42	-22	-10	-33	-44	-2.10	-14	-1.18	-0.31	7.83	-5.10
Depreciation Expense	2.36	2.34	2.43	2.36	2.58	2.56	2.53	2.45	2.52	2.46	2.28
Amortization Expense	0.15	0.12	0.10	0.14	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Non-Cash Adjustments To Reconcile Net Income	15	11	1.82	14	22	-3.19	28	-3.38	0.19	14	31
Changes in Operating Assets and Liabilities, net	13	-56	-2.59	36	1.62	-5.67	-3.21	47	-4.50	-5.47	-27
Net Cash From Investing Activities	-13	26	28	7.46	-29	-13	-1.10	-24	-9.02	5.64	15
Net Cash From Continuing Investing Activities	-13	26	28	7.46	-29	-13	-1.10	-24	-9.02	5.64	15
Purchase of Property, Plant & Equipment	-3.38	-0.47	-1.36	-2.20	-0.73	-0.36	-0.51	-0.65	-1.15	-0.65	-0.87
Purchase of Investments	-29	-	-	0.00	-28	-14	-8.99	-37	-22	-	-2.77
Sale and/or Maturity of Investments	20	27	29	9.66	-	1.97	8.41	14	14	6.29	18
Net Cash From Financing Activities	-2.46	-3.30	-3.22	-4.25	-2.45	-1.80	8.24	-5.51	-13	-11	-6.14
Net Cash From Continuing Financing Activities	-2.46	-3.30	-3.22	-4.25	-2.45	-1.80	8.24	-5.51	-13	-11	-6.14
Repayment of Debt	-1.07	-0.94	-0.80	-1.71	-1.25	-1.25	-2.50	-2.50	-2.50	-	-5.00
Other Financing Activities, net	-1.39	-2.36	-2.42	-2.52	-1.20	-0.55	11	-3.01	-0.96	-1.17	-1.14
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	1.05	-	-	0.94
Cash Interest Paid	1.50	9.23	4.95	5.33	5.84	6.03	5.38	5.02	5.01	-	9.62
Cash Income Taxes Paid	1.19	1.47	1.06	0.75	0.69	0.49	1.41	0.80	1.20	1.39	1.73

This table presents Appian's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	103	161	233	371	513	505	594	628	621	691
Total Current Assets	88	145	210	278	365	338	422	414	436	519
Cash & Equivalents	31	74	95	160	112	101	148	149	119	136
Short-Term Investments	-	-	-	0.00	110	55	48	9.65	41	51
Accounts Receivable	47	55	79	70	97	130	166	172	195	255
Prepaid Expenses	3.28	7.03	21	33	28	27	28	50	44	42
Other Current Assets	7.15	9.12	14	15	18	25	30	34	37	35
Plant, Property, & Equipment, net	3.10	2.66	7.54	40	35	37	0.00	43	37	32
Total Noncurrent Assets	11	13	16	54	112	129	172	170	148	140
Goodwill	-	-	-	0.00	4.86	28	26	27	26	29
Intangible Assets	-	-	-	0.00	1.74	7.14	5.25	3.89	2.24	1.25
Noncurrent Deferred & Refundable Income Taxes	0.01	0.28	0.33	0.49	0.49	1.03	1.94	3.45	4.13	4.85
Other Noncurrent Operating Assets	11	13	16	54	68	81	138	136	116	105
Total Liabilities & Shareholders' Equity	103	161	233	371	513	505	594	628	621	691
Total Liabilities	111	116	160	166	216	271	449	575	654	738
Total Current Liabilities	76	95	128	112	156	216	270	371	355	452
Short-Term Debt	6.11	-	-	-	-	0.00	2.74	66	9.60	9.60
Accounts Payable	5.06	5.23	9.25	5.22	2.97	5.77	8.00	6.17	4.32	6.66
Accrued Expenses	2.86	6.47	7.46	7.49	5.82	15	12	11	11	18
Current Deferred Revenue	52	70	96	82	116	150	195	236	282	341
Current Employee Benefit Liabilities	9.55	12	14	11	23	35	41	38	34	62
Other Current Liabilities	0.44	1.18	2.37	6.68	7.86	9.18	12	14	13	14
Total Noncurrent Liabilities	35	20	32	54	60	55	178	204	299	286
Long-Term Debt	14	-	-	-	-	0.00	115	140	241	231
Noncurrent Deferred Revenue	18	20	32	7.14	3.89	2.43	5.56	4.70	5.48	8.96
Other Noncurrent Operating Liabilities	2.77	-	0.00	47	56	52	57	59	53	46
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-63	46	73	205	297	234	146	52	-33	-47
Total Preferred & Common Equity	-63	46	73	205	297	234	146	52	-33	-47
Total Common Equity	-63	46	73	205	297	234	146	52	-33	-47
Common Stock	0.00	141	218	341	471	497	561	596	591	617
Retained Earnings	-65	-96	-146	-135	-169	-258	-408	-520	-612	-611
Treasury Stock	-	-	-	-	-	-	-	-	0.00	-17
Accumulated Other Comprehensive Income / (Loss)	1.33	0.44	0.54	-0.29	-5.01	-5.69	-7.25	-24	-12	-36

This table presents Appian's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	455	645	612	597	595	555	550	593	591	612
Total Current Assets	298	472	436	385	390	364	360	412	412	439
Cash & Equivalents	52	199	172	131	170	121	99	135	112	125
Short-Term Investments	41	56	65	39	0.00	28	41	65	73	66
Accounts Receivable	143	148	134	134	129	132	140	136	151	173
Prepaid Expenses	32	37	33	51	56	48	45	41	41	41
Other Current Assets	28	31	30	31	34	35	35	35	35	34
Plant, Property, & Equipment, net	39	46	45	42	43	41	39	36	35	33
Total Noncurrent Assets	118	127	131	169	163	150	150	145	144	139
Goodwill	24	27	27	26	27	26	27	27	29	29
Intangible Assets	5.14	4.95	4.56	4.09	3.43	3.04	2.79	2.03	1.88	1.57
Noncurrent Deferred & Refundable Income Taxes	2.52	1.60	2.47	2.69	3.83	4.37	4.83	4.39	5.18	5.14
Other Noncurrent Operating Assets	86	94	98	136	129	116	115	112	108	104
Total Liabilities & Shareholders' Equity	455	645	612	597	595	555	550	593	591	612
Total Liabilities	282	528	532	529	605	600	600	625	644	660
Total Current Liabilities	224	324	325	323	294	294	298	330	347	370
Short-Term Debt	-	65	65	65	7.10	8.35	9.60	9.60	9.60	12
Accounts Payable	5.08	3.87	7.10	5.96	9.88	5.74	6.93	6.57	8.88	8.61
Accrued Expenses	13	15	12	11	12	14	11	14	15	20
Current Deferred Revenue	161	194	192	195	221	218	224	259	265	275
Current Employee Benefit Liabilities	35	31	35	34	29	34	31	26	34	39
Other Current Liabilities	10	14	14	12	15	14	15	15	15	15
Total Noncurrent Liabilities	57	205	207	206	311	307	301	294	297	290
Long-Term Debt	-	144	143	142	248	246	243	238	236	234
Noncurrent Deferred Revenue	3.41	4.75	3.73	3.24	5.22	4.70	3.37	3.94	11	8.32
Other Noncurrent Operating Liabilities	54	56	60	60	58	56	55	52	50	48
Total Equity & Noncontrolling Interests	173	116	81	68	-9.67	-46	-50	-32	-54	-49
Total Preferred & Common Equity	173	116	81	68	-9.67	-46	-50	-32	-54	-49
Total Common Equity	173	116	81	68	-9.67	-46	-50	-32	-54	-49
Common Stock	550	570	579	588	604	609	614	597	605	612
Retained Earnings	-374	-445	-488	-510	-553	-596	-599	-613	-614	-606
Treasury Stock	-	-	-	-	-50	-46	-43	-	-10	-20
Accumulated Other Comprehensive Income / (Loss)	-2.79	-7.95	-11	-10	-11	-12	-23	-16	-35	-35

This table displays calculated financial ratios and metrics derived from Appian's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	19.53%	32.96%	28.29%	14.82%	16.99%	21.24%	26.74%	16.53%	13.14%	17.81%
EBITDA Growth	0.00%	-119.12%	-133.00%	-62.68%	4.70%	41.35%	-211.24%	-72.74%	43.03%	29.14%	165.96%
EBIT Growth	0.00%	-104.98%	-126.20%	-64.63%	-1.05%	35.15%	-172.42%	-69.79%	39.17%	25.17%	140.36%
NOPAT Growth	0.00%	-134.82%	-179.78%	-46.86%	-8.02%	24.90%	-121.38%	-72.82%	25.54%	43.64%	100.27%
Net Income Growth	0.00%	-78.35%	-148.83%	-59.48%	-2.55%	33.99%	-164.78%	-70.26%	26.16%	17.21%	101.34%
EPS Growth	0.00%	-69.57%	-61.54%	-26.98%	3.75%	37.66%	-160.42%	-66.40%	26.92%	17.11%	101.59%
Operating Cash Flow Growth	0.00%	-261.59%	-17.69%	-243.13%	71.50%	14.63%	-607.59%	-97.62%	-3.65%	106.23%	814.13%
Free Cash Flow Firm Growth	0.00%	0.00%	-217.70%	-195.76%	-161.61%	81.23%	-344.99%	-19.07%	-7.80%	99.46%	8,742.67%
Invested Capital Growth	0.00%	0.00%	-46.90%	23.01%	309.23%	-16.02%	70.45%	0.72%	52.38%	-42.03%	-88.59%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.45%	3.33%	4.46%	6.75%	4.65%	3.71%	3.59%	5.24%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-17.15%	9.08%	14.33%	-30.98%	-4.15%	25.82%	-6.76%	30.07%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-17.32%	6.73%	12.28%	-28.95%	-4.18%	23.32%	-5.89%	48.72%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-15.72%	0.47%	8.18%	-24.03%	-11.26%	18.06%	26.43%	-97.37%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-16.58%	5.77%	11.65%	-28.14%	-6.02%	17.97%	-4.11%	116.87%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-19.40%	8.33%	11.11%	-27.55%	-5.58%	18.28%	-4.13%	120.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	9.41%	-36.50%	12.90%	60.92%	-88.10%	6.02%	3.79%	145.14%	-16.84%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-95.73%	77.12%	-24.72%	-0.50%	8.46%	96.00%	-16.83%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	14.59%	631.70%	-18.13%	-4.21%	-16.15%	-5.78%	-8.10%	17.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.40%	62.29%	63.45%	62.55%	63.96%	70.86%	71.81%	71.52%	73.72%	75.66%	72.54%
EBITDA Margin	-5.09%	-9.33%	-16.34%	-20.73%	-17.20%	-8.62%	-22.14%	-30.17%	-14.75%	-9.24%	5.17%
Operating Margin	-4.35%	-8.55%	-18.00%	-20.60%	-19.38%	-12.44%	-22.72%	-30.99%	-19.80%	-9.86%	0.08%
EBIT Margin	-5.77%	-9.90%	-16.85%	-21.62%	-19.02%	-10.54%	-23.69%	-31.74%	-16.57%	-10.96%	3.75%
Profit (Net Income) Margin	-6.28%	-9.37%	-17.54%	-21.81%	-19.48%	-10.99%	-24.01%	-32.25%	-20.43%	-14.95%	0.17%
Tax Burden Percent	105.72%	88.10%	102.52%	100.49%	101.64%	102.71%	100.89%	100.46%	102.96%	101.16%	19.13%
Interest Burden Percent	102.93%	107.46%	101.59%	100.40%	100.74%	101.49%	100.43%	101.13%	119.77%	134.87%	23.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	80.87%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-297.57%	-63.41%	-113.71%	-155.35%	-91.34%	-53.97%	0.36%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-285.49%	-60.09%	-99.71%	-115.65%	129.07%	-125.87%	1.91%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	261.14%	50.07%	80.30%	75.84%	-21.21%	-882.65%	-3.46%
Return on Equity (ROE)	0.00%	154.28%	-165.60%	-83.31%	-36.43%	-13.34%	-33.42%	-79.51%	-112.54%	-936.62%	-3.10%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-225.47%	-46.00%	-165.81%	-156.07%	-132.85%	-0.75%	159.40%
Operating Return on Assets (OROA)	0.00%	-12.81%	-22.57%	-24.87%	-16.38%	-7.27%	-17.21%	-27.04%	-14.79%	-10.83%	4.16%
Return on Assets (ROA)	0.00%	-12.13%	-23.51%	-25.09%	-16.77%	-7.57%	-17.43%	-27.47%	-18.24%	-14.78%	0.19%
Return on Common Equity (ROCE)	0.00%	1,212.75%	79.46%	-83.31%	-36.43%	-13.34%	-33.42%	-79.51%	-112.54%	-936.62%	-3.10%
Return on Equity Simple (ROE_SIMPLE)	0.00%	19.63%	-68.11%	-67.56%	-24.71%	-11.29%	-37.89%	-103.58%	-212.91%	282.67%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.39	-7.96	-22	-33	-35	-27	-59	-102	-76	-43	0.12
NOPAT Margin	-3.05%	-5.99%	-12.60%	-14.42%	-13.57%	-8.71%	-15.91%	-21.69%	-13.86%	-6.90%	0.02%
Net Nonoperating Expense Percent (NNEP)	0.00%	-80.80%	-20.59%	-19.86%	-12.08%	-3.32%	-14.00%	-39.70%	-220.41%	71.90%	-1.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-38.48%	-29.19%	-19.56%	0.06%
Cost of Revenue to Revenue	43.60%	37.71%	36.55%	37.45%	36.04%	29.14%	28.19%	28.48%	26.28%	24.34%	27.46%
SG&A Expenses to Revenue	11.25%	12.82%	15.36%	16.68%	15.94%	17.45%	22.67%	25.67%	21.00%	22.99%	15.59%
R&D to Revenue	15.06%	17.30%	19.71%	19.72%	22.29%	23.06%	26.41%	29.75%	28.07%	25.12%	23.69%
Operating Expenses to Revenue	60.76%	70.85%	81.45%	83.15%	83.34%	83.30%	94.53%	102.50%	93.52%	85.52%	72.46%
Earnings before Interest and Taxes (EBIT)	-6.42	-13	-30	-49	-50	-32	-87	-149	-90	-68	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.66	-12	-29	-47	-45	-26	-82	-141	-80	-57	38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	41.70	23.24	12.50	38.28	19.84	16.21	52.69	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	41.70	23.24	12.50	39.15	23.33	20.70	129.19	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	10.74	7.50	9.86	37.28	12.57	5.05	5.06	3.95	3.60
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,120.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	52.90	290.49	68.70	34.80	28.07	43.63	403.82
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	10.32	7.08	9.24	36.43	12.11	4.88	5.14	4.10	3.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	70.97
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	97.77
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22,899.66
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	367.46	42.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	51.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-2.48	0.00	0.00	0.00	0.00	0.00	0.81	3.95	-7.67	-5.12
Long-Term Debt to Equity	0.00	-1.72	0.00	0.00	0.00	0.00	0.00	0.79	2.68	-7.38	-4.92
Financial Leverage	0.00	1.38	-2.27	-1.42	-0.91	-0.83	-0.81	-0.66	-0.16	7.01	-1.81
Leverage Ratio	0.00	-12.72	7.04	3.32	2.17	1.76	1.92	2.89	6.17	63.37	-16.48
Compound Leverage Factor	0.00	-13.67	7.16	3.33	2.19	1.79	1.93	2.93	7.39	85.47	-3.89
Debt to Total Capital	0.00%	167.74%	0.00%	0.00%	0.00%	0.00%	0.00%	44.77%	79.79%	114.99%	124.24%
Short-Term Debt to Total Capital	0.00%	51.25%	0.00%	0.00%	0.00%	0.00%	0.00%	1.04%	25.63%	4.41%	4.95%
Long-Term Debt to Total Capital	0.00%	116.49%	0.00%	0.00%	0.00%	0.00%	0.00%	43.73%	54.15%	110.58%	119.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	464.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-532.52%	100.00%	100.00%	100.00%	100.00%	100.00%	55.23%	20.21%	-14.99%	-24.24%
Debt to EBITDA	0.00	-1.61	0.00	0.00	0.00	0.00	0.00	-0.84	-2.57	-4.39	6.40
Net Debt to EBITDA	0.00	0.90	0.00	0.00	0.00	0.00	0.00	0.57	-0.59	-1.59	1.43
Long-Term Debt to EBITDA	0.00	-1.12	0.00	0.00	0.00	0.00	0.00	-0.82	-1.74	-4.22	6.15
Debt to NOPAT	0.00	-2.51	0.00	0.00	0.00	0.00	0.00	-1.16	-2.73	-5.88	2,066.71
Net Debt to NOPAT	0.00	1.40	0.00	0.00	0.00	0.00	0.00	0.79	-0.63	-2.13	459.99
Long-Term Debt to NOPAT	0.00	-1.75	0.00	0.00	0.00	0.00	0.00	-1.14	-1.86	-5.65	1,984.34
Altman Z-Score	0.00	0.00	9.88	6.20	9.55	31.97	10.03	2.47	2.19	1.65	2.19
Noncontrolling Interest Sharing Ratio	0.00%	-686.08%	147.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.16	1.53	1.63	2.47	2.34	1.57	1.56	1.12	1.23	1.15
Quick Ratio	0.00	1.03	1.36	1.36	2.05	2.05	1.33	1.34	0.89	1.00	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	11	-13	-39	-103	-19	-86	-102	-110	-0.60	51
Operating Cash Flow to CapEx	-409.35%	-788.21%	-2,108.08%	-446.80%	-27.53%	-609.11%	-890.03%	-1,171.53%	-1,146.02%	181.10%	1,894.94%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-60.95	-6.15	-0.03	2.47
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-63.69	-6.18	0.29	3.02
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-69.12	-6.72	0.13	2.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.29	1.34	1.15	0.86	0.69	0.73	0.85	0.89	0.99	1.11
Accounts Receivable Turnover	0.00	2.84	3.46	3.37	3.48	3.63	3.25	3.16	3.23	3.37	3.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	42.86	61.32	44.45	11.06	8.13	10.21	0.00	0.00	15.47	21.01
Accounts Payable Turnover	0.00	9.91	12.56	11.73	12.97	21.68	23.84	19.37	20.23	28.62	36.37
Days Sales Outstanding (DSO)	0.00	128.55	105.46	108.42	105.00	100.48	112.35	115.43	112.95	108.44	113.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	36.83	29.05	31.11	28.14	16.84	15.31	18.84	18.04	12.75	10.04
Cash Conversion Cycle (CCC)	0.00	91.72	76.41	77.31	76.86	83.64	97.04	96.59	94.90	95.69	102.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-19	-28	-22	45	38	65	66	100	58	6.61
Invested Capital Turnover	0.00	-13.83	-7.45	-9.07	21.93	7.28	7.15	7.16	6.59	7.82	22.53
Increase / (Decrease) in Invested Capital	0.00	-19	-9.01	6.50	67	-7.29	27	0.47	34	-42	-51
Enterprise Value (EV)	0.00	0.00	1,825	1,606	2,406	11,096	4,473	2,282	2,805	2,527	2,668
Market Capitalization	0.00	0.00	1,898	1,701	2,566	11,354	4,642	2,362	2,758	2,437	2,615
Book Value per Share	$0.00	($1.85)	$0.75	$1.15	$3.06	$4.23	$3.29	$2.01	$0.71	($0.44)	($0.64)
Tangible Book Value per Share	$0.00	($1.85)	$0.75	$1.15	$3.06	$4.14	$2.80	$1.57	$0.29	($0.82)	($1.04)
Total Capital	0.00	12	46	73	205	297	234	264	259	218	194
Total Debt	0.00	20	0.00	0.00	0.00	0.00	0.00	118	207	250	241
Total Long-Term Debt	0.00	14	0.00	0.00	0.00	0.00	0.00	115	140	241	231
Net Debt	0.00	-11	-74	-95	-160	-258	-169	-80	48	91	54
Capital Expenditures (CapEx)	0.52	0.98	0.43	7.01	32	1.25	6.06	9.10	9.64	3.80	3.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-13	-24	-14	5.63	-13	-34	-43	-49	-69	-110
Debt-free Net Working Capital (DFNWC)	0.00	18	50	81	165	210	123	155	110	90	77
Net Working Capital (NWC)	0.00	12	50	81	165	210	123	152	43	81	67
Net Nonoperating Expense (NNE)	3.60	4.50	8.74	17	15	6.95	30	49	36	50	-1.12
Net Nonoperating Obligations (NNO)	0.00	-11	-74	-95	-160	-258	-169	-80	48	91	54
Total Depreciation and Amortization (D&A)	0.76	0.76	0.89	2.02	4.74	5.85	5.74	7.34	9.92	11	10
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-9.53%	-13.38%	-6.04%	2.16%	-4.19%	-9.27%	-9.24%	-9.07%	-11.26%	-15.17%
Debt-free Net Working Capital to Revenue	0.00%	13.90%	28.35%	35.82%	63.52%	68.80%	33.19%	33.12%	20.09%	14.65%	10.58%
Net Working Capital to Revenue	0.00%	9.30%	28.35%	35.82%	63.52%	68.80%	33.19%	32.53%	7.92%	13.09%	9.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($0.48)	($1.25)	($2.08)	($1.52)	($1.26)	$0.02
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	70.70M	71.04M	72.46M	73.10M	72.99M	74.05M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($0.48)	($1.25)	($2.08)	($1.52)	($1.26)	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	70.70M	71.04M	72.46M	73.10M	72.99M	74.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($0.48)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	69.05M	72.23M	72.84M	73.40M	74.05M	73.96M
Normalized Net Operating Profit after Tax (NOPAT)	-3.39	-7.96	-22	-33	-35	-27	-59	-102	-76	-43	0.43
Normalized NOPAT Margin	-3.05%	-5.99%	-12.60%	-14.42%	-13.57%	-8.71%	-15.91%	-21.69%	-13.86%	-6.90%	0.06%
Pre Tax Income Margin	-5.94%	-10.64%	-17.11%	-21.70%	-19.16%	-10.70%	-23.79%	-32.10%	-19.85%	-14.78%	0.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-88.80	-5.06	-2.87	1.31
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-60.67	-4.23	-1.81	0.01
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-94.23	-5.60	-3.03	1.15
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-66.11	-4.77	-1.97	-0.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-24.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-32.22%	-0.87%	-0.69%	-1.03%	0.00%	0.00%	0.00%	-54.21%	1,622.06%

This table displays calculated financial ratios and metrics derived from Appian's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.04%	16.30%	15.53%	10.80%	14.67%	12.37%	14.70%	11.07%	16.52%	21.39%	21.71%
EBITDA Growth	27.26%	64.92%	95.46%	16.32%	-1.92%	155.10%	-270.97%	129.63%	126.50%	111.42%	175.77%
EBIT Growth	24.79%	60.70%	87.68%	14.84%	-2.37%	131.40%	-97.36%	117.60%	117.48%	169.39%	117.32%
NOPAT Growth	4.88%	59.72%	58.57%	44.61%	3.61%	52.97%	129.91%	95.73%	109.91%	322.62%	-113.65%
Net Income Growth	14.18%	49.42%	70.93%	10.61%	-2.92%	90.56%	-36.39%	96.43%	99.28%	472.62%	62.61%
EPS Growth	14.71%	50.82%	72.34%	11.76%	-3.45%	90.00%	-38.46%	95.56%	100.00%	433.33%	66.67%
Operating Cash Flow Growth	59.75%	-48.74%	34.54%	174.67%	-47.57%	87.32%	268.26%	138.34%	88.99%	326.97%	-91.80%
Free Cash Flow Firm Growth	83.06%	-5.01%	-59.61%	-1.54%	-213.06%	198.73%	198.69%	387.65%	248.37%	80.34%	11.66%
Invested Capital Growth	-25.12%	35.62%	52.38%	9.53%	19.07%	-40.57%	-42.03%	-77.99%	-87.95%	-91.08%	-88.59%
Revenue Q/Q Growth	-5.56%	7.34%	6.00%	3.11%	-2.26%	5.19%	8.20%	-0.16%	2.53%	9.59%	8.48%
EBITDA Q/Q Growth	-13.58%	57.10%	90.93%	-1,793.55%	-38.34%	123.19%	-161.06%	251.22%	23.75%	85.01%	-78.11%
EBIT Q/Q Growth	-12.89%	53.35%	77.49%	-618.33%	-35.71%	114.31%	-241.49%	164.05%	34.78%	120.55%	-90.90%
NOPAT Q/Q Growth	-15.30%	62.58%	-10.59%	-16.09%	-100.63%	81.74%	170.32%	-116.57%	565.52%	310.38%	-104.31%
Net Income Q/Q Growth	-15.00%	47.47%	55.03%	-229.03%	-32.41%	95.18%	-549.86%	91.38%	73.49%	2,608.01%	-165.21%
EPS Q/Q Growth	-13.73%	48.28%	56.67%	-246.15%	-33.33%	95.00%	-500.00%	88.89%	100.00%	0.00%	-160.00%
Operating Cash Flow Q/Q Growth	52.75%	-444.49%	87.32%	328.85%	-193.37%	53.20%	268.26%	224.17%	-104.31%	1,064.48%	-93.92%
Free Cash Flow Firm Q/Q Growth	40.81%	-226.60%	-19.79%	56.15%	-82.49%	203.00%	19.74%	27.81%	-5.87%	25.19%	-25.86%
Invested Capital Q/Q Growth	-27.75%	113.38%	-5.78%	-24.59%	-21.46%	6.50%	-8.10%	-71.37%	-56.99%	-21.19%	17.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.15%	73.69%	76.39%	74.64%	73.09%	75.93%	78.59%	76.62%	74.26%	75.78%	64.77%
EBITDA Margin	-26.83%	-10.72%	-0.92%	-16.85%	-23.84%	5.26%	-2.97%	4.49%	5.42%	9.16%	1.85%
Operating Margin	-31.84%	-11.10%	-11.58%	-13.04%	-26.76%	-4.65%	3.02%	-0.50%	-6.44%	7.01%	-0.34%
EBIT Margin	-28.80%	-12.51%	-2.66%	-18.52%	-25.71%	3.50%	-4.57%	2.93%	3.86%	7.76%	0.65%
Profit (Net Income) Margin	-33.16%	-16.23%	-6.89%	-21.97%	-29.77%	-1.36%	-8.19%	-0.71%	-0.18%	4.18%	-2.52%
Tax Burden Percent	101.98%	100.81%	112.00%	98.61%	99.63%	268.89%	102.74%	269.95%	-24.74%	85.05%	142.46%
Interest Burden Percent	112.93%	128.66%	231.33%	120.35%	116.22%	-14.50%	174.27%	-8.93%	19.16%	63.40%	-271.36%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	124.74%	14.95%	0.00%
Return on Invested Capital (ROIC)	-194.53%	-44.35%	-53.42%	-70.91%	-199.13%	-22.91%	16.52%	-4.84%	31.60%	120.02%	-5.34%
ROIC Less NNEP Spread (ROIC-NNEP)	-178.15%	-3.49%	-64.32%	-173.80%	-242.84%	-19.05%	-8.33%	-5.73%	27.94%	116.03%	-11.75%
Return on Net Nonoperating Assets (RNNOA)	105.76%	0.82%	10.57%	-60.92%	-513.22%	-156.99%	-58.44%	18.44%	-46.58%	-197.03%	21.28%
Return on Equity (ROE)	-88.77%	-43.52%	-42.85%	-131.83%	-712.35%	-179.91%	-41.91%	13.60%	-14.98%	-77.01%	15.94%
Cash Return on Invested Capital (CROIC)	-157.40%	-130.35%	-132.85%	-98.68%	-134.12%	-17.59%	-0.75%	63.66%	127.55%	180.16%	159.40%
Operating Return on Assets (OROA)	-26.97%	-12.51%	-2.37%	-16.72%	-25.50%	3.63%	-4.52%	3.13%	4.43%	9.23%	0.72%
Return on Assets (ROA)	-31.06%	-16.23%	-6.15%	-19.84%	-29.52%	-1.42%	-8.09%	-0.75%	-0.21%	4.98%	-2.79%
Return on Common Equity (ROCE)	-88.77%	-43.52%	-42.85%	-131.83%	-712.35%	-179.91%	-41.91%	13.60%	-14.98%	-77.01%	15.94%
Return on Equity Simple (ROE_SIMPLE)	-195.45%	-199.48%	0.00%	1,112.62%	238.23%	177.95%	0.00%	190.63%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-28	-11	-12	-14	-27	-5.01	3.52	-0.58	2.72	11	-0.48
NOPAT Margin	-22.29%	-7.77%	-8.11%	-9.13%	-18.73%	-3.25%	2.11%	-0.35%	1.59%	5.96%	-0.24%
Net Nonoperating Expense Percent (NNEP)	-16.38%	-40.86%	10.90%	102.90%	43.72%	-3.86%	24.86%	0.89%	3.66%	3.99%	6.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-4.55%	-	-	-	1.62%	-0.27%	1.42%	5.66%	-0.25%
Cost of Revenue to Revenue	28.85%	26.31%	23.61%	25.36%	26.91%	24.07%	21.41%	23.38%	25.74%	24.22%	35.23%
SG&A Expenses to Revenue	22.87%	17.10%	22.15%	22.32%	27.44%	22.52%	20.10%	20.59%	21.62%	19.47%	2.84%
R&D to Revenue	31.12%	27.09%	23.81%	26.54%	26.93%	25.04%	22.31%	23.74%	23.64%	21.53%	25.66%
Operating Expenses to Revenue	102.99%	84.79%	87.97%	87.68%	99.85%	80.57%	75.57%	77.12%	80.70%	68.77%	65.11%
Earnings before Interest and Taxes (EBIT)	-37	-17	-3.86	-28	-38	5.39	-7.62	4.88	6.58	15	1.32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-34	-15	-1.33	-25	-35	8.10	-4.95	7.48	9.25	17	3.75
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	43.07	48.97	52.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	70.23	87.72	129.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.86	6.34	5.06	5.24	3.85	4.15	3.95	3.37	3.37	3.28	3.60
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,120.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%
Enterprise Value to Invested Capital (EV/IC)	69.25	31.80	28.07	40.05	39.44	40.98	43.63	131.57	319.36	412.33	403.82
Enterprise Value to Revenue (EV/Rev)	6.79	6.41	5.14	5.39	4.03	4.34	4.10	3.44	3.46	3.35	3.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	114.52	80.16	70.97
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	246.81	126.27	97.77
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	523.06	22,899.66
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	367.46	66.15	46.81	30.65	42.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	74.55	53.85	37.47	51.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.58	3.05	3.95	-26.40	-5.56	-5.08	-7.67	-7.81	-4.57	-5.06	-5.12
Long-Term Debt to Equity	1.77	2.09	2.68	-25.66	-5.38	-4.88	-7.38	-7.51	-4.39	-4.81	-4.92
Financial Leverage	-0.59	-0.24	-0.16	0.35	2.11	8.24	7.01	-3.22	-1.67	-1.70	-1.81
Leverage Ratio	3.79	4.36	6.17	11.62	33.37	62.67	63.37	-28.69	-11.52	-11.81	-16.48
Compound Leverage Factor	4.28	5.61	14.27	13.98	38.78	-9.09	110.44	2.56	-2.21	-7.49	44.72
Debt to Total Capital	72.09%	75.29%	79.79%	103.94%	121.92%	124.53%	114.99%	114.68%	128.01%	124.62%	124.24%
Short-Term Debt to Total Capital	22.65%	23.75%	25.63%	2.89%	4.01%	4.73%	4.41%	4.44%	5.00%	6.14%	4.95%
Long-Term Debt to Total Capital	49.45%	51.54%	54.15%	101.05%	117.91%	119.80%	110.58%	110.24%	123.01%	118.48%	119.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	27.91%	24.71%	20.21%	-3.94%	-21.92%	-24.53%	-14.99%	-14.68%	-28.01%	-24.62%	-24.24%
Debt to EBITDA	-1.54	-1.91	-2.57	-3.38	-3.33	-4.74	-4.39	-10.21	12.35	8.50	6.40
Net Debt to EBITDA	0.23	-0.35	-0.59	-1.13	-1.38	-2.11	-1.59	-1.99	3.06	1.87	1.43
Long-Term Debt to EBITDA	-1.05	-1.31	-1.74	-3.28	-3.22	-4.56	-4.22	-9.82	11.87	8.08	6.15
Debt to NOPAT	-1.93	-2.25	-2.73	-3.95	-4.00	-4.37	-5.88	-8.41	-25.17	55.46	2,066.71
Net Debt to NOPAT	0.29	-0.41	-0.63	-1.32	-1.65	-1.95	-2.13	-1.64	-6.24	12.23	459.99
Long-Term Debt to NOPAT	-1.32	-1.54	-1.86	-3.84	-3.87	-4.20	-5.65	-8.08	-24.18	52.73	1,984.34
Altman Z-Score	3.65	3.50	2.65	2.59	1.69	2.20	1.97	1.86	1.89	2.01	2.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.19	1.12	1.33	1.24	1.21	1.23	1.25	1.19	1.19	1.15
Quick Ratio	1.14	0.94	0.89	1.02	0.96	0.94	1.00	1.02	0.97	0.98	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12	-39	-46	-20	-37	38	46	58	55	69	51
Operating Cash Flow to CapEx	-352.75%	-13,741.23%	-606.62%	858.33%	-2,399.86%	-2,322.25%	2,714.48%	6,907.22%	-169.28%	2,861.01%	131.14%
Free Cash Flow to Firm to Interest Expense	-2.48	-7.83	0.00	0.00	-6.04	6.16	0.00	10.94	10.30	12.91	10.37
Operating Cash Flow to Interest Expense	-2.51	-13.22	0.00	0.00	-2.88	-1.34	0.00	8.46	-0.36	3.52	0.23
Operating Cash Flow Less CapEx to Interest Expense	-3.22	-13.31	0.00	0.00	-3.00	-1.39	0.00	8.33	-0.58	3.40	0.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	1.00	0.89	0.90	0.99	1.04	0.99	1.07	1.15	1.19	1.11
Accounts Receivable Turnover	3.98	3.80	3.23	4.04	4.36	4.35	3.37	4.78	4.65	4.42	3.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.20	12.96	0.00	12.66	13.56	14.59	15.47	16.06	17.39	19.09	21.01
Accounts Payable Turnover	20.46	26.15	20.23	21.12	23.02	23.10	28.62	18.36	21.29	21.09	36.37
Days Sales Outstanding (DSO)	91.66	96.12	112.95	90.24	83.79	83.88	108.44	76.43	78.49	82.65	113.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	17.84	13.96	18.04	17.28	15.86	15.80	12.75	19.88	17.15	17.30	10.04
Cash Conversion Cycle (CCC)	73.82	82.16	94.90	72.96	67.94	68.08	95.69	56.55	61.34	65.35	102.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	50	106	100	75	59	63	58	17	7.13	5.62	6.61
Invested Capital Turnover	8.73	5.71	6.59	7.77	10.63	7.05	7.82	13.78	19.84	20.12	22.53
Increase / (Decrease) in Invested Capital	-17	28	34	6.55	9.48	-43	-42	-59	-52	-57	-51
Enterprise Value (EV)	3,442	3,373	2,805	3,017	2,334	2,583	2,527	2,182	2,277	2,317	2,668
Market Capitalization	3,473	3,335	2,758	2,932	2,229	2,470	2,437	2,133	2,216	2,263	2,615
Book Value per Share	$1.11	$0.93	$0.71	($0.13)	($0.63)	($0.69)	($0.44)	($0.43)	($0.72)	($0.66)	($0.64)
Tangible Book Value per Share	$0.68	$0.52	$0.29	($0.54)	($1.04)	($1.11)	($0.82)	($0.81)	($1.14)	($1.07)	($1.04)
Total Capital	289	276	259	245	208	203	218	216	192	197	194
Total Debt	208	207	207	255	254	253	250	248	246	246	241
Total Long-Term Debt	143	142	140	248	246	243	241	238	236	234	231
Net Debt	-31	38	48	85	105	113	91	48	61	54	54
Capital Expenditures (CapEx)	3.38	0.47	1.36	2.20	0.73	0.36	0.51	0.65	1.15	0.65	0.87
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-62	-42	-49	-67	-70	-68	-69	-109	-111	-110	-110
Debt-free Net Working Capital (DFNWC)	177	128	110	103	79	72	90	91	74	81	77
Net Working Capital (NWC)	111	62	43	96	70	62	81	82	64	69	67
Net Nonoperating Expense (NNE)	14	12	-1.77	19	16	-2.91	17	0.59	3.03	3.33	4.62
Net Nonoperating Obligations (NNO)	-31	38	48	85	105	113	91	48	61	54	54
Total Depreciation and Amortization (D&A)	2.52	2.46	2.53	2.50	2.73	2.71	2.68	2.60	2.67	2.61	2.43
Debt-free, Cash-free Net Working Capital to Revenue	-12.32%	-7.98%	-9.07%	-11.98%	-12.18%	-11.48%	-11.26%	-17.14%	-16.85%	-15.95%	-15.17%
Debt-free Net Working Capital to Revenue	34.91%	24.26%	20.09%	18.40%	13.59%	12.02%	14.65%	14.38%	11.24%	11.78%	10.58%
Net Working Capital to Revenue	21.99%	11.81%	7.92%	17.14%	12.15%	10.41%	13.09%	12.87%	9.78%	10.03%	9.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.58)	($0.30)	($0.13)	($0.45)	($0.60)	($0.03)	($0.18)	($0.02)	$0.00	$0.11	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	73.04M	73.18M	73.10M	73.30M	72.30M	72.40M	72.99M	74.09M	74.20M	74.01M	74.05M
Adjusted Diluted Earnings per Share	($0.58)	($0.30)	($0.13)	($0.45)	($0.60)	($0.03)	($0.18)	($0.02)	$0.00	$0.10	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	73.04M	73.18M	73.10M	73.30M	72.30M	72.40M	72.99M	74.09M	74.20M	74.58M	74.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	73.12M	73.23M	73.40M	72.24M	72.35M	73.89M	74.05M	74.23M	74.03M	73.82M	73.96M
Normalized Net Operating Profit after Tax (NOPAT)	-28	-11	-12	-14	-27	-5.01	3.52	-0.58	-7.69	11	-0.48
Normalized NOPAT Margin	-22.29%	-7.77%	-8.11%	-9.13%	-18.73%	-3.25%	2.11%	-0.35%	-4.51%	5.96%	-0.24%
Pre Tax Income Margin	-32.52%	-16.10%	-6.15%	-22.28%	-29.88%	-0.51%	-7.97%	-0.26%	0.74%	4.92%	-1.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.73	-3.49	0.00	0.00	-6.16	0.87	0.00	0.92	1.24	2.73	0.27
NOPAT to Interest Expense	-5.99	-2.17	0.00	0.00	-4.49	-0.81	0.00	-0.11	0.51	2.10	-0.10
EBIT Less CapEx to Interest Expense	-8.45	-3.59	0.00	0.00	-6.29	0.82	0.00	0.80	1.02	2.61	0.09
NOPAT Less CapEx to Interest Expense	-6.70	-2.26	0.00	0.00	-4.61	-0.87	0.00	-0.23	0.30	1.98	-0.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-54.21%	0.00%	-58.02%	-273.56%	1,622.06%

Financials Breakdown Chart

Key Financial Trends

Appian Corp (APPN) shows a multi-year growth narrative in revenue with improving but still uneven profitability, and a cash flow profile that has been positive in several quarters but not uniformly so. Below are the key takeaways drawn from quarterly data over the last four years.

Revenue growth over the four-year period: Total operating revenue rose from about $125.8 million in 2022 Q4 to roughly $202.9 million in 2025 Q4, signaling sustained top-line expansion.
Profitability swing to a positive quarterly result (Q3 2025): Net income from continuing operations was about $7.8 million in 2025 Q3, with basic EPS of $0.11, marking a notable turnaround versus earlier quarters.
Positive operating cash flow in multiple quarters: Cash flow from continuing operating activities was positive in several periods (e.g., ~ $44.97 million in 2025 Q1 and ~$18.71 million in 2025 Q3), with 2025 Q4 also showing positive CFO, suggesting improving cash generation from core operations.
Rising current deferred revenue indicates strong forward revenue visibility: Current deferred revenue increased from about $194.6 million in 2024 Q3 to approximately $275.4 million in 2025 Q3, signaling a growing subscription backlog and recurring revenue potential.
Gross margins generally robust, but with compression in 2025 Q4: Gross profit was about $131.4 million on $202.9 million revenue in 2025 Q4 (roughly 64.7% margin), whereas 2024 Q4 had gross profit of around $131.0 million on $166.7 million revenue (about 78.5% margin), indicating some margin pressure in 2025 Q4.
Marketing spend remains sizable relative to revenue: Marketing expense in 2025 Q4 was about $74.3 million on $202.9 million revenue (roughly 37% of revenue), suggesting ongoing customer acquisition investments without immediate profitability gains.
Balance sheet dynamics show rising liabilities and negative equity: Long-term debt sits around the mid-$230s million range in 2025, while Retained Earnings are deeply negative (e.g., around -$606 million in 2025 Q3), contributing to negative equity and capital structure concerns.
Quarterly profitability remains mixed overall: Across many quarters in the period, net income was negative, with only a few pockets of profitability (most notably 2025 Q3), indicating ongoing profitability volatility.
Debt burden and equity erosion pose risks: Substantial long-term debt and persistent negative equity highlight leverage and balance-sheet risk amid ongoing investment and revenue-growth efforts.

05/05/26 10:53 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Appian's Financials

When does Appian's financial year end?

According to the most recent income statement we have on file, Appian's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Appian's net income changed over the last 10 years?

Appian's net income appears to be on an upward trend, with a most recent value of $1.23 million in 2025, falling from -$6.99 million in 2015. The previous period was -$92.26 million in 2024. See where experts think Appian is headed by visiting Appian's forecast page.

What is Appian's operating income?

Appian's total operating income in 2025 was $609 thousand, based on the following breakdown:

Total Gross Profit: $527.34 million
Total Operating Expenses: $526.73 million

How has Appian's revenue changed over the last 10 years?

Over the last 10 years, Appian's total revenue changed from $111.20 million in 2015 to $726.94 million in 2025, a change of 553.7%.

How much debt does Appian have?

Appian's total liabilities were at $738.39 million at the end of 2025, a 13.0% increase from 2024, and a 566.3% increase since 2016.

How much cash does Appian have?

In the past 9 years, Appian's cash and equivalents has ranged from $31.14 million in 2016 to $159.76 million in 2019, and is currently $135.81 million as of their latest financial filing in 2025.

How has Appian's book value per share changed over the last 10 years?

Over the last 10 years, Appian's book value per share changed from 0.00 in 2015 to -0.64 in 2025, a change of -63.7%.

Related Companies

Financial statements for NASDAQ:APPN last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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