The EPS miss is likely due to elevated stock-based compensation ($18.0M), but strong revenue growth and raised margin guidance suggest underlying profitability strength. Monitor next earnings for sustained margin expansion and whether Street revises EPS estimates downward due to persistent SBC drag.
Price Chart
Executive Summary
AppFolio reported Q1 2026 revenue of $262.2M, beating consensus by $4.1M (1.6%), but GAAP EPS of $1.18 missed the $1.47 consensus by 19.7%. Despite the EPS miss, the company raised full-year 2026 revenue and margin guidance, signaling strong operational momentum driven by AI integration and 20% YoY revenue growth.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $262.2M (+20% YoY), beat consensus of $258.1M
- GAAP EPS: $1.18, missed consensus of $1.47 by 19.7%
- Non-GAAP operating margin expanded to 27.3% from 24.3% YoY
- Full-year 2026 revenue guidance increased to $1.110B–$1.125B
- Full-year non-GAAP operating margin guidance raised to 26.0%–28.0%
- Repurchased $125M of stock (703K shares)
Financial Impact
Revenue beat by $4.1M, EPS miss by $0.29; full-year revenue guidance increased by ~$50M above prior implied trajectory
Risk Factors
- High stock-based compensation ($18.0M in quarter) continues to pressure GAAP earnings
- Operating cash flow declined 11% YoY to $34.3M despite higher net income, raising working capital concerns
- Guidance raises expectations; failure to deliver could trigger downside
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3280373 |
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