Description

AppFolio’s Units Under Management Are Compounding—Why Scale Matters More Than New Logos!

AppFolio Inc finished 2025 with continued top-line expansion, rising unit counts on platform, and an operating model that is showing leverage while funding increased product investment. Fourth quarter revenue grew 22% year over year to $248 million and full-year revenue increased 20% to $951 million, supported by both subscription services and value-added services. Subscription services revenue grew 17% in the quarter and for the year, reflecting new customer wins, an 8% increase in units under management to 9.4 million, and a richer mix as more customers adopted Plus and Max tiers, which now exceed 25% penetration. Value-added services revenue rose 20% in the quarter and 19% for the year, driven by broader usage of payments, screening, and risk-related offerings, with newer resident services beginning to contribute. The company’s product and go-to-market thesis is centered on being a unified, AI-native platform that consolidates workflows and reduces fragmentation for property managers.