Appian (APPN) investor relations material

Executive summary

• Q3 revenue was $234.6M, up 25.5% YoY; subscriptions revenue rose 27.6% to $187.8M.

• Adjusted EBITDA was $43.4M; GAAP operating income rose to $21.3M from $13.1M, and net income to $12.3M from $7.8M.

• FY26 midpoint guidance implies $875M revenue, $118M adjusted EBITDA and $1.22 non-GAAP diluted EPS.

Financial highlights

• Cloud subscriptions revenue was $136.4M, up 20.0% YoY; other subscriptions were $51.4M and total subscriptions were $187.8M.

• Professional services revenue was $46.9M, up 17.7%; total revenue was $234.6M.

• GAAP diluted EPS was $0.17 versus $0.10; non-GAAP net income was $37.1M and diluted EPS was $0.51 versus $24.4M and $0.32.

• Nine-month revenue was $640.1M versus $524.1M; GAAP net loss was $1.0M versus net income of $6.3M, while adjusted EBITDA was $86.2M versus $57.1M.

• Q3 operating cash flow was an outflow of $15.4M versus an inflow of $18.7M; nine-month operating cash flow was $54.3M versus $34.3M.

Outlook and guidance

• Q4 cloud subscriptions revenue guidance is $143M–$145M, up 22%–24% YoY; total revenue guidance is $233M–$237M, up 15%–17%.

• Q4 adjusted EBITDA guidance is $30M–$33M and non-GAAP diluted EPS guidance is $0.30–$0.34.

• FY26 cloud subscriptions revenue guidance is $536M–$538M, up 23% at midpoint; total revenue guidance is $873M–$877M, up 20%–21%.

• FY26 adjusted EBITDA guidance is $116M–$119M and non-GAAP diluted EPS is $1.20–$1.24; midpoint targets include 53% adjusted EBITDA growth and ~300 bps margin expansion.

• Operating expenses and cost of revenue are expected to rise in absolute dollars as investments support product development, sales growth and customer operations.