Appian
Sells AI process automation software for enterprise and government workflows.
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Profile
Sells AI process automation software to large enterprises and governments, mainly through subscriptions plus services. Its platform combines orchestration, data fabric, AI agents, document automation, and RPA, with the United States as the larger revenue base.
Builds an AI process automation platform for enterprises and governments, combining process orchestration, data fabric, AI agents, business rules, API integrations, intelligent document processing, robotic process automation, and professional services.
Subscriptions are the main revenue engine, supported by consulting and training around the platform. The United States is the larger revenue base, with meaningful business across financial services, government, life sciences, insurance, and manufacturing customers.
Founder Matt Calkins remains CEO, and Appian still reports one consolidated operating segment. A separate Pegasystems trade-secret case remains in litigation after the trade-secret damages award was vacated and remanded. Growth depends on new customers, wider usage by existing customers, more applications built on the platform, and partner introductions.
Company facts
Categories
Key statistics
Year to date +24.8% · Average volume (30d) 888.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | DA Davidson | Reiterate | Neutral | $34 | $42 | |
| Aug 7, 2026 | DA Davidson | Reiterate | Neutral | $22 | $34 | |
| Aug 7, 2026 | Morgan Stanley | Reiterate | Equal Weight | $41 | $32 | |
| May 15, 2026 | DA Davidson | Reiterate | Neutral | $25 | $22 | |
| May 8, 2026 | Barclays | Reiterate | Underweight | $34 | $23 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.00 | $0.13 | — | $193.4M | $203.3M | +5.1% | +1.50% |
| May 7, 2026Q1 FY26 | $0.19 | $0.27 | +42.1% | $191.6M | $202.2M | +5.6% | −7.74% |
| Feb 19, 2026Q4 FY25 | $0.09 | $0.15 | +66.7% | $189.3M | $202.9M | +7.2% | +2.44% |
| Nov 6, 2025Q3 FY25 | $0.05 | $0.32 | +540.0% | $189.3M | $187.0M | −1.2% | +5.03% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $166.4M | $170.6M | $187.0M | $202.9M | $202.2M | $203.3M | |
| Gross profit | $127.5M | $126.7M | $141.7M | $147.0M | $147.8M | $144.7M | |
| Operating income | −$834.0K | −$11.0M | $13.1M | −$687.0K | $3.2M | −$5.4M | |
| Net income | −$1.2M | −$312.0K | $7.8M | −$5.1M | −$1.5M | −$11.8M | |
| Diluted EPS | −$0.02 | −$0.00 | $0.10 | −$0.07 | −$0.02 | −$0.16 | |
| Gross margin | 76.6% | 74.3% | 75.8% | 72.4% | 73.1% | 71.2% | |
| Operating margin | -0.5% | -6.4% | 7.0% | -0.3% | 1.6% | -2.7% |
Fiscal years (4-quarter sums)FY21 $369.3M · FY22 $468.0M · FY23 $545.4M · FY24 $617.0M · FY25 $726.9M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $167.9M · Total debt $295.3M · Total assets $585.7M · Shareholders' equity −$105.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 73.98M · Float 66.63M · 90.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Abdiel Capital Advisors, LP · 10 percent owner | 4.25M | 5.74% | Form 4 | Aug 8, 2025 |
| Vanguard Portfolio Management LLC | 4.19M | 5.66% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 3.58M | 4.84% | 13F | Aug 7, 2026 |
| Fivespan Partners, LP | 3.51M | 4.75% | 13F | Aug 13, 2026 |
| Lead Edge Capital Management, LLC | 2.88M | 3.89% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −45,000 | $34.46 |
| Jul 7, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −50,000 | $24.72 |
| Jun 8, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −50,000 | $24.13 |
| May 13, 2026 | Mark Dorsey | officer: Chief Revenue Officer | +5,227 | $19.13 |
| Mar 3, 2026 | Mark Steven Lynch | director | −9,530 | $27.00 |
Peers
- Microsoft
Bundled low-code apps, workflow automation, RPA, and AI agents
- ServiceNow
Enterprise workflows, app development, data, and AI on one platform
- Pegasystems
Direct process automation, case management, and decisioning rival
- Salesforce
CRM-native low-code automation, orchestration, integration, and IDP
- UiPath
RPA-led automation platform expanding into process orchestration
- IBM
Hybrid-cloud workflow, decisions, process insights, and AI automation
- SAP (ADR)
SAP-native workflow, RPA, document processing, and AI automation
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Appian | $42.90 | +0.92% | $3.15B | — | 34.9 | 4.0 | +19.1% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| ServiceNow | $143.28 | −0.97% | $149.61B | 90.4 | 31.9 | 10.2 | +24.0% |
| Pegasystems | $35.00 | −3.26% | $5.95B | 20.4 | 14.0 | 3.4 | +9.4% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| UiPath | $18.19 | +0.22% | $9.65B | 30.1 | 21.9 | 5.8 | +17.3% |
| IBM | $235.80 | +0.10% | $221.96B | 20.8 | 18.4 | 3.2 | +1.1% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| Median | 28.1 | 21.9 | 5.8 | +10.8% |