APPNMEDIUM SIGNALFINANCIAL10-K

Appian showed robust revenue growth and strengthened its cash position while reducing share repurchases and experiencing deteriorating stockholders' equity.

The company's strong revenue expansion of 28% demonstrates solid business momentum in the process automation market, supported by growing receivables that suggest healthy sales activity. However, the deepening negative stockholders' equity position of -$47.0M reflects ongoing profitability challenges that investors should monitor closely.

Comparing 2026-02-19 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

Appian delivered strong top-line performance with revenue growing 28% to $227M and gross profit expanding 13% to $527M, while cash and equivalents increased 15% to $136M. The balance sheet shows mixed signals with current assets growing 19% and receivables up 31%, but stockholders' equity deteriorated further into negative territory at -$47M. The company also reduced share buybacks significantly from $50M to $20M, suggesting a more conservative capital allocation approach amid the challenging equity position.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-60%
$50.0M→$20.0M

Buyback activity reduced 60% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
-44%
-$32.6M→-$47.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Accounts Receivable
Balance Sheet
+30.8%
$195.1M→$255.1M

Receivables surged 30.8% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
+28.3%
$176.7M→$226.7M

Revenue growing 28.3% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
+27.4%
$354.8M→$452.1M

Current liabilities rose 27.4% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
+19.3%
$435.5M→$519.4M

Current assets grew 19.3% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+14.6%
$118.6M→$135.8M

Cash grew 14.6% — improving liquidity position supports investment and shareholder returns.

Gross Profit
P&L
+13%
$466.8M→$527.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Liabilities
Balance Sheet
+13%
$653.7M→$738.4M

Liabilities increased 13% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+11.3%
$621.0M→$691.4M

Asset base grew 11.3% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-19
ADDED
As of February 17, 2026, there were 42,872,259 shares of our Class A common stock and 31,087,485 shares of our Class B common stock, each with a par value of $0.0001 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.
Overview Appian Corporation (together with its subsidiaries, Appian, the Company, we, or our ) provides process automation technology.
For over 25 years, our highly reliable and scalable platform has been leveraged by large enterprises and governments.
Combining leading edge process orchestration and intelligence, we provide everything an organization needs to design, automate, and optimize critical processes, facilitating continuous adaptation in changing environments.
According to IDC, the worldwide Business Automation Platform market was $27.8 billion in 2024 and is expected to grow to approximately $70.2 billion in 2029.
The Appian platform provides a complete set of features and tools, allowing our customers to apply the right tool to each step of their process.
Our capabilities include business rules engines, pre-built connections, Application Program Interface (API) integrations, intelligent document processing (IDP), robotic process automation (RPA), and artificial intelligence (AI).
Appian s patented data fabric is an integrated layer that unifies data across the enterprise without requiring companies to migrate their data, eliminating the need for additional systems and tools and accelerating time to insight.
Our data fabric allows every worker, system, and agent to have the context it needs to act with confidence.
REMOVED
As of February 17, 2025, there were 42,957,026 shares of our Class A common stock and 31,088,085 shares of our Class B common stock, each with a par value of $0.0001 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.
Overview Appian Corporation (together with its subsidiaries, Appian, the Company, we, or our ) is The Process Company.
We deliver a software platform that helps organizations run better processes that reduce costs, improve customer experiences, and gain a strategic edge.
Committed to client success, we serve many of the world s largest companies across industries.
Processes are how they operate, deliver value, and interact with their customers.
Appian has both the platform and the expertise to enable enterprise transformation.
The Appian Platform Appian is a leading platform for process orchestration, automation, and intelligence.
Our unified platform provides everything an organization needs to design, automate, and optimize critical processes.
It enables continuous adaptation, allowing organizations to thrive in changing environments.
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