Appian CorporationNASDAQ: APPN

Q3 2026 Earnings Call Supplemental Deck (FINAL)

Nov 5, 2026 at 7:51 AM EST · Issued by Appian Corporation

Summary by 6ix AI

Appian, presenting its earnings call deck on November 5, 2026, reported total revenue of $234.6 million for the third quarter ended September 30, 2026, up 25% year over year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding items such as stock-based pay) was $43.4 million.

Key details

Cloud subscriptions revenue was $136.4 million (up 20% year over year) and total subscriptions revenue was $187.8 million (up 28%) for the third quarter ended September 30, 2026.
Non-GAAP gross margin (excluding stock-based compensation, not under standard accounting rules) was 74% overall, 86% for subscriptions and 24% for professional services in the third quarter of 2026.
GAAP net income was $12,341 thousand, or $0.17 per diluted share, for the third quarter ended September 30, 2026, versus $7,825 thousand, or $0.10, a year earlier. Non-GAAP net income per diluted share was $0.51.
For the nine months ended September 30, 2026, total revenue was $640,068 thousand and GAAP net loss was $1,001 thousand, or $0.01 per share.
As of September 30, 2026, cash and cash equivalents were $47,326 thousand, compared with $135,810 thousand at December 31, 2025; debt was $199,485 thousand, compared with $240,826 thousand.

What’s still pending

Guidance for the fourth quarter of 2026: total revenue of $233.0 million to $237.0 million, cloud subscriptions revenue of $143.0 million to $145.0 million, adjusted EBITDA of $30.0 million to $33.0 million and non-GAAP diluted earnings per share of $0.30 to $0.34.
Guidance for full year 2026: total revenue of $873.0 million to $877.0 million (up 20% to 21%), cloud subscriptions revenue of $536.0 million to $538.0 million, adjusted EBITDA of $116.0 million to $119.0 million and non-GAAP diluted earnings per share of $1.20 to $1.24.
Per-share guidance is based on estimated diluted weighted average shares outstanding of 73.4 million for the fourth quarter and 73.5 million for full year 2026.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/appian-q3-2026-earnings-call-supplemental-deck-final

Q3 2026 Earnings Call Presentation Matt Calkins, CEO Serge Tanjga, CFO Q3 2026 Highlights. Revenue

Cloud subscriptions revenue was $136.4 million (+20% Y/Y)
Subscriptions revenue was $187.8 million (+28% Y/Y)
Total revenue was $234.6 million (+25% Y/Y)
Non-GAAP Gross Margins*
Subscriptions gross margin was 86%.
Professional services gross margin was 24%.
Overall gross margin was 74%.
Profitability
Adjusted EBITDA was $43.4 million.

* Data excludes stock-based compensation expense. Refer to the reconciliation of GAAP to non-GAAP measures in the Appendix.

GTM Productivity.

3.47

2.70

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Calculated by adding total revenue and the quarterly changes in short term deferred revenue for the trailing 12-month period, then dividing the result by non-GAAP sales and marketing expense for the trailing 12-month period. Refer to the reconciliation of GAAP to non-GAAP measures in the Appendix for details.

Total Revenue.*

234.6

202.9

202.2

203.3

46.9

187.0

40.6

41.9

45.6

39.8

51.4

26.0

33.6

45.2

35.8

113.6

117.0

124.5

131.7

136.4

$250.0 million

$200.0 million

$150.0 million

$100.0 million

$50.0 million

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Cloud Subscriptions Revenue Other Subscriptions Revenue Professional Services

5 * Reported in millions. Totals may not foot due to rounding.

Constant Currency Revenue Growth Rates. Cloud Revenue

Subscriptions Revenue

18% 18%

17%

18%

15% 16%

14%

15%

29%

Total Revenue

26%

22%

21%

20%

21%

18%

16%

19% 19%

17% 18%

14%

11%

12%

'24

'25

'26

'24

'25

'26

'24

'25

'26

Growth on a constant currency basis is calculated by translating revenue in the current period using the comparable prior year exchange rates.

Cloud Net ARR Expansion.

120%

114%

113%

112%

113%

112%

114%

115%

125%

Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

To calculate this metric, we define ARR on a customer level as monthly recurring cloud subscriptions revenue multiplied by 12. We then compare the period-end ARR of the previous year's customer cohort to their ARR at the end of the current period. The cloud net ARR expansion represents the ratio between these two periods. The cloud net ARR expansion calculation is

Non-GAAP Gross Margins.* Subscriptions

86% 86% 86% 84% 86%

Professional Services

Overall

74% 73% 74% 72% 74%

31%

29%

31%

23%

24%

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

* Data excludes stock-based compensation expense and severance costs. Amounts also reflect reclassified expenses. Refer to the reconciliation of GAAP to non-GAAP measures in the Appendix.

Guidance. Given on November 5, 2026

(in millions, except for EPS)	Q4 2026			Full Year 2026
Cloud Subscriptions Revenue	$143.0	-	$145.0	$536.0	-		$538.0
Cloud Subscriptions Revenue Growth YoY	22%	-	24%		23%
Total Revenue	$233.0	-	$237.0	$873.0		-	$877.0
Total Revenue Increase YoY	15%	-	17%	20%		-	21%
Adjusted EBITDA	$30.0	-	$33.0	$116.0		-	$119.0
Non-GAAP Diluted Earnings per Share*	$0.30	-	$0.34	$1.20		-	$1.24

* Based on estimated diluted weighted average common shares outstanding of 73.4 million and 73.5 million for Q4 and FY 2026, respectively. Multi-Pronged Growth Algorithm.*

Revenue

Adjusted EBITDA

Non-GAAP EPS

2026

$875M

$118M

$1.22

100%

53%

20%

Y/Y Growth

< <

~300 bps margin expansion

De-levering

+ buybacks

Appendix Balance Sheet.

As of

$ in thousands September 30, 2026 December 31, 2025

Assets (unaudited)

Cash and cash equivalents	$ 47,326	$ 135,810
Short-term investments and marketable securities	41,620	51,415
Accounts receivable, net of allowance	244,041	255,063
Deferred commissions	116,512	100,365
Property and equipment, net	35,271	32,087
Goodwill	27,875	28,811
Intangible assets, net of accumulated amortization	433	1,246
Right-of-use assets for operating leases	29,628	28,075
Other assets	58,198	58,523
Total assets	$ 600,904	$ 691,395
Liabilities and Stockholders' Deficit
Accounts payable and accrued expenses	36,258	25,138
Accrued compensation and related benefits	60,647	61,781
Deferred revenue	343,532	350,243
Debt	199,485	240,826
Operating lease liabilities	57,437	58,874
Other liabilities	1,419	1,526
Total liabilities	698,778	738,388
Stockholders' deficit
Common stock	7	7
Treasury stock	(82,958)	(16,935)
Additional paid-in capital	623,466	617,318
Accumulated other comprehensive loss	(26,467)	(36,462)
Accumulated deficit	(611,922)	(610,921)
Total stockholders' deficit	(97,874)	(46,993)
Total liabilities and stockholders' deficit	$ 600,904	$ 691,395

Income Statement.

Three Months Ended September 30, Nine Months Ended September 30,

$ in thousands, except for per share data 2026 2025 2026 2025

Cloud subscriptions $ 136,361 $ 113,596 $ 392,539 $ 320,337

Revenue (unaudited)

Total subscriptions revenue 187,754 147,188 505,747 414,197

Other subscriptions 51,393 33,592 113,208 93,860

Total revenue 234,632 187,004 640,068 524,070

Professional services 46,878 39,816 134,321 109,873

Subscriptions 26,187 21,667 74,500 60,895

Cost of revenue

Total cost of revenue 63,478 50,704 176,402 143,698

Professional services 37,291 29,037 101,902 82,803

Operating expenses

Gross profit 171,154 136,300 463,666 380,372

Research and development 50,554 42,561 144,183 127,046

Sales and marketing 65,826 53,574 200,558 172,041

Total operating expenses 149,851 123,186 444,647 379,076

General and administrative 33,471 27,051 99,906 79,989

Other non-operating expense (income)

Operating income 21,303 13,114 19,019 1,296

Interest expense 3,304 5,311 11,256 15,948

Other expense (income), net 4,822 (1,398) 5,565 (24,678)

Income before income taxes 13,177 9,201 2,198 10,026

Total non-operating other expense (income) 8,126 3,913 16,821 (8,730)

Net income (loss) $ 12,341 $ 7,825 $ (1,001) $ 6,336

Income tax expense 836 1,376 3,199 3,690

Basic $ 0.17 $ 0.11 $ (0.01) $ 0.09

Net income (loss) per Class A and Class B share:

Weighted average common shares outstanding:

Diluted $ 0.17 $ 0.10 $ (0.01) $ 0.08

Basic 71,641 74,008 72,773 74,101

Diluted 72,741 74,575 72,773 74,554

13 Reconciliation of GAAP to Non-GAAP Measures.

unaudited, $ in thousands

Lease Impairment and Lease-

	GAAP Measure	Stock-Based Compensation	Litigation Expense	JPI Amortization	Related Charges	Other Adjustments(a)	Non-GAAP Measure
Three Months Ended September 30, 2026
Subscriptions cost of revenue	$ 26,187	$ (514)	$ -	$ -	$ -	$ -	$ 25,673
Professional services cost of revenue	37,291	(1,658)	-	-	-	-	35,633
Total cost of revenue	63,478	(2,172)	-	-	-	-	61,306
Sales and marketing expense	65,826	(2,591)	-	-	-	-	63,235
Research and development expense	50,554	(3,852)	-	-	-	-	46,702
General and administrative expense	33,471	(3,967)	(4,664)	(1,732)	(292)	-	22,816
Total operating expense	149,851	(10,410)	(4,664)	(1,732)	(292)	-	132,753
Operating income	21,303	12,582	4,664	1,732	292	-	40,573
Non-operating expense (income)	4,822	-	-	-	-	(6,291)	(1,469)
Income tax impact of above items	836	443	-	-	-	342	1,621
Net income	12,341	12,139	4,664	1,732	292	5,949	37,117
Net income per share, basic	$ 0.17	$ 0.17	$ 0.07	$ 0.02	$ -	$ 0.08	$ 0.51
Net income per share, diluted(b,c)	$ 0.17	$ 0.17	$ 0.06	$ 0.02	$ -	$ 0.08	$ 0.51

(a) Other adjustments primarily includes unrealized foreign exchange gains and losses and write off of deferred debt issuance costs.

14 (b) Accounts for the impact of 1.1 million shares of dilutive securities.

Reconciliation of GAAP to Non-GAAP Measures.

unaudited, $ in thousands

Lease Impairment and Lease-

	GAAP Measure	Stock-Based Compensation	Litigation Expense	JPI Amortization	Related Charges	Other Adjustments(a)	Non-GAAP Measure
Three Months Ended September 30, 2025
Subscriptions cost of revenue	$ 21,667	$ (419)	$ -	$ -	$ -	$ -	$ 21,248
Professional services cost of revenue	29,037	(1,448)	-	-	-	-	27,589
Total cost of revenue	50,704	(1,867)	-	-	-	-	48,837
Sales and marketing expense	53,574	(1,882)	-	-	-	-	51,692
Research and development expense	42,561	(2,991)	-	-	-	-	39,570
General and administrative expense	27,051	(3,520)	(2,130)	(3,153)	(1,105)	-	17,143
Total operating expense	123,186	(8,393)	(2,130)	(3,153)	(1,105)	-	108,405
Operating income	13,114	10,260	2,130	3,153	1,105	-	29,762
Non-operating (income) expense	(1,398)	-	-	-	-	110	(1,288)
Income tax impact of above items	1,376	375	-	-	-	(406)	1,345
Net income	7,825	9,885	2,130	3,153	1,105	296	24,394
Net income per share, basic	$ 0.11	$ 0.13	$ 0.03	$ 0.04	$ 0.01	$ -	$ 0.32
Net income per share, diluted(b,c)	$ 0.10	$ 0.13	$ 0.03	$ 0.04	$ 0.01	-	$ 0.32

(a) Other adjustments primarily includes unrealized foreign exchange gains and losses.

Reconciliation of GAAP to Non-GAAP Measures.

unaudited, $ in thousands

Lease Impairment and Lease-

	GAAP Measure	Stock-Based Compensation	Litigation Expense	JPI Amortization	Related Charges	Other Adjustments(a)	Non-GAAP Measure
Nine months ended September 30, 2026
Subscriptions cost of revenue	$ 74,500	$ (1,570)	$ -	$ -	$ -	$ -	$ 72,930
Professional services cost of revenue	101,902	(4,816)	-	-	-	-	97,086
Total cost of revenue	176,402	(6,386)	-	-	-	-	170,016
Sales and marketing expense	200,558	(6,957)	-	-	-	-	193,601
Research and development expense	144,183	(10,969)	-	-	-	-	133,214
General and administrative expense	99,906	(10,719)	(17,905)	(5,744)	(873)	-	64,665
Total operating expense	444,647	(28,645)	(17,905)	(5,744)	(873)	-	391,480
Operating income	19,019	35,031	17,905	5,744	873	-	78,572
Non-operating expense (income)	5,565	-	-	-	-	(9,663)	(4,098)
Income tax impact of above items	3,199	1,454	-	-	-	636	5,289
Net (loss) income	(1,001)	33,577	17,905	5,744	873	9,027	66,125
Net (loss) income per share, basic	$ (0.01)	$ 0.46	$ 0.25	$ 0.08	$ 0.01	$ 0.12	$ 0.91
Net (loss) income per share, diluted(b,c)	$ (0.01)	$ 0.46	$ 0.24	$ 0.08	$ 0.01	$ 0.12	$ 0.90

(a) Other adjustments primarily includes unrealized foreign exchange gains and losses and write off of deferred debt issuance costs.

Reconciliation of GAAP to Non-GAAP Measures.

unaudited, $ in thousands

Lease Impairment and Lease-

	GAAP Measure	Stock-Based Compensation	Litigation Expense	JPI Amortization	Related Charges	Other Adjustments(a)	Non-GAAP Measure
Nine months ended September 30, 2025
Subscriptions cost of revenue	$ 60,895	$ (1,335)	$ -	$ -	$ -	$ -	$ 59,560
Professional services cost of revenue	82,803	(4,304)	-	-	-	-	78,499
Total cost of revenue	143,698	(5,639)	-	-	-	-	138,059
Sales and marketing expense	172,041	(6,215)	-	-	-	-	165,826
Research and development expense	127,046	(9,362)	-	-	-	-	117,684
General and administrative expense	79,989	(9,776)	(6,324)	(9,355)	(1,714)	-	52,820
Total operating expense	379,076	(25,353)	(6,324)	(9,355)	(1,714)	-	336,330
Operating income	1,296	30,992	6,324	9,355	1,714	-	49,681
Non-operating (income) expense	(24,678)	-	-	-	-	20,879	(3,799)
Income tax impact of above items	3,690	1,125	-	-	-	(1,732)	3,083
Net income (loss)	6,336	29,867	6,324	9,355	1,714	(19,147)	34,449
Net income (loss) per share, basic	$ 0.09	$ 0.40	$ 0.09	$ 0.13	$ 0.02	$ (0.26)	$ 0.47
Net income (loss) per share, diluted(b,c)	$ 0.08	$ 0.40	$ 0.08	$ 0.13	$ 0.02	$ (0.26)	$ 0.46

(a) Other adjustments primarily includes unrealized foreign exchange gains and losses.

Reconciliation of GAAP to Non-GAAP Measures.

unaudited, $ in thousands Three Months Ended September 30, Nine Months Ended September 30,

2026		2025	2026	2025
Reconciliation of adjusted EBITDA:
GAAP net income (loss)	$ 12,341	$ 7,825	$ (1,001)	$ 6,336
Other expense (income), net	4,822	(1,398)	5,565	(24,678)
Interest expense	3,304	5,311	11,256	15,948
Income tax expense	836	1,376	3,199	3,690
Depreciation expense and amortization of intangible assets	2,875	2,459	7,655	7,429
Stock-based compensation expense	12,582	10,260	35,031	30,992
Litigation Expense	4,664	2,130	17,905	6,324
JPI Amortization	1,732	3,153	5,744	9,355
Lease Impairment and Lease-Related Charges	292	1,105	873	1,714
Adjusted EBITDA	$ 43,448	$ 32,221	$ 86,227	$ 57,110

Reconciliation of GAAP to Non-GAAP Measures.

The following table reconciles our GAAP gross margin percentage to our non-GAAP gross margin percentage for our overall, subscriptions, and professional services margins. The non-GAAP adjustment represents adding back the margin impact of stock-based compensation expense and severance costs recorded to "Cost of revenue" within our consolidated income statements.

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025

Reconciliation of non-GAAP overall gross margin:

GAAP overall gross margin 72.9% 71.2% 73.1% 72.4% 72.9%

Add back:

Non-GAAP adjustments to overall gross margin 1.0% 1.0% 1.1% 1.0% 1.0%

Non-GAAP overall gross margin 73.9% 72.2% 74.2% 73.4% 73.9%

Reconciliation of non-GAAP subscriptions gross margin:

GAAP subscriptions gross margin 86.1% 83.9% 85.7% 85.8% 85.3%

Add back:

Non-GAAP adjustments to subscriptions gross margin 0.2% 0.3% 0.4% 0.3% 0.3%

Non-GAAP subscriptions gross margin 86.3% 84.2% 86.1% 86.1% 85.6%

Reconciliation of non-GAAP professional services gross margin:

GAAP professional services gross margin 20.5% 27.4% 24.7% 19.2% 27.1%

Add back:

Non-GAAP adjustments to professional services gross margin 3.5% 3.3% 4.0% 3.6% 3.6%

Non-GAAP professional services gross margin 24.0% 30.7% 28.7% 22.8% 30.7%

Reconciliation of GAAP to Non-GAAP Measures.

The following table reconciles our GAAP sales and marketing expense to our non-GAAP sales and marketing expense. The non-GAAP adjustment represents adding back the impact of stock-based compensation expense and severance costs recorded to "Sales and marketing expense" within our consolidated income statements.

in thousands	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024
GAAP sales and marketing expense	65,826	70,113	64,619	69,145	53,574	62,157	56,310	57,073	52,710
Subtract:
Sales and marketing stock compensation	(2,591)	(1,963)	(2,403)	(2,219)	(1,882)	(2,087)	(2,246)	(1,991)	(1,827)
Non-GAAP sales and marketing expense	63,235	68,150	62,216	66,926	51,692	60,070	54,064	55,082	50,883

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Q3 2026 Earnings Call Supplemental Deck (FINAL)

Summary by 6ix AI

Key details

What’s still pending

Earlier from Appian