Appian Corp - Class A

Appian Corp. delivered a strong second quarter, with accelerating revenue growth and a meaningful profitability inflection that extended its streak of beating consensus adjusted EPS estimates to four consecutive quarters. The enterprise software company posted Q2 2026 revenue of $203.26 million, up 19% year-over-year, while non-GAAP EPS came in at $0.13, powered by non-GAAP operating income that more than doubled to $13.65 million from $5.61 million a year ago. The primary engine was cloud subscriptions, where revenue climbed 23% to $131.70 million and net annualized recurring revenue expansion held at 115%, signaling that existing customers are deepening their platform commitments. Adjusted EBITDA nearly doubled to $16.16 million, and operating cash flow swung to a positive $12.10 million from negative $1.90 million in the year-ago period. Options markets had anticipated a roughly 13% stock move around the report, reflecting genuine uncertainty heading in. Looking ahead, Appian guided full-year 2026 total revenue to $845 to $853 million and adjusted EBITDA of $104 to $110 million, pointing to a sharper profitability ramp in the second half.