Appian Corp (APPN.O): 2Q26 Quick Take: Cloud Reaccelerates w/ Solid Beat/Raise

研报英文原文证据摘录

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06 Aug 2026 08:07:43 ET │ 12 pages

Appian Corp (APPN.O)

2Q26 Quick Take: Cloud Reaccelerates w/ Solid Beat/Raise

CITI'S TAKE

APPN reported solid 2Q26 results with a $9.9M rev beat (5.1% vs. 5.6%

last Q and 4QAve of 6.7%) driven by a $4.5M cloud beat (cloud accel 2pts

cc), $8.9M EBITDA beat, and a $12.2M FCF beat yet a ($5.6M) billings

miss. APPN raised CY26 cloud revenue to $525M-$529M from $515M$521M, total revenue to $845M-$853M from $819M-$831M, EBITDA to

$104M-$110M from $97M-$105M, and EPS to $1.04-$1.12 from $0.94$1.05. The 3Q26 guides was ahead of cons with cloud revenue of $133M$135M (cons $132.4M; 18.0% y/y vs. 23.2% in 2Q), total rev of $214M$218M (cons $208.2M), and EBITDA of $30M-$33M (cons $30.9M). This

implies a 4Q exit rate of 16.9% for cloud and 12.2% for total revenue.

Beyond an update on macro, we are looking for an update on the Fed

environment including the Army ELA, AI adoption trends, sustainability of

GTM execution improvements, future sales investment, seasonality and

capital allocation plans.

Buy / High Risk

Price (05 Aug 26 16:00)

US$29.96

Target price

US$37.00

Expected share price return

23.5%

Expected dividend yield

0.0%

Expected total return

23.5%

Market Cap

US$2,199M

Steven Enders, CFAAC

Call Details — The call will begin at 8:30am ET / 5:30am PT // Registration link and

webcast available here.

Implications — We expect a positive stock reaction on the cloud reaccel and solid

raise but would look for clarity on the slightly weaker billings performance including

cRPO/RPO performance.

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

0.13A

0.00A

0.33A

0.15A

0.61A

2026E

0.27A

0.01E

0.31E

0.42E

1.00E

0.99E

Previous

0.27A

0.01E

0.31E

0.42E

1.00E

na

2027E

0.39E

0.11E

0.37E

0.49E

1.35E

1.26E

1.28E

Previous

0.39E

0.11E

0.37E

0.49E

1.35E

na

2028E

na

1.51E

1.57E

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