EXFY

MKT CAP:$80M

Expensify, Inc.

Market Cap

$80M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$0.87-$0.58 (-39.85%)

Apr 21, 2026

Company Details

Expensify, Inc. provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally. The company's platform enables users to manage corporate cards, pay bil...

CEO

David Barrett

IPO Date

Nov 10, 2021

Website

www.expensify.com

Key Metrics TTM

Revenue

$142M

+2.1% YoY

Net Income

-$21M

EPS (Diluted)

-$0.23

Free Cash Flow

$18M

Revenue / Share

$1.53

Gross Margin

50.3%

Operating Margin

-12.7%

Net Margin

-15.1%

FCF Margin

12.7%

P/S

0.6x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$142M+2.1%EPS -$0.23

Q4 2025

Feb 26, 2026

$35M-4.9%EPS -$0.08

Q3 2025

Nov 6, 2025

$35M-1.0%EPS -$0.03

Q2 2025

Aug 7, 2025

$36M+7.4%EPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$40M	$26M	-$5M
Q2 22	$43M	$27M	-$4M
Q3 22	$42M	$26M	-$6M
Q4 22	$43M	$27M	-$700.0K
Q1 23	$40M	$24M	-$3M
Q2 23	$39M	$22M	-$10M
Q3 23	$36M	$19M	-$15M
Q4 23	$35M	$19M	-$6M
Q1 24	$34M	$19M	-$2M
Q2 24	$33M	$19M	$219.0K
Q3 24	$35M	$18M	$288.0K
Q4 24	$37M	$19M	$465.0K
Q1 25	$36M	$18M	-$1M
Q2 25	$36M	$19M	-$10M
Q3 25	$35M	$17M	-$2M
Q4 25	$35M	$17M	-$4M

Valuation

Quarter	P/S	P/E
Q1 22	0.6x	—
Q2 22	0.5x	—
Q3 22	0.5x	—
Q4 22	0.5x	—
Q1 23	0.5x	—
Q2 23	0.5x	—
Q3 23	0.5x	—
Q4 23	0.5x	—
Q1 24	0.6x	—
Q2 24	0.6x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.6x	—
Q3 25	0.6x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$11M	$11M
Q2 22	$16M	$16M
Q3 22	-$929.0K	-$2M
Q4 22	$7M	$7M
Q1 23	$8M	$7M
Q2 23	-$587.0K	-$1M
Q3 23	-$5M	-$7M
Q4 23	-$543.0K	-$3M
Q1 24	$3M	$642.0K
Q2 24	$9M	$7M
Q3 24	$4M	$2M
Q4 24	$7M	$6M
Q1 25	$5M	$4M
Q2 25	$9M	$9M
Q3 25	$4M	$3M
Q4 25	$2M	$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$673.0K
Q2 22	$62.0K
Q3 22	$638.0K
Q4 22	$118.0K
Q1 23	$898.0K
Q2 23	$451.0K
Q3 23	$2M
Q4 23	$2M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$929.0K
Q1 25	$498.0K
Q2 25	$17.0K
Q3 25	$1M
Q4 25	$498.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+86.1%	+68.8%
Q2 22	+67.7%	+120.8%
Q3 22	+13.5%	+4.1%
Q4 22	+7.7%	-27.4%
Q1 23	-0.7%	-5.3%
Q2 23	-9.9%	+2.8%
Q3 23	-14.1%	+6.6%
Q4 23	-19.0%	-6.7%
Q1 24	-16.4%	-17.5%
Q2 24	-14.4%	-31.7%
Q3 24	-3.0%	-31.7%
Q4 24	+5.1%	-11.3%
Q1 25	+7.6%	+6.3%
Q2 25	+7.4%	+39.4%
Q3 25	-1.0%	+6.3%
Q4 25	-4.9%	+7.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$15M	36.3%
Q2 22	$14M	31.9%
Q3 22	$13M	31.5%
Q4 22	$0	0.0%
Q1 23	$10M	24.9%
Q2 23	$0	0.0%
Q3 23	$10M	28.1%
Q4 23	$11M	30.1%
Q1 24	$8M	22.4%
Q2 24	$8M	25.2%
Q3 24	$8M	21.5%
Q4 24	$10M	27.0%
Q1 25	$8M	22.1%
Q2 25	$7M	19.4%
Q3 25	$7M	19.0%
Q4 25	$5M	14.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$4M	$14M	$13M
Q2 22	$4M	$15M	$12M
Q3 22	$3M	$16M	$12M
Q4 22	$3M	$13M	$12M
Q1 23	$5M	$12M	$9M
Q2 23	$5M	$12M	$15M
Q3 23	$7M	$14M	$13M
Q4 23	$6M	$11M	$8M
Q1 24	$6M	$11M	$3M
Q2 24	$6M	$9M	$3M
Q3 24	$6M	$9M	$3M
Q4 24	$7M	$9M	$3M
Q1 25	$5M	$11M	$4M
Q2 25	$5M	$9M	$14M
Q3 25	$7M	$10M	$5M
Q4 25	$5M	$12M	$4M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	86.1%	-9.1%	77.0
Q2 22	67.7%	-5.6%	62.1
Q3 22	13.5%	-10.3%	3.2
Q4 22	7.7%	1.4%	9.1
Q1 23	-0.7%	-3.2%	-3.9
Q2 23	-9.9%	-21.0%	-31.0
Q3 23	-14.1%	-37.9%	-52.0
Q4 23	-19.0%	-13.3%	-32.3
Q1 24	-16.4%	-1.1%	-17.5
Q2 24	-14.4%	5.6%	-8.8
Q3 24	-3.0%	5.9%	2.9
Q4 24	5.1%	6.6%	11.7
Q1 25	7.6%	1.4%	8.9
Q2 25	7.4%	-23.2%	-15.7
Q3 25	-1.0%	-5.5%	-6.5
Q4 25	-4.9%	-3.5%	-8.4

Rule of 40

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$4M	$37M
Q2 22	$4M	$39M
Q3 22	$4M	$39M
Q4 22	$4M	$40M
Q1 23	$3M	$37M
Q2 23	$3M	$35M
Q3 23	$3M	$33M
Q4 23	$3M	$32M
Q1 24	$3M	$31M
Q2 24	$3M	$30M
Q3 24	$3M	$32M
Q1 25	$3M	$33M
Q2 25	$3M	$33M
Q3 25	$3M	$32M
Q4 25	$3M	$32M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$101M	$0	$101M
Q2 22	$106M	$0	$106M
Q3 22	$106M	$0	$106M
Q4 22	$104M	$0	$104M
Q1 23	$111M	$0	$111M
Q2 23	$98M	$0	$98M
Q3 23	$89M	$0	$89M
Q4 23	$48M	$0	$48M
Q1 24	$49M	$0	$49M
Q2 24	$53M	$0	$53M
Q3 24	$39M	$0	$39M
Q4 24	$49M	$0	$49M
Q1 25	$60M	$0	$60M
Q2 25	$61M	$0	$61M
Q3 25	$61M	$0	$61M
Q4 25	$63M	$0	$63M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	80M	+199.3%	+186.7%
Q2 22	80M	+0.4%	+94.1%
Q3 22	81M	+0.6%	+164.2%
Q4 22	82M	+0.8%	+204.6%
Q1 23	82M	+0.2%	+2.0%
Q2 23	82M	+0.3%	+1.9%
Q3 23	82M	+0.6%	+1.9%
Q4 23	84M	+1.5%	+2.6%
Q1 24	85M	+1.7%	+4.1%
Q2 24	87M	+1.7%	+5.6%
Q3 24	88M	+1.8%	+6.9%
Q4 24	90M	+1.6%	+7.0%
Q1 25	92M	+2.1%	+7.5%
Q2 25	92M	+0.8%	+6.6%
Q3 25	93M	+0.3%	+5.0%
Q4 25	93M	+0.2%	+3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$280.3K	144
Q2 22	$299.7K	144
Q3 22	$295.1K	144
Q4 22	$315.0K	138
Q1 23	$290.6K	138
Q2 23	$281.8K	138
Q3 23	$264.4K	138
Q4 23	$264.7K	133
Q1 24	$252.1K	133
Q2 24	$250.3K	133
Q3 24	$266.2K	133
Q4 24	$321.8K	115
Q1 25	$313.7K	115
Q2 25	$311.0K	115
Q3 25	$304.9K	115
Q4 25	$35.2K	1K

Revenue / Employee