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EXFY

Expensify, Inc.

EXFY

Expensify, Inc. • NASDAQ
$1.55 ▲ 1.97% (+0.03)
Market Cap $144.10 M
52w High $4.13
52w Low $1.33
Dividend Yield 0%
P/E -9.12
Volume 177.68K
Outstanding Shares 92.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.065M ▼ $19.655M ▼ $-2.315M ▲ -6.602% ▲ $-0.03 ▲ $-1.923M ▲
Q2-2025 $35.764M ▼ $28.915M ▲ $-8.788M ▼ -24.572% ▼ $-0.095 ▼ $-8.28M ▼
Q1-2025 $36.074M ▼ $19.729M ▲ $-3.169M ▼ -8.785% ▼ $-0.035 ▼ $496K ▼
Q4-2024 $37.004M ▲ $18.391M ▲ $-1.312M ▲ -3.546% ▲ $-0.015 ▼ $2.428M ▲
Q3-2024 $35.409M $17.976M $-2.198M -6.207% $0.12 $2.086M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $61.453M ▲ $186.835M ▼ $51.175M ▼ $135.66M ▲
Q2-2025 $60.519M ▲ $187.138M ▼ $55.323M ▲ $131.815M ▼
Q1-2025 $59.627M ▲ $189.236M ▲ $54.585M ▲ $134.651M ▲
Q4-2024 $48.772M ▲ $173.68M ▼ $45.437M ▼ $128.243M ▲
Q3-2024 $39.172M $176.246M $56.312M $119.934M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.315M ▲ $4.166M ▼ $-1.085M ▲ $-1.128M ▲ $1.953M ▼ $3.081M ▼
Q2-2025 $-8.788M ▼ $8.916M ▲ $-1.174M ▼ $-1.663M ▼ $6.079M ▲ $8.899M ▲
Q1-2025 $-3.169M ▼ $4.805M ▼ $-498K ▲ $1.208M ▲ $5.515M ▼ $4.307M ▼
Q4-2024 $-1.312M ▲ $7.402M ▲ $-929K ▲ $-893K ▲ $5.58M ▲ $6.473M ▲
Q3-2024 $-2.198M $3.687M $-1.832M $-22.996M $-21.141M $1.855M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Interchange
Interchange
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Expensify’s income statement shows a business hovering around break-even, but not yet consistently profitable. Revenue grew heading into 2022, then slipped, suggesting some demand or pricing pressure in recent years. Gross profit remains healthy for a software company, but operating results have swung between small losses and roughly flat performance. Net losses are relatively modest and appear to be narrowing, yet the company has not established a clear track record of steady earnings. Overall, it looks like a maturing growth story under competitive pressure, still working to convert its user base and product breadth into durable, scalable profits.

Balance Sheet

Balance Sheet The balance sheet looks relatively clean and simple. The company holds a reasonable cash cushion for its size and has steadily reduced its debt load over the past few years, which lowers financial risk. Equity has moved from negative to clearly positive and is gradually building, a sign that the business has repaired earlier balance sheet weakness. At the same time, the asset base is not large, so while the company is not heavily burdened by obligations, it also does not have a huge financial buffer for very aggressive expansion or prolonged downturns.

Cash Flow

Cash Flow Cash flow is somewhat better than the income statement might suggest. Expensify has generally generated positive cash from operations, with only a soft patch in the middle of the period. Free cash flow has been modest but mostly positive, helped by low capital spending needs, which is typical for a cloud software business. This means the company has been able to fund itself without heavy reinvestment demands, but the scale of cash generation is still relatively small. The pattern points to an underlying business that works, but has not yet scaled to produce strong, consistent cash surpluses.

Competitive Edge

Competitive Edge Expensify has a recognized brand in expense management and a long history in the category, which gives it trust and familiarity with finance teams and employees. Its strengths include a user-friendly, mobile-first interface, deep integrations with major accounting systems, and a bottom-up adoption model where employees pull the product into companies. However, the competitive environment has become much tougher. Newer players like Ramp and Brex bundle corporate cards, expense management, bill pay, and broader financial services, often at compelling price points. This raises risks around customer churn, pricing pressure, and slower growth, especially among small and midsize businesses that may prefer all-in-one platforms.

Innovation and R&D

Innovation and R&D Innovation is a clear focus. Expensify was early in using AI and automation for receipt scanning and expense categorization, and it is doubling down with its “New Expensify” platform. Core technologies like SmartScan, AI-driven categorization, and the AI “Concierge” are designed to remove manual work and guide users through tasks. The company is also expanding its feature set into cards, travel booking, reimbursement, bill pay, and invoicing, aiming to become a broader workflow hub. The opportunity is to stand out through intelligence and ease of use, but the risk is execution: Expensify must refine these tools quickly and clearly enough that customers see a meaningful advantage versus rival platforms that are also investing heavily in AI and financial workflows.

Summary

Overall, Expensify looks like a niche software player at a strategic crossroads. Financially, it is close to but not firmly past the break-even point, with a relatively clean balance sheet and modest, generally positive cash generation. Strategically, the company benefits from an established brand, strong integrations, and a long-standing focus on expense automation. At the same time, competition from card-first, all-in-one fintech platforms is intense and appears to be weighing on growth and margins. The key questions going forward are whether Expensify can reignite durable revenue growth, defend its customer base, and successfully monetize its AI-driven “New Expensify” vision without overstretching its resources in such a competitive market.

NEWS

November 19, 2025 · 10:43 AM UTC

Expensify Earns 2026 Buyer's Choice Award from TrustRadius

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November 6, 2025 · 4:00 PM UTC

Expensify Announces Q3 2025 Results

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November 4, 2025 · 9:00 AM UTC

Expensify Launches First Hybrid “Contextual” AI Expense Agent

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October 23, 2025 · 9:00 AM UTC

Expensify to Announce Q3 2025 Results

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