Expensify, Inc. EXFY
Expensify is a leading cloud-based expense management software platform that helps the smallest to the largest businesses simplify the way they manage money. Every day, people from all walks of life in organizations around the world use Expensify to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares. Since our founding in 2008, we have added over 15 million members to our community, and processed and automated over 1.8 billion expense transactions on our platform as of December 31, 2025, freeing people to spend less time managing expenses and more time doing the things they love. For the quarter ended December 31, 2025, an average of 650,000 paid members across an average of 39,700 companies and over 200 countries and territories used Expensify to make money easy.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $142.1M | $139.2M | $150.7M | $169.5M | $142.8M | $88.1M | $80.5M | — |
| Cost of revenue | $70.6M | $64.2M | $66.9M | $62.7M | $53.7M | $32.4M | $32.0M | — |
| Gross profit | $71.5M | $75.0M | $83.8M | $106.8M | $89.1M | $55.7M | $48.5M | — |
| R&D | $20.7M | $24.6M | $23.4M | $13.7M | $11.0M | $6.7M | $4.1M | — |
| SG&A | $42.1M | $38.4M | $49.2M | $58.5M | $60.7M | $33.4M | $15.9M | — |
| Total operating expenses | $89.5M | $75.8M | $116.9M | $122.1M | $99.4M | $50.0M | $47.2M | — |
| Operating income | -$18.0M | -$820.0K | -$33.1M | -$15.2M | -$10.3M | $5.7M | $1.2M | — |
| Interest expense | $100.0K | $1.1M | $5.2M | $4.5M | $3.1M | $2.9M | — | — |
| Pre-tax income | -$16.3M | -$2.4M | -$38.5M | -$20.6M | -$13.7M | $3.0M | -$1.5M | — |
| Income tax | $5.1M | $7.7M | $3.0M | $6.4M | $174.0K | $4.7M | $2.8M | — |
| Net income | -$21.4M | -$10.1M | -$41.5M | -$27.0M | -$13.6M | -$1.7M | $1.2M | — |
| EPS, basic | -0.23 | -0.12 | -0.50 | -0.33 | -0.36 | -0.06 | 0.00 | — |
| EPS, diluted | -0.23 | -0.12 | -0.50 | -0.33 | -0.36 | -0.06 | 0.00 | — |
| Shares, diluted (wtd. avg.) | $92.3M | $87.4M | $82.5M | $80.8M | $38.0M | $27.4M | $25.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $63.1M | $48.8M | $96.7M | $103.8M | $125.3M | $46.9M | $34.8M | $22.1M |
| Receivables | $12.6M | $12.7M | $13.8M | $16.4M | $15.7M | $10.0M | — | — |
| Total current assets | $153.0M | $136.9M | $137.2M | $187.1M | $157.6M | $63.7M | — | — |
| Property, plant and equipment | $13.0M | $13.6M | $14.4M | $14.5M | $15.9M | $15.4M | — | — |
| Total assets | $186.0M | $173.7M | $176.8M | $210.2M | $183.2M | $87.7M | — | — |
| Accounts payable | $289.0K | $196.0K | $1.4M | $1.1M | $3.8M | $2.3M | — | — |
| Short-term debt | — | $0 | $7.7M | $551.0K | $549.0K | $2.5M | — | — |
| Total current liabilities | $46.4M | $38.0M | $67.9M | $60.4M | $53.6M | $39.2M | — | — |
| Long-term debt | — | — | $0 | $51.4M | $52.1M | $30.3M | — | — |
| Total liabilities | $53.2M | $45.4M | $76.0M | $113.0M | $106.6M | $73.7M | — | — |
| Retained earnings | -$172.2M | -$150.8M | -$140.8M | -$97.6M | -$65.9M | -$52.3M | — | — |
| Total equity | $132.7M | $128.2M | $100.7M | $97.2M | $76.6M | -$31.0M | -$48.5M | -$51.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $20.1M | $23.9M | $1.6M | $32.9M | $5.5M | $7.6M | $12.4M | — |
| Depreciation and amortisation | $8.5M | $6.8M | $5.2M | $5.4M | $5.2M | $3.2M | $2.8M | — |
| Stock-based compensation | $26.6M | $33.5M | $41.2M | $52.3M | $14.6M | $17.8M | $1.7M | — |
| Capital expenditure | $17.0K | $0 | $1.4M | $585.0K | $2.7M | $2.5M | $3.2M | — |
| Investing cash flow | -$3.6M | -$7.6M | -$7.3M | -$2.2M | -$7.6M | -$4.3M | -$4.9M | — |
| Financing cash flow | -$2.7M | -$22.1M | -$45.3M | -$8.3M | $80.6M | $8.8M | $5.1M | — |
| Buybacks | $9.1M | $1.5M | $3.0M | $6.0M | $0 | $0 | $14.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001476840-26-000020.
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