Expensify (EXFY) financial statements
Expensify reported revenue of $142M in fiscal 2025, up 9.9% a year over 6 years.
Net income was -$21M and the operating margin -12.7%, against 1.5% in 2019.
Free cash flow was $17M, and the company returned $9M in net buybacks.
The diluted share count rose 256% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Expensify's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $80M | $88M | $143M | $169M | $151M | $139M | $142M |
| Cost of revenue | $32M | $32M | $54M | $63M | $67M | $64M | $71M |
| Gross profit | $48M | $56M | $89M | $107M | $84M | $75M | $72M |
| Research and development | $4M | $7M | $11M | $14M | $23M | $25M | $21M |
| Selling, general and admin | $43M | $43M | $88M | $108M | $94M | $51M | $69M |
| Operating income | $1M | $6M | -$10M | -$15M | -$33M | -$820,000 | -$18M |
| Interest expense | — | $3M | $3M | $4M | $5M | $1M | $100,000 |
| Pre-tax income | -$2M | $3M | -$14M | -$21M | -$38M | -$2M | -$16M |
| Income tax | -$3M | $5M | -$174,000 | $6M | $3M | $8M | $5M |
| Net income | $1M | -$2M | -$14M | -$27M | -$41M | -$10M | -$21M |
| EPS (diluted) | $0.00 | -$0.06 | -$0.36 | -$0.33 | -$0.50 | -$0.12 | -$0.23 |
| Diluted shares | 26M | 27M | 38M | 81M | 82M | 87M | 92M |
| Gross margin | 60.2% | 63.2% | 62.4% | 63.0% | 55.6% | 53.9% | 50.3% |
| Operating margin | 1.5% | 6.4% | -7.2% | -9.0% | -22.0% | -0.6% | -12.7% |
| Net margin | 1.5% | -1.9% | -9.5% | -15.9% | -27.5% | -7.2% | -15.1% |
Balance sheet
Fiscal years, from Expensify's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10M | $34M | $98M | $104M | $48M | $49M | $63M |
| Receivables | — | $10M | $16M | $16M | $14M | $13M | $13M |
| Total current assets | — | $64M | $158M | $187M | $137M | $137M | $153M |
| Property, plant and equipment | — | $15M | $16M | $14M | $14M | $14M | $13M |
| Total assets | — | $88M | $183M | $210M | $177M | $174M | $186M |
| Total current liabilities | — | $39M | $54M | $60M | $68M | $38M | $46M |
| Long-term debt | — | $30M | $52M | $51M | $0 | — | — |
| Total liabilities | — | $74M | $107M | $113M | $76M | $45M | $53M |
| Shareholders' equity | -$48M | -$31M | $77M | $97M | $101M | $128M | $133M |
| Net debt | -$10M | -$2M | -$46M | -$52M | -$40M | -$49M | -$63M |
Cash flow
Fiscal years, from Expensify's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $12M | $8M | $5M | $33M | $2M | $24M | $20M |
| Capital spending | $5M | $4M | $8M | $2M | $7M | $8M | $4M |
| Free cash flow | $8M | $3M | -$2M | $31M | -$6M | $16M | $17M |
| Stock-based compensation | $2M | $18M | $15M | $52M | $41M | $34M | $27M |
| Share buybacks (net) | -$14,000 | $0 | $0 | -$6M | -$3M | -$2M | -$9M |
| Net borrowing | -$39,000 | -$319,000 | $20M | -$595,000 | -$45M | -$23M | $0 |
| Free cash flow margin | 9.3% | 3.7% | -1.5% | 18.1% | -3.8% | 11.7% | 11.6% |
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Open EXFY in InvestinglyQuestions
What was Expensify's revenue in 2025?
$142M in fiscal 2025, from its 10-K filing.
How much free cash flow does Expensify generate?
$17M in fiscal 2025 (operating cash flow minus capital spending).
From Expensify's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.