Expensify, Inc. Financials

EXFY

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 58/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Expensify, Inc. has an operating margin of -0.6%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -22.0% the prior year.

Growth

Expensify, Inc.'s revenue declined 7.6% year-over-year, from $150.7M to $139.2M. This contraction results in a growth score of 7/100.

Leverage

Expensify, Inc. carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 3.60, Expensify, Inc. holds $3.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

Expensify, Inc. converts 17.2% of revenue into free cash flow ($23.9M). This strong cash generation earns a score of 86/100.

Piotroski F-Score Neutral

4/9

Expensify, Inc. passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-2.37x

For every $1 of reported earnings, Expensify, Inc. generates $-2.37 in operating cash flow ($23.9M OCF vs -$10.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-0.7x

Expensify, Inc. earns $-0.7 in operating income for every $1 of interest expense (-$820K vs $1.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Expensify, Inc. (EXFY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$139.2M

YoY-7.6%

5Y CAGR+11.6%

Expensify, Inc. generated $139.2M in revenue in fiscal year 2024. This represents a decrease of 7.6% from the prior year.

EBITDA

$6.0M

YoY+121.4%

5Y CAGR+7.9%

Expensify, Inc.'s EBITDA was $6.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 121.4% from the prior year.

Free Cash Flow

$23.9M

YoY+13544.0%

5Y CAGR+21.0%

Expensify, Inc. generated $23.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 13544.0% from the prior year.

Net Income

-$10.1M

YoY+75.7%

Expensify, Inc. reported -$10.1M in net income in fiscal year 2024. This represents an increase of 75.7% from the prior year.

EPS (Diluted)

$-0.12

YoY+76.0%

Expensify, Inc. earned $-0.12 per diluted share (EPS) in fiscal year 2024. This represents an increase of 76.0% from the prior year.

Cash & Debt

$48.8M

YoY+2.7%

5Y CAGR+37.3%

Expensify, Inc. held $48.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

53.9%

YoY-1.8pp

5Y CAGR-6.4pp

Expensify, Inc.'s gross margin was 53.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.8 percentage points from the prior year.

Operating Margin

-0.6%

YoY+21.4pp

5Y CAGR-2.1pp

Expensify, Inc.'s operating margin was -0.6% in fiscal year 2024, reflecting core business profitability. This is up 21.4 percentage points from the prior year.

Net Margin

-7.2%

YoY+20.3pp

5Y CAGR-8.8pp

Expensify, Inc.'s net profit margin was -7.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 20.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$24.6M

YoY+5.4%

5Y CAGR+43.1%

Expensify, Inc. invested $24.6M in research and development in fiscal year 2024. This represents an increase of 5.4% from the prior year.

Share Buybacks

$1.5M

YoY-49.7%

5Y CAGR+155.0%

Expensify, Inc. spent $1.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 49.7% from the prior year.

Capital Expenditures

YoY-100.0%

Expensify, Inc. invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

EXFY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$139.2M-7.6%	$150.7M-11.1%	$169.5M+18.7%	$142.8M+62.2%	$88.1M+9.5%	$80.5M
Cost of Revenue	$7.2M-28.7%	$10.1M+62.9%	$6.2M+113.8%	$2.9M+190.0%	$1.0M	$0
Gross Profit	$75.0M-10.5%	$83.8M-21.6%	$106.8M+19.8%	$89.1M+60.2%	$55.7M+14.8%	$48.5M
R&D Expenses	$24.6M+5.4%	$23.4M+70.7%	$13.7M+24.6%	$11.0M+63.3%	$6.7M+63.7%	$4.1M
SG&A Expenses	$38.4M-22.0%	$49.2M-15.8%	$58.5M-3.7%	$60.7M+82.0%	$33.4M+109.5%	$15.9M
Operating Income	-$820K+97.5%	-$33.1M-117.6%	-$15.2M-48.6%	-$10.3M-280.8%	$5.7M+354.7%	$1.2M
Interest Expense	$1.1M-78.8%	$5.2M+15.6%	$4.5M+45.2%	$3.1M+6.9%	$2.9M	N/A
Income Tax	$7.7M+157.1%	$3.0M-53.2%	$6.4M+3758.6%	-$174K-103.7%	$4.7M+269.5%	-$2.8M
Net Income	-$10.1M+75.7%	-$41.5M-53.5%	-$27.0M-99.2%	-$13.6M-692.9%	-$1.7M-237.8%	$1.2M
EPS (Diluted)	$-0.12+76.0%	$-0.50-51.5%	$-0.33+8.3%	$-0.36-500.0%	$-0.06	$0.00

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$35.1M-2.0%	$35.8M-0.9%	$36.1M-2.5%	$37.0M+11.2%	$33.3M-0.7%	$33.5M-4.8%	$35.2M-3.5%	$36.5M
Cost of Revenue	$17.7M+2.8%	$17.2M-3.6%	$17.8M+145.9%	-$38.9M-370.8%	$14.4M-1.5%	$14.6M+136.2%	-$40.3M-327.8%	$17.7M
Gross Profit	$17.4M-6.3%	$18.6M+1.8%	$18.2M-3.3%	$18.9M-0.4%	$18.9M-0.1%	$19.0M+1.3%	$18.7M-0.6%	$18.8M
R&D Expenses	$4.9M-4.9%	$5.2M-3.7%	$5.4M-20.1%	$6.7M+4.9%	$6.4M+7.8%	$5.9M-5.1%	$6.2M-5.4%	$6.6M
SG&A Expenses	$9.8M+4.3%	$9.4M-13.1%	$10.8M+25.6%	$8.6M-6.7%	$9.2M-19.1%	$11.4M+5.4%	$10.8M-23.9%	$14.2M
Operating Income	-$2.3M+78.2%	-$10.3M-595.2%	-$1.5M-419.1%	$466K+112.8%	$219K+112.2%	-$1.8M+70.0%	-$6.0M+59.8%	-$14.9M
Interest Expense	N/A	N/A	N/A	N/A	$260K	N/A	N/A	N/A
Income Tax	$154K+123.3%	-$661K-133.0%	$2.0M+61.9%	$1.2M-54.5%	$2.7M+163.3%	$1.0M-1.4%	$1.0M+488.5%	-$270K
Net Income	-$2.3M+73.7%	-$8.8M-177.3%	-$3.2M-141.5%	-$1.3M+52.5%	-$2.8M+26.9%	-$3.8M+47.5%	-$7.2M+57.6%	-$17.0M
EPS (Diluted)	$-0.03+70.0%	$-0.10-233.3%	$-0.030.0%	$-0.030.0%	$-0.03+25.0%	$-0.04+50.0%	$-0.08+61.9%	$-0.21

EXFY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$173.7M-1.8%	$176.8M-15.9%	$210.2M+14.8%	$183.2M+108.8%	$87.7M	N/A
Current Assets	$136.9M-0.3%	$137.2M-26.7%	$187.1M+18.7%	$157.6M+147.6%	$63.7M	N/A
Cash & Equivalents	$48.8M+2.7%	$47.5M-54.2%	$103.8M+5.5%	$98.4M+186.0%	$34.4M+244.4%	$10.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.7M-8.2%	$13.8M-15.9%	$16.4M+4.7%	$15.7M+56.8%	$10.0M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$45.4M-40.2%	$76.0M-32.7%	$113.0M+6.0%	$106.6M-10.2%	$118.8M	N/A
Current Liabilities	$38.0M-44.0%	$67.9M+12.5%	$60.4M+12.7%	$53.6M+36.7%	$39.2M	N/A
Long-Term Debt	N/A	$0-100.0%	$51.4M-1.2%	$52.1M+71.7%	$30.3M	N/A
Total Equity	$128.2M+27.3%	$100.7M+3.6%	$97.2M+26.9%	$76.6M+346.9%	-$31.0M+36.0%	-$48.5M
Retained Earnings	-$150.8M-7.1%	-$140.8M-44.3%	-$97.6M-48.0%	-$65.9M-25.9%	-$52.3M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$186.8M-0.2%	$187.1M-1.1%	$189.2M+9.0%	$173.7M-10.0%	$192.9M+4.4%	$184.8M+4.5%	$176.8M-16.7%	$212.3M
Current Assets	$152.6M+0.2%	$152.3M-0.9%	$153.7M+12.3%	$136.9M-12.1%	$155.8M+8.8%	$143.2M+4.3%	$137.2M-23.6%	$179.6M
Cash & Equivalents	$61.5M+1.5%	$60.5M+1.5%	$59.6M+22.3%	$48.8M-8.4%	$53.2M+7.9%	$49.3M+3.9%	$47.5M-46.7%	$89.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.3M+0.5%	$12.2M-2.5%	$12.6M-1.1%	$12.7M-5.4%	$13.4M-1.0%	$13.6M-2.0%	$13.8M-4.6%	$14.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$51.2M-7.5%	$55.3M+1.4%	$54.6M+20.1%	$45.4M-42.4%	$78.9M+0.8%	$78.3M+2.9%	$76.0M-35.2%	$117.3M
Current Liabilities	$44.4M-8.3%	$48.4M+2.5%	$47.3M+24.3%	$38.0M-46.3%	$70.8M+0.7%	$70.3M+3.6%	$67.9M-8.0%	$73.8M
Long-Term Debt	N/A	N/A	N/A	N/A	$0	$0	$0-100.0%	$35.6M
Total Equity	$135.7M+2.9%	$131.8M-2.1%	$134.7M+5.0%	$128.2M+12.5%	$114.0M+7.0%	$106.5M+5.7%	$100.7M+6.0%	$95.1M
Retained Earnings	-$165.1M-1.4%	-$162.8M-5.7%	-$154.0M-2.1%	-$150.8M-2.4%	-$147.3M-1.9%	-$144.6M-2.7%	-$140.8M-5.4%	-$133.6M

EXFY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$23.9M+1431.6%	$1.6M-95.3%	$32.9M+499.3%	$5.5M-27.7%	$7.6M-39.0%	$12.4M
Capital Expenditures	$0-100.0%	$1.4M+136.6%	$585K-78.4%	$2.7M+8.8%	$2.5M-23.1%	$3.2M
Free Cash Flow	$23.9M+13544.0%	$175K-99.5%	$32.3M+1061.5%	$2.8M-45.5%	$5.1M-44.6%	$9.2M
Investing Cash Flow	-$7.6M-4.6%	-$7.3M-231.7%	-$2.2M+71.1%	-$7.6M-77.3%	-$4.3M+12.4%	-$4.9M
Financing Cash Flow	-$22.1M+51.3%	-$45.3M-447.2%	-$8.3M-110.3%	$80.6M+816.9%	$8.8M+71.1%	$5.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$1.5M-49.7%	$3.0M-50.0%	$6.0M	$0	$0-100.0%	$14K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$4.2M-53.3%	$8.9M+85.6%	$4.8M-35.1%	$7.4M-20.6%	$9.3M+168.4%	$3.5M+739.2%	-$543K+89.4%	-$5.1M
Capital Expenditures	$0	N/A	N/A	$0	$0	$0-100.0%	$281K-55.0%	$624K
Free Cash Flow	$4.2M	N/A	N/A	$7.4M-20.6%	$9.3M+168.4%	$3.5M+521.2%	-$824K+85.6%	-$5.7M
Investing Cash Flow	-$1.1M+7.6%	-$1.2M-135.7%	-$498K+46.4%	-$929K+54.4%	-$2.0M+28.0%	-$2.8M-15.0%	-$2.5M-6.5%	-$2.3M
Financing Cash Flow	-$1.1M+32.2%	-$1.7M-237.7%	$1.2M+235.3%	-$893K-192.0%	$971K+14.9%	$845K+102.4%	-$34.9M-5323.6%	$669K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3.0M	N/A	N/A	$0	N/A	N/A	$0	$0

EXFY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	53.9%-1.8pp	55.6%-7.4pp	63.0%+0.6pp	62.4%-0.8pp	63.2%+2.9pp	60.3%
Operating Margin	-0.6%+21.4pp	-22.0%-13.0pp	-9.0%-1.8pp	-7.2%-13.6pp	6.4%+4.9pp	1.6%
Net Margin	-7.2%+20.3pp	-27.5%-11.6pp	-15.9%-6.4pp	-9.5%-7.5pp	-1.9%-3.5pp	1.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.8%+17.7pp	-23.4%-10.6pp	-12.8%-5.5pp	-7.4%-5.4pp	-1.9%	N/A
Current Ratio	3.60+1.6	2.02-1.1	3.10+0.2	2.94+1.3	1.62	N/A
Debt-to-Equity	0.35+0.4	0.00-0.5	0.53-0.2	0.68+1.7	-0.98	N/A
FCF Margin	17.2%+17.0pp	0.1%-18.9pp	19.1%+17.1pp	1.9%-3.8pp	5.8%-5.6pp	11.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	49.6%-2.3pp	51.9%+1.4pp	50.6%-0.4pp	51.0%-5.9pp	56.9%+0.3pp	56.5%+3.4pp	53.1%+1.6pp	51.5%
Operating Margin	-6.4%+22.5pp	-28.9%-24.8pp	-4.1%-5.4pp	1.3%+0.6pp	0.7%+6.0pp	-5.3%+11.7pp	-17.0%+23.8pp	-40.8%
Net Margin	-6.6%+18.0pp	-24.6%-15.8pp	-8.8%-5.2pp	-3.5%+4.8pp	-8.3%+3.0pp	-11.3%+9.2pp	-20.5%+26.1pp	-46.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.2%+3.5pp	-4.7%-3.0pp	-1.7%-0.9pp	-0.8%+0.7pp	-1.4%+0.6pp	-2.1%+2.0pp	-4.1%+3.9pp	-8.0%
Current Ratio	3.44+0.3	3.14-0.1	3.25-0.3	3.60+1.4	2.20+0.2	2.04+0.0	2.02-0.4	2.44
Debt-to-Equity	0.38-0.0	0.42+0.0	0.41+0.1	0.35+0.4	0.000.0	0.000.0	0.00-0.4	0.37
FCF Margin	11.9%	N/A	N/A	20.0%-8.0pp	28.0%+17.6pp	10.3%+12.7pp	-2.3%+13.4pp	-15.7%

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Frequently Asked Questions

What is Expensify, Inc.'s annual revenue?

Expensify, Inc. (EXFY) reported $139.2M in total revenue for fiscal year 2024. This represents a -7.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Expensify, Inc.'s revenue growing?

Expensify, Inc. (EXFY) revenue declined by 7.6% year-over-year, from $150.7M to $139.2M in fiscal year 2024.

Is Expensify, Inc. profitable?

No, Expensify, Inc. (EXFY) reported a net income of -$10.1M in fiscal year 2024, with a net profit margin of -7.2%.

What is Expensify, Inc.'s earnings per share (EPS)?

Expensify, Inc. (EXFY) reported diluted earnings per share of $-0.12 for fiscal year 2024. This represents a 76.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Expensify, Inc.'s EBITDA?

Expensify, Inc. (EXFY) had EBITDA of $6.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Expensify, Inc.'s gross margin?

Expensify, Inc. (EXFY) had a gross margin of 53.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Expensify, Inc.'s operating margin?

Expensify, Inc. (EXFY) had an operating margin of -0.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Expensify, Inc.'s net profit margin?

Expensify, Inc. (EXFY) had a net profit margin of -7.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Expensify, Inc.'s free cash flow?

Expensify, Inc. (EXFY) generated $23.9M in free cash flow during fiscal year 2024. This represents a 13544.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Expensify, Inc.'s operating cash flow?

Expensify, Inc. (EXFY) generated $23.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Expensify, Inc.'s total assets?

Expensify, Inc. (EXFY) had $173.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Expensify, Inc.'s capital expenditures?

Expensify, Inc. (EXFY) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Expensify, Inc. spend on research and development?

Expensify, Inc. (EXFY) invested $24.6M in research and development during fiscal year 2024.

Does Expensify, Inc. buy back shares?

Yes, Expensify, Inc. (EXFY) spent $1.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Expensify, Inc.'s current ratio?

Expensify, Inc. (EXFY) had a current ratio of 3.60 as of fiscal year 2024, which is generally considered healthy.

What is Expensify, Inc.'s debt-to-equity ratio?

Expensify, Inc. (EXFY) had a debt-to-equity ratio of 0.35 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Expensify, Inc.'s return on assets (ROA)?

Expensify, Inc. (EXFY) had a return on assets of -5.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Expensify, Inc.'s Piotroski F-Score?

Expensify, Inc. (EXFY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Expensify, Inc.'s earnings high quality?

Expensify, Inc. (EXFY) has an earnings quality ratio of -2.37x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Expensify, Inc. cover its interest payments?

Expensify, Inc. (EXFY) has an interest coverage ratio of -0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Expensify, Inc.?

Expensify, Inc. (EXFY) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.