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Expensify (NASDAQ: EXFY) Q1 2026 revenue dips 6% as cash flow stays positive

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Expensify, Inc. reported mixed Q1 2026 results, combining revenue pressure with improved profitability metrics and positive cash flow. Revenue, net was $34.0 million, down 6% from a year ago, while interchange revenue from the Expensify Card grew to $5.5 million, up 10%.

The company posted a net loss of $2.3 million compared with $3.2 million last year, and non-GAAP net income of $3.6 million. Adjusted EBITDA was $6.2 million, with an 18% margin. Free cash flow reached $2.5 million, including a $2.6 million one-time payment to settle a shareholder class action lawsuit.

Paid members were 632,000, a 4% decline year over year, but management highlighted growth initiatives, including new distribution partnerships, expanded card integrations with over 10,000 banks, and more than 30 product improvements. Expensify guides full-year 2026 free cash flow of $6.0 million to $9.0 million.

Positive

  • None.

Negative

  • None.

Insights

Expensify shows revenue decline but maintains profitability and cash flow.

Expensify generated Q1 2026 revenue of $34.0 million, a 6% year-over-year decline, reflecting pressure on its core business. However, interchange revenue from the Expensify Card increased 10% to $5.5 million, indicating growing card usage inside the ecosystem.

Despite lower revenue, net loss narrowed to $2.3 million, non-GAAP net income was $3.6 million, and adjusted EBITDA reached $6.2 million with an 18% margin. Free cash flow was $2.5 million, even after a one-time $2.6 million payment to settle a shareholder class action lawsuit, which reduces legal overhang.

Paid members fell 4% to 632,000, showing demand softness. Management emphasizes new partnerships, product enhancements and a Bring Your Own Card strategy, and projects full-year 2026 free cash flow of $6.0–$9.0 million. Future filings may clarify whether card-driven growth offsets member declines.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $34.0 million Q1 2026 revenue, net; 6% decrease year over year
Net loss $2.3 million Q1 2026 net loss vs. $3.2 million in Q1 2025
Non-GAAP net income $3.6 million Q1 2026 non-GAAP net income
Adjusted EBITDA $6.2 million Q1 2026 adjusted EBITDA; 18% adjusted EBITDA margin
Free cash flow $2.5 million Q1 2026 free cash flow, includes $2.6M lawsuit settlement payment
Card interchange revenue $5.5 million Q1 2026 Expensify Card interchange revenue; 10% increase year over year
Paid members 632,000 Paid members in Q1 2026; 4% decrease year over year
Free cash flow guidance $6.0–$9.0 million Estimated free cash flow for fiscal year ending December 31, 2026
free cash flow financial
"Free cash flow was $2.5 million, which includes a $2.6 million one time payment"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Adjusted EBITDA financial
"Adjusted EBITDA was $6.2 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP net income financial
"Non-GAAP net income was $3.6 million."
Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.
stock-based compensation financial
"Total stock-based compensation expense was $5,977"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
Regulation FD regulatory
"By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD."
Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.
Revenue $34.0 million -6% YoY
Net loss $2.3 million
Non-GAAP net income $3.6 million
Adjusted EBITDA $6.2 million
Free cash flow $2.5 million
Guidance

Expensify estimates free cash flow of $6.0 million to $9.0 million for the fiscal year ending December 31, 2026.

Understanding 8-K Material Events →
0001476840False00014768402026-05-072026-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 7, 2026
Expensify, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware001-4104327-0239450
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
88 Kearny St, Ste 1600
San Francisco, California 94108
(Address of Principal Executive Offices) (Zip Code)
(971) 365-3939
(Registrant’s telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbols
Name of each exchange
on which registered
Class A Common Stock, par value $0.0001 per shareEXFYThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, the Expensify, Inc. (“Expensify” or “the Company”) issued a press release announcing its financial results for the year and quarter ended March 31, 2026. A copy of this press release is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On May 7, 2026, the Company posted an investor presentation to its website at https://ir.expensify.com (the “Investor Presentation”). A copy of the Investor Presentation is attached as Exhibit 99.2 to this current report on Form 8-K and is incorporated herein by reference. The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others.
The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation speaks only as of the date of this current report on Form 8-K. The Company undertakes no duty or obligation to publicly update or revise the information included in the Investor Presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or other public disclosure. In addition, the exhibit furnished herewith contains statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibit. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD.
The information contained in Item 2.02 and this Item 7.01, including Exhibit 99.1 and 99.2, is being furnished and shall not be deemed “filed” for the purposed of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by Expensify under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
Press Release issued by Expensify, Inc., dated May 7, 2026
99.2
Investor Presentation, dated May 7, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Expensify, Inc.
By:/s/ Ryan Schaffer
Name:Ryan Schaffer
Title:Chief Financial Officer
Date: May 7, 2026

Exhibit 99.1
EXPENSIFY ANNOUNCES Q1 2026 RESULTS
Interchange revenue derived from the Expensify Card grew to $5.5 million, an increase of 10% as compared to the same period last year.
SAN FRANCISCO, CAL.--(BUSINESS WIRE)--May 7, 2026-- Expensify, Inc. (Nasdaq: EXFY), the easiest way to manage expenses, corporate cards, and travel, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended March 31, 2026.
A Message From Our Founder
In Q1 2026, Expensify continued to advance its growth strategy by expanding distribution partnerships, strengthening its product ecosystem, and accelerating development of New Expensify. The company made progress on its Bring Your Own Card strategy, enabling customers to connect existing corporate and personal cards through integrations with more than 10,000 banks, while adding or renewing strategic relationships with the Institute of Commercial Payments, ANZ Bank, and Kiwibank. Expensify also expanded its commercial ecosystem through new agreements with Campfire ERP and Rillet ERP and a new travel integration with American Airlines.
Product development remained strong, with more than 30 improvements shipped during the quarter across Home, Insights, Concierge, card controls, expense automation, reporting, and mobile receipt management, including merchant rules, GPS mileage tracking, enhanced analytics, virtual card controls, and expanded accountant workflows. Together with continued Expensify Card interchange growth, positive free cash flow, and an increase in April 2026 paid active users relative to the Q1 2026 average, these initiatives reflect continued progress toward improving adoption, increasing automation, and positioning the business for future growth.
-david
Founder and CEO of Expensify

Exhibit 99.1
Financial
First Quarter 2026 Highlights
•Revenue, net was $34.0 million, a decrease of 6% compared to the same period last year.
•Generated $0.1 million of cash from operating activities.
•Free cash flow was $2.5 million, which includes a $2.6 million one time payment related to settling the shareholder class action lawsuit.
•Net loss was $2.3 million, compared to $3.2 million for the same period last year.
•Non-GAAP net income was $3.6 million.
•Adjusted EBITDA was $6.2 million.
•Interchange revenue derived from the Expensify Card grew to $5.5 million, an increase of 10% compared to the same period last year.
•See Financial Outlook section for Free Cash Flow guidance for fiscal year ending December 31, 2026.
Business
First Quarter 2026 Highlights
•Paid members - Paid members were 632,000, a decrease of 4% from the same period last year.
•Partnerships - The company launched integrations with Campfire ERP, Rillet ERP, and American Airlines; the company announced strategic partnerships with Xero, ANZ Bank, Kiwi Bank, and the Institute of Commercial Payments.
•Product improvements - The company released over 30 product improvements in Q1, highlighted by merchant level rules, an action driven homepage, and powerful new insights.

Exhibit 99.1
Financial Outlook
Expensify's outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. There can be no assurance that the Company will achieve the results expressed by this guidance.
Free Cash Flow
Expensify estimates Free Cash Flow of $6.0 million - $9.0 million for the fiscal year ending December 31, 2026.
The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.
Stock Based Compensation
An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately three years remaining).
Est. stock-based compensation (millions)
Q2 2026
Q3 2026
Q4 2026
Q1 2027
Low
High
Low
High
Low
High
Low
High
Cost of revenue, net
$
1.8 
$
2.6 
$
1.7 
$
2.5 
$
1.7 
$
2.5 
$
1.7 
$
2.5 
Research and development
1.5 
2.1 
1.4 
2.0 
1.4 
2.0 
1.3 
1.9 
General and administrative
0.8 
1.2 
0.8 
1.2 
0.8 
1.2 
0.7 
1.1 
Sales and marketing
0.6 
0.8 
0.6 
0.8 
0.6 
0.8 
0.6 
0.8 
Total
$
4.7 
$
6.7 
$
4.5 
$
6.5 
$
4.5 
$
6.5 
$
4.3 
$
6.3 
Availability of Information on Expensify’s Website
Investors and others should note that Expensify routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Expensify Investor Relations website at https://ir.expensify.com. While not all of the information that the Company posts to its Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Expensify to review the information that it shares on its Investor Relations website.
Conference Call
Expensify will host a video call to discuss the financial results and business highlights at 2:00 p.m. Pacific Time today. An investor presentation and the video call information is available on Expensify’s Investor Relations website at https://ir.expensify.com. A replay of the call will be available on the site for three months.

Exhibit 99.1
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we provide certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net (loss) income, and free cash flow.
We believe our non-GAAP financial measures are useful in evaluating our business, measuring our performance, identifying trends affecting our business, formulating business plans and making strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled metrics or measures presented by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is at the end of this press release.
Adjusted EBITDA. We define adjusted EBITDA as net loss excluding provision for income taxes, other income, net, depreciation and amortization, and stock-based compensation expense.
Non-GAAP net income. We define non-GAAP net income as net loss excluding stock-based compensation expense.
Free cash flow. We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and software development costs.
The tables at the end of the Condensed Consolidated Financial Statements provide reconciliations to the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.
Forward-Looking Statements
Forward-looking statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our strategy, future financial condition, future operations, future cash flow, projected costs, prospects, plans, objectives of management and expected market growth, product developments and their potential impact and our stock-based compensation estimates and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “ambition,” “objective,” “seeks,” “outlook,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the impact on inflation on us and our members; our borrowing costs, which have and may continue to increase as a result of increases in interest rates; our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand usage of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us, or by competitors to their products, or

Exhibit 99.1
any other changes in the competitive landscape of our market; the amount and timing of operating expenses that we may incur to maintain and expand our business and operations to remain competitive; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to meet the Nasdaq continued listing requirements for minimum bid price or other Nasdaq listing requirements and the potential delisting of our common stock; our ability to make required payments under and to comply with the various requirements of our current and future indebtedness; our cash flows, the prevailing stock prices, general economic and market conditions and other considerations that could affect the specific timing, price and size of repurchases under our stock repurchase program or our ability to fund any stock repurchases; geopolitical tensions, including the war in Ukraine and the conflict in the Middle East; our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates; the size of our addressable markets, market share and market trends; anticipated trends, developments and challenges in our industry, business and the highly competitive markets in which we operate; any adverse impact on our business operations as a result of using artificial intelligence or other machine learning technologies in our services; our expectations regarding our income tax liabilities and the adequacy of our reserves; our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture; our ability to identify, recruit and retain skilled personnel, including key members of senior management; the safety, affordability and convenience of our platform and our offerings; our ability to successfully defend litigation brought against us; our ability to successfully identify, manage and integrate any existing and potential acquisitions of businesses, talent, technologies or intellectual property; general economic conditions in either domestic or international markets, including geopolitical uncertainty and instability, and their effects on software spending; our ability to protect against security incidents, technical difficulties, or interruptions to our platform; our ability to maintain, protect and enhance our intellectual property; the impact of tariffs and global trade disruptions on us, our customers and our vendors, including the impact on inflation, supply chains and consumer sentiment; and other risks discussed in our filings with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
About Expensify
Expensify is the easiest way to do your expenses, travel, and corporate cards. Built for businesses of all sizes and trusted by 15 million members worldwide, Expensify is a top-rated app across G2, TrustRadius, Capterra, and more. Learn more at use.expensify.com.
Investor Relations Contact
Nick Tooker
investors@expensify.com
Press Contact
James Dean
press@expensify.com


Expensify, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share data)
As of March 31,
As of December 31,
2026
2025
Assets
Cash and cash equivalents
$
66,528 
$
63,080 
Accounts receivable, net
12,115 
12,617 
Settlement assets, net
53,581 
45,378 
Prepaid expenses
4,792 
5,588 
Other current assets
21,205 
26,344 
Total current assets
158,221 
153,007 
Capitalized software, net
13,269 
13,596 
Property and equipment, net
12,861 
13,016 
Lease right-of-use assets
4,559 
4,730 
Deferred tax assets, net
486 
494 
Other assets
1,201 
1,146 
Total assets
$
190,597 
$
185,989 
Liabilities and stockholders' equity
Accounts payable
$
938 
$
289 
Accrued expenses and other liabilities
7,668 
17,893 
Lease liabilities, current
648 
678 
Settlement liabilities
36,083 
27,545 
Total current liabilities
45,337 
46,405 
Lease liabilities, non-current
4,910 
5,061 
Other liabilities
1,822 
1,778 
Total liabilities
52,069 
53,244 
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.0001; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
— 
— 
Common stock, par value $0.0001;
Class A common stock; 1,000,000,000 shares authorized; 84,272,879 and 80,767,385 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
LT10 common stock; 21,871,197 shares authorized; 4,209,827 shares issued and outstanding as of March 31, 2026 and December 31, 2025,
LT50 common stock; 24,893,067 and 24,967,114 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 7,950,037 and 8,083,690 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
10 
9 
Additional paid-in capital
313,072 
304,953 
Accumulated deficit
(174,554)
(172,217)
Total stockholders' equity
138,528 
132,745 
Total liabilities and stockholders' equity
$
190,597 
$
185,989 


Expensify, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
Three Months Ended March 31,
2026
2025
Revenue, net
$
33,969 
$
36,074 
Cost of revenue, net(1)
17,798 
17,832 
Gross margin
16,171 
18,242 
Operating expenses:
Research and development(1)
5,265 
5,358 
General and administrative(1)
9,118 
10,829 
Sales and marketing(1)
3,760 
3,542 
Total operating expenses
18,143 
19,729 
Loss from operations
(1,972)
(1,487)
Other income, net
171 
324 
Loss before income taxes
(1,801)
(1,163)
Provision for income taxes
(536)
(2,006)
Net loss
$
(2,337)
$
(3,169)
Net loss per share:
Basic and diluted
$
(0.02)
$
(0.03)
Weighted average shares of common stock used to compute net loss per share:
Basic and diluted
93,719,202 
91,501,083 
    
(1)Includes stock-based compensation expense as follows:
Three Months Ended March 31,
2026
2025
Cost of revenue, net
$
2,311 
$
3,039 
Research and development
1,863 
2,402 
General and administrative
1,035 
1,572 
Sales and marketing
768 
977 
Total stock-based compensation expense
$
5,977 
$
7,990 


Expensify, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net loss
$
(2,337)
$
(3,169)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization
2,256 
1,983 
Reduction of operating lease right-of-use assets
137 
138 
Loss on impairment, receivables and sale or disposal of equipment
544 
156 
Stock-based compensation
5,977 
7,990 
Amortization of debt issuance costs
52 
11 
Deferred tax assets
8 
(6)
Changes in assets and liabilities:
Accounts receivable, net
(28)
53 
Settlement assets, net
(4,481)
(5,555)
Prepaid expenses
796 
590 
Other current assets
6,261 
150 
Other assets
(55)
(26)
Accounts payable
547 
330 
Accrued expenses and other liabilities
(10,189)
1,462 
Operating lease liabilities
(144)
(137)
Settlement liabilities
730 
3,809 
Other liabilities
44 
77 
Net cash provided by operating activities
118 
7,856 
Cash flows from investing activities:
Software development costs
(1,412)
(498)
Net cash used in investing activities
(1,412)
(498)
Cash flows from financing activities:
Change in customer funds, net
4,437 
(3,051)
Principal payments of finance leases
(37)
(34)
Proceeds from common stock purchased under Matching Plan
1,828 
1,151 
Proceeds from issuance of common stock on exercise of stock options
39 
91 
Net cash provided by (used in) financing activities
6,267 
(1,843)
Net increase in cash and cash equivalents and restricted cash
4,973 
5,515 
Cash and cash equivalents and restricted cash, beginning of period
104,624 
90,834 
Cash and cash equivalents and restricted cash, end of period
$
109,597 
$
96,349 
Noncash investing and financing items:
Stock-based compensation capitalized as software development costs
$
271 
$
239 
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses
$
182 
$
174 
Fair value of common stock issued to settle liability-classified restricted stock units
$
376 
$
— 
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents
$
66,528 
$
59,627 
Restricted cash included in other current assets
19,718 
19,225 
Restricted cash included in settlement assets, net
23,351 
17,497 
Total cash and cash equivalents and restricted cash
$
109,597 
$
96,349 


Expensify, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited, in thousands, except percentages)
Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended March 31,
2026
2025
Net loss
$
(2,337)
$
(3,169)
Net loss margin
(7)
%
(9)
%
Add:
Provision for income taxes
536 
2,006 
Other income, net
(171)
(324)
Depreciation and amortization
2,215 
1,943 
Stock-based compensation expense
5,977 
7,990 
Adjusted EBITDA
$
6,220 
$
8,446 
Adjusted EBITDA margin
18 
%
23 
%
Non-GAAP Net Income and Non-GAAP Net Income Margin
Three Months Ended March 31,
2026
2025
Net loss
$
(2,337)
$
(3,169)
Net loss margin
(7)
%
(9)
%
Add:
Stock-based compensation expense
5,977 
7,990 
Non-GAAP net income
$
3,640 
$
4,821 
Non-GAAP net income margin
11 
%
13 
%
Free Cash Flow and Free Cash Flow Margin
Three Months Ended March 31,
2026
2025
Net cash provided by operating activities
$
118 
$
7,856 
Operating cash flow margin
— 
%
22 
%
Changes in settlement assets and liabilities:
Settlement assets, net
4,481 
5,555 
Settlement liabilities
(730)
(3,809)
Less:
Software development costs
(1,412)
(498)
Free cash flow
$
2,457 
$
9,104 
Free cash flow margin
7 
%
25 
%


Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Exhibit 99.2
Expensify, Inc.
Investor Presentation


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Source: View Original Filing on SEC EDGAR

FAQ

How did Expensify (EXFY) perform financially in Q1 2026?

Expensify reported Q1 2026 revenue of $34.0 million, down 6% year over year, with a net loss of $2.3 million. However, non-GAAP net income reached $3.6 million and adjusted EBITDA was $6.2 million, reflecting improved profitability metrics despite softer sales.

What were Expensify’s free cash flow and cash position in Q1 2026?

Expensify generated free cash flow of $2.5 million in Q1 2026, including a $2.6 million one-time lawsuit settlement payment. Net cash provided by operating activities was $0.1 million, and total cash, cash equivalents and restricted cash ended the quarter at $109.6 million, supporting liquidity.

What free cash flow guidance did Expensify provide for full-year 2026?

Expensify estimated free cash flow of $6.0 million to $9.0 million for the fiscal year ending December 31, 2026. Management notes these outlook figures are forward-looking and subject to risks described in its cautionary statements and SEC filings.

What non-GAAP metrics does Expensify use and why?

Expensify highlights adjusted EBITDA, non-GAAP net income, and free cash flow to evaluate performance. These metrics exclude items like stock-based compensation and certain non-cash or one-time charges, which management believes helps assess underlying operating trends alongside traditional GAAP results.

How did Expensify’s operating expenses and margins look in Q1 2026?

Total operating expenses were $18.1 million, down from $19.7 million a year earlier, helping offset lower revenue. The company reported an adjusted EBITDA margin of 18%, compared with 23% in Q1 2025, reflecting solid profitability but some margin compression.

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