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Expensify, Inc. (EXFY) stock

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NASDAQ: EXFY Nasdaq Application Software Next results ~November 5, 2026

D Fundamentals grade

Expensify, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.7

Valuation models combined (3)

Base case. Range ~$1.4–$2.2. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Expensify, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 6 selling6 purchases and 34 sales by directors and officers, last 12 monthsInsider trades
  • Funds58 adding, 58 cuttingOf 21 active managers that changed their stake, 11 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Expensify files

Where Expensify stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $138m, down 4.3% on a year earlier, a steeper fall than the 1.3% decline a quarter earlier. That puts it 97 of 103 for growth among the application software companies we cover. Free-cash-flow margin fell to 9.1% from 18.8% a year earlier. The diluted share count is up 3.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $2.23 a share, against a share price of $2.38.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Expensify, Inc.'s trailing-twelve-month revenue fell 4.3% year on year, with a free-cash-flow margin of 9.1%. Where it lags: revenue growth of -4.3% ranks 163 of 184 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 53.6% while net income fell 1.0%: a 53pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 42.9% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 4.3% over the last 12 months.
  • Loss-making. Operating margin is -8.0%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 18.0% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 3.6% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 81% and a beta of 1.2 against the S&P 500.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.04 against an average estimate of $0.02: beat by 76.0%
Revenue
$34m, down 5.3% on a year earlier
Share reaction
+33.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
free cash flow $12m to $14m (fiscal year ending December 31, 2026)
Next report
November 5, 2026; average EPS estimate $0.02

Expensify's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week-8.8%
  • 1 month+1.8%
  • This year+51.7%
  • 1 year+40.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$138M
Operating margin
-8.0%
Net margin
-11.3%
EPS (TTM, diluted)
$-0.17

Growth

Revenue growth
−4.3%
Change in growth rate
−3.0 pts
Share count change
+3.6%

Cash

Free cash flow (TTM)
$12.6M
FCF margin
9.1%
Stock pay % of revenue
18.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Expensify, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Expensify, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.28 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.7 ~$1.3–$1.9 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.4 ~$1.1–$2.3 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.4 ~$2.8–$7.7 Left out: out of range vs price (0.18x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$2.2 ~$2.2–$2.6 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.7 ~$1.4–$2.2 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Expensify, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$44.00$8.83$2.47$3.35$1.51$2.29
Market value$1.7bn$713m$204m$293m$139m$214m
+ Net debt (− = net cash)−$16m−$37m−$25m−$49m−$63m−$66m
Enterprise value$1.7bn$677m$179m$244m$76m$149m
Multiples
Price / sales 11.7x4.2x1.4x2.1x1.0x1.6x
Price / earnings ——————
Price / free cash flow n/m22.1xn/m12.3x6.9x17.0x
EV / EBITDA ———40.7x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Expensify's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 0.3% of total assets over 5 years.

  • Pricing power 14 / 20

    Gross margin has been a median 56.1%, moving by 7.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -9.7%; its worst year was -23.6%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 5 of 5 years, at a median 7.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (46 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $34m and EPS of $0.02 (range $0.02 to $0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.12 +113% $136m −4%
Next $0.10 −17% $136m +0%

Next year's EPS estimate has moved +42.9% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +38.5% on 90 days ago. In the last 30 days, 1 analyst raised Expensify, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Expensify, Inc., last 90 days
$0.06 $0.08 $0.10 $0.12 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.09 Current fiscal year, 60 days ago: $0.12 Current fiscal year, 30 days ago: $0.12 Current fiscal year, 7 days ago: $0.12 Current fiscal year, Now: $0.12 $0.12 Next fiscal year, 90 days ago: $0.07 Next fiscal year, 60 days ago: $0.10 Next fiscal year, 30 days ago: $0.10 Next fiscal year, 7 days ago: $0.10 Next fiscal year, Now: $0.10 $0.10

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.09$0.07
60 days ago $0.12$0.10
30 days ago $0.12$0.10
7 days ago $0.12$0.10
Now $0.12$0.10

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.02 $0.04 +76.0%
Mar 2026 $0.02 $0.04 +94.0%
Dec 2025 $0.04 −$0.02 −157.1%
Sept 2025 $0.05 $0.05 −13.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Free cash flow fiscal year ending December 31, 2026 $12m to $14m Non-GAAP
    “Expensify estimates free cash flow of $12.0 million - $14.0 million for the fiscal year ending December 31, 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

3 analysts, Oct 2026
Buy133%
Hold267%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123
  3. Aug 202633

Counts of recommendations published by analysts covering Expensify, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.5%
of tradable shares
Days to cover
2.02
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
33%
of shares
Held by insiders
25.6%
of shares
Employees
117
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +40.5%

$1.63 on October 31, 2025 to $2.29

ThenNowEffect
Revenue (last 12 months) $144m $138m −4.3%
P/S multiple 1.0x 1.6x +52.0%
Share count 90m 94m −3.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −16.1%

$2.73 on November 3, 2023 to $2.29

ThenNowEffect
Revenue (last 12 months) $165m $138m −16.3%
P/S multiple 1.4x 1.6x +15.0%
Share count 82m 94m −12.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
EXFY−80%−72%+36%−55%+52%
Industry peers (median)−50%+19%+2%−20%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
EXFY17%33%42%25%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
EXFY−81%−84%−49%−65%−51%
S&P 500−25%−10%−8%−19%−9%

Worst fall since November 10, 2021: 99% from November 26, 2021 to March 17, 2026. Getting back needed a 6398% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.75 – $2.72
From 52-week high
−15.8%
vs 50-day average
−4.3%
vs 200-day average
+42.6%
Volatility (1 year)
81%
Beta vs S&P 500
1.22

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±20.6%
After a week
6 up, 6 down
typical move ±21.7%
After a month
5 up, 7 down
typical move ±24.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +33.2% +0.5% +9.9% +17.8%
May 7, 2026 −6.8% +0.5% +3.6% +7.3%
February 26, 2026 −25.2% −1.0% −24.3% −36.1%
November 6, 2025 −15.4% −1.0% −12.3% −1.2%
August 7, 2025 −13.9% +0.7% −9.1% −1.5%
May 8, 2025 −15.9% +0.6% −15.5% −17.0%
February 27, 2025 +22.2% −0.1% +18.3% −1.9%
November 7, 2024 +27.6% +1.2% +49.0% +91.7%
August 8, 2024 +39.1% +2.8% +56.3% +69.5%
May 9, 2024 −1.1% +0.7% −4.5% −19.6%
February 22, 2024 +18.6% +2.1% +33.3% +17.3%
November 8, 2023 −28.4% −0.7% −24.8% −15.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Expensify, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Expensify, Inc.
$130M $140M $150M $160M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $158.9M Revenue (TTM), FY23 Q4: $150.7M Revenue (TTM), FY24 Q1: $144.1M Revenue (TTM), FY24 Q2: $138.5M Revenue (TTM), FY24 Q3: $137.4M Revenue (TTM), FY24 Q4: $139.2M Revenue (TTM), FY25 Q1: $141.8M Revenue (TTM), FY25 Q2: $144.3M Revenue (TTM), FY25 Q3: $143.9M Revenue (TTM), FY25 Q4: $142.1M Revenue (TTM), FY26 Q1: $140M Revenue (TTM), FY26 Q2: $138.1M $138.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $158.9M
FY23 Q4 $150.7M
FY24 Q1 $144.1M
FY24 Q2 $138.5M
FY24 Q3 $137.4M
FY24 Q4 $139.2M
FY25 Q1 $141.8M
FY25 Q2 $144.3M
FY25 Q3 $143.9M
FY25 Q4 $142.1M
FY26 Q1 $140M
FY26 Q2 $138.1M
Revenue growth, TTM YoY Expensify, Inc.
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -4.5% Revenue growth, TTM YoY, FY23 Q4: -11.1% Revenue growth, TTM YoY, FY24 Q1: -14.8% Revenue growth, TTM YoY, FY24 Q2: -16.0% Revenue growth, TTM YoY, FY24 Q3: -13.5% Revenue growth, TTM YoY, FY24 Q4: -7.6% Revenue growth, TTM YoY, FY25 Q1: -1.6% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 4.7% Revenue growth, TTM YoY, FY25 Q4: 2.1% Revenue growth, TTM YoY, FY26 Q1: -1.3% Revenue growth, TTM YoY, FY26 Q2: -4.3% -4.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -4.5%
FY23 Q4 -11.1%
FY24 Q1 -14.8%
FY24 Q2 -16.0%
FY24 Q3 -13.5%
FY24 Q4 -7.6%
FY25 Q1 -1.6%
FY25 Q2 4.1%
FY25 Q3 4.7%
FY25 Q4 2.1%
FY26 Q1 -1.3%
FY26 Q2 -4.3%
Operating margin (TTM) Expensify, Inc.
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -17.5% Operating margin (TTM), FY23 Q4: -22.0% Operating margin (TTM), FY24 Q1: -22.4% Operating margin (TTM), FY24 Q2: -16.2% Operating margin (TTM), FY24 Q3: -5.3% Operating margin (TTM), FY24 Q4: -0.6% Operating margin (TTM), FY25 Q1: -0.4% Operating margin (TTM), FY25 Q2: -7.7% Operating margin (TTM), FY25 Q3: -9.5% Operating margin (TTM), FY25 Q4: -12.7% Operating margin (TTM), FY26 Q1: -13.2% Operating margin (TTM), FY26 Q2: -8.0% -8.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -17.5%
FY23 Q4 -22.0%
FY24 Q1 -22.4%
FY24 Q2 -16.2%
FY24 Q3 -5.3%
FY24 Q4 -0.6%
FY25 Q1 -0.4%
FY25 Q2 -7.7%
FY25 Q3 -9.5%
FY25 Q4 -12.7%
FY26 Q1 -13.2%
FY26 Q2 -8.0%
FCF margin (TTM) Expensify, Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.7% FCF margin (TTM), FY23 Q4: 0.1% FCF margin (TTM), FY24 Q1: -2.8% FCF margin (TTM), FY24 Q2: 4.5% FCF margin (TTM), FY24 Q3: 11.4% FCF margin (TTM), FY24 Q4: 17.1% FCF margin (TTM), FY25 Q1: 19.9% FCF margin (TTM), FY25 Q2: 18.8% FCF margin (TTM), FY25 Q3: 17.6% FCF margin (TTM), FY25 Q4: 14.1% FCF margin (TTM), FY26 Q1: 8.8% FCF margin (TTM), FY26 Q2: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 4.7%
FY23 Q4 0.1%
FY24 Q1 -2.8%
FY24 Q2 4.5%
FY24 Q3 11.4%
FY24 Q4 17.1%
FY25 Q1 19.9%
FY25 Q2 18.8%
FY25 Q3 17.6%
FY25 Q4 14.1%
FY26 Q1 8.8%
FY26 Q2 9.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 80 88 143 169 151 139 142 138
Gross profit 48 56 89 107 84 75 72 67
EBITDA 4 9 −5 −10 −28 6 −10 −6
Operating income 1 6 −10 −15 −33 −1 −18 −11
Net income 1 −2 −14 −27 −41 −10 −21 −16
Diluted EPS $0.00 −$0.06 −$0.36 −$0.33 −$0.50 −$0.12 −$0.23 −$0.17
Growth (year on year)
Revenue — +9.5% +62.2% +18.7% −11.1% −7.6% +2.1% −4.3%
EBITDA — +117.9% −156.7% — — — −259.5% —
Operating income — — −280.8% — — — — —
Margins
Gross margin 60.2% 63.2% 62.4% 63.0% 55.6% 53.9% 50.3% 48.7%
EBITDA margin 5.1% 10.1% −3.5% −5.8% −18.6% 4.3% −6.7% −4.5%
Operating margin 1.5% 6.4% −7.2% −9.0% −22.0% −0.6% −12.7% −8.0%
Net margin 1.5% −1.9% −9.5% −15.9% −27.5% −7.2% −15.1% −11.3%
Free-cash-flow margin 11.4% 5.8% 1.9% 19.1% 0.1% 17.1% 14.1% 9.1%
Cash flow
Cash from operations 12 8 5 33 2 24 20 13
Capital spending 3 2 3 1 1 0 0 0
Free cash flow 9 5 3 32 0 24 20 13
Stock-based pay 2 18 15 52 41 34 27 25
Free cash flow after stock pay 7 −13 −12 −20 −41 −10 −7 −12
Balance sheet
Cash 10 34 98 104 48 49 63 66
Total debt 0 48 83 67 23 0 0 0
Net debt (negative = net cash) −10 13 −16 −37 −25 −49 −63 −66
Diluted shares 26m 27m 38m 81m 82m 87m 92m 94m
Returned to shareholders
Buybacks 0 0 0 6 3 2 9 —
Total returned 0 0 0 6 3 2 9 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $185m
Short-term assets $154mLonger-term assets $31m
What it owes, and who funded it · $185m
Short-term liabilities $44mLonger-term liabilities $7mShareholders' equity $135m
  • Short-term assets cover short-term liabilities $154m of assets due within a year against $44m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $154m short-term assets against $7m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Expensify, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$13.6M
Diluted share count
+3.6%
year over year
R&D spending
14.8%
of revenue
Days sales outstanding
30 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated EXFY API BBAI LGCL STEM SMRT Median
Revenue, last 12 months $138m $141m $142m $145m $148m $151m $482m
Revenue growth, last 12 months −4.3% 5.9% −1.5% −1.9% −5.1% −2.8% 12.0%
Revenue growth, 3-year average −5.8% — −2.9% — −29.1% −9.9% 11.1%
Revenue growth, latest quarter −5.3% — 31.5% — −12.3% 4.0% 11.9%
Gross margin 48.7% 66.4% 30.2% 33.8% 41.5% 36.4% 69.2%
Operating margin −8.0% −6.7% −164.2% 1.9% −29.1% −14.9% 1.1%
Operating margin, 3-year average −10.6% — −116.2% — −127.3% −26.7% −0.8%
Net margin −11.3% 6.8% −126.8% 0.9% −49.4% −13.0% 2.1%
Cash from operations / revenue 9.1% 19.3% −50.4% 3.4% 7.9% −0.5% 18.2%
Free-cash-flow margin 9.1% 18.1% −51.2% −4.6% 7.9% −0.7% 15.0%
Free-cash-flow margin, 3-year average 10.8% — −30.3% — −7.1% −9.8% 16.2%
Stock pay / revenue 18.0% 3.9% 13.4% — 5.4% 6.7% 9.3%
Change in share count 3.6% 6.0% 45.2% 21.6% — −1.4% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -4.3% 12.0% 163 of 184
Change in growth rate Growth -3.0pp +0.2pp 146 of 184
Gross margin Profitability 48.7% 69.8% 121 of 160
Operating margin Profitability -8.0% 1.1% 118 of 181
Net margin Profitability -11.3% 2.1% 122 of 185
Free-cash-flow margin Cash generation 9.1% 15.2% 110 of 180
Stock pay as % of revenue Cash generation 18.0% 9.3% 143 of 177
Change in share count Balance sheet 3.6% 1.7% 97 of 163
Days sales outstanding Balance sheet 30 days 57 days 35 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscription Fees $131M 91.9% ▼ 6.0%
Interchange $21.3M 15.0% ▲ 131.9%
Other $365,000 0.3% ▲ 100.5%
Cashback Rewards -$10.1M -7.1% —
Geography
Region Revenue Share YoY
United States $130M 91.2% ▲ 2.2%
Outside the US $12.5M 8.8% ▲ 0.3%

From Expensify, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$45.9M
Institutions reporting
101
Shares held vs prior quarter
▼ 15.6%
Positions opened / closed
26 / 28

Top buyers and sellers, Q2 2026: 58 institutions bought and 58 sold ; the biggest buyer was Parallel Advisors, LLC (+2.7M shares) and the biggest seller Blackrock, Inc (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Parallel Advisors, LLC $4.8M 2.7M 10.4% New
Acadian Asset Management LLC $4.4M 2.5M 9.6% ▲ 11.1%
Vanguard Capital Management LLC $4.2M 2.4M 9.2% ▲ 2.3%
AQR Capital Management LLC $3.7M 2.1M 8.1% ▲ 152.5%
Palogic Value Management, L.P. $3.2M 1.8M 6.9% ▼ 29.9%
Castleknight Management LP $3.1M 1.7M 6.7% 0.0%
Vanguard Portfolio Management LLC $2.1M 1.2M 4.6% ▼ 40.6%
Blackrock, Inc. $2M 1.1M 4.3% ▼ 72.2%
Jane Street Group, LLC $1.8M 1.0M 4.0% New
Formula Growth Ltd $1.6M 875K 3.4% ▼ 1.7%
Marshall Wace, LLP $1.3M 752K 2.9% ▼ 17.8%
Renaissance Technologies LLC $1.3M 747K 2.9% ▲ 3.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Expensify, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2.2M 6 trades by 2 insiders, last 12 months Insider sales History → $493,074 34 trades by 6 insiders · 80% under pre-set plans
Net ▲ $1.7M net buying
Insider Date Trade Shares Price Value
Alvarez Divo Carlos Eduardo Director June 15, 2026 Sell pre-set plan 10,700 $1.28 $13,696
Barrett David Michael Chief Executive Officer June 1, 2026 Sell pre-set plan 30,000 $1.15 $34,500
Alvarez Divo Carlos Eduardo Director May 15, 2026 Sell pre-set plan 10,000 $1.13 $11,300
Barrett David Michael Chief Executive Officer May 1, 2026 Sell pre-set plan 30,000 $1.08 $32,400
Alvarez Divo Carlos Eduardo Director April 28, 2026 Sell pre-set plan 30,728 $1.01 $31,035
Barrett David Michael Chief Executive Officer April 1, 2026 Sell pre-set plan 30,000 $0.85 $25,500
Alvarez Divo Carlos Eduardo Director March 30, 2026 Sell 12,451 $0.81 $10,085
Mills Jason Fahr Director March 24, 2026 Sell 1,786 $0.84 $1,500
Barrett David Michael Chief Executive Officer March 24, 2026 Sell 10,114 $0.84 $8,496
Schaffer Ryan Chief Financial Officer March 24, 2026 Sell 2,700 $0.84 $2,268
Vidal Daniel Director March 24, 2026 Sell 1,510 $0.84 $1,268
Alvarez Divo Carlos Eduardo Director March 24, 2026 Sell 1,699 $0.84 $1,427

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Expensify, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Expensify, Inc. in brief

What does Expensify, Inc. do?
Expensify, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Expensify, Inc.'s stock ticker?
Expensify, Inc. trades under the ticker EXFY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Expensify, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Expensify, Inc. reported revenue of $138M, 4.3% lower than a year earlier, according to its SEC filings.
What is Expensify, Inc.'s free cash flow?
Expensify, Inc.'s free-cash-flow margin is 9.1% of revenue over the trailing twelve months, ranking 110 of the 180 application software companies we cover.
Who are Expensify, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Parallel Advisors, LLC, Acadian Asset Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Expensify, Inc.'s market cap?
On November 2, 2026, Expensify, Inc.'s market capitalisation was about $214M and net debt of -$65.8M. Market figures come from third-party market data and may be delayed.
Who are Expensify, Inc.'s competitors?
In our Application Software peer group, the companies closest to Expensify, Inc. are Agora, Inc., Bigbear.ai Holdings, Inc., Lucas GC Ltd, Stem, Inc. and Smartrent, Inc. The side-by-side comparison below sets their revenue, margins and growth against Expensify, Inc.'s.
Are insiders buying or selling Expensify, Inc. stock?
Over the last 12 months, Expensify, Inc.'s directors and officers reported 6 open-market purchases and 34 sales on Form 4. The insider trading page charts every trade.
When is Expensify, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Expensify, Inc. announces its own schedule.