Expensify (EXFY) Company Report

Anu Muralidharan resigned from her positions as Chief Operating Officer and a member of the Board of Directors of Expensify, Inc., effective December 29, 2025. Her decision was not the result of any disagreement with the company's operations, policies, or practices.
Daniel Vidal, the company's Chief Strategy Officer and Director, will assume Ms. Muralidharan's responsibilities.
In connection with her departure, Ms. Muralidharan will receive a separation payment of $550,000, inclusive of attorney's fees, payable in two installments.
Carlos Alvarez Divo, the company's Director of Engineering, was appointed to the Board of Directors, Executive Committee, and Compensation Committee, effective December 29, 2025, filling the vacancy created by Ms. Muralidharan's resignation.

Dec 30, 2025, 2:52 AM

8-K

Expensify Announces Q3 2025 Results

EXFY

Earnings

Guidance Update

Share Buyback

Expensify reported Q3 2025 revenue of $35.1 million, a net loss of $(2.3) million, Non-GAAP net income of $4.3 million, and Adjusted EBITDA of $6.5 million.
Free Cash Flow for Q3 2025 was $1.2 million, an 82% decrease from the same period last year, but the company reiterated its FY 2025 FCF guidance of $19.0 million to $23.0 million.
The company repurchased $3.0 million worth of common shares in Q3 and reported continued growth in Total Interchange, reaching $5.4 million.

Nov 6, 2025, 10:00 PM

Presentation

EXFY Reports Q3 2025 Financial Results and Provides Business Updates

EXFY

Earnings

Guidance Update

Product Launch

Expensify reported Q3 2025 revenue of $35.1 million, a net loss of $2.3 million, and adjusted EBITDA of $6.5 million.
The company repurchased approximately $3 million worth of Class A common stock.
Expensify reiterated its fiscal year 2025 free cash flow guidance of $19 million to $23 million.
Travel bookings grew 36% from Q2 and 95% since Q1, with the Brooklyn Nets adopting Expense by Travel.
Significant progress was made on migrating customers to New Expensify, with nearly all "Collect" customers moved over and all new customers starting on the new platform; however, less than 50% of revenue is currently on New Expensify.

Nov 6, 2025, 10:00 PM

Transcript

Expensify Reports Q3 2025 Results, Progresses New Platform Migration, and Repurchases Shares

EXFY

Earnings

Guidance Update

Share Buyback

Expensify reported Q3 2025 revenue of $35.1 million, a net loss of $2.3 million, and non-GAAP net income of $4.3 million. The company reiterated its fiscal year 2025 free cash flow guidance of $19 million-$23 million.
The company achieved 642,000 average paid members in Q3 2025, with October flash numbers rising to 653,000. Expensify Travel bookings grew 36% from Q2 and 95% since Q1, and the company repurchased approximately $3 million worth of Class A Common Stock.
Expensify is actively progressing its New Expensify migration, with less than 50% of revenue currently on the new platform, aiming for near completion by year-end. The company is also heavily investing in an AI-first design, particularly with its Concierge AI, which is expected to drive cost savings and increased monetization.

Nov 6, 2025, 10:00 PM

Transcript

Expensify Reports Q3 2025 Financial Results and Provides FY 2025 Free Cash Flow Guidance

EXFY

Earnings

Guidance Update

Share Buyback

Expensify reported Q3 2025 revenue of $35.1 million, a net loss of $2.3 million, and non-GAAP net income of $4.3 million.
The company's adjusted EBITDA was $6.5 million, with operating cash flow of $4.2 million and free cash flow of $1.2 million for Q3 2025.
Expensify reiterated its fiscal year 2025 free cash flow guidance of $19-$23 million and reported 642,000 average paid members for Q3, with 653,000 paid members in October.
The company repurchased approximately $3 million worth of Class A Common Stock, totaling 1.5 million shares.
Expensify is making significant progress on its New Expensify migration, with less than 50% of revenue currently on the new platform, and is investing in an AI-first design for its Concierge service.

Nov 6, 2025, 10:00 PM

Transcript

Expensify Announces Q3 2025 Results

EXFY

Earnings

Guidance Update

Share Buyback

Expensify reported Q3 2025 revenue of $35.1 million, a 1% decrease compared to the same period last year, and a net loss of $2.3 million.
The company generated $1.2 million in free cash flow for Q3 2025 and reaffirmed its FY 2025 free cash flow guidance of $19.0 million to $23.0 million.
Interchange derived from the Expensify Card grew 18% to $5.4 million, while paid members decreased 6% to 642,000.
Expensify repurchased 1,579,763 shares of its Class A common stock, totaling approximately $3.0 million.
Expensify Travel bookings increased 36% quarterly and 95% since Q1 2025, and the company became the Official Travel and Expense partner of the Brooklyn Nets.

Nov 6, 2025, 9:38 PM

8-K

Payhawk Launches "Link & Control" Solution Challenging Competitors

EXFY

Product Launch

New Projects/Investments

Hiring

Payhawk launched Link & Control on October 22, 2025, a solution that enables companies to link their existing bank-issued corporate cards to the platform for real-time spend controls.
This solution allows for proactive spend control on linked, bank-issued cards, preserving existing credit lines, rewards, and banking relationships, directly challenging established players like Concur and Expensify and newer providers like Brex and Ramp.
Payhawk is expanding its presence in the U.S. market, with a growing NYC office and key leadership hires, including Dan Osburn as General Manager US and Catie O’Gara as VP Sales, North America.
The early market response to Link & Control has been positive, with over 80 customers already using the solution and more than $30 million in spend processed through connected cards.

Oct 22, 2025, 12:30 PM

Press Release

Expensify, Inc. Enters New Letter of Credit Facility and Security Agreement

EXFY

Debt Issuance

Expensify, Inc. entered into a Letter of Credit Facility and Security Agreement with Canadian Imperial Bank of Commerce (CIBC) and other lenders on October 9, 2025.
This agreement replaces a prior Loan and Security Agreement concerning continuing Contingent Obligations and governs a $7.5 million irrevocable standby letter of credit that remained outstanding after the revolving credit facility was terminated on July 1, 2025.
The new agreement allows for the issuance of additional irrevocable standby letters of credit and grants CIBC a security interest in substantially all of the Company's and its subsidiaries' assets, including intellectual property.
As of October 9, 2025, no amounts were drawn on the existing letter of credit.
Fees for the issuance or renewal of any Letter of Credit are 1.5% of the face amount, due at the time of issuance or renewal. The Applicable Interest Rate is the Prime Rate plus 1.00%, with a Default Rate 5.0% higher than the Applicable Interest Rate.

Oct 15, 2025, 8:47 PM

8-K

Expensify discusses product innovation and go-to-market strategy at Citi Conference

EXFY

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Expensify is an expense management platform that offers corporate cards, travel, and core expense products, serving a diverse range of customers from individuals to Fortune 50 companies.
The company has launched "New Dot," a new and improved version of its expense management, chat, and travel product, which features a mobile-focused, real-time enabled, and conversational interface with agentic AI capabilities.
Expensify's go-to-market strategy emphasizes brand marketing, including F1 sponsorships, which has generated a robust inbound pipeline that surpasses the volume from outbound efforts.
The company leverages agentic AI extensively in its go-to-market efforts for smart messaging and sales intelligence, and internally for operations and support, leading to increased efficiency and a lean human resources model.
Expensify's travel product has shown incredible year-over-year and month-over-month growth with a large waitlist, and the company aims to become a "super app" that unifies all back-office financial operations for customers, with future plans for offerings like payroll.

Sep 3, 2025, 1:30 PM

Expensify announces Q2 2025 financial results and updated guidance

EXFY

Earnings

Guidance Update

Share Buyback

Expensify reported Q2 2025 revenue of $35.8 million, a net loss of $(8.8) million, and Free Cash Flow of $6.3 million.
The company increased its FY 2025 Free Cash Flow guidance to $19.0 million - $23.0 million.
Expensify repurchased 1,285,336 shares of its Class A common stock for approximately $3.0 million between May 15, 2025, and June 27, 2025.
Average Paid Members for Q2 2025 were 652,000, and Expensify Travel bookings grew 44% from Q1 to Q2.