Expensify, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Expensify, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	80.5	88.1	143	169	151	139	142
Cost of revenue	32	32.4	53.7	62.7	66.9	64.2	70.6
Gross profit	48.5	55.7	89.1	107	83.8	75	71.5
Research and development	4.11	6.73	11	13.7	23.4	24.6	20.7
Selling and marketing	27.2	9.89	27.7	49.9	44.4	12.8	26.7
General and administrative	15.9	33.4	60.7	58.5	49.2	38.4	42.1
Operating expenses	47.2	50	99.4	122	117	75.8	89.5
Operating income	1.25	5.67	-10.3	-15.2	-33.1	-0.82	-18
Interest expense		2.9	3.1	4.5	5.2	1.1	0.1
Interest income						1.1	1.9
Other non-operating income						-1.57	1.73
Pre-tax income	-1.51	2.95	-13.7	-20.6	-38.5	-2.39	-16.3
Income tax	-2.75	4.66	-0.17	6.37	2.98	7.66	5.1
Net income	1.24	-1.71	-13.6	-27	-41.5	-10.1	-21.4
EBITDA	4.09	8.92	-5.06	-9.84	-28	5.99	-9.56
EPS, basic	0.00	-0.06	-0.36	-0.33	-0.50	-0.12	-0.23
EPS, diluted	0.00	-0.06	-0.36	-0.33	-0.50	-0.12	-0.23
Shares, basic (weighted)	25.9	27.4	38	80.8	82.5	87.4	92.3
Shares, diluted (weighted)	25.9	27.4	38	80.8	82.5	87.4	92.3

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.99	34.4	98.4	104	47.5	48.8	63.1
Receivables		10	15.7	16.4	13.8	12.7	12.6
Other current assets		3.4	14.2	22.2	31	20.9	26.3
Total current assets		63.7	158	187	137	137	153
Property, plant and equipment		15.4	15.9	14.5	14.4	13.6	13
Lease right-of-use assets		1.69	0.95	0.28	6.07	5.21	4.64
Intangible assets							13.6
Other non-current assets		0.83	0.71	0.66	5.79	1.01	1.15
Total assets		87.7	183	210	177	174	186
Accounts payable		2.33	3.75	1.06	1.43	0.2	0.29
Accrued liabilities		0.07	0.25	0.29	0.16	0.16
Deferred revenue		0	0.24	0.22	0.92	0.49	0.56
Short-term debt		2.45	0.55	0.55	7.66	0
Total current liabilities		39.2	53.6	60.4	67.9	38	46.4
Long-term debt		30.3	52.1	51.4	0
Lease liabilities		1.08	0.33	0	6.23	5.64	5.06
Other non-current liabilities		0.88	0.15	1.2	1.68	1.69	1.78
Total liabilities		73.7	107	113	76	45.4	53.2
Total debt		32.8	67.6	52	7.66	0
Paid-in capital		21.3	143	195	242	279	305
Retained earnings		-52.3	-65.9	-97.6	-141	-151	-172
Shareholders' equity	-48.5	-31	76.6	97.2	101	128	133
Total equity	-48.5	-31	76.6	97.2	101	128	133
Total liabilities and equity		87.7	183	210	177	174	186
Shares outstanding		29.4

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.24	-1.71	-13.6	-27	-41.5	-10.1	-21.4
Depreciation and amortization	2.85	3.25	5.2	5.39	5.16	6.81	8.46
Stock-based compensation	1.71	17.8	14.6	52.3	41.2	33.5	26.6
Deferred income tax	-2.86	3.38	-0.87	0.03	-0.11	-0.04	0.01
Change in receivables	-1.96	-2.17	-6.01	-1.34	2.22	0.7	-0.36
Change in payables	0.45	-0.71	1.42	-2.69	0.23	-1.09	0.09
Cash from operations	12.4	7.59	5.49	32.9	1.56	23.9	20.1
Capital expenditures	-3.24	-2.49	-2.71	-0.59	-1.38	0	-0.02
Cash from investing	-4.9	-4.3	-7.61	-2.2	-7.29	-7.63	-3.56
Debt issued	0	0	45	0	0
Debt repaid	-0.04	-0.32	-25.2	-0.6	-44.6	-22.7	0
Stock issued	0.48	1.3	3.51	0.8	0.31	0.43	0.32
Share buybacks	-0.01	0	0	-6	-3	-1.51	-9.1
Cash from financing	5.14	8.79	80.6	-8.28	-45.3	-22.1	-2.74
Net change in cash	12.7	12.1	78.4	22.4	-51.1	-5.82	13.8
Free cash flow	9.2	5.1	2.78	32.3	0.18	23.9	20.1
Interest paid	2.71	2.93	3.08	3.91	5.94	1.36	0
Income taxes paid	0.22	0.15	6.92	0.98	3.79	5.1	5.69

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.7%	Gross profit / revenue.
Operating margin	-8.0%	Operating income / revenue.
EBITDA margin	-4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.4%	Pre-tax income / revenue.
Net margin	-11.3%	Net income / revenue.
Operating cash flow margin	9.1%	Cash from operations / revenue.
Return on equity (ROE)	-11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.4%	Net income / average total assets.
Return on invested capital (ROIC)	-12.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.8%	Research and development expense / revenue.
Stock-based pay / revenue	18.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-259.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-15.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	31.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	7.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	27.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.50x	Current assets / current liabilities.
Quick ratio	1.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.4%	Total liabilities / total assets.
Working capital	$110.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$122.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	10.9x	Revenue / average property, plant and equipment.
Receivables turnover	12.4x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	6 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.45	Revenue / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Book value per share	$1.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.28	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$201.5M	Share price x shares outstanding.
Enterprise value	$135.8M	Market cap + total debt - cash - short-term investments.
P/S	1.46x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.65x	Market cap / tangible book value, when positive.
P/OCF	16.0x	Market cap / cash from operations, when positive.
EV/Sales	0.98x	Enterprise value / revenue.
Earnings yield	-7.8%	Net income / market cap (the inverse of P/E).

What was Expensify, Inc.'s revenue in fiscal 2025?

Expensify, Inc. reported revenue of $142.1M for fiscal 2025, 2.1% higher than the year before.

Was Expensify, Inc. profitable in fiscal 2025?

No. It reported a net loss of $21.4M.

How much free cash flow did Expensify, Inc. generate in fiscal 2025?

Cash from operations of $20.1M minus capital expenditures of $17.0K left free cash flow of $20.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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