EXFY Nasdaq Services-Prepackaged Software Financials FY2019βFY2025
Expensify, Inc. had $142M of revenue in fiscal 2025, up 2.1% on the year before. Over five years, revenue changed +10.0% a year on average.
Last close Β· Oct 23, 2026
$2.59
1.6%Hi! I read Expensify, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+2.1%
Only a little. Sales grew 2.1% last year.
Does it make a profit?
β15.1%
No. It lost money last year.
Does profit turn into cash?
14.1%
Yes. 14.1% of sales ends up as free cash.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Expensify, Inc. had $142M of revenue in fiscal 2025, up 2.1% on the year before. Over five years, revenue changed +10.0% a year on average. Its operating margin was β12.7%, down 12.1Β pts: of every 100 in sales, about β13 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Expensify, Inc. lost $21.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $20.1M in fiscal 2025, 14.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Expensify, Inc. returned $9.1M to shareholders in fiscal 2025, 45% of free cash flow. The diluted share count rose 5.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $2.2M and sold $0.5M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$2.2M
2 insiders
Sold, 12 months
$0.5M
6 insiders
Of sales under plans
80%
$0.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 15, 2026 | Divo Carlos Eduardo AlvarezDirector | Sold plan | 10,700 | $1.28 | $0.0M | Form 4 |
| Jun 1, 2026 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.15 | $0.0M | Form 4 |
| May 15, 2026 | Divo Carlos Eduardo AlvarezDirector | Sold plan | 10,000 | $1.13 | $0.0M | Form 4 |
| May 1, 2026 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.08 | $0.0M | Form 4 |
| Apr 28, 2026 | Divo Carlos Eduardo AlvarezDirector | Sold plan | 30,728 | $1.01 | $0.0M | Form 4 |
| Apr 1, 2026 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $0.85 | $0.0M | Form 4 |
| Mar 30, 2026 | Divo Carlos Eduardo AlvarezDirector | Sold | 12,451 | $0.81 | $0.0M | Form 4 |
| Mar 24, 2026 | Jason Fahr MillsDirector | Sold | 1,786 | $0.84 | $0.0M | Form 4 |
| Mar 24, 2026 | Daniel VidalDirector | Sold | 1,510 | $0.84 | $0.0M | Form 4 |
| Mar 24, 2026 | Ryan SchafferChief Financial Officer, Director | Sold | 2,700 | $0.84 | $0.0M | Form 4 |
| Mar 24, 2026 | David Michael BarrettChief Executive Officer, Director | Sold | 10,114 | $0.84 | $0.0M | Form 4 |
| Mar 24, 2026 | Divo Carlos Eduardo AlvarezDirector | Sold | 1,699 | $0.84 | $0.0M | Form 4 |
| Mar 17, 2026 | Divo Carlos Eduardo AlvarezDirector | Sold | 6,230 | $0.76 | $0.0M | Form 4 |
| Mar 17, 2026 | David Michael BarrettChief Executive Officer, Director | Sold | 2,692 | $0.76 | $0.0M | Form 4 |
| Mar 17, 2026 | Ryan SchafferChief Financial Officer, Director | Sold | 3,333 | $0.76 | $0.0M | Form 4 |
| Mar 17, 2026 | Daniel VidalDirector | Sold | 6,158 | $0.76 | $0.0M | Form 4 |
| Mar 17, 2026 | Jason Fahr MillsDirector | Sold | 6,770 | $0.76 | $0.0M | Form 4 |
| Mar 11, 2026 | Exp 2020 SPV LP10% owner | Bought | 500,000 | $0.84 | $0.4M | Form 4 |
| Mar 9, 2026 | Exp 2020 SPV LP10% owner | Bought | 455,911 | $0.95 | $0.4M | Form 4 |
| Mar 6, 2026 | Exp 2020 SPV LP10% owner | Bought | 480,389 | $0.96 | $0.5M | Form 4 |
| Mar 4, 2026 | Exp 2020 SPV LP10% owner | Bought | 327,144 | $1.02 | $0.3M | Form 4 |
| Mar 3, 2026 | Exp 2020 SPV LP10% owner | Bought | 500,000 | $0.97 | $0.5M | Form 4 |
| Mar 2, 2026 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $0.90 | $0.0M | Form 4 |
| Feb 2, 2026 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.45 | $0.0M | Form 4 |
| Jan 2, 2026 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.50 | $0.0M | Form 4 |
| Dec 31, 2025 | Divo Carlos Eduardo AlvarezDirector | Sold | 6,504 | $1.50 | $0.0M | Form 4 |
| Dec 30, 2025 | Jason Fahr MillsDirector | Sold | 3,821 | $1.52 | $0.0M | Form 4 |
| Dec 30, 2025 | Ryan SchafferChief Financial Officer, Director | Sold | 3,923 | $1.52 | $0.0M | Form 4 |
| Dec 30, 2025 | Divo Carlos Eduardo AlvarezDirector | Sold | 2,468 | $1.52 | $0.0M | Form 4 |
| Dec 30, 2025 | David Michael BarrettChief Executive Officer, Director | Sold plan | 14,463 | $1.52 | $0.0M | Form 4 |
| Dec 30, 2025 | Daniel VidalDirector | Sold | 2,825 | $1.52 | $0.0M | Form 4 |
| Dec 17, 2025 | David Michael BarrettChief Executive Officer, Director | Sold | 2,544 | $1.55 | $0.0M | Form 4 |
| Dec 17, 2025 | Jason Fahr MillsDirector | Sold | 5,853 | $1.55 | $0.0M | Form 4 |
| Dec 17, 2025 | Daniel VidalDirector | Sold | 4,837 | $1.55 | $0.0M | Form 4 |
| Dec 17, 2025 | Ryan SchafferChief Financial Officer, Director | Sold | 2,632 | $1.55 | $0.0M | Form 4 |
| Dec 17, 2025 | Anuradha MuralidharanChief Operating Officer, Director | Sold | 523 | $1.55 | $0.0M | Form 4 |
| Dec 1, 2025 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.52 | $0.0M | Form 4 |
| Nov 11, 2025 | Timothy L ChristenDirector | Bought | 40,000 | $1.43 | $0.1M | Form 4 |
| Nov 3, 2025 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.60 | $0.0M | Form 4 |
| Nov 3, 2025 | Daniel VidalDirector | Sold plan | 9,000 | $1.60 | $0.0M | Form 4 |
| Oct 1, 2025 | David Michael BarrettChief Executive Officer, Director | Sold plan | 30,000 | $1.79 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Expensify, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $98.4M | $104M | $47.5M | $48.8M | $63.1M |
| Debt incl. finance leases | $67.6M | $52.0M | $7.7M | $0.0M | β |
| Net debt / EBITDA | β | β | β | β8.1x | β |
| Debt / equity | 0.9x | 0.5x | 0.1x | 0.0x | β |
| Interest coverage | β3.3x | β3.4x | β6.4x | β0.7x | β180.2x |
| Current ratio | 2.9x | 3.1x | 2.0x | 3.6x | 3.3x |
| Quick ratio | 2.9x | 3.1x | 2.0x | 3.6x | 3.3x |
| Total assets | $183M | $210M | $177M | $174M | $186M |
| Total liabilities | $107M | $113M | $76.0M | $45.4M | $53.2M |
| Shareholders' equity | $76.6M | $97.2M | $101M | $128M | $133M |
| Net debt (β = net cash) | β$30.8M | β$51.8M | β$39.9M | β$48.8M | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Expensify, Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 9 | 6 / 9 | 4 / 9 | 5 / 9 | 2 / 8 |
| Accruals ratio | β | β10.6% | β14.1% | β30.4% | β22.2% | β19.4% | β23.1% |
| Altman Z'' | β | β0.12 | 2.93 | 2.86 | 0.11 | 3.84 | 2.71 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $80.5M | $88.1M | $143M | $169M | $151M | $139M | $142M |
| Gross profit | $48.5M | $55.7M | $89.1M | $107M | $83.8M | $75.0M | $71.5M |
| Research and development | $4.1M | $6.7M | $11.0M | $13.7M | $23.4M | $24.6M | $20.7M |
| Operating income | $1.2M | $5.7M | β$10.3M | β$15.2M | β$33.1M | β$0.8M | β$18.0M |
| Interest expense | β | $2.9M | $3.1M | $4.5M | $5.2M | $1.1M | $0.1M |
| Pretax income | β$1.5M | $3.0M | β$13.7M | β$20.6M | β$38.5M | β$2.4M | β$16.3M |
| Income tax | β$2.8M | $4.7M | β$0.2M | $6.4M | $3.0M | $7.7M | $5.1M |
| Net income | $1.2M | β$1.7M | β$13.6M | β$27.0M | β$41.5M | β$10.1M | β$21.4M |
| Net income to common | $0.0M | β$1.7M | β$13.6M | β$27.0M | β$41.5M | β$10.1M | β$21.4M |
| Diluted EPS | $0.00 | β$0.06 | β$0.36 | β$0.33 | β$0.50 | β$0.12 | β$0.23 |
| Diluted shares | 0.03B | 0.03B | 0.04B | 0.08B | 0.08B | 0.09B | 0.09B |
| Cash flow | |||||||
| Cash from operations | $12.4M | $7.6M | $5.5M | $32.9M | $1.6M | $23.9M | $20.1M |
| Capital expenditure | $3.2M | $2.5M | $2.7M | $0.6M | $1.4M | $0.0M | $0.0M |
| Free cash flow | $9.2M | $5.1M | $2.8M | $32.3M | $0.2M | $23.9M | $20.1M |
| Depreciation and amortization | $2.8M | $3.2M | $5.2M | $5.4M | $5.2M | $6.8M | $8.5M |
| Stock-based compensation | $1.7M | $17.8M | $14.6M | $52.3M | $41.2M | $33.5M | $26.6M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $6.0M | $3.0M | $1.5M | $9.1M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $6.0M | $3.0M | $1.5M | $9.1M |
| Balance sheet | |||||||
| Cash and short-term investments | $10.0M | $34.4M | $98.4M | $104M | $47.5M | $48.8M | $63.1M |
| Total debt | β | $32.8M | $67.6M | $52.0M | $7.7M | $0.0M | β |
| Current assets | β | $63.7M | $158M | $187M | $137M | $137M | $153M |
| Current liabilities | β | $39.2M | $53.6M | $60.4M | $67.9M | $38.0M | $46.4M |
| Property and equipment, net | β | $15.4M | $15.9M | $14.5M | $14.4M | $13.6M | $13.0M |
| Intangible assets | β | β | β | β | β | β | $13.6M |
| Total assets | β | $87.7M | $183M | $210M | $177M | $174M | $186M |
| Total liabilities | β | $73.7M | $107M | $113M | $76.0M | $45.4M | $53.2M |
| Preferred stock | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$48.5M | β$31.0M | $76.6M | $97.2M | $101M | $128M | $133M |
| Margins | |||||||
| Gross margin | 60.2% | 63.2% | 62.4% | 63.0% | 55.6% | 53.9% | 50.3% |
| Operating margin | 1.5% | 6.4% | β7.2% | β9.0% | β22.0% | β0.6% | β12.7% |
| EBITDA margin | 5.1% | 10.1% | β3.5% | β5.8% | β18.6% | 4.3% | β6.7% |
| Net margin | 1.5% | β1.9% | β9.5% | β15.9% | β27.5% | β7.2% | β15.1% |
| FCF margin | 11.4% | 5.8% | 1.9% | 19.1% | 0.1% | 17.1% | 14.1% |
| Returns | |||||||
| Return on capital | β | β | β17.7% | β26.5% | β43.0% | β0.8% | β |
| Return on capital employed | β | 11.7% | β7.9% | β10.2% | β30.4% | β0.6% | β12.9% |
| Return on equity | β | β | β59.5% | β31.1% | β41.9% | β8.8% | β16.4% |
| Return on assets | β | β1.9% | β10.0% | β13.7% | β21.4% | β5.7% | β11.9% |
| Return on tangible equity | β | β | β17.7% | β27.8% | β41.1% | β7.8% | β18.0% |
| Growth | |||||||
| Revenue growth | β | 9.5% | 62.2% | 18.7% | β11.1% | β7.6% | 2.1% |
| Net income growth | β | β237.8% | β | β | β | β | β |
| FCF growth | β | β44.6% | β45.5% | 1,061.5% | β99.5% | 13,544.0% | β15.9% |
| Share count change | β | 5.8% | 38.7% | 112.4% | 2.1% | 5.9% | 5.6% |
| Financial health | |||||||
| Net debt / EBITDA | β | β0.2x | β | β | β | β8.1x | β |
| Debt / equity | β | β | 0.9x | 0.5x | 0.1x | 0.0x | β |
| Interest coverage | β | 2.0x | β3.3x | β3.4x | β6.4x | β0.7x | β180.2x |
| Current ratio | β | 1.6x | 2.9x | 3.1x | 2.0x | 3.6x | 3.3x |
| Quick ratio | β | 1.6x | 2.9x | 3.1x | 2.0x | 3.6x | 3.3x |
| Capital allocation | |||||||
| Capex / revenue | 4.0% | 2.8% | 1.9% | 0.3% | 0.9% | 0.0% | 0.0% |
| Stock comp / revenue | 2.1% | 20.3% | 10.2% | 30.9% | 27.3% | 24.1% | 18.7% |
| Payouts / FCF | 0.2% | 0.0% | 0.0% | 18.6% | 1,714.3% | 6.3% | 45.3% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 4.0 | 6.0 | 4.0 | 5.0 | 2.0 |
| Altman Z'' | β | β0.1 | 2.9 | 2.9 | 0.1 | 3.8 | 2.7 |
| Accruals ratio | β | β10.6% | β14.1% | β30.4% | β22.2% | β19.4% | β23.1% |
Source: SEC EDGAR XBRL filings (CIK 0001476840). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
