EXFYNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Expensify, Inc.

Expensify, Inc. builds a cloud-based expense management platform that helps businesses scan receipts, submit expenses, reimburse employees, and manage spend from a mobile-first interface. The company combines subscription software with card-based transaction revenue through the Expensify Card, and it relies heavily on viral, bottom-up adoption among SMBs rather than a traditional enterprise sales force.

Kysy yhtiöstä
Liikevaihto142milj. USD
+2,1 %v/v
Liikevoitto (EBIT)−18,0milj. USD
−2 097,4 %v/v
EBIT-marginaali−12,7%
−12,1 %-yks.v/v
Nettotulos−21,4milj. USD
−112,7 %v/v
Vapaa kassavirta20,1milj. USD
−15,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50050100150200milj. USD2020: 88 milj. USD2020: EBIT 5,7 milj. USD20202021: 143 milj. USD2021: EBIT −10 milj. USD20212022: 169 milj. USD2022: EBIT −15 milj. USD20222023: 151 milj. USD2023: EBIT −33 milj. USD20232024: 139 milj. USD2024: EBIT −0,82 milj. USD20242025: 142 milj. USD2025: EBIT −18 milj. USD2025142−18
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Expensify, Inc.

Liiketoiminta

Osuus liikevaihdosta
Expense management subscription software70 %

Hosted software for submitting, approving, and reimbursing employee expenses.

Card and interchange revenue20 %

Revenue tied to the Expensify Card and cardholder spend monetization.

Partner and referral ecosystem5 %

Accountant-led referrals, partner marketing, and integration-driven distribution.

Other platform services5 %

Support, add-on features, and ancillary monetization from platform usage.

Tuotteet

Raportoitu · osuus liikevaihdosta
85,8%14,0%FY2025100 %
  • Subscription Fees85,8 %
  • Interchange14,0 %
  • Other0,2 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Expensify primarily sells to small and medium-sized businesses that want to replace manual expense workflows with a mobile, automated platform. Its users include employees, finance teams, accountants, and business owners, while paid subscriptions are typically purchased at the company level. The platform is also used by organizations across more than 200 countries and territories, but the core customer base remains SMBs that value ease of use and low-friction adoption.

Small and medium-sized businesses

Buy subscriptions to automate expense reporting, approvals, reimbursements, and spend control.

Employees and contractors

Use the app to scan receipts, submit expenses, and get reimbursed quickly.

Accounting and bookkeeping firms

Recommend Expensify to clients and help embed the platform into back-office workflows.

Finance and operations teams

Use integrations and controls to manage policy compliance and reporting.

Cardholders and spend-heavy users

Use the Expensify Card, which increases transaction volume and interchange monetization.

Strategia

Expensify is focused on expanding transaction volume, especially through greater adoption of the Expensify Card and deeper usage among existing customers. It is also investing in integrations, accountant partnerships, and brand-driven market consensus to reinforce its bottom-up distribution model and reduce reliance on traditional sales. International expansion and new feature development are intended to widen the platform’s reach while preserving the product-led, viral motion.

Grow Expensify Card adoptionLyhyt aikaväli

Card spend increases interchange revenue and deepens customer engagement.

Improve product value for existing membersKeskipitkä aikaväli

Better features support retention and word-of-mouth expansion.

Expand integrations and partner distributionKeskipitkä aikaväli

Integrations make the platform stickier and accountant referrals lower acquisition friction.

Internationalize the platformKeskipitkä aikaväli

The company sees room to grow beyond core geographies without heavy sales spend.

Maantiede

Q1/2026

Expensify reports usage across more than 200 countries and territories, but the business is still anchored in the United States and other English-speaking markets. The company also discloses income tax exposure in the U.S., U.K., Australia, the Netherlands, and Canada, indicating a multi-country operating footprint even though country-level revenue is not disclosed in the excerpts. International expansion is a stated priority because the product can spread through word of mouth without a large regional sales force.

USA91 %
Other countries (US filing)9,0 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Expensify’s business is exposed to demand swings, retention pressure, and execution risk because it depends on SMB adoption, product engagement, and conversion of free users into paid members. The company also faces cybersecurity and third-party dependency risks typical of cloud software, plus monetization risk if card spend shifts or cashback economics pressure margins. International expansion, regulatory complexity, and marketing-heavy brand initiatives add further uncertainty to results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Quarterly and annual revenue volatility1Free-user conversion risk2Cybersecurity and third-party dependency3International expansion execution4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Quarterly and annual revenue volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company’s usage-based and subscription mix can shift with SMB demand and product adoption.

    KohdistuuRevenueMarginsInvestor comparability
  2. Free-user conversion riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The viral model depends on converting trial and free users into paying members.

    Kohdistuu: Subscription growth and retention

  3. Cybersecurity and third-party dependencyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Cloud operations rely on external providers and remote work increases attack surface.

    KohdistuuPlatform uptimeConfidential dataCustomer trust
  4. International expansion executionVaikutus: KeskitasoTodennäköisyys: Matala

    Localization, partnerships, and regional compliance are needed to scale outside core markets.

    Kohdistuu: Growth rate and operating costs

  5. Card monetization and cashback pressureVaikutus: Keskitaso

    Higher card adoption can raise interchange revenue but also increase contra revenue and rewards costs.

    Kohdistuu: Gross margin and net revenue

Kysy Clarifolta: Expensify, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for subscriptions and support

Revenue is recognized as services are delivered under month-to-month and annual arrangements billed in arrears.

Vaikutus: Affects timing of reported revenue and deferred revenue trends

Interchange revenue and contra revenue from cashback

Card adoption increases interchange revenue but also raises cashback-related contra revenue.

Vaikutus: Affects net revenue, gross margin, and growth quality

Stock-based compensation

Personnel-related expense is a meaningful part of sales, marketing, and R&D costs.

Vaikutus: Affects operating margin and non-cash expense trends

Foreign currency remeasurement

The company has international operations and foreign currency transaction exposure.

Vaikutus: Can create volatility in other income/expense

Lease and mortgage obligations

The Portland property and related financing create lease/financing accounting considerations.

Vaikutus: Affects balance sheet liabilities and interest expense

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Päivitetty: 24.9.2026

Expensify, Inc. (EXFY) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo