Expensify, Inc.

expensify.com

What Do They Do?

Provides cloud-based expense-management software and tools for corporate cards and bill payments to businesses and their employees.

How Do They Make Money?

Businesses and individuals pay for access to Expensify’s hosted software and support, with subscription charges based on paid members and service level and billed monthly. Expensify also earns interchange when card transactions are authorized and settled.

revenue

Segment	Share	How money arrives
Subscription fees Recurring	92%	Recurring
Interchange Usage-based	15%	Usage-based
Other	0.3%
Cashback rewards	−7.1%

Who Are Their Customers?

Businesses and individuals subscribe; employees often introduce Expensify at work, and customers typically evaluate and buy online, with accountants and accounting platforms also referring them.

Do Revenues Turn Into Profits?

Not on paper. It lost $21.4M in FY2025, but brought in more cash than it spent: $20.1M of free cash flow.

Operating income, FY2025

−13% of revenue

▲ +2097% (Loss) vs FY2024 (−$820K, −1%)

Net income, FY2025

−15% of revenue

▲ +113% (Loss) vs FY2024 (−$10.1M, −7%)

Free cash flow, FY2025

14% of revenue

▼ −16% vs FY2024 ($23.9M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $35.8M in Q2 FY2025
Net income: ▼ −56% (Loss); vs −$8.8M in Q2 FY2025

Subscription fees share of revenue vs 91.9% in Q2 FY2025

Flat. Revenue was $142.1M in FY2025, about the same as the $142.8M of FY2021.

International payments Collect's payment options extend from direct deposit to international reimbursements through Global Reimbursements.

Payment collection The platform's feature set has expanded to include collecting payments, in addition to card management, invoicing, bill payment and travel.

Revenue over time

Subscription fees Interchange Other Cashback rewards

$200M$100M$0

FY2024 FY2025

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