What is Expensify's operating income?

Expensify's total operating income in 2025 was -$18.02 million, based on the following breakdown: Total Gross Profit: $71.53 million Total Operating Expenses: $89.55 million

Expensify (EXFY) Financials

$1.95 +0.07 (+3.72%)

Closing price 04:00 PM Eastern

Extended Trading

$1.96 +0.01 (+0.26%)

As of 07:37 PM Eastern

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Annual Income Statements for Expensify

This table shows Expensify's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	-1.71	-14	-27	-41	-10	-21
Consolidated Net Income / (Loss)	1.24	-1.71	-14	-27	-41	-10	-21
Net Income / (Loss) Continuing Operations	1.24	-1.71	-14	-27	-41	-10	-21
Total Pre-Tax Income	-1.51	2.95	-14	-21	-38	-2.39	-16
Total Operating Income	1.25	5.67	-10	-15	-33	-0.82	-18
Total Gross Profit	48	56	89	107	84	75	72
Total Revenue	80	88	143	169	151	139	142
Operating Revenue	80	88	143	169	151	139	142
Total Cost of Revenue	32	32	54	63	67	64	71
Operating Cost of Revenue	32	32	54	63	67	64	71
Total Operating Expenses	47	50	99	122	117	76	90
Selling, General & Admin Expense	16	33	61	58	49	38	42
Marketing Expense	27	9.89	28	50	44	13	27
Research & Development Expense	4.11	6.73	11	14	23	25	21
Total Other Income / (Expense), net	-2.76	-2.72	-3.48	-5.41	-5.33	-1.57	1.73
Other Income / (Expense), net	-	-	-	-	-	-1.57	1.73
Income Tax Expense	-2.75	4.66	-0.17	6.37	2.98	7.66	5.10
Basic Earnings per Share	$0.00	($0.06)	($0.36)	($0.33)	($0.50)	($0.12)	($0.23)
Weighted Average Basic Shares Outstanding	25.92M	27.42M	38.04M	80.79M	82.49M	87.38M	92.28M
Diluted Earnings per Share	$0.00	($0.06)	($0.36)	($0.33)	($0.50)	($0.12)	($0.23)
Weighted Average Diluted Shares Outstanding	25.92M	27.42M	38.04M	80.79M	82.49M	87.38M	92.28M
Weighted Average Basic & Diluted Shares Outstanding	-	-	81.58M	82.47M	85.21M	91.41M	93.11M

This table shows Expensify's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-17	-7.20	-3.78	-2.76	-2.20	-1.31	-3.17	-8.79	-2.32	-7.12	-2.34
Consolidated Net Income / (Loss)	-17	-7.20	-3.78	-2.76	-2.20	-1.31	-3.17	-8.79	-2.32	-7.12	-2.34
Net Income / (Loss) Continuing Operations	-17	-7.20	-3.78	-2.76	-2.20	-1.31	-3.17	-8.79	-2.32	-7.12	-2.34
Total Pre-Tax Income	-17	-6.16	-2.75	-0.04	0.47	-0.07	-1.16	-9.45	-2.16	-3.52	-1.80
Total Operating Income	-15	-5.99	-1.79	0.22	0.29	0.47	-1.49	-10	-2.26	-3.94	-1.97
Total Gross Profit	19	19	19	19	18	19	18	19	17	17	16
Total Revenue	36	35	34	33	35	37	36	36	35	35	34
Operating Revenue	36	35	34	33	35	37	36	36	35	35	34
Total Cost of Revenue	18	17	15	14	17	18	18	17	18	18	18
Operating Cost of Revenue	18	17	15	14	17	18	18	17	18	18	18
Total Operating Expenses	34	25	21	19	18	18	20	29	20	21	18
Selling, General & Admin Expense	14	11	11	9.25	9.08	8.62	11	9.41	9.81	12	9.12
Marketing Expense	13	7.60	3.38	3.07	3.27	3.07	3.54	14	4.94	3.92	3.76
Research & Development Expense	6.61	6.25	5.93	6.39	5.62	6.70	5.36	5.16	4.91	5.26	5.27
Total Other Income / (Expense), net	-2.38	-0.17	-0.95	-0.26	0.18	-0.54	0.32	0.89	0.10	0.42	0.17
Interest & Investment Income	-	-	-	-	-	-	0.32	-	-	-	0.17
Income Tax Expense	-0.27	1.05	1.03	2.72	2.67	1.24	2.01	-0.66	0.15	3.60	0.54
Basic Earnings per Share	($0.21)	($0.08)	($0.04)	($0.03)	($0.02)	($0.03)	($0.03)	($0.10)	($0.03)	($0.07)	($0.02)
Weighted Average Basic Shares Outstanding	82.47M	82.49M	85.14M	86.59M	88.18M	87.38M	91.50M	92.27M	92.56M	92.28M	93.72M
Diluted Earnings per Share	($0.21)	($0.08)	($0.04)	($0.03)	($0.02)	($0.03)	($0.03)	($0.10)	($0.03)	($0.07)	($0.02)
Weighted Average Diluted Shares Outstanding	82.47M	82.49M	85.14M	86.59M	88.18M	87.38M	91.50M	92.27M	92.56M	92.28M	93.72M
Weighted Average Basic & Diluted Shares Outstanding	83.74M	85.21M	86.49M	88.55M	88.96M	91.41M	92.40M	92.65M	93.04M	93.11M	96.44M

This table details how cash moves in and out of Expensify's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	13	12	78	22	-51	-5.82	14
Net Cash From Operating Activities	12	7.59	5.49	33	1.56	24	20
Net Cash From Continuing Operating Activities	12	7.59	5.49	33	1.56	24	20
Net Income / (Loss) Continuing Operations	1.24	-1.71	-14	-27	-41	-10	-21
Consolidated Net Income / (Loss)	1.24	-1.71	-14	-27	-41	-10	-21
Depreciation Expense	2.85	3.25	5.20	5.39	5.16	6.81	8.46
Amortization Expense	0.03	0.03	0.03	0.04	0.26	0.05	0.13
Non-Cash Adjustments To Reconcile Net Income	4.56	22	16	45	36	32	26
Changes in Operating Assets and Liabilities, net	3.76	-16	-1.99	9.13	1.24	-5.29	7.18
Net Cash From Investing Activities	-4.90	-4.30	-7.61	-2.20	-7.29	-7.63	-3.56
Net Cash From Continuing Investing Activities	-4.90	-4.30	-7.61	-2.20	-7.29	-7.63	-3.56
Purchase of Property, Plant & Equipment	-4.91	-4.30	-7.61	-2.20	-7.29	-7.63	-3.56
Net Cash From Financing Activities	5.14	8.79	81	-8.28	-45	-22	-2.74
Net Cash From Continuing Financing Activities	5.14	8.79	81	-8.28	-45	-22	-2.74
Repayment of Debt	-0.04	-1.32	-25	-0.60	-45	-23	-0.15
Repurchase of Common Equity	-0.01	0.00	0.00	-6.00	-3.00	-1.51	-9.10
Issuance of Common Equity	0.00	0.00	57	3.67	4.26	4.09	6.32
Other Financing Activities, net	-0.31	0.49	3.30	-5.36	-1.99	-1.91	0.18
Cash Interest Paid	2.71	2.93	3.08	3.91	5.94	1.36	0.00

This table details how cash moves in and out of Expensify's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-6.75	-38	1.49	8.25	-21	5.58	5.52	6.08	1.95	0.24	4.97
Net Cash From Operating Activities	-5.11	-0.54	3.47	9.32	3.69	7.40	7.86	8.92	4.17	2.20	0.12
Net Cash From Continuing Operating Activities	-5.11	-0.54	3.47	9.32	3.69	7.40	7.86	8.92	4.17	2.20	0.12
Net Income / (Loss) Continuing Operations	-17	-7.20	-3.78	-2.76	-2.20	-1.31	-3.17	-8.79	-2.32	-7.12	-2.34
Consolidated Net Income / (Loss)	-17	-7.20	-3.78	-2.76	-2.20	-1.31	-3.17	-8.79	-2.32	-7.12	-2.34
Depreciation Expense	1.08	1.29	1.42	1.63	1.80	1.96	1.98	2.06	2.14	2.28	2.26
Amortization Expense	0.09	0.12	0.01	0.02	0.02	0.01	0.01	0.05	0.02	0.05	0.05
Non-Cash Adjustments To Reconcile Net Income	6.75	14	1.88	7.02	2.49	21	2.73	7.85	11	11	2.18
Changes in Operating Assets and Liabilities, net	3.98	-8.81	3.94	3.42	1.58	-14	6.30	7.75	-6.31	-4.17	-2.03
Net Cash From Investing Activities	-2.31	-2.46	-2.83	-2.04	-1.83	-0.93	-0.50	-1.17	-1.09	-0.80	-1.41
Net Cash From Continuing Investing Activities	-2.31	-2.46	-2.83	-2.04	-1.83	-0.93	-0.50	-1.17	-1.09	-0.80	-1.41
Purchase of Property, Plant & Equipment	-2.31	-2.46	-2.83	-2.04	-1.83	-0.93	-0.50	-1.17	-1.09	-0.80	-1.41
Net Cash From Financing Activities	0.67	-35	0.85	0.97	-23	-0.89	-1.84	-1.66	-1.13	-1.16	6.27
Net Cash From Continuing Financing Activities	0.67	-35	0.85	0.97	-23	-0.89	-1.84	-1.66	-1.13	-1.16	6.23
Issuance of Common Equity	1.06	1.12	0.91	1.09	0.90	1.19	1.15	1.46	1.74	1.97	1.83
Other Financing Activities, net	-0.24	0.07	-0.02	-0.02	0.21	-2.08	-2.99	-0.01	0.16	-0.03	4.40

This table presents Expensify's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	88	183	210	177	174	186
Total Current Assets	64	158	187	137	137	153
Cash & Equivalents	34	98	104	48	49	63
Accounts Receivable	10	16	16	14	13	13
Prepaid Expenses	0.93	7.44	8.83	5.65	12	5.59
Other Current Assets	18	36	58	70	63	72
Plant, Property, & Equipment, net	15	16	14	14	14	13
Total Noncurrent Assets	8.71	9.64	8.63	25	23	20
Intangible Assets	3.72	6.36	6.88	12	16	14
Noncurrent Deferred & Refundable Income Taxes	0.42	0.37	0.34	0.46	0.50	0.49
Other Noncurrent Operating Assets	4.57	2.91	1.41	12	6.45	5.88
Total Liabilities & Shareholders' Equity	88	183	210	177	174	186
Total Liabilities	74	107	113	76	45	53
Total Current Liabilities	39	54	60	68	38	46
Accounts Payable	5.86	15	10	11	8.44	18
Other Current Liabilities	16	23	35	34	30	28
Total Noncurrent Liabilities	34	53	53	8.15	7.43	6.84
Capital Lease Obligations	-	-	0.00	6.47	5.74	5.06
Other Noncurrent Operating Liabilities	3.23	0.96	1.20	1.68	1.69	1.78
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-31	77	97	101	128	133
Total Preferred & Common Equity	-31	77	97	101	128	133
Preferred Stock	-	-	0.00	0.00	0.00	0.00
Total Common Equity	-31	77	97	101	128	133
Common Stock	21	143	195	242	279	305
Retained Earnings	-52	-66	-98	-141	-151	-172

This table presents Expensify's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	212	185	193	176	189	187	187	191
Total Current Assets	180	143	156	139	154	152	153	158
Cash & Equivalents	89	49	53	39	60	61	61	67
Accounts Receivable	15	14	13	13	13	12	12	12
Prepaid Expenses	5.15	4.38	8.77	9.00	11	2.52	4.17	4.79
Other Current Assets	71	76	80	78	70	77	75	75
Plant, Property, & Equipment, net	15	14	14	14	13	13	13	13
Total Noncurrent Assets	18	27	23	24	22	21	21	20
Intangible Assets	10	15	16	17	15	15	15	13
Noncurrent Deferred & Refundable Income Taxes	0.43	0.47	0.49	0.49	0.51	0.50	0.50	0.49
Other Noncurrent Operating Assets	7.40	12	6.71	6.60	6.31	6.12	5.92	5.76
Total Liabilities & Shareholders' Equity	212	185	193	176	189	187	187	191
Total Liabilities	117	78	79	56	55	55	51	52
Total Current Liabilities	74	70	71	48	47	48	44	45
Accounts Payable	14	12	8.88	8.33	10	11	8.44	8.61
Other Current Liabilities	37	36	39	40	37	38	36	37
Total Noncurrent Liabilities	43	7.94	8.07	7.97	7.32	6.90	6.78	6.73
Capital Lease Obligations	6.51	6.16	6.12	5.93	5.56	5.38	5.21	4.91
Other Noncurrent Operating Liabilities	1.41	1.79	1.95	2.05	1.77	1.52	1.57	1.82
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	95	107	114	120	135	132	136	139
Total Preferred & Common Equity	95	107	114	120	135	132	136	139
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	95	107	114	120	135	132	136	139
Common Stock	229	251	261	269	289	295	301	313
Retained Earnings	-134	-145	-147	-150	-154	-163	-165	-175

This table displays calculated financial ratios and metrics derived from Expensify's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	9.46%	62.18%	18.66%	-11.10%	-7.60%	2.06%
EBITDA Growth	0.00%	117.02%	-156.12%	-95.14%	-182.88%	121.81%	-272.03%
EBIT Growth	0.00%	354.69%	-280.81%	-48.58%	-117.63%	97.53%	-581.15%
NOPAT Growth	0.00%	-476.27%	-118.50%	-48.58%	-117.63%	97.53%	-2,097.44%
Net Income Growth	0.00%	-237.79%	-692.87%	-99.21%	-53.49%	75.75%	-112.72%
EPS Growth	0.00%	0.00%	-500.00%	8.33%	-51.52%	76.00%	-91.67%
Operating Cash Flow Growth	0.00%	-38.98%	-27.67%	499.27%	-95.26%	1,431.56%	-15.86%
Free Cash Flow Firm Growth	0.00%	0.00%	16.80%	1.17%	-78.57%	92.40%	37.84%
Invested Capital Growth	0.00%	0.00%	67.01%	31.87%	36.26%	3.46%	-12.30%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	1.87%	-5.20%	1.31%	-1.26%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	66.66%	-23.15%	725.44%	-43.02%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	56.44%	-18.98%	88.72%	-19.66%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	56.44%	-18.98%	88.72%	-32.34%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	40.64%	-10.11%	36.95%	-37.25%
EPS Q/Q Growth	0.00%	0.00%	0.00%	43.10%	-8.70%	29.41%	-21.05%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-88.22%	1,247.50%	-82.18%	49.87%	-20.56%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-33.10%	83.41%	5.58%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	6.55%	15.80%	-1.71%	-5.90%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	60.25%	63.20%	62.41%	63.03%	55.61%	53.86%	50.34%
EBITDA Margin	5.13%	10.16%	-3.52%	-5.78%	-18.40%	4.34%	-5.42%
Operating Margin	1.55%	6.44%	-7.18%	-8.99%	-22.00%	-0.59%	-12.68%
EBIT Margin	1.55%	6.44%	-7.18%	-8.99%	-22.00%	-0.59%	-11.47%
Profit (Net Income) Margin	1.54%	-1.94%	-9.49%	-15.94%	-27.51%	-7.22%	-15.05%
Tax Burden Percent	-82.19%	-57.93%	98.73%	130.84%	107.75%	420.36%	131.28%
Interest Burden Percent	-121.09%	52.06%	133.94%	135.52%	116.07%	291.71%	100.00%
Effective Tax Rate	0.00%	157.93%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-23.94%	-19.59%	-20.07%	-32.50%	-0.69%	-15.77%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-0.39%	53.73%	28.31%	33.64%	30.19%	1.60%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.37%	-10.31%	-11.00%	-9.38%	-8.10%	-0.62%
Return on Equity (ROE)	0.00%	-24.31%	-29.90%	-31.07%	-41.88%	-8.78%	-16.39%
Cash Return on Invested Capital (CROIC)	0.00%	-223.94%	-69.78%	-47.55%	-63.20%	-4.09%	-2.66%
Operating Return on Assets (OROA)	0.00%	6.46%	-7.57%	-7.74%	-17.13%	-0.47%	-9.06%
Return on Assets (ROA)	0.00%	-1.95%	-10.01%	-13.73%	-21.42%	-5.74%	-11.89%
Return on Common Equity (ROCE)	0.00%	53.62%	-15.03%	-31.07%	-41.88%	-8.78%	-16.39%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.51%	-17.70%	-27.78%	-41.15%	-7.84%	0.00%
Net Operating Profit after Tax (NOPAT)	0.87	-3.28	-7.18	-11	-23	-0.57	-13
NOPAT Margin	1.08%	-3.73%	-5.02%	-6.29%	-15.40%	-0.41%	-8.88%
Net Nonoperating Expense Percent (NNEP)	0.00%	-23.55%	-73.32%	-48.37%	-66.14%	-30.87%	-17.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-6.49%	-17.87%	-0.43%	-9.15%
Cost of Revenue to Revenue	39.75%	36.80%	37.59%	36.97%	44.39%	46.14%	49.66%
SG&A Expenses to Revenue	19.80%	37.89%	42.53%	34.51%	32.67%	27.57%	29.64%
R&D to Revenue	5.11%	7.64%	7.69%	8.08%	15.51%	17.70%	14.56%
Operating Expenses to Revenue	58.70%	56.76%	69.59%	72.01%	77.61%	54.45%	63.02%
Earnings before Interest and Taxes (EBIT)	1.25	5.67	-10	-15	-33	-0.82	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.12	8.95	-5.02	-9.80	-28	6.05	-7.70
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	46.56	7.51	2.05	2.32	1.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	50.78	8.08	2.34	2.66	1.18
Price to Revenue (P/Rev)	3.27	2.98	24.98	4.31	1.37	2.14	0.99
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	11.70	77.16	11.47	2.29	2.99	1.10
Enterprise Value to Revenue (EV/Rev)	0.00	3.65	24.76	4.09	1.25	1.83	0.58
Enterprise Value to EBITDA (EV/EBITDA)	0.00	35.89	0.00	0.00	0.00	42.16	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	56.65	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	42.35	644.66	21.08	120.87	10.68	4.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	3.40	0.88	0.69	0.29	0.04	0.04
Long-Term Debt to Equity	0.00	2.16	0.68	0.53	0.06	0.04	0.04
Financial Leverage	0.00	0.95	-0.19	-0.39	-0.28	-0.27	-0.39
Leverage Ratio	0.00	6.24	2.99	2.26	1.95	1.53	1.38
Compound Leverage Factor	0.00	3.25	4.00	3.07	2.27	4.46	1.38
Debt to Total Capital	0.00%	77.25%	46.88%	40.79%	22.42%	4.28%	3.67%
Short-Term Debt to Total Capital	0.00%	28.22%	10.78%	9.47%	17.44%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	49.03%	36.10%	31.32%	4.98%	4.28%	3.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	72.93%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-50.18%	53.12%	59.21%	77.58%	95.72%	96.33%
Debt to EBITDA	0.00	5.34	-13.46	-6.83	-1.05	0.95	-0.66
Net Debt to EBITDA	0.00	1.49	6.13	3.75	0.66	-7.12	7.53
Long-Term Debt to EBITDA	0.00	3.39	-10.37	-5.25	-0.23	0.95	-0.66
Debt to NOPAT	0.00	-14.55	-9.42	-6.28	-1.26	-10.00	-0.40
Net Debt to NOPAT	0.00	-4.07	4.29	3.45	0.79	74.97	4.60
Long-Term Debt to NOPAT	0.00	-9.23	-7.26	-4.82	-0.28	-10.00	-0.40
Altman Z-Score	0.00	2.86	20.85	4.52	1.22	4.19	1.45
Noncontrolling Interest Sharing Ratio	0.00%	320.60%	49.74%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.62	2.94	3.10	2.02	3.60	3.30
Quick Ratio	0.00	1.15	2.13	1.99	0.90	1.62	1.63
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-31	-26	-25	-45	-3.43	-2.13
Operating Cash Flow to CapEx	253.47%	176.60%	72.05%	1,495.04%	21.37%	313.02%	565.09%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.00	1.05	0.86	0.78	0.79	0.79
Accounts Receivable Turnover	0.00	8.79	11.10	10.54	9.95	10.49	11.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	5.73	9.13	11.14	10.44	9.95	10.67
Accounts Payable Turnover	0.00	5.53	5.20	5.03	6.39	6.67	5.30
Days Sales Outstanding (DSO)	0.00	41.54	32.88	34.63	36.68	34.78	32.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	66.02	70.23	72.59	57.14	54.69	68.83
Cash Conversion Cycle (CCC)	0.00	-24.48	-37.34	-37.96	-20.47	-19.91	-36.32
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	27	46	60	82	85	75
Invested Capital Turnover	0.00	6.42	3.90	3.19	2.11	1.66	1.78
Increase / (Decrease) in Invested Capital	0.00	27	18	15	22	2.85	-10
Enterprise Value (EV)	0.00	321	3,537	693	188	255	82
Market Capitalization	263	263	3,567	730	207	298	140
Book Value per Share	$0.00	($1.13)	$0.95	$1.18	$1.20	$1.44	$1.43
Tangible Book Value per Share	$0.00	($1.27)	$0.87	$1.09	$1.05	$1.26	$1.28
Total Capital	0.00	62	144	164	130	134	138
Total Debt	0.00	48	68	67	29	5.74	5.06
Total Long-Term Debt	0.00	30	52	51	6.47	5.74	5.06
Net Debt	0.00	13	-31	-37	-18	-43	-58
Capital Expenditures (CapEx)	4.90	4.30	7.61	2.20	7.29	7.63	3.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	7.52	21	39	44	50	44
Debt-free Net Working Capital (DFNWC)	0.00	42	120	142	92	99	107
Net Working Capital (NWC)	0.00	24	104	127	69	99	107
Net Nonoperating Expense (NNE)	-0.37	-1.57	6.38	16	18	9.48	8.78
Net Nonoperating Obligations (NNO)	0.00	13	-31	-37	-18	-43	-58
Total Depreciation and Amortization (D&A)	2.88	3.28	5.23	5.43	5.42	6.87	8.59
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	8.54%	14.85%	22.72%	29.52%	35.98%	30.63%
Debt-free Net Working Capital to Revenue	0.00%	47.60%	83.74%	83.96%	61.05%	71.01%	75.02%
Net Working Capital to Revenue	0.00%	27.78%	72.86%	74.78%	46.02%	71.01%	75.02%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.36)	($0.33)	($0.50)	($0.12)	($0.23)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	38.04M	80.79M	82.49M	87.38M	92.28M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.36)	($0.33)	($0.50)	($0.12)	($0.23)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	38.04M	80.79M	82.49M	87.38M	92.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	81.58M	82.47M	85.21M	91.41M	93.11M
Normalized Net Operating Profit after Tax (NOPAT)	0.87	3.97	-7.18	-11	-23	-0.57	-13
Normalized NOPAT Margin	1.08%	4.51%	-5.02%	-6.29%	-15.40%	-0.41%	-8.88%
Pre Tax Income Margin	-1.88%	3.35%	-9.61%	-12.18%	-25.53%	-1.72%	-11.47%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.13%	0.00%	0.00%	-22.21%	-7.24%	-15.02%	-42.52%

This table displays calculated financial ratios and metrics derived from Expensify's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	82,848,156.00	83,735,718.00	83,735,718.00	86,493,847.00	88,549,390.00	-	91,412,535.00	92,403,057.00	92,650,580.00	-	93,107,929.00
DEI Adjusted Shares Outstanding	82,848,156.00	83,735,718.00	83,735,718.00	86,493,847.00	88,549,390.00	-	91,412,535.00	92,403,057.00	92,650,580.00	-	93,107,929.00
DEI Earnings Per Adjusted Shares Outstanding	-0.21	-0.09	-0.05	-0.03	-0.02	-	-0.03	-0.10	-0.03	-	-0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-14.12%	-19.01%	-16.37%	-14.39%	-2.97%	5.10%	7.57%	7.44%	-0.97%	-4.88%	-5.84%
EBITDA Growth	-267.69%	-818.21%	-2.58%	119.71%	114.17%	153.33%	138.61%	-557.35%	-100.04%	-162.34%	-33.73%
EBIT Growth	-202.13%	-756.37%	-1.59%	99.57%	102.72%	107.78%	45.87%	-22,946.34%	-560.77%	-4,721.92%	-32.62%
NOPAT Growth	-160.59%	-756.37%	33.69%	102.29%	87.06%	107.78%	17.07%	-4,820.55%	-17.05%	-944.85%	-32.62%
Net Income Growth	-106.30%	-112.07%	36.40%	75.55%	87.07%	81.79%	16.19%	-217.95%	-5.32%	-442.45%	26.25%
EPS Growth	-110.00%	-100.00%	42.86%	78.57%	90.48%	62.50%	25.00%	-233.33%	-50.00%	-133.33%	33.33%
Operating Cash Flow Growth	-449.62%	-108.17%	-54.58%	2,246.77%	172.21%	1,463.17%	126.33%	-4.30%	12.99%	-70.25%	-98.50%
Free Cash Flow Firm Growth	-160.13%	-72.95%	-205.95%	-117.93%	31.86%	90.32%	114.97%	119.52%	133.66%	405.81%	-47.03%
Invested Capital Growth	25.38%	36.26%	47.40%	47.15%	21.89%	3.46%	-6.24%	-14.31%	-8.39%	-12.30%	-4.56%
Revenue Q/Q Growth	-6.15%	-3.52%	-4.75%	-0.74%	6.37%	4.50%	-2.51%	-0.86%	-1.95%	0.38%	-3.49%
EBITDA Q/Q Growth	-97.63%	71.59%	71.30%	222.32%	42.09%	6.92%	-73.33%	-983.87%	99.99%	-118,400.00%	128.35%
EBIT Q/Q Growth	-80.66%	65.34%	54.11%	98.51%	1,243.90%	-0.64%	-1,936.99%	-712.47%	77.13%	-62.89%	43.98%
NOPAT Q/Q Growth	-55.82%	59.82%	70.05%	112.21%	-980.45%	124.17%	-419.10%	-595.23%	78.17%	-74.44%	49.91%
Net Income Q/Q Growth	-50.42%	57.63%	47.52%	26.90%	20.48%	40.31%	-141.54%	-177.31%	73.66%	-207.43%	67.16%
EPS Q/Q Growth	-50.00%	61.90%	50.00%	25.00%	33.33%	-50.00%	0.00%	-233.33%	70.00%	-133.33%	71.43%
Operating Cash Flow Q/Q Growth	-1,076.50%	89.37%	739.23%	168.42%	-60.43%	100.76%	6.13%	85.56%	-53.28%	-47.14%	-94.64%
Free Cash Flow Firm Q/Q Growth	-89.72%	-5.16%	-10.67%	1.30%	40.68%	85.06%	271.21%	28.65%	2.33%	35.68%	-70.34%
Invested Capital Q/Q Growth	16.97%	15.80%	4.36%	4.10%	-3.11%	-1.71%	-5.43%	-4.85%	3.57%	-5.90%	2.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.55%	53.11%	56.51%	56.85%	51.58%	50.96%	50.57%	51.94%	49.62%	49.18%	47.61%
EBITDA Margin	-44.12%	-12.99%	-3.92%	4.82%	6.44%	6.59%	1.41%	-20.54%	0.00%	-3.37%	0.99%
Operating Margin	-40.82%	-17.00%	-5.35%	0.66%	0.81%	1.26%	-4.12%	-28.91%	-6.44%	-11.19%	-5.81%
EBIT Margin	-47.33%	-17.00%	-8.19%	-0.12%	1.32%	1.26%	-4.12%	-26.42%	-6.16%	-10.00%	-5.81%
Profit (Net Income) Margin	-46.59%	-20.46%	-11.27%	-8.30%	-6.21%	-3.55%	-8.78%	-24.57%	-6.60%	-20.22%	-6.88%
Tax Burden Percent	98.44%	117.04%	137.64%	6,741.46%	-468.66%	1,797.26%	272.49%	93.00%	107.13%	202.19%	129.76%
Interest Burden Percent	100.00%	102.82%	100.00%	100.00%	100.00%	-15.67%	78.21%	100.00%	100.00%	100.00%	91.33%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	568.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-71.06%	-25.12%	-7.48%	0.85%	-6.64%	1.47%	-4.91%	-35.13%	-7.81%	-13.91%	-7.22%
ROIC Less NNEP Spread (ROIC-NNEP)	-50.19%	-14.20%	0.30%	10.03%	-3.67%	6.80%	0.79%	-31.24%	-6.16%	-5.28%	-5.57%
Return on Net Nonoperating Assets (RNNOA)	16.57%	3.96%	-0.09%	-2.98%	0.98%	-1.82%	-0.24%	10.12%	2.16%	2.05%	2.36%
Return on Equity (ROE)	-54.48%	-21.16%	-7.57%	-2.13%	-5.66%	-0.36%	-5.16%	-25.01%	-5.65%	-11.87%	-4.87%
Cash Return on Invested Capital (CROIC)	-53.03%	-63.20%	-69.60%	-59.08%	-26.18%	-4.09%	6.01%	6.08%	-2.72%	-2.66%	-11.79%
Operating Return on Assets (OROA)	-35.49%	-13.24%	-5.87%	-0.08%	0.94%	1.00%	-3.13%	-20.06%	-4.89%	-7.90%	-4.28%
Return on Assets (ROA)	-34.93%	-15.93%	-8.08%	-5.68%	-4.39%	-2.82%	-6.66%	-18.66%	-5.23%	-15.98%	-5.07%
Return on Common Equity (ROCE)	-54.48%	-21.16%	-7.57%	-2.13%	-5.66%	-0.36%	-5.16%	-25.01%	-5.65%	-11.87%	-4.87%
Return on Equity Simple (ROE_SIMPLE)	-39.61%	0.00%	-36.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-10	-4.19	-1.26	0.15	-1.35	0.33	-1.04	-7.24	-1.58	-2.76	-1.38
NOPAT Margin	-28.58%	-11.90%	-3.74%	0.46%	-3.81%	0.88%	-2.89%	-20.23%	-4.51%	-7.83%	-4.06%
Net Nonoperating Expense Percent (NNEP)	-20.86%	-10.92%	-7.78%	-9.18%	-2.97%	-5.33%	-5.70%	-3.89%	-1.64%	-8.63%	-1.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.23%	-0.93%	0.11%	-1.07%	0.24%	-0.74%	-5.27%	-1.12%	-2.00%	-0.96%
Cost of Revenue to Revenue	48.45%	46.89%	43.49%	43.15%	48.42%	49.04%	49.43%	48.06%	50.38%	50.82%	52.39%
SG&A Expenses to Revenue	39.03%	30.79%	34.09%	27.77%	25.65%	23.30%	30.02%	26.31%	27.99%	34.28%	26.84%
R&D to Revenue	18.10%	17.75%	17.68%	19.19%	15.87%	18.11%	14.85%	14.42%	13.99%	14.95%	15.50%
Operating Expenses to Revenue	92.38%	70.11%	61.86%	56.19%	50.77%	49.70%	54.69%	80.85%	56.05%	60.36%	53.41%
Earnings before Interest and Taxes (EBIT)	-17	-5.99	-2.75	-0.04	0.47	0.47	-1.49	-9.45	-2.16	-3.52	-1.97
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-16	-4.58	-1.31	1.61	2.28	2.44	0.51	-7.35	-0.00	-1.19	0.34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.83	2.05	1.45	1.13	1.45	2.32	2.06	1.82	1.26	1.06	0.58
Price to Tangible Book Value (P/TBV)	3.17	2.34	1.69	1.32	1.68	2.66	2.33	2.05	1.42	1.18	0.65
Price to Revenue (P/Rev)	1.69	1.37	1.07	0.93	1.26	2.14	1.96	1.66	1.19	0.99	0.58
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.45	2.29	1.55	1.17	1.62	2.99	2.78	2.40	1.45	1.10	0.25
Enterprise Value to Revenue (EV/Rev)	1.54	1.25	0.93	0.75	1.02	1.83	1.58	1.28	0.80	0.58	0.14
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	42.16	32.37	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	28.04	120.87	0.00	14.62	8.81	10.68	7.92	7.42	4.55	4.11	1.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	44.70	36.46	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.29	0.27	0.25	0.05	0.04	0.04	0.04	0.04	0.04	0.04
Long-Term Debt to Equity	0.44	0.06	0.06	0.05	0.05	0.04	0.04	0.04	0.04	0.04	0.04
Financial Leverage	-0.33	-0.28	-0.31	-0.30	-0.27	-0.27	-0.31	-0.32	-0.35	-0.39	-0.42
Leverage Ratio	2.22	1.95	1.92	1.89	1.81	1.53	1.55	1.55	1.42	1.38	1.39
Compound Leverage Factor	2.22	2.01	1.92	1.89	1.81	-0.24	1.21	1.55	1.42	1.38	1.27
Debt to Total Capital	40.68%	22.42%	21.27%	20.12%	4.71%	4.28%	3.96%	3.92%	3.70%	3.67%	3.42%
Short-Term Debt to Total Capital	14.42%	17.44%	16.72%	15.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	26.26%	4.98%	4.55%	4.29%	4.71%	4.28%	3.96%	3.92%	3.70%	3.67%	3.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.32%	77.58%	78.73%	79.88%	95.29%	95.72%	96.04%	96.08%	96.30%	96.33%	96.58%
Debt to EBITDA	-2.90	-1.05	-1.07	-1.71	-6.13	0.95	0.80	-1.69	-0.97	-0.66	-0.51
Net Debt to EBITDA	1.06	0.66	0.77	1.46	34.38	-7.12	-7.82	17.31	10.45	7.53	6.42
Long-Term Debt to EBITDA	-1.87	-0.23	-0.23	-0.36	-6.13	0.95	0.80	-1.69	-0.97	-0.66	-0.51
Debt to NOPAT	-3.34	-1.26	-1.28	-1.83	-1.16	-10.00	-15.45	-0.69	-0.55	-0.40	-0.38
Net Debt to NOPAT	1.23	0.79	0.91	1.56	6.53	74.97	150.28	7.12	5.90	4.60	4.76
Long-Term Debt to NOPAT	-2.16	-0.28	-0.27	-0.39	-1.16	-10.00	-15.45	-0.69	-0.55	-0.40	-0.38
Altman Z-Score	1.58	1.73	1.29	1.16	2.06	4.21	3.31	2.65	2.20	1.68	1.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.44	2.02	2.04	2.20	2.87	3.60	3.25	3.14	3.44	3.30	3.49
Quick Ratio	1.40	0.90	0.89	0.94	1.07	1.62	1.53	1.50	1.66	1.63	1.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-25	-26	-29	-29	-17	-2.53	4.33	5.57	5.70	7.73	2.29
Operating Cash Flow to CapEx	-220.94%	-22.06%	122.69%	457.16%	201.26%	796.77%	1,577.51%	759.45%	383.96%	275.94%	8.36%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.78	0.72	0.68	0.71	0.79	0.76	0.76	0.79	0.79	0.74
Accounts Receivable Turnover	10.33	9.95	9.85	9.78	10.12	10.49	10.86	11.24	11.53	11.23	11.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.79	10.44	10.24	9.74	9.69	9.95	10.27	10.58	10.67	10.67	10.63
Accounts Payable Turnover	5.54	6.39	5.37	5.68	5.62	6.67	6.15	7.22	8.45	5.30	7.48
Days Sales Outstanding (DSO)	35.34	36.68	37.05	37.34	36.06	34.78	33.61	32.47	31.66	32.52	32.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	65.84	57.14	67.98	64.22	64.94	54.69	59.38	50.53	43.19	68.83	48.80
Cash Conversion Cycle (CCC)	-30.49	-20.47	-30.93	-26.88	-28.88	-19.91	-25.76	-18.06	-11.54	-36.32	-16.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	71	82	86	89	87	85	81	77	79	75	77
Invested Capital Turnover	2.49	2.11	2.00	1.84	1.74	1.66	1.70	1.74	1.73	1.78	1.78
Increase / (Decrease) in Invested Capital	14	22	28	29	16	2.85	-5.37	-13	-7.28	-10	-3.67
Enterprise Value (EV)	245	188	134	104	140	255	224	184	115	82	19
Market Capitalization	269	207	154	129	174	298	278	239	171	140	81
Book Value per Share	$1.15	$1.20	$1.25	$1.32	$1.35	$1.44	$1.47	$1.43	$1.46	$1.43	$1.49
Tangible Book Value per Share	$1.02	$1.05	$1.07	$1.13	$1.16	$1.26	$1.31	$1.27	$1.31	$1.28	$1.35
Total Capital	160	130	135	143	126	134	140	137	141	138	143
Total Debt	65	29	29	29	5.93	5.74	5.56	5.38	5.21	5.06	4.91
Total Long-Term Debt	42	6.47	6.16	6.12	5.93	5.74	5.56	5.38	5.21	5.06	4.91
Net Debt	-24	-18	-21	-25	-33	-43	-54	-55	-56	-58	-62
Capital Expenditures (CapEx)	2.31	2.46	2.83	2.04	1.83	0.93	0.50	1.17	1.09	0.80	1.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	40	44	46	54	51	50	47	43	47	44	46
Debt-free Net Working Capital (DFNWC)	129	92	95	108	90	99	106	104	108	107	113
Net Working Capital (NWC)	106	69	73	85	90	99	106	104	108	107	113
Net Nonoperating Expense (NNE)	6.57	3.01	2.53	2.92	0.85	1.64	2.13	1.55	0.74	4.36	0.96
Net Nonoperating Obligations (NNO)	-24	-18	-21	-25	-33	-43	-54	-55	-56	-58	-62
Total Depreciation and Amortization (D&A)	1.17	1.41	1.43	1.65	1.81	1.97	1.99	2.10	2.16	2.34	2.31
Debt-free, Cash-free Net Working Capital to Revenue	25.08%	29.52%	32.02%	39.21%	37.13%	35.98%	33.03%	30.04%	32.49%	30.63%	33.11%
Debt-free Net Working Capital to Revenue	81.14%	61.05%	66.26%	77.64%	65.63%	71.01%	75.08%	72.00%	75.19%	75.02%	80.63%
Net Working Capital to Revenue	66.61%	46.02%	50.56%	61.33%	65.63%	71.01%	75.08%	72.00%	75.19%	75.02%	80.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	($0.08)	($0.04)	($0.03)	($0.02)	($0.03)	($0.03)	($0.10)	($0.03)	($0.07)	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	82.47M	82.49M	85.14M	86.59M	88.18M	87.38M	91.50M	92.27M	92.56M	92.28M	93.72M
Adjusted Diluted Earnings per Share	($0.21)	($0.08)	($0.04)	($0.03)	($0.02)	($0.03)	($0.03)	($0.10)	($0.03)	($0.07)	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	82.47M	82.49M	85.14M	86.59M	88.18M	87.38M	91.50M	92.27M	92.56M	92.28M	93.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	83.74M	85.21M	86.49M	88.55M	88.96M	91.41M	92.40M	92.65M	93.04M	93.11M	96.44M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-4.19	-1.26	0.15	0.20	0.33	-1.04	-7.24	-1.58	-2.76	-1.38
Normalized NOPAT Margin	-28.58%	-11.90%	-3.74%	0.46%	0.57%	0.88%	-2.89%	-20.23%	-4.51%	-7.83%	-4.06%
Pre Tax Income Margin	-47.33%	-17.48%	-8.19%	-0.12%	1.32%	-0.20%	-3.22%	-26.42%	-6.16%	-10.00%	-5.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-23.91%	-7.24%	0.00%	0.00%	-9.47%	-15.02%	0.00%	-29.33%	-38.87%	-42.52%	0.00%

Financials Breakdown Chart

Expensify Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Expensify's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Expensify's net income appears to be on an upward trend, with a most recent value of -$21.39 million in 2025, falling from $1.24 million in 2019. The previous period was -$10.06 million in 2024. Check out Expensify's forecast to explore projected trends and price targets.

Expensify's total operating income in 2025 was -$18.02 million, based on the following breakdown:

Total Gross Profit: $71.53 million
Total Operating Expenses: $89.55 million

Over the last 6 years, Expensify's total revenue changed from $80.46 million in 2019 to $142.10 million in 2025, a change of 76.6%.

Expensify's total liabilities were at $53.24 million at the end of 2025, a 17.2% increase from 2024, and a 27.7% decrease since 2020.

In the past 5 years, Expensify's cash and equivalents has ranged from $34.40 million in 2020 to $103.79 million in 2022, and is currently $63.08 million as of their latest financial filing in 2025.

Over the last 6 years, Expensify's book value per share changed from 0.00 in 2019 to 1.43 in 2025, a change of 142.7%.

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Financial statements for NASDAQ:EXFY last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Expensify (EXFY) Financials

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Expensify Financials - Frequently Asked Questions

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Expensify (EXFY) Financials

Annual Income Statements for Expensify

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Annual Cash Flow Statements for Expensify

Quarterly Cash Flow Statements for Expensify

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Financials Breakdown Chart

Expensify Financials - Frequently Asked Questions

When does Expensify's financial year end?

How has Expensify's net income changed over the last 6 years?

What is Expensify's operating income?

How has Expensify's revenue changed over the last 6 years?

How much debt does Expensify have?

How much cash does Expensify have?

How has Expensify's book value per share changed over the last 6 years?

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