Expensify Reports $142M Revenue, $19.9M Free Cash Flow; Sees $6M–$9M FCF in 2026
Expensify reported fiscal 2025 revenue of $142.1 million, non-GAAP net income of $5.2 million and free cash flow of $19.9 million. For fiscal 2026, management guided free cash flow of $6 million to $9 million citing planned increases in sales, marketing and AI investment.
1. Fiscal 2025 Financial Performance
Expensify closed fiscal year 2025 with $142.1 million in revenue, 650,000 average paid members and free cash flow of $19.9 million. Non-GAAP net income was $5.2 million and adjusted EBITDA reached $16.9 million despite a net loss of $21.4 million due to stock-based compensation and film-related costs.
2. Fiscal 2026 Cash Flow Guidance and Investments
For fiscal year 2026, the company set free cash flow guidance of $6 million to $9 million, reflecting a conservative outlook as it plans increased investment in sales and marketing and enhanced AI capabilities. Management emphasized that this outlook supports strategic growth initiatives and product development.
3. Operational Highlights and Strategy
Expensify achieved 434% year-over-year growth in travel bookings in Q4 and a 24% interchange increase for fiscal 2025, supported by a multi-year integration with Uber for Business. The New Expensify platform now offers feature parity for 90% of revenue-generating customers and has been adopted by 63% of users, while the company repurchased approximately $9 million of shares in 2025.