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Expensify, Inc.

EXFY Clue Score47
United States Fiscal year ends December CIK 0001476840
$2.40 +4.35% Close, 9 Oct 2026
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Price $2.40 −24.05% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 10 Nov 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue80.5Operating income1.2Net income1.2EPS, diluted0.00Fiscal year 2020Revenue88.1 +9.5%Operating income5.7Net income−1.7 −237.8%EPS, diluted−0.06Fiscal year 2021Revenue142.8 +62.2%Operating income−10.3Net income−13.6EPS, diluted−0.36Fiscal year 2022Revenue169.5 +18.7%Operating income−15.2Net income−27.0EPS, diluted−0.33Fiscal year 2023Revenue150.7 −11.1%Operating income−33.1Net income−41.5EPS, diluted−0.50Fiscal year 2024Revenue139.2 −7.6%Operating income−0.8Net income−10.1EPS, diluted−0.12Fiscal year 2025Revenue142.1 +2.1%Operating income−18.0Net income−21.4EPS, diluted−0.23
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 80.5 88.1 142.8 169.5 150.7 139.2 142.1
Growth +9.5% +62.2% +18.7% −11.1% −7.6% +2.1%
Operating income 1.2 5.7 −10.3 −15.2 −33.1 −0.8 −18.0
Net income 1.2 −1.7 −13.6 −27.0 −41.5 −10.1 −21.4
Growth −237.8%
EPS, diluted 0.00 −0.06 −0.36 −0.33 −0.50 −0.12 −0.23

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin60.2%Operating margin1.5%Net margin1.5%Free cash flow margin11.4%Fiscal year 2020Gross margin63.2%Operating margin6.4%Net margin−1.9%Free cash flow margin5.8%Fiscal year 2021Gross margin62.4%Operating margin−7.2%Net margin−9.5%Free cash flow margin1.9%Fiscal year 2022Gross margin63.0%Operating margin−9.0%Net margin−15.9%Free cash flow margin19.1%Fiscal year 2023Gross margin55.6%Operating margin−22.0%Net margin−27.5%Free cash flow margin0.1%Fiscal year 2024Gross margin53.9%Operating margin−0.6%Net margin−7.2%Free cash flow margin17.1%Fiscal year 2025Gross margin50.3%Operating margin−12.7%Net margin−15.1%Free cash flow margin14.1%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 60.2% 63.2% 62.4% 63.0% 55.6% 53.9% 50.3%
Operating margin 1.5% 6.4% −7.2% −9.0% −22.0% −0.6% −12.7%
Net margin 1.5% −1.9% −9.5% −15.9% −27.5% −7.2% −15.1%
Free cash flow margin 11.4% 5.8% 1.9% 19.1% 0.1% 17.1% 14.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow12.4Capital expenditure−3.2Free cash flow9.2Buybacks−0.0Fiscal year 2020Operating cash flow7.6Capital expenditure−2.5Free cash flow5.1 −44.6%Buybacks0.0Fiscal year 2021Operating cash flow5.5Capital expenditure−2.7Free cash flow2.8 −45.5%Buybacks0.0Fiscal year 2022Operating cash flow32.9Capital expenditure−0.6Free cash flow32.3 +1,061.5%Buybacks−6.0Fiscal year 2023Operating cash flow1.6Capital expenditure−1.4Free cash flow0.2 −99.5%Buybacks−3.0Fiscal year 2024Operating cash flow23.9Capital expenditure0.0Free cash flow23.9 +13,544.0%Buybacks−1.5Fiscal year 2025Operating cash flow20.1Capital expenditure−0.0Free cash flow20.1 −15.9%Buybacks−9.1
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 12.4 7.6 5.5 32.9 1.6 23.9 20.1
Capital expenditure −3.2 −2.5 −2.7 −0.6 −1.4 0.0 −0.0
Free cash flow 9.2 5.1 2.8 32.3 0.2 23.9 20.1
Growth −44.6% −45.5% +1,061.5% −99.5% +13,544.0% −15.9%
Buybacks −0.0 0.0 0.0 −6.0 −3.0 −1.5 −9.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash10.0Shareholders’ equity−48.5Fiscal year 2020Cash34.4Total debt32.8Net cash (debt)1.6Shareholders’ equity−31.0Fiscal year 2021Cash98.4Total debt52.6Net cash (debt)45.8Shareholders’ equity76.6Debt to equity0.69Fiscal year 2022Cash103.8Total debt52.0Net cash (debt)51.8Shareholders’ equity97.2Debt to equity0.53Fiscal year 2023Cash47.5Total debt7.7Net cash (debt)39.9Shareholders’ equity100.7Debt to equity0.08Fiscal year 2024Cash48.8Total debt0.0Net cash (debt)48.8Shareholders’ equity128.2Debt to equity0.00Fiscal year 2025Cash63.1Shareholders’ equity132.7
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 10.0 34.4 98.4 103.8 47.5 48.8 63.1
Total debt n/a 32.8 52.6 52.0 7.7 0.0 n/a
Net cash (debt) n/a 1.6 45.8 51.8 39.9 48.8 n/a
Shareholders’ equity −48.5 −31.0 76.6 97.2 100.7 128.2 132.7
Debt to equity n/a n/a 0.69 0.53 0.08 0.00 n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
80.5 88.1 142.8 169.5 150.7 139.2 142.1
Growth +9.5% +62.2% +18.7% −11.1% −7.6% +2.1%
32.0 32.4 53.7 62.7 66.9 64.2 70.6
48.5 55.7 89.1 106.8 83.8 75.0 71.5
Growth +14.8% +60.2% +19.8% −21.6% −10.5% −4.6%
4.1 6.7 11.0 13.7 23.4 24.6 20.7
15.9 33.4 60.7 58.5 49.2 38.4 42.1
1.2 5.7 −10.3 −15.2 −33.1 −0.8 −18.0
Growth +354.7% −280.8%
−1.5 3.0 −13.7 −20.6 −38.5 −2.4 −16.3
−2.8 4.7 −0.2 6.4 3.0 7.7 5.1
1.2 −1.7 −13.6 −27.0 −41.5 −10.1 −21.4
Growth −237.8%
Per share
0.00 −0.06 −0.36 −0.33 −0.50 −0.12 −0.23
0.00 −0.06 −0.36 −0.33 −0.50 −0.12 −0.23
Growth
25.9 27.4 38.0 80.8 82.5 87.4 92.3
25.9 27.4 38.0 80.8 82.5 87.4 92.3
Growth +5.8% +38.7% +112.4% +2.1% +5.9% +5.6%

† The diluted share count jumps at 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 10.0% a year over five years.
  • Operating margin is down 19.1 points on five years ago, at -12.7%.
  • A net loss in 6 of 7 years on file.