Expensify, Inc. (EXFY) Income Statement
EXFY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEXFY revenue and net income
Where EXFY's revenue goes
2025Each bar shows an amount and its share of revenue. EXFY kept −15.1% of revenue as net income.
EXFY profit margins
EXFY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.1% | −5.7% | +10.0% | — |
| Gross profit | −4.6% | −12.5% | +5.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −153.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EXFY quarterly EPS vs estimates
Expensify beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.02).
EXFY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $142.1M | $139.2M | $150.7M | $169.5M | $142.8M | $88.1M | $80.5M |
| Cost of revenue | $70.6M | $64.2M | $66.9M | $62.7M | $53.7M | $32.4M | $32.0M |
| Gross profit | $71.5M | $75.0M | $83.8M | $106.8M | $89.1M | $55.7M | $48.5M |
| Research & development | $20.7M | $24.6M | $23.4M | $13.7M | $11.0M | $6.7M | $4.1M |
| Sales, general & admin | $68.9M | $51.2M | $93.6M | $108.4M | $88.4M | $43.3M | $43.1M |
| Total operating expenses | $89.5M | $75.8M | $116.9M | $122.1M | $99.4M | $50.0M | $47.2M |
| Operating income | −$18.0M | −$820,000 | −$33.1M | −$15.2M | −$10.3M | $5.7M | $1.2M |
| Interest expense | — | $1.6M | $5.3M | $5.4M | $3.5M | $2.7M | $2.8M |
| Income before taxes | −$16.3M | −$2.4M | −$38.5M | −$20.6M | −$13.7M | $3.0M | −$1.5M |
| Income taxes | $5.1M | $7.7M | $3.0M | $6.4M | −$174,000 | $4.7M | −$2.8M |
| Net income | −$21.4M | −$10.1M | −$41.5M | −$27.0M | −$13.6M | −$1.7M | $1.2M |
| EBITDA | −$7.8M | $6.0M | −$28.0M | −$9.8M | −$5.1M | $8.1M | $4.1M |
| EPS (diluted) | −$0.08 | $0.15 | −$0.50 | $0.32 | $1.82 | −$0.41 | $0.15 |
| Gross margin | 50.3% | 53.9% | 55.6% | 63.0% | 62.4% | 63.2% | 60.2% |
| Operating margin | −12.7% | −0.6% | −22.0% | −9.0% | −7.2% | 6.4% | 1.5% |
| Net margin | −15.1% | −7.2% | −27.5% | −15.9% | −9.5% | −1.9% | 1.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.9M | $34.0M | $35.2M | $35.1M | $35.8M | $36.1M | $37.0M | $35.4M | $33.3M | $33.5M | $35.2M | $36.5M |
| Cost of revenue | $17.5M | $17.8M | $17.9M | $17.7M | $17.2M | $17.8M | $18.1M | $17.1M | $14.4M | $14.6M | $16.5M | $17.7M |
| Gross profit | $16.3M | $16.2M | $17.3M | $17.4M | $18.6M | $18.2M | $18.9M | $18.3M | $18.9M | $19.0M | $18.7M | $18.8M |
| Research & development | $5.0M | $5.3M | $5.3M | $6.8M | $5.2M | $5.4M | $6.7M | $5.6M | $6.4M | $5.9M | $6.2M | $6.6M |
| Sales, general & admin | $14.3M | $12.9M | $16.0M | $9.8M | $23.8M | $14.4M | $11.7M | $12.4M | $12.3M | $14.8M | $18.4M | $27.1M |
| Total operating expenses | $19.3M | $18.1M | $21.2M | $19.7M | $28.9M | $19.7M | $18.4M | $18.0M | $18.7M | $20.7M | $24.7M | $33.7M |
| Operating income | −$2.9M | −$2.0M | −$3.9M | −$2.3M | −$10.3M | −$1.5M | $465,000 | $288,000 | $219,000 | −$1.8M | −$6.0M | −$14.9M |
| Interest income | — | — | — | — | — | $324,000 | — | — | — | — | — | — |
| Interest expense | — | — | — | — | — | — | $539,000 | $181,000 | $260,000 | $954,000 | $169,000 | $2.4M |
| Income before taxes | −$2.7M | −$1.8M | −$3.5M | −$2.2M | −$9.4M | −$1.2M | −$74,000 | $469,000 | −$41,000 | −$2.7M | −$6.2M | −$17.3M |
| Income taxes | $1.1M | $536,000 | $3.6M | $154,000 | −$661,000 | $2.0M | $1.2M | $2.7M | $2.7M | $1.0M | $1.0M | −$270,000 |
| Net income | −$3.9M | −$2.3M | −$7.1M | −$2.3M | −$8.8M | −$3.2M | −$1.3M | −$2.2M | −$2.8M | −$3.8M | −$7.2M | −$17.0M |
| EBITDA | −$377,000 | $455,000 | −$1.2M | −$23,000 | −$7.4M | $820,000 | $2.4M | $2.1M | $1.8M | −$370,000 | −$4.7M | −$13.8M |
| EPS (diluted) | −$0.04 | $0.04 | −$0.08 | $0.05 | −$0.10 | $0.05 | −$0.01 | $0.06 | $0.06 | $0.04 | $0.04 | −$0.08 |
| Gross margin | 48.2% | 47.6% | 49.2% | 49.6% | 51.9% | 50.6% | 51.0% | 51.6% | 56.9% | 56.5% | 53.1% | 51.6% |
| Operating margin | −8.6% | −5.8% | −11.2% | −6.4% | −28.9% | −4.1% | 1.3% | 0.8% | 0.7% | −5.3% | −17.0% | −40.8% |
| Net margin | −11.4% | −6.9% | −20.2% | −6.6% | −24.6% | −8.8% | −3.5% | −6.2% | −8.3% | −11.3% | −20.5% | −46.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EXFY's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EXFY financial results
In fiscal year 2025 (ended December 31, 2025), Expensify reported revenue of $142.1 million, up 2.1% from the year before. It had a net loss of $21.4 million, a net profit margin of −15.1%. Diluted earnings per share came to −$0.08. Over five years revenue grew at an average rate of 10.0% a year.
See the EXFY stock overview for the latest quote and news, or the EXFY chart for price history and technical indicators.
EXFY income statement FAQ
What is Expensify's annual revenue?
Expensify reported total revenue of $142.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 2.1% from $139.2 million the previous year.
Is Expensify profitable?
No. Expensify reported a net loss of $21.4 million in fiscal 2025, a net profit margin of −15.1%; its operating margin was −12.7%.
What is Expensify's gross margin?
Expensify's gross margin was 50.3% in fiscal 2025: for every $100 of revenue, Expensify kept $50 after the direct cost of its products and services.
How much does Expensify spend on research and development?
Expensify spent $20.7 million on research and development in fiscal 2025, 14.6% of revenue.
How fast is Expensify growing?
Revenue grew 10.0% a year on average over the last five fiscal years, from $88.1 million to $142.1 million.
What are Expensify's earnings per share?
Expensify earned $-0.08 per diluted share in fiscal 2025, compared with $0.15 a year earlier.
When will Expensify report its next earnings?
Expensify is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Expensify's fiscal year end?
Expensify's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.