Expensify (EXFY) investor relations material

Executive summary

• Q2 2026 revenue was $33.9 million, with 640,000 average paid members and $5.9 million in card interchange revenue, up 12% year-over-year.

• Net loss improved to $3.9 million from $8.8 million a year ago; non-GAAP net income reached $3.4 million, and adjusted EBITDA was $6.6 million, both up from losses last year.

• New Expensify ARR from net new customers grew over 250% year-over-year to $10 million, now serving most users and driving growth.

• Over 30 new features and enhancements were launched, including AI agents, workflow automation, and Expensify MCP for AI assistant integration.

• Repurchased 6.8 million shares in Q2, reducing shares outstanding by 7%.

Financial highlights

• Net revenue was $33.9 million, a 5% decrease year-over-year, with gross margin at 48% and operating cash flow of $8.4 million.

• Free cash flow was $6.4 million, up 2% year-over-year and 162% sequentially, with a 19% margin.

• Adjusted EBITDA reached $6.6 million, up from negative last year, with a 19% margin.

• Non-GAAP net income was $3.4 million, a turnaround from a non-GAAP net loss last year.

• Cash and cash equivalents as of June 30, 2026 were $65.8 million, with no outstanding debt.

Outlook and guidance

• Full-year 2026 free cash flow guidance increased to $12–14 million from prior $6–9 million.

• Stock-based compensation for the next four quarters is projected between $4.9–$7.4 million per quarter.

• Management expects existing cash resources to be sufficient for operations and growth for at least the next 12 months.

• July 2026 paid members at 634,000, reflecting a typical seasonal dip, with expectations for growth in Q3.

• Continued focus on migrating Classic users to New Expensify and accelerating new customer acquisition.