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Expensify (EXFY) investor relations material
Expensify Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $35.1M, down 1% year-over-year, with average paid members at 642,000 and total interchange of $5.4M; net loss was $2.3M, non-GAAP net income $4.3M, and adjusted EBITDA $6.5M.
Free cash flow for Q3 was $1.2M, down 82% year-over-year, impacted by working capital timing and seasonal annual payments.
Paid members declined 6% year-over-year to 642,000, but October paid members increased to 653,000.
Expensify Travel bookings grew 36% sequentially and 95% since Q1; partnership announced as Official Travel and Expense partner of the Brooklyn Nets.
Share repurchases totaled $3.0M for over 1.5M shares in Q3.
Financial highlights
Gross margin for Q3 2025 was 50%, down from 52% in Q3 2024.
Adjusted EBITDA margin was 19% for Q3 2025, down from 27% in Q3 2024.
Free cash flow margin was 4% for Q3 2025, compared to 19% in Q3 2024.
Cash from operating activities was $4.2M for Q3 2025.
Cash and cash equivalents as of September 30, 2025 were $61.5M, with no outstanding debt.
Outlook and guidance
Free cash flow guidance for FY 2025 is reaffirmed at $19M–$23M.
Estimated stock-based compensation for the next four quarters projected between $4.9M and $7.4M per quarter.
Management expects existing cash resources to be sufficient for continued operations and growth for at least the next 12 months.
What drives the FY25 FCF guidance?
Reconcile member decline with travel booking growth
How will Concierge AI impact future growth?
Control customer migration timeline to New Expensify
Expensify AI's unique competitive advantages
Sustain Expensify Travel's growth trajectory
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Frequently asked questions
Expensify Inc offers cloud-based expense management software for individuals and businesses. Its platform automates expense reporting, receipt scanning, invoicing, and corporate card management services. The company is headquartered in Portland, Oregon, and its shares are listed on the NASDAQ.
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