Expensify (EXFY) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $35.1 million, down 1% year-over-year, with average paid members at 642,000 and total interchange of $5.4 million.

• Net loss for Q3 2025 was $2.3 million, but non-GAAP net income was $4.3 million and adjusted EBITDA was $6.5 million.

• Free cash flow for Q3 was $1.2 million, down 82% year-over-year, mainly due to working capital timing and seasonal annual payments.

• Paid members declined 6% year-over-year to 642,000 in Q3, but increased to 653,000 in October, showing positive Q4 momentum.

• Expensify Travel bookings grew 36% quarter-over-quarter and 95% since Q1, with Brooklyn Nets added as a marquee customer.

Financial highlights

• Q3 2025 revenue: $35.1 million; total interchange: $5.4 million; gross margin: 50%, down from 52% last year.

• Net loss: $2.3 million; non-GAAP net income: $4.3 million; adjusted EBITDA: $6.5 million (19% margin).

• Free cash flow: $1.2 million for Q3; $16.6 million for the nine months ended September 30, 2025.

• Cash and cash equivalents as of September 30, 2025 were $61.5 million, with no outstanding debt.

• Share repurchases totaled $3.0 million for over 1.5 million shares, with $44.0 million remaining authorized.

Outlook and guidance

• Fiscal year 2025 free cash flow guidance reaffirmed at $19 million–$23 million.

• Estimated stock-based compensation for the next four quarters projected between $4.9 million and $7.4 million per quarter.

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