Expensify (EXFY) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 revenue reached $142.1 million, with average paid members at 650,000 and total interchange of $21.3 million.

• Q4 2025 revenue was $35.2 million, with Q4 free cash flow at $3.2 million and net loss of $7.1 million.

• Significant progress was made on the migration to the New Expensify platform, now with feature parity for 90% of revenue and 63% of Classic customers transitioned.

• Multi-year integration partnership with Uber for Business was established, and Expensify Travel bookings grew 434% year-over-year in Q4.

• Free cash flow for FY25 was $19.9 million, at the high end of guidance, and the company maintained a debt-free balance sheet.

Financial highlights

• Fiscal year 2025 operating cash flow was $20.1 million; free cash flow was $19.9 million, and adjusted EBITDA was $16.9 million.

• Q4 adjusted EBITDA was $3.3 million; Q4 operating cash flow was $2.2 million.

• Fiscal year 2025 non-GAAP net income was $5.2 million; net loss was $21.4 million, mainly due to stock-based compensation and F1 movie expenses.

• Interchange revenue increased 24% year-over-year to $21.3 million.

• Q4 2025 non-GAAP net loss was $2.1 million.

Outlook and guidance

• Fiscal year 2026 free cash flow guidance is $6 million–$9 million, reflecting increased investment in sales, marketing, and AI.

• Stock-based compensation for 2026 is projected between $4.7 million–$7.0 million per quarter.

• January 2026 paid members were 626,000, reflecting typical seasonality with expectations for growth in later months.