Short answer
Expensify, Inc. (EXFY) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $142M (+2.1% year over year) and net income of −$21M.
- Top risk flagged: Regulatory risk from SEC enforcement and reporting compliance requirements impacting disclosure accuracy and timeliness
FY2025 key financial metrics · XBRL
- Revenue
- $142M
- +2.1% YoY
- Net income
- −$21M
- −112.7% YoY
- Operating margin
- -12.7%
- −12.1 pp YoY
- Gross margin
- 50.3%
- −3.5 pp YoY
- EPS (diluted)
- −$0.23
- −91.7% YoY
- ROE
- -16.1%
- −8.3 pp YoY
- Operating cash flow
- $20M
- −15.9% YoY
Source: XBRL data from the Expensify, Inc. (EXFY) FY2025 10-K on SEC EDGAR. USD.
Expensify, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: cloud-based, employee-focused expense management platform simplifying financial workflows for SMBs and enterprises globally
- New emphasis on expanding platform features beyond expense reports: bill payment, invoicing, and travel booking within one integrated app
- Strategic shift to drive viral, bottom-up adoption and monetize non-expense-reporting employees via complementary features
- Paid member count 650,000 across 39,700 companies in 200+ countries; platform processed 1.8 billion expense transactions as of Dec 31, 2025
- Expanded international growth focus, leveraging word-of-mouth adoption with plans for localized experiences and increased marketing investment
Management Discussion & Analysis
- Revenue $142.1M, up 2% YoY from $139.2M in 2024, driven by increased interchange revenue from updated card program
- Gross margin 50% vs 54% in 2024, decreased due to higher cost of revenue ($70.6M, +10% YoY) and reduced legacy card program consideration
- Best segment: Interchange revenue $21.3M in 2025 vs $9.2M in 2024; worst: billable user activity decline including pay-per-use fees
- Operating expenses increased: Sales & Marketing $26.7M (+109%), G&A $42.1M (+10%), R&D decreased to $20.7M (-16%)
- Net loss widened to $21.4M vs $10.1M; net loss margin (15%) vs (7%) in 2024
- No explicit cash flow or capital allocation details disclosed in provided text
- Forward outlook risks: macroeconomic uncertainties, inflation, recession potential, and ongoing investments in product and market expansion
Risk Factors
- Regulatory risk from SEC enforcement and reporting compliance requirements impacting disclosure accuracy and timeliness
- Macroeconomic exposure to demand volatility across platform features affecting revenue and cash flow stability
- Operational risk in maintaining gross logo retention and net seat retention rates essential for revenue growth
- Competitive threat from emerging SaaS expense management platforms challenging user acquisition and retention
- Financial risk from significant quarter-to-quarter fluctuations in revenue, working capital, and cash flows impacting forecasting accuracy
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