Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 26th, 2026
Slide 2: Disclaimer
Disclaimer All information included in this presentation is unaudited. FORWARDLOOKING STATEMENTS Forward-looking statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statemen
Slide 3: Q4 2025 Financials
Expensify Q4 2025 Financials
Slide 4: Q4 2025 Revenue, Average Paid Members, Total Interchange
Q4 2025 Revenue Average Paid Members Total Interchange $35.2MM 650,000 $5.5MM
Slide 5: Q4 2025 Cash Flow, Net Loss and Adj. EBITDA
Q4 2025 1 Operating Cash Flow Free Cash Flow Includes timing of customer funds) Excludes timing of customer funds) $2.2MM $3.2MM 2 3 Net Loss Non-GAAP Net Loss Adj. EBITDA $(7.1)MM $(2.1)MM $3.3MM 1 We define free cash flow as net cash provided by operating activities excluding changes in settleme
Slide 6: FY 2025 Financials
Expensify FY 2025 Financials
Slide 7: FY 2025 Revenue, Average Paid Members, Total Interchange
FY 2025 Revenue Average Paid Members Total Interchange $142.1MM 650,000 $21.3MM
Slide 8: FY25 Operating Cash Flow, Free Cash Flow, Adj. EBITDA
FY25 1 Operating Cash Flow Free Cash Flow Includes timing of customer funds) Excludes timing of customer funds) $20.1MM $19.9MM 2 3 Net Loss Non-GAAP Net Income Adj. EBITDA $(21.4)MM $5.2MM $16.9MM 1 We define free cash flow as net cash provided by operating activities excluding changes in settlem
Slide 9: Free Cash Flow
Free Cash Flow 1 2 Our FY25 FCF was $19.9MM , coming in at the high end of our initial guidance of $16.0MM $20.0MM for 2025. 3 We are initiating FY26 FCF guidance of $6.0MM $9.0MM . This decrease is largely driven by a conservative outlook on 2026 along with an expected increased spend in S&M an
Slide 10: Q1 2026 Flash
Q1 2026 Flash Monthly Paid Members January Paid Members 626,000 Denotes January 2026 and January activity from previous years Note: There can be no assurances that the trends of previous first quarters are representative of future trends.
Slide 11: Business Highlights
Business Highlights ● Expensify and Uber for Business ○ The company entered a multi-year integration partnership with Uber for Business to automate travel and meal receipts, improving policy controls across corporate travel and expense workflows. ● TrustRadius 2026 Buyerʼs Choice Award ○ Expensify w
Slide 12: Migration & Product Update
Expensify Migration & Product Update
Slide 13: Migration Nearly Complete
Migration Nearly Complete ● New Expensify is feature complete for nearly all customers 🎉 ○ New Expensify has full feature parity with Classic for customers generating 90% of revenue ○ Classic will be maintained for remaining customers and those who prefer it ● New Expensify rolled out to 63% of…
Slide 14: Reporting dashboard screenshot
Type: Expense Group by: Merchant Date: Last month Fitters (1) Columns. Spenders Statements Unapproved cash SF @ Ricardo Alvarez ® Susan Nguyen § DakotaRedmond @ Peter Gibbons @ John Jefferson Ai Tanaka Unapproved card Reconcil Spend over time Top spenders Top categories Top merchants
Slide 15: The Best for "Bring Your Own Card"
The Best for "Bring Your Own Card" ● Most of the market still uses a traditional bank 1 ○ "more than 55% of businesses report using business credit cards" - NBER Working Paper No. 33618 ○ Every accountant has a client that wants to keep their card, and we support them all ● We believe Expensify is t
Slide 16: Expense Report merchant rule screenshot
Expense Report #3261987 : Boulder De For expenses with: a_i» More chant siting for you to submit expense(s Waco Coffee oo Add rule Apply these updates: Coffee with client Merchant Mercha Waco Coffee Employee Meals Remote 2025-01-20 Acme Inc. Employee Meals Remote ‘Acme Inc. Reimbursable Remote" Conc
Slide 17: Reactivating "Product Led Growth"
Reactivating "Product Led Growth" ● Expensify has always been a populist platform ○ 60% of signups are not team leaders; most customers were introduced to Expensify by an employee ○ The Expensify Challenge: Download our app, for free, submit to your boss, and see what happens! ● As migration comple
Slide 18: Submit, Collect, Control plans
Submit Collect Control Free $5 per member/month Custom pricing for all members as low as $9 per active member/month Automate your expenses alone or The small business plan that gives Expense, travel, and chat for larger with your team you expense, travel, and chat. businesses. 25 Scans/month per use
Slide 19: Introducing "Accountable Intelligence"
Introducing "Accountable Intelligence" ● Concierge is Contextual ○ Chat-first design is the UI of AI: every expense report, card swipe, or error message is a conversation ○ No need to copy/paste, upload, or describe – just ask right on the thing you are curious about. ● Concierge is Correctable ○ Co
Slide 20: Concierge explanation screenshot
submitted via delay subi... From [Expenses] David's Expense. He Thread Concierge toxiay st 254° submitted via delayed submissions. Explain + Concierge today st 249 PM | submitted this report because: + Your workspace is set to submit expenses once per day. + Your report had expenses ready to submit.
Slide 21: 2025 Leaned Into Our Strengths
2025 Leaned Into Our Strengths: ● Cross-selling remains strong: ○ Expensify Card interchange grew 24% from FY'24 to FY'25, to $21.3 million. ○ Expensify Travel bookings grew 434% from Q4'24 to Q4'25. 1 ● Free cash flow remains strong: 2 ○ The company generated over $20.0MM in operating cash flow, an
Slide 22: Q&A
Slide 23: Expensify
Expensify
Slide 24: Appendix
Appendix
Slide 25: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Year ended Year ended December 31, 2025 December 31, 2024 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 21,389 $ 10,055 Add: Stock-based compensation expense 26,578 33,537 1 Non-GAAP net income $ 5,189 $ 23,482 1 We define non
Slide 26: GAAP to Non-GAAP Reconciliation: Non-GAAP Net (Loss) Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net (Loss) Income Three months ended Three months ended December 31, 2025 December 31, 2024 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 7,117 $ 1,312 Add: Stock-based compensation expense 4,997 10,002 1 Non-GAAP net (loss) income $ 2,
Slide 27: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Year ended Year ended December 31, 2025 December 31, 2024 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 21,389 $ 10,055 Provision for income taxes 5,096 7,663 Other (income) expense, net 1,726 1,572 Depreciation and amortization
Slide 28: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended December 31, 2025 December 31, 2024 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 7,117 $ 1,312 Provision for income taxes 3,597 1,238 Other (income) expense, net 417 539 Depreciation and am
Slide 29: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Year ended Year ended December 31, 2025 December 31, 2024 (unaudited, in thousands) (unaudited, in thousands) Net cash provided by operating activities $ 20,089 $ 23,877 Changes in settlement assets and liabilities Settlement assets 2,054 2,469 Settlem
Slide 30: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Three months ended Three months ended December 31, 2025 December 31, 2024 (unaudited, in thousands) (unaudited, in thousands) Net cash provided by operating activities $ 2,202 $ 7,402 Changes in settlement assets and liabilities Settlement assets 5,85
Slide 31: Estimated Stock-Based Compensation (Millions) - Next 4 Quarters
Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Q1 2026 Q2 2026 Q3 2026 Q4 2026 Low High Low High Low High Low High Cost of revenue, net $ 2.3 $ 3.1 $ 2.2 $ 3.0 $ 2.1 $ 2.9 $ 2.1 $ 2.9 Research and development 1.4 2.0 1.4 2.0 1.3 1.9 1.3 1.9 General and administrative 0.8 1.2 0.8 1.2
Slide 32: Expensify
Expensify