Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 6th, 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: Q2 2026 Financials
Expensify Q2 2026 Financials
Slide 4: Q2 2026 revenue, average paid members, interchange
Q2 2026 Revenue Average Paid Members Interchange $33.9MM 640,000 $5.9MM
Slide 5: Q2 2026 operating cash flow and free cash flow
Q2 2026 Operating Cash Flow Free Cash Flow1 $8.4MM $6.4MM Net Loss Non-GAAP Net Income2 Adj. EBITDA3 $(3.9)MM $3.4MM $6.6MM 1 We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of prop
Slide 6: Free Cash Flow
Free Cash Flow 1 ● Q2 FCF was $6.4MM2, which is ○ an increase of 2% from the same period last year and ○ an increase of 162% from the previous quarter. ● We are updating our FY26 FCF guidance from ○ $6.0MM$9.0MM to $12.0MM$14.0MM3. 1 We define free cash flow as net cash provided by operating activ
Slide 7: Q3 2026 Flash
Q3 2026 Flash Monthly Paid Members July Paid Members 634,000 Denotes July 2026 and July activity from previous years Note: There can be no assurances that the trends of previous third quarters are representative of future trends.
Slide 8: Q2 Capital Return to Shareholders
Q2 Capital Return to Shareholders ● Tender Offer: Commenced and completed a modified Dutch auction tender offer, repurchasing approximately 6.1 million shares of Class A common stock at $1.20 per share. ○ The tender was substantially undersubscribed despite the premium offered on the stock price. ●
Slide 9: Q2 Highlights
Q2 Highlights
Slide 10: Customer quote on expense approvals and Agent Rules
"Expense approvals used to sit in my inbox for days waiting on me to eyeball a $40 lunch receipt. That's not judgement, that's just routing. I set up an Agent Rule that clears anything in-policy on its own -- I got hours back every week I didn't even know I was losing." Laura Redmond, Redmond Accoun
Slide 11: Now in Beta: Agent rules
Now in Beta: Agent rules "Level 3" workflow automation – tag, categorize, edit, route, hold, approve, reject, or pay – based on natural language rules evaluated with LLM judgement, inside a realtime workflow environment.
Slide 12: Now in Beta: Custom agents
Now in Beta: Custom agents "Level 4" prompt-driven agents that collaborate over chat, email, and SMS with employees, vendors, or and clients – both reactive to internal/external events, and proactive with scheduled actions.
Slide 13: Now Live: Expensify MCP
Now Live: Expensify MCP Direct connection to third-party AI assistants from within ChatGPT, Claude, and Cursor for natural-language access to expense data.
Slide 14: Q2 added 30+ features, enhancements
Q2 added 30+ features, enhancements ● April updates: Personal card imports into the Expensify Wallet, shared card feeds across workspaces, odometer-based mileage tracking, individual expense rejection, CSV expense import, and one-tap duplication of expenses and reports. ● May updates: Uploadable exp
Slide 15: Expense: Platform of the Year
Expense: Platform of the Year
Slide 16: Classic vs New Growth
Classic vs New Growth
Slide 17: Expensify is 2 distinct products
Expensify is 2 distinct products ● Expensify Classic: The gold standard for traditional expense management ○ Established the now "traditional" design: ■ Web + mobile app ■ Credit card import + scanning + GPS mileage tracking ■ End-to-end workflow + online export to cloud accounting + next day reimbu
Slide 18: Each offers 2 distinct benefits
Each offers 2 distinct benefits ● Expensify Classic: Steady cashflow engine from a fixed pool of customers ○ Requires minimal engineering and direct investment, but produces substantial cashflow. ○ New signups only see New Expensify: Classic is a large but shrinking set of customers. ■ Expensify Class
Slide 19: New Expensify revenue >$10MM ARR
New Expensify revenue >$10MM ARR 1 New Customers are defined as any customer who signed up via New Expensify or was invited by a user who signed up via New Expensify and made at least one purchase. 2 New ARR is calculated as gross billings from New Customer subscriptions plus Estimated Interchange e
Slide 20: Q2 Summary
Q2 Summary ● New>Classic migration entered long-tail: Virtually all Classic customers have been "nudged" to New, and most choose to stay; more users are on New than Classic. ● New Expensify grew rapidly: New revenue from New Expensify (independent of migrated Classic customers) has grown over 250% Y
Slide 21: Q&A
Q&A
Slide 22: Expensify
Expensity Expensify
Slide 23: Appendix
Expensify Appendix
Slide 24: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income (Loss)
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income (Loss) Three months ended Three months ended June 30, 2026 June 30, 2025 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 3,851 $ 8,788 Add: Stock-based compensation expense 7,211 6,927 Non-GAAP net income (loss)1 $ 3,360 $ 1,86
Slide 25: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended June 30, 2026 June 30, 2025 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 3,851 $ 8,788 Provision for (benefit from) 1,132 661 income taxes Other income, net 202 889 Depreciation and amo
Slide 26: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Three months ended Three months ended Three months ended June 30, 2026 March 31, 2026 June 30, 2025 (unaudited, in thousands) (unaudited, in thousands) (unaudited, in thousands) Net cash provided by operating activities $ 8,433 $118 $ 8,184 Changes in
Slide 27: Estimated Stock-Based Compensation - Next 4 Quarters
Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Q3 2026 Q4 2026 Q1 2027 Q2 2027 Low High Low High Low High Low High Cost of revenue, net $ 1.9 $ 2.5 $ 1.7 $ 2.3 $ 1.7 $ 2.3 $ 1.7 $ 2.3 Research and development 1.5 2.1 1.5 2.1 1.4 2.0 1.4 2.0 General and administrative 1.0 1.4 1.0 1.4
Slide 28: Expensify
Expensity Expensify