Expensify, Inc. · NASDAQ:EXFY
Expensify — Q3 2026 Earnings Presentation
25 slides from Expensify's earnings presentation, Nov 5, 2026
Slide 1: Expensify Earnings, November 5th, 2026
Expensify | a —) ORDER COFFEE 3 | @ Receipt Agent CROISSANT Earnings| || |||/)= =! | | Merchant © Enforcer Agent | eae ' Coding Agent ic Eee category © Analyzer Agent ] © budget exceeded Employee meals + e7 November 5th, 2026
Slide 2: Disclaimer
Expensify Disclaimer All information included in this presentation is unaudited. FORWARD-LOOKING 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 1995. Thes
Slide 3: Q3 2026 Financials
Expensify Q3 2026 Financials
Slide 4: Revenue, Average Paid Members, Interchange
Expensify Q3 2026 Revenue Average Paid Members Interchange $33.0MM 630,000 $5.8MM
Slide 5: Operating Cash Flow, Free Cash Flow, Net Loss, Adj. EBITDA
Expensify Q3 2026 Operating Cash Flow Free Cash Flow’ $4.0MM $3.3MM Net Loss Non-GAAP Net Income? Adj. EBITDA? $3.3)MM $3.IMM $6.IMM 1We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases
Slide 6: Free Cash Flow
Expensify Free Cash Flow! * Q3 FCF was $3.3MM2, which is an increase of 170% from the same period last year. ¢ We are updating our FY26 FCF guidance from o $12.0MM-$14.0MM to $13.5MM-$15.5MMB&. "We define free cash flow as net cash provided by operating activities excluding changes in settlement ass
Slide 7: Q4 2026 Flash
Expensify Q42026 Flash Monthly Paid Members 800,000 _ | ll ll | i | | i _ | ll | | | | | i 200,000 i} § a & § § § § g g § ¢ ¥ g ¢ S S S & N & & x s x s x s x Note: There can be no assurances that the trends of previous fourth quarters are representative of future trends. October Paid Members 636,000
Slide 8: Q3 Highlights
Q3 Highlights
Slide 9: New Expensify revenue is growing.
Expensify New Expensify revenue is growing. Revenue from New Expensify increased 30% from Q2, and is up 212% yly. 15,000 $15.0MM ARR 10,000 $10.0MM ARR 5,000 $5.0MM ARR 0 $0.0MM ARR 2024-01-01 2024-03-01 2024-05-01 2024-07-01 2024-09-01 2024-11-01 2025-01-01 2025-03-01 2025-05-01 2025-07-01 2025-09-
Slide 10: New Expensify conversion is improving.
Expensify New Expensify conversion is improving. Old cohorts continue to convert, new cohorts outperform old cohorts. Share of New Expensify signups that became paying customers June cohorts of 2024, 2025 and 2026, by months since signup _... Jun 2026 cohort +67% vs the Jun 2025 cohort at the same a
Slide 11: Expensify Card is expanding.
Expensify Expensify Card is expanding. ¢ Expanding reach: o Now issuing in GBP and EUR o Serves 13 European/UK markets. ¢ Expanding functionality: o Added Enhanced PIN/biometric controls o Added one-time/date-bound virtual cards o Added 14 new rules to block out-of-policy purchases before they happe
Slide 12: Expensify Travel is improving.
Expensify Expensify Travel is improving. ¢ Improving economics: o Consolidated travel billing finances travel bookings for a single monthly debit * Improving volume: o Trips booked with Expensify Travel grew +13% Q/Q, and +40% Y/Y. o Q3 26 was the highest quarter on record.
Slide 13: Integration ecosystem is growing.
Expensify Integration ecosystem is growing. ¢ Al-native ERPs o Rillet and DualEntry ¢ HRinformation systems o Dozens of HR integrations including Workday, HiBob, BambooHR ¢ Anthropic o One of the first expense tools included in the Claude for Small Business plugin
Slide 14: Strategic collaboration with Visa.
Expensify Strategic collaboration with Visa. ¢ Referral agreement with Visa o Visa can refer eligible clients and corporate card programs to Expensify ¢ Bring your own Visa card o Receipt matching, Al coding, spend controls and reconciliation, no card switch
Slide 15: Expensify MCP adoption is exploding.
Expensify Expensify MCP adoption is exploding. In part due to being selected for the Claude for Small Business bundle. Sep 15: added to Claude for Small Business ‘ +158% m/m +55% m/m +127% m/m = TT fo Jun* Jul Aug Sep Oct * Denotes partial month. Note: There can be no assurances that the trends of p
Slide 16: Expensify agents are increasingly capable.
Expensify Expensify agents are increasingly capable. Able to handle over 96% of what it's asked to do, without any constraints on the user. overaLL —-EV@ry request 96.9% +0.6 All requests to Concierge, custom agents and Ask Al, weighted by volume. 1 Answer 98. 1% 0 +0.7 Questions about the product o
Slide 17: Q3 Summary
Expensify Q3 Summary Returned capital to investors: The company repurchased 722,121 shares of its Class A common stock, totaling approximately $1.3 million. Expensify travel & the card program continue to grow - Trips booked through Expensify Travel grew 40% Y/Y and 13% from Q2; Interchange revenue
Slide 18: Slide 18
Slide 19: Expensify
Expensify
Slide 20: Appendix
Appendix
Slide 21: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
Expensify GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Three months ended September 30, 2026 September 30, 2025 (unaudited, in thousands) (unaudited, in thousands) Net loss $ (3,335) $ (2,315) Add: Stock-based compensation expense 6,448 6,663 Non-GAAP net income’ $3,113 $4
Slide 22: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
Expensify GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended September 30, 2026 (unaudited, in thousands) Net loss $ (3,335) Provision for income taxes 1,026 Other income, net (367) Depreciation and amortization 2,304 Stock-based compensation 6,448 expense Adjusted EBITDA $6,076 Thr
Slide 23: GAAP to Non-GAAP Reconciliation: Free Cash Flow
Expensify GAAP to Non-GAAP Reconciliation: Free Cash Flow Net cash provided by (used in) operating activities Changes in settlement assets and liabilities Settlement assets, net Settlement liabilities Less: Purchase of property and equipment and other assets Software development costs Free cash flow
Slide 24: Estimated Stock-Based Compensation (Millions)
Expensify Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Q4 2026 Q12027 Q2 2027 Q3 2027 Low High Low High Low High Low High Cost of revenue, net $2.1 $2.8 $2.1 $2.8 $2.0 $2.7 $1.9 $2.6 Research and development 17 2.3 1.6 2.2 1.6 2.2 1.6 2.2 General and administrative 1.1 1.4 1.0 1.3
Slide 25: Expensify
Expensify