Expensify stock: New platform grows as revenue declines
Published on 11/10/2026 at 00:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth offsets remain incomplete
- New Expensify revenue rose 212 percent year over year to more than 13 million US dollars in annual recurring revenue.
- Total revenue declined 6 percent, while free cash flow increased 170 percent year over year.
- Expensify expanded its card and travel offerings and signed a referral agreement with Visa.
Expensify reported mixed third-quarter results on Thursday, November 5, 2026, as growth in its newer platform and stronger cash generation contrasted with lower overall revenue. In its earnings release, the company said revenue fell 6 percent year over year to 33.0 million US dollars for the quarter ended September 30.
New platform gains momentum
Revenue from New Expensify increased 30 percent from the second quarter and 212 percent from a year earlier to more than 13 million US dollars in annual recurring revenue. Management said the figure covers customers who signed up directly on New Expensify and excludes Classic customers who migrated to the newer platform.
The company generated 4.0 million US dollars in operating cash flow and 3.3 million US dollars in free cash flow, up 170 percent year over year. GAAP net loss widened to 3.3 million US dollars from 2.3 million US dollars, while non-GAAP net income was 3.1 million US dollars and adjusted EBITDA reached 6.1 million US dollars.
Outlook rises despite legacy pressure
Expensify raised its fiscal 2026 free cash flow outlook by 1.5 million US dollars to a range of 13.5 million to 15.5 million US dollars. Paid members declined 2 percent year over year to 630,000, underscoring the continuing pressure on the Classic platform even as management positions New Expensify as the main growth engine.
Expensify Card interchange revenue rose 8 percent year over year to 5.8 million US dollars. Travel bookings increased 40 percent year over year and 13 percent from the second quarter, reaching a quarterly record, while the company expanded card issuance across 13 European markets including the United Kingdom.
Expensify expands distribution
Expensify also announced a referral agreement with Visa under which eligible clients and corporate card programs can be referred to its expense-management platform. The company added integrations with Rillet, DualEntry, Workday, HiBob, BambooHR and Certinia, and said its custom AI agent handled more than 96 percent of sampled real-world requests between October 26 and November 1.
Business model and competition
Expensify provides expense management, travel, reimbursements, corporate cards, receipt capture, spend controls and accounting integrations for businesses and individuals. Its investor site says the platform supports more than 45 integrations and serves users globally, while the company is based in San Francisco, United States. A Rankite comparison places Expensify among classic expense-reporting tools, whereas Ramp and Brex emphasize card-led spend control and SAP Concur targets larger enterprises with complex travel and compliance requirements.
Expensify company facts
- Company: Expensify, Inc.
- Ticker: EXFY
- Exchange: Nasdaq
- Headquarters: San Francisco, United States
- Reporting period: Quarter ended September 30, 2026
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