Expensify Raises 2026 Free Cash Flow Outlook

The Tip Desk · November 5, 2026 · 3 min read

The expense-management company now estimates full-year free cash flow of $13.5 million to $15.5 million after $3.3 million of free cash flow in the third quarter.

Expensify, Inc. (EXFY), the expense, corporate-card and travel software company, raised its free cash flow outlook for the fiscal year ending December 31, 2026, to $13.5 million to $15.5 million.

The company said the lift followed a third quarter that produced $4.0 million of cash from operating activities, up 510% from a year earlier, and $3.3 million of free cash flow, up 170% from a year earlier. A year earlier, operating cash flow was negative $980,000. Some of the quarter’s cash was used to repurchase 722,121 shares of Class A common stock, returning about $1.3 million to shareholders.

Revenue, net, was $33.0 million, a decrease of 6% from the same period last year. That followed a first-quarter decline of 6% and a second-quarter interchange print that had already been moving. Net loss was $3.3 million, or $0.04 a share, compared with $2.3 million, or $0.03 a share, a year earlier. Non-GAAP net income was $3.1 million. Adjusted EBITDA was $6.1 million.

The company framed the quarter as a split between Expensify Classic, which it described as a stable cash-flow engine with a customer base that naturally declines, and New Expensify, which it called the growth engine. Revenue from New Expensify increased 30% from the second quarter and was up 212% year over year. In the second quarter, the company had said revenue from net-new customers who had signed up on New Expensify and never used Classic had grown more than 250% year over year, to more than $10 million of annual recurring revenue across more than 10,000 new customers. Barrett said the third-quarter New Expensify gain came in part from GL and HR integrations, admin and workspace features, and micro-optimizations that he said increased cohort conversion 67% year over year.

Paid members were 630,000, a decrease of 2% from a year earlier. Interchange revenue from the Expensify Card was $5.8 million, up 8% from a year earlier. The company said it now issues the card in the UK and 12 EU countries for GBP and EUR bank accounts, and launched it across 13 European markets including the UK. It also entered a referral agreement with Visa under which Visa can refer eligible clients and corporate card programs to Expensify.

Trips booked through Expensify Travel grew 40% year over year and 13% from the second quarter, which the company said was the highest quarter on record. It launched consolidated travel billing so companies can pay for all business travel on a single invoice. Barrett said the feature lets customers finance travel bookings and receive a single monthly debit, resulting in substantially more revenue per booking.

Cash and cash equivalents were $63.7 million at September 30, 2026. The company said it will host a video call to discuss the results.