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Expensify cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.8M in Q3 2026 · $17.4M over twelve months

Operating cash flow$4.0M
Capital spending−$227K
Free cash flow+$3.8M
Cash conversion cycle26 days

Analysis

In Q3 2026, Expensify generated $4.0M of operating cash flow and spent $227K on capital projects, leaving free cash flow of $3.8M. That is $4.8M more than in Q3 2025 (−$980K).

Over the twelve months to Sep 30, 2026, operating cash flow was $17.6M; the largest uses were buybacks ($13.5M), other investing ($3.8M), capital spending ($227K); besides operations, cash came from other financing ($8.8M), shares issued ($74K); the cash balance rose by $8.7M.

Operating cash flow was $4.0M against net income of −$3.3M. The largest differences: stock-based pay +$6.4M, depreciation & amortization +$2.3M, accrued liabilities −$468K.

Its cash conversion cycle was 26 days (receivables 31 + inventory 0 − payables 5).

Free cash flow

Expensify: free cash flow by quarterExpensify: free cash flow by quarter$7.4MQ4 2024$7.9MQ1 2025$8.2MQ2 2025−$980KQ3 2025$5.0MQ4 2025$118KQ1 2026$8.4MQ2 2026$3.8MQ3 2026
Operating cash flow less capital spending.
Expensify: operating cash flow against capital spendingExpensify: operating cash flow against capital spendingOperating cash flowCapital spending$7.4M$0Q4 2024$7.9M$0Q1 2025$8.2M$0Q2 2025−$980K$0Q3 2025$5.0M$0Q4 2025$118K$0Q1 2026$8.4M$0Q2 2026$4.0M$227KQ3 2026
Latest (Q3 2026): Operating cash flow $4.0M, Capital spending $227K.

Capital allocation, year by year

Expensify: where the cash came from (up) and went (down), by fiscal yearExpensify: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $5.5MFY2021: Net borrowing $19.0MFY2021: Shares issued $3.5MFY2021: Capital spending −$2.7M$28.0MFY2021FY2022: Operating cash flow $32.9MFY2022: Net borrowing −$1.4MFY2022: Shares issued $800KFY2022: Asset sales $5KFY2022: Capital spending −$585KFY2022: Buybacks −$6.0M$33.7MFY2022FY2023: Operating cash flow $1.6MFY2023: Net borrowing −$45.1MFY2023: Shares issued $300KFY2023: Capital spending −$1.4MFY2023: Buybacks −$3.0M$1.9MFY2023FY2024: Operating cash flow $23.9MFY2024: Net borrowing −$22.8MFY2024: Shares issued $400KFY2024: Buybacks −$1.5M$24.3MFY2024FY2025: Operating cash flow $20.1MFY2025: Net borrowing −$140KFY2025: Shares issued $323KFY2025: Capital spending −$17KFY2025: Buybacks −$9.1M$20.4MFY2025
Over these 5 years operating cash flow totalled $83.9M; the largest uses were net borrowing ($69.4M) and buybacks ($19.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$63.7M
Debtnone
Net cash$63.7M

Expensify funds itself: free cash flow was $17.4M over the last twelve months, with $63.7M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Expensify: sources (+) and uses (−) of cash, Q3 2026Expensify: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.0MCash drawn (+) / kept (−)−$3.4MOther financing$2.2MBuybacks−$2.0MOther investing−$539KCapital spending−$227KShares issued$27KNet borrowing (+) / repaid (−)−$26K
Expensify: sources (+) and uses (−) of cash, TTM to Q3 2026Expensify: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$17.6MBuybacks−$13.5MOther financing$8.8MCash drawn (+) / kept (−)−$8.7MOther investing−$3.8MCapital spending−$227KNet borrowing (+) / repaid (−)−$136KTaxes on employees’ shares−$133KShares issued$74K

From profit to cash

Expensify: net income to operating cash flow, Q3 2026Expensify: net income to operating cash flow, Q3 2026Net income−$3.3MDepreciation & amortization$2.3MStock-based pay$6.4MDeferred taxes$22KReceivables−$190KPayables$311KAccrued liabilities−$468KPrepaid and other assets−$318KOperating cash flow$4.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202631—526
Q2 202631—526
Q1 202633—330
Q4 202533—330
Q3 202532—626
Q2 202532—626
Q1 202532—230
Q4 202432—328

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.0M−$227K−$2.0M−$26K$27K−$3.4M$3.8M
Q2 2026$8.4M——−$37K—−$21K$8.4M
Q1 2026$118K——−$37K$39K−$5.0M$118K
Q4 2025$5.0M—−$3.0M−$36K$8K−$243K$5.0M
Q3 2025−$980K—−$3.0M−$36K$200K−$2.0M−$980K
Q2 2025$8.2M——−$34K—−$6.1M$8.2M
Q1 2025$7.9M——−$34K$100K−$5.5M$7.9M
Q4 2024$7.4M———$100K−$5.6M$7.4M

Expensify: income statement and cash flow

Expensify, Q3 2026: revenue $33.0M (-6% year over year), operating margin -8.1%. The chart follows the revenue to costs, profit and cash.

Expensify: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.