Filing Flows › Expensify (EXFY) › Q4 2025
Expensify (EXFY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Expensify (EXFY) reported revenue of $35.2M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +0.4% from the quarter before. Operating margin was -11.2%, net loss $7.1M (20.2% of revenue).
Expensify, Q4 2025: revenue $35.2M (-5% year over year), operating margin -11.2%, net loss $7.1M, operating cash flow $2.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.2M | +0.4% | -5% |
| Operating profit | −$3.9M | — | — |
| Net earnings | −$7.1M | — | — |
| Operating cash flow | $2.2M | -47% | -70% |
What changed
Revenue was $35.2M in Q4 2025, down 5% year over year and roughly flat from the previous quarter.
Gross margin was 49.2%, down 1.8 points from a year earlier. Operating costs exceeded revenue by $3.9M, an operating margin of -11.2%. Operating expenses grew 16% against a revenue fall of 5%. The fastest-growing cost line was General & admin (+40%). The quarter ended with a net loss of $7.1M, wider than the previous quarter's $2.3M loss.
Operating cash flow was $2.2M (down 70% year over year). Non-cash charges added back $2.3M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $2.0M.
Questions
What was Expensify's revenue in the fourth quarter 2025?
Expensify (EXFY) reported revenue of $35.2M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +0.4% from the quarter before.
Was Expensify profitable in the fourth quarter 2025?
Operating loss was $3.9M (-11.2% of revenue) and net loss $7.1M.
Source: Expensify 10-K on SEC EDGAR.