Continued revenue decline and member losses underscore a shrinking core business, despite card interchange growth and maintained FCF guidance. Monitor for further subscriber erosion and any signs that new partnerships or product improvements can reverse the trend. The shareholder lawsuit settlement one-time charge also weighs on cash flow.
Price Chart
Executive Summary
Expensify reported Q1 2026 revenue of $34.0M, down 6% YoY, and a GAAP net loss of $0.02 per share, missing consensus EPS estimates. Paid members fell 4% YoY to 632,000. Management maintained its full-year FCF guidance of $6-9M, but the top-line decline and member contraction signal ongoing business headwinds.
Key Financial Metrics
Key Facts
- Revenue net $33.97M in Q1 2026, down 6% from $36.07M in Q1 2025.
- GAAP net loss per share $(0.02) vs consensus estimate of $0.02 (miss).
- Paid members 632,000, down 4% year-over-year.
- Interchange revenue from Expensify Card grew 10% to $5.5M.
- Free cash flow target of $6.0-$9.0M for FY 2026 unchanged.
- Net loss improved to $2.3M from $3.2M in the prior-year quarter.
- Non-GAAP net income was $3.6M; Adjusted EBITDA $6.2M.
Financial Impact
Revenue fell 6% YoY and EPS missed consensus by $0.04 per share (GAAP).
Risk Factors
- Sustained revenue and member declines without a turnaround catalyst.
- Inability to grow beyond expense management or competitive pressure.
- Dilution from equity-based compensation (estimated $4.7-$6.7M per quarter).
- Nasdaq compliance risks (mentioned in forward-looking statements).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001476840-26-000031 |
| Exhibit: exfy-20260507.htm | 0001476840-26-000031 |
| Exhibit: exhibit992-8xkq126investor.htm | 0001476840-26-000031 |
| Document: 0001476840-26-000031-index-headers.html | 0001476840-26-000031 |
| Document: 0001476840-26-000031-index.html | 0001476840-26-000031 |
| Document: 0001476840-26-000031.txt | 0001476840-26-000031 |
| 8-K Data (Synthetic) | 0001476840-26-000031 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 19w ago | Insider Cluster | $1.26 $1.31 | ▲ +3.97% | ▲ +2.20% | $2.51 (+99.21%) |
May 29, 2026 21w ago | 8-K | $1.17 $1.18 | ▲ +0.85% | ▲ +0.71% | $2.51 (+114.53%) |
May 7, 2026 24w ago | 8-K | $1.03 $0.9740 | ▲ +4.98% | ▲ +5.21% | $2.51 (−144.88%) |
Apr 28, 2026 26w ago | Insider Cluster | $1.02 $1.05 | ▼ −2.94% | ▼ −2.95% | $2.51 (−146.08%) |
Apr 21, 2026 26w ago | 8-K | $0.8760 $0.8750 | ▲ +0.11% | ▼ −0.28% | $2.51 (−186.53%) |
Apr 10, 2026 28w ago | DEFA14A | $0.8640 $0.8700 | ▲ +0.69% | ▼ −0.52% | $2.51 (+190.51%) |
Mar 2, 2026 34w ago | Insider Cluster | $0.9340 $0.9930 | ▲ +6.32% | ▲ +7.23% | $2.51 (+168.74%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers