Expensify Q2 revenue slightly beats estimates on new customer growth

Expensify

06/08/2026 21:11

Overview
Expense management software firm's Q2 revenue declined 5% but slightly beat analyst expectations
Company repurchased 6.8 mln shares in Q2, reducing shares outstanding by about 7%
Interchange revenue from Expensify Card grew 12% yr/yr

Outlook
Expensify estimates 2026 free cash flow of $12 mln to $14 mln
Company expects stock-based compensation of $5 mln to $7.4 mln in Q3 2026
Expensify aims to migrate remaining Classic customers to New Expensify and accelerate new customer acquisition

Result Drivers
NEW CUSTOMER GROWTH - Revenue from net new customers on New Expensify grew over 250% yr/yr to more than $10 mln ARR, according to CEO David Barrett
DECLINING CLASSIC BASE - Expensify Classic customer base continued to shrink as no new sign-ups are allowed and churn reduces the pool, per CEO David Barrett
INTERCHANGE REVENUE - Interchange revenue from the Expensify Card grew 12% yr/yr to $5.9 mln

Company press release: ID:nBw1mqgXha

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Slight Beat*
$33.87 mln
$33.69 mln (3 Analysts)
Q2 Loss Per Share
 
$0.04
 
Q2 Net Loss
 
$3.85 mln
 
Q2 Income from Operations
 
-$2.92 mln
 
Q2 Operating Expenses
 
$19.25 mln
 
Q2 Pretax Loss
 
$2.72 mln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the software peer group is "buy."
Wall Street's median 12-month price target for Expensify, Inc. is $1.13, about 44.3% below its August 5 closing price of $2.02
The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads
Aug 5 - Paycom raises annual forecast on AI-driven demand
Aug 4 - BlackLine Q2 revenue rises 9%, slightly beats estimates
Aug 5 - Amplitude Q2 revenue beats estimates on strong adoption of AI solutions

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)