EXFY Q3 2026 Earnings Call Deck

Q3 2026

Earnings

November 5th, 2026

Financials

Revenue

$33.0MM

Average Paid Members

630,000

Interchange

$5.8MM

Operating Cash Flow

$4.0MM

Free Cash Flow1

$3.3MM

Net Loss

$(3.3)MM

Non-GAAP Net Income2

$3.1MM

Adj. EBITDA3

$6.1MM

1 We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and other assets and software development costs. Please see appendix for GAAP to non-GAAP reconciliation.

2 We define non-GAAP net income as net loss excluding stock-based compensation expense. Please see appendix for GAAP to Non-GAAP reconciliation.

3 We define adjusted EBITDA as net loss excluding provision for income taxes, other income, net, depreciation and amortization, and stock-based compensation expense. Please see appendix for GAAP to Non-GAAP reconciliation.

• Q3 FCF was $3.3MM2, which is an increase of 170% from the same period last year.

• We are updating our FY26 FCF guidance from

  • $12.0MM$14.0MM to $13.5MM$15.5MM3.

1 We define free cash flow as net cash provided by operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and other assets and software development costs.

2 Please see appendix for GAAP to non-GAAP reconciliation.

3 The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.

Note: Expensify's outlook statements are based on current expectations. These statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth in the Disclaimer at the front of this presentation.

Q4 2026 Flash

Monthly Paid Members

Note: There can be no assurances that the trends of previous fourth quarters are representative of future trends.

October Paid Members

636,000

Denotes October 2026 and October activity from previous years

1

2

customer who signed up via New Expensify or was invited by a user who signed up via New Expensify and made at least one purchase.

1 New Customers are defined as any

2 New ARR is calculated as gross billings from New Customer subscriptions plus Estimated Interchange earned from purchases made on Expensify cards issued to New Customers in a given month multiplied by 12 months. Estimated Interchange is calculated as the sum of USD purchases made by a New Customer multiplied by the average interchange earned on a USD transaction minus the effective cash back percentage for that customer.

Note: There can be no assurances that the trends of previous quarters are representative of future trends.

• Expanding reach:

  • Now issuing in GBP and EUR

  • Serves 13 European/UK markets.

• Expanding functionality:

  • Added Enhanced PIN/biometric controls

  • Added one-time/date-bound virtual cards

  • Added 14 new rules to block out-of-policy purchases before they happen

    • Includes a rule that blocks international-currency card transactions.

      Expensify Travel is improving.
• Improving economics:

  • Consolidated travel billing finances travel bookings for a single monthly debit

• Improving volume:

  • Trips booked with Expensify Travel grew 13% Q/Q, and 40% Y/Y.

  • Q3 26 was the highest quarter on record.

    Integration ecosystem is growing.
• AI-native ERPs

  • Rillet and DualEntry

• HR information systems

  • Dozens of HR integrations including Workday, HiBob, BambooHR

• Anthropic

  • One of the first expense tools included in the Claude for Small Business plugin

    Strategic collaboration with Visa.
• Referral agreement with Visa

  • Visa can refer eligible clients and corporate card programs to Expensify

• Bring your own Visa card

  • Receipt matching, AI coding, spend controls and reconciliation, no card switch

In part due to being selected for the Claude for Small Business bundle.

* Denotes partial month.

Note: There can be no assurances that the trends of previous months are representative of future trends.

Able to handle over 96% of what it's asked to do, without any constraints on the user.

OVERALL

Every request

All requests to Concierge, custom agents and Ask Al, weighted by volume.

96.9% 0.6

1

Answer

Questions about the product or the customer's own data.

98.1% 0.7

2

Operate

One-off requests to do something: create, edit, submit, configure.

95.1% 1.5

3

Automate

Standing orders: when something happens on a report, the agent applies the customer's rule.

95.9% 1.2

Note: Percentages represent the portion of individual requests made to Concierge, custom agents, or Ask AI that were completed as requested or were rejected with clear, actionable steps for the user to complete the request themselves. Based on a random sampling of all requests made between October 26, 2026 and November 1, 2026. Each metric includes a sampling margin of error at a 95% confidence interval.

• Returned capital to investors: The company repurchased 722,121 shares of its Class A common stock, totaling approximately $1.3 million.

• Expensify travel & the card program continue to grow - Trips booked through Expensify Travel grew 40% Y/Y and 13% from Q2; Interchange revenue derived from the Expensify Card grew to

  $5.8 million, an increase of 8% as compared to the same period last year.

• AI expands across the platform: MCP growth is exploding, and custom agents have been able to do nearly everything they are asked to do, a little better every day.

• New Expensify continues to grow: New revenue from New Expensify grew 30% from Q2 & 212% Y/Y.

Q&A

GAAP to Non-GAAP Reconciliation:

Non-GAAP Net Income

Three months ended September 30, 2026

Three months ended September 30, 2025

(unaudited, in thousands) (unaudited, in thousands)

Net loss $ 3,335 $ 2,315

Add:

Stock-based compensation expense 6,448 6,663

Non-GAAP net income1 $ 3,113 $ 4,348

1 We define non-GAAP net income as net loss excluding stock-based compensation expense.

GAAP to Non-GAAP Reconciliation:

Adjusted EBITDA

Stock-based compensation expense

6,448 6,663

Adjusted EBITDA $ 6,076 $ 6,503

Note: We define adjusted EBITDA as net loss excluding provision for income taxes, other income, net, depreciation and amortization, and stock-based compensation expense.

GAAP to Non-GAAP Reconciliation:

Free Cash Flow

Three months ended September 30, 2026

Three months ended September 30, 2025

Net cash provided by (used in) operating activities

Changes in settlement assets and liabilities

(unaudited, in thousands) (unaudited, in thousands)

$ 4,015 $ 980

Settlement assets, net 1,158 336

Settlement liabilities 1,097 3,629

Less:

Purchase of property and equipment and other assets

227 -

Software development costs 539 1,085

Free cash flow $ 3,310 $ 1,228

Note: We define free cash flow as net cash provided by (used in) operating activities excluding changes in settlement assets, net and settlement liabilities, reduced by the purchases of property and equipment and other assets and software development costs.

Estimated Stock-Based Compensation (Millions) -

Next 4 Quarters

Note: Expensify's outlook statements are based on current expectations. These statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth in the Disclaimer at the front of this presentation.