Expensify, Inc. reported its financial results for the third quarter of 2025, revealing a revenue of $35.1 million, a slight decrease of 1% from $35.4 million in the same period last year. For the nine months ending September 30, 2025, the company generated $106.9 million in revenue, marking a 5% increase from $102.2 million in the prior year. The net loss for the third quarter was $2.3 million, compared to a loss of $2.2 million in the same quarter of 2024. For the nine-month period, the net loss widened to $14.3 million from $8.7 million year-over-year. The company attributed the revenue decline in the third quarter to decreased billable activity and increased cashback payments related to its Expensify Card, although this was partially offset by higher interchange revenue.
In terms of operational metrics, Expensify reported an average of 642,000 paid members across approximately 38,800 companies as of September 30, 2025, down from 684,000 paid members in the same quarter of 2024. The company processed 1.8 billion expense transactions on its platform, reflecting its ongoing commitment to simplifying expense management for businesses. The Expensify Card, which launched an updated program in February 2024, has been a significant driver of interchange revenue, which increased to $5.4 million in the third quarter from $3.7 million a year earlier.
The company has made strategic investments in sales and marketing, with expenses rising by 51% to $4.9 million in the third quarter, driven by increased advertising efforts, including a title sponsorship of "F1® The Movie." Research and development expenses decreased by 13% to $4.9 million, reflecting a shift in focus towards marketing initiatives. General and administrative expenses rose by 8% to $9.8 million, primarily due to higher legal fees and settlement losses.
Expensify's cash position improved, with cash and cash equivalents totaling $61.5 million as of September 30, 2025, up from $48.8 million at the end of 2024. The company has no outstanding debt and has initiated a new share repurchase program, authorizing up to $50 million in stock buybacks, with $44 million remaining under this program as of the reporting date. Looking ahead, Expensify remains focused on enhancing its product offerings and expanding its market presence, while navigating macroeconomic challenges such as inflation and potential recession risks.
About Expensify, Inc.
Expensify is a cloud-based expense management platform that simplifies business financial processes for organizations of all sizes. It offers features such as receipt scanning, expense approval, corporate card management, bill pay, and travel booking. Its viral, bottom-up adoption model leverages user experience and integrations, targeting small to large businesses globally. The company emphasizes ease of use, automation, and a scalable, product-led approach to streamline preaccounting workflows.
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