Expensify Reports $33.9 Million Revenue in Q2 2026, Down 5% Year-Over-Year

Expensify, Inc. reported a net revenue of $33.9 million for the second quarter of 2026, a decrease of 5% from $35.8 million in the same period of 2025. For the first half of 2026, the company generated $67.8 million in revenue, down 6% from $71.8 million year-over-year. The decline in revenue was attributed to reduced billable activity among users and increased contra revenue from cashback payments associated with the Expensify Card program. However, the company noted a rise in interchange revenue, which partially offset these declines.

The company's operating expenses significantly decreased to $19.3 million in the second quarter of 2026, down 33% from $28.9 million in the prior year. This reduction was primarily driven by a substantial decrease in sales and marketing expenses, which fell by 67% to $4.7 million, largely due to elevated advertising costs in the previous year related to a sponsorship of a film. Research and development expenses also saw a slight decline, while general and administrative costs increased marginally. As a result, Expensify reported a loss from operations of $2.9 million for the quarter, an improvement compared to a loss of $10.3 million in the same quarter of 2025.

In terms of operational metrics, Expensify had an average of 640,000 paid members across approximately 45,700 companies as of June 30, 2026, a slight decrease from 652,000 paid members in the same quarter of the previous year. The company processed 1.9 billion expense transactions on its platform, reflecting its ongoing commitment to enhancing user engagement and product adoption. The Expensify Card program continues to play a crucial role in driving revenue, with interchange revenue reaching $5.9 million in the second quarter, up from $5.3 million in the prior year.

Looking ahead, Expensify remains focused on expanding its product offerings and enhancing customer experience, despite the challenging macroeconomic environment characterized by inflation and geopolitical uncertainties. The company believes its existing cash resources, totaling $65.8 million as of June 30, 2026, will be sufficient to support its operations and growth strategy for the foreseeable future. Additionally, Expensify has initiated a share repurchase program, with approximately $39.8 million remaining under its $50 million authorization, indicating a commitment to returning value to shareholders.