Expensify, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
EXFY$1.72-7.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(21,389) | $(10,055) |
| Adjustments to reconcile net loss to cash provided by operating activities: | ||
| Depreciation and amortization | 8,460 | 6,814 |
| Reduction of operating lease right-of-use assets | 575 | 547 |
| Loss on impairment, receivables and sale or disposal of equipment | 603 | 727 |
| Stock-based compensation | 26,578 | 33,537 |
| Amortization of debt issuance costs | 133 | 54 |
| Deferred tax assets | 5 | (42) |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | (355) | 704 |
| Settlement assets, net | (2,054) | (2,469) |
| Prepaid expenses | 6,501 | (1,490) |
| Other current assets | (6,852) | 2,341 |
| Other assets | (135) | (167) |
| Accounts payable | 91 | (1,091) |
| Accrued expenses and other liabilities | 9,727 | (404) |
| Operating lease liabilities | (588) | 8 |
| Settlement liabilities | (1,300) | (5,145) |
| Other liabilities | 89 | 8 |
| Net cash provided by operating activities | 20,089 | 23,877 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (17) | — |
| Software development costs | (3,538) | (7,628) |
| Net cash used in investing activities | (3,555) | (7,628) |
| Cash flows from financing activities: | ||
| Principal payments of finance leases | (140) | (129) |
| Principal payments of outstanding debt | — | (22,671) |
| Payments for debt issuance costs | (153) | (71) |
| Repurchases of early exercised stock options | — | (35) |
| Proceeds from common stock purchased under Matching Plan | 6,321 | 4,091 |
| Proceeds from issuance of common stock on exercise of stock options | 323 | 431 |
| Payments for employee taxes withheld from stock-based awards | — | (2,179) |
| Repurchase and retirement of common stock | (9,095) | (1,510) |
| Net cash used in financing activities | (2,744) | (22,073) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 13,790 | (5,824) |
| Cash and cash equivalents and restricted cash, beginning of period | 90,834 | 96,658 |
| Cash and cash equivalents and restricted cash, end of period | $104,624 | $90,834 |
The accompanying notes are an integral part of these consolidated financial statements.
| Supplemental disclosure of cash flow information: | ||
|---|---|---|
| Cash paid for interest | $— | $1,362 |
| Noncash investing and financing items: | ||
| Stock-based compensation capitalized as software development costs | $1,618 | $2,688 |
| Purchases of property and equipment and capitalized software in accounts payable and accrued expenses | $111 | $37 |
| Fair value of common stock issued to settle liability-classified restricted stock units | $1,198 | $— |
| Cashless exercise of stock options | $— | $335 |
| Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets: | ||
| Cash and cash equivalents | $63,080 | $48,772 |
| Restricted cash included in other current assets | 18,544 | 19,980 |
| Restricted cash included in settlement assets, net | 23,000 | 22,082 |
| Total cash and cash equivalents and restricted cash | $104,624 | $90,834 |
The accompanying notes are an integral part of these consolidated financial statements.
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