Free cash flow remains highly volatile, swinging from a 24.9% margin in 2025Q2 to 0.0% in 2026Q1, while the company continues to record significant stock-based compensation expenses of $6 million per quarter.
| Cash from Operations | 15.4M | 20.09M | 23.88M | 1.56M | 32.88M | 5.49M | 7.58M | 12.43M |
| Operating CF Margin % | - | 14.14% | 17.15% | 1.03% | 19.4% | 3.84% | 8.61% | 15.45% |
| Operating CF Growth % | -159.11% | -15.86% | 1431.56% | -95.26% | 499.27% | -27.67% | -38.98% | - |
| Net Income | -20.56M | -21.39M | -10.05M | -41.46M | -27.01M | -13.56M | -1.71M | 1.24M |
| Depreciation & Amortization | 8.73M | 8.46M | 6.81M | 5.16M | 5.39M | 5.2M | 3.25M | 2.85M |
| Stock-Based Compensation | 24.57M | 26.58M | 33.54M | 41.21M | 52.33M | 14.57M | 17.84M | 1.71M |
| Deferred Taxes | 19K | 5K | -42K | -113K | 26K | -868K | 3.35M | -2.85M |
| Other Non-Cash Items | 1.74M | 1.31M | 1.33M | 1.79M | 1.59M | 1.09M | 1.5M | 1.28M |
| Working Capital Changes | 903K | 5.12M | -7.71M | -5.04M | 550K | -951K | -16.65M | 8.21M |
| Change in Receivables | -436K | -355K | 704K | 2.22M | -1.34M | -5.42M | -2.17M | -1.96M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 308K | 91K | -1.09M | 228K | -2.69M | 1.42M | -714K | 446K |
| Cash from Investing | -4.47M | -3.56M | -7.63M | -7.29M | -2.2M | -7.61M | -4.29M | -4.9M |
| Capital Expenditures | -3.01M | -17K | -7.63M | -1.38M | -2.2M | -2.71M | -4.3M | -4.91M |
| CapEx % of Revenue | 2.15% | 0.01% | 5.48% | 0.92% | 1.3% | 1.89% | 4.88% | 6.1% |
| Acquisitions | 0 | 0 | 0 | 0 | 5K | 0 | 1.31M | 1.2M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -1.46M | -3.54M | 0 | -5.91M | 0 | -4.91M | -1.31M | -1.19M |
| Cash from Financing | 2.31M | -2.74M | -22.07M | -45.32M | -8.28M | 80.56M | 8.79M | 5.14M |
| Debt Issued (Net) | -143K | -140K | -22.8M | -45.1M | -1.39M | 19.04M | 7.49M | 4.67M |
| Equity Issued (Net) | -2.02M | -2.45M | 2.55M | 1.24M | -1.56M | 58.02M | 1.3M | -14K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -9.1M | -9.1M | -1.54M | -3.02M | -6.03M | 0 | 0 | -14K |
| Other Financing | 4.48M | -153K | -1.82M | -1.46M | -5.33M | 3.5M | 0 | 482K |
| Net Change in Cash | 13.25M | 13.79M | -5.82M | -51.05M | 22.4M | 78.44M | 12.08M | 12.66M |
| Free Cash Flow | 13.68M | 20.07M | 16.25M | -5.74M | 30.67M | -2.13M | 3.29M | 7.52M |
| FCF Margin % | 9.77% | 14.13% | 11.67% | -3.81% | 18.1% | -1.49% | 3.73% | 9.35% |
| FCF Growth % | -31.28% | 23.53% | 383.33% | -118.7% | 1541.35% | -164.72% | -56.29% | - |
| FCF per Share | 0.15 | 0.22 | 0.19 | -0.07 | 0.38 | -0.03 | 0.09 | 0.23 |
| FCF Conversion (FCF/Net Income) | -0.67x | -0.94x | -2.37x | -0.04x | -1.22x | -0.40x | -4.44x | 10.02x |
| Interest Paid | 0 | 0 | 1.36M | 5.94M | 3.91M | 3.08M | 2.93M | 2.71M |
| Taxes Paid | 4.29M | 0 | 5.07M | 3.79M | 975K | 6.92M | 150K | 216K |
Structural margin and growth decay
As reported in recent SEC filings, EXFY exhibits a persistent disconnect between GAAP net losses and operating cash flow, with the company recording a negative OCF/NI ratio of -0.05 in 2026Q1, suggesting that reported earnings are heavily influenced by non-cash adjustments rather than core operational cash generation.
The consistent gap between net income and operating cash flow suggests that the company's profitability is significantly impacted by non-cash expenses, primarily stock-based compensation. Investors should monitor whether this reliance on non-cash accounting continues to obscure the underlying cash-burn reality of the business model.
Based on financial statements, EXFY's free cash flow trajectory remains highly erratic, with margins swinging from a peak of 24.9% in 2025Q2 to a negligible 0.0% in 2026Q1, indicating that the company lacks a stable, self-sustaining cash generation engine to support its current operational scale.
The extreme volatility in FCF margins suggests that the company's cash flow is highly sensitive to working capital fluctuations and irregular capital expenditure timing. This inconsistency warrants further investigation into whether the business can achieve sustainable positive cash flow without further dilutive financing or cost-cutting measures.
According to quarterly data, working capital changes have been a significant source of cash flow volatility, evidenced by a $6.5 million outflow in 2026Q1, which highlights the company's struggle to maintain consistent cash conversion cycles amidst a shifting revenue mix and potential collection delays.
The erratic nature of working capital changes suggests that the company may be facing challenges in managing its receivables and payables effectively. This instability appears to be a primary driver of the company's inability to generate consistent operating cash flow, even during periods of relative revenue stability.
As disclosed in recent filings, EXFY has utilized cash for share repurchases despite reporting persistent net losses, with $3 million allocated to buybacks in several 2025 quarters, a strategy that appears questionable given the company's inability to generate consistent, positive free cash flow from its core operations.
The decision to prioritize share repurchases while the business is burning cash and facing revenue contraction suggests a management focus on supporting the share price rather than reinvesting in growth or strengthening the balance sheet. Investors should monitor whether this capital allocation strategy remains sustainable if operational losses continue to mount.
Quick answers to the most common questions about buying EXFY stock.
Expensify, Inc. (EXFY) generated $20.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Expensify, Inc. (EXFY) generated $20.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Expensify, Inc. (EXFY) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Expensify, Inc. (EXFY) spent $9.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.