Expensify

Q2 FY2026 EarningsQ2 FY26 revenue of $33.9M slightly beat consensus of $33.7M (+0.5%), while normalized EPS of $0.04 doubled expectations of $0.02. However, gross margin significantly disappointed at 48.2% vs. the 55.2% consensus, reflecting rising cashback rewards and increased software amortization. Operating cash flow of $8.4M far exceeded the $2.0M consensus due to the roll-off of one-time marketing expenses, though paid members declined 1.8% YoY to 640k, signaling softening core subscription demand.