Expensify: Still Positive After Q2 Earnings Turnaround And Raised Cash Flow Guidance

Expensify is rated Buy, driven by a return to non-GAAP profitability and robust free cash flow growth in 2Q26. EXFY's shift from legacy to AI-native solutions enhanced operating leverage effects, with EBITDA margin rising from -3.9% to +19.6% YoY. Free cash flow guidance for FY2026 was raised 73% to $13M, supporting ongoing buybacks; EXFY repurchased 7% of shares in 2Q26.

I've kept Expensify (EXFY) as a 'Buy-rated' stock. The company has returned to the black in 2Q2026 on a non-GAAP basis, which should be well-received by investors. The upward revision in free cash flow guidance for