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Side-by-side financial comparison of Expensify, Inc. (EXFY) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $35.2M, roughly 1.7× Expensify, Inc.). Over the past eight quarters, Expensify, Inc.'s revenue compounded faster (2.4% CAGR vs 2.1%).
Expensify, Inc. is a software company that develops an expense management system for personal and business use. Expensify also offers a business credit card called the Expensify Card.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
EXFY vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $58.9M |
| Net Profit | — | $16.9M |
| Gross Margin | 49.2% | — |
| Operating Margin | -11.2% | — |
| Net Margin | — | 28.6% |
| Revenue YoY | -4.9% | — |
| Net Profit YoY | — | 8.2% |
| EPS (diluted) | $-0.07 | $0.81 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $35.2M | $58.3M | ||
| Q3 25 | $35.1M | $57.3M | ||
| Q2 25 | $35.8M | $55.9M | ||
| Q1 25 | $36.1M | $54.1M | ||
| Q4 24 | $37.0M | $62.0M | ||
| Q3 24 | $35.4M | $51.4M | ||
| Q2 24 | $33.3M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $-2.3M | $17.5M | ||
| Q2 25 | $-8.8M | $16.9M | ||
| Q1 25 | $-3.2M | $15.6M | ||
| Q4 24 | — | $18.5M | ||
| Q3 24 | $-2.2M | $13.8M | ||
| Q2 24 | $-2.8M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | 49.2% | — | ||
| Q3 25 | 49.6% | — | ||
| Q2 25 | 51.9% | — | ||
| Q1 25 | 50.6% | — | ||
| Q4 24 | 51.0% | — | ||
| Q3 24 | 51.6% | — | ||
| Q2 24 | 56.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | -11.2% | 34.8% | ||
| Q3 25 | -6.4% | 37.0% | ||
| Q2 25 | -28.9% | 37.0% | ||
| Q1 25 | -4.1% | 35.3% | ||
| Q4 24 | 1.3% | 36.7% | ||
| Q3 24 | 0.8% | 33.7% | ||
| Q2 24 | 0.7% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | — | 31.8% | ||
| Q3 25 | -6.6% | 30.5% | ||
| Q2 25 | -24.6% | 30.2% | ||
| Q1 25 | -8.8% | 28.8% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | -6.2% | 26.9% | ||
| Q2 24 | -8.3% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-0.07 | $0.88 | ||
| Q3 25 | $-0.03 | $0.84 | ||
| Q2 25 | $-0.10 | $0.81 | ||
| Q1 25 | $-0.03 | $0.74 | ||
| Q4 24 | $-0.03 | $0.87 | ||
| Q3 24 | $-0.02 | $0.65 | ||
| Q2 24 | $-0.03 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $63.1M | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $132.7M | $510.6M |
| Total Assets | $186.0M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $63.1M | $138.4M | ||
| Q3 25 | $61.5M | $208.7M | ||
| Q2 25 | $60.5M | $146.2M | ||
| Q1 25 | $59.6M | $128.1M | ||
| Q4 24 | $48.8M | $119.9M | ||
| Q3 24 | $39.2M | $121.6M | ||
| Q2 24 | $53.2M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $132.7M | $503.0M | ||
| Q3 25 | $135.7M | $490.7M | ||
| Q2 25 | $131.8M | $469.3M | ||
| Q1 25 | $134.7M | $467.3M | ||
| Q4 24 | $128.2M | $454.7M | ||
| Q3 24 | $119.9M | $452.4M | ||
| Q2 24 | $114.0M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $186.0M | $5.5B | ||
| Q3 25 | $186.8M | $5.5B | ||
| Q2 25 | $187.1M | $5.4B | ||
| Q1 25 | $189.2M | $5.3B | ||
| Q4 24 | $173.7M | $5.3B | ||
| Q3 24 | $176.2M | $5.3B | ||
| Q2 24 | $192.9M | $5.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.2M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.2M | $76.7M | ||
| Q3 25 | $4.2M | $18.2M | ||
| Q2 25 | $8.9M | $19.0M | ||
| Q1 25 | $4.8M | $31.7M | ||
| Q4 24 | $7.4M | $63.2M | ||
| Q3 24 | $3.7M | $17.2M | ||
| Q2 24 | $9.3M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.2M | ||
| Q3 25 | — | $16.5M | ||
| Q2 25 | — | $16.7M | ||
| Q1 25 | — | $30.6M | ||
| Q4 24 | — | $55.2M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 120.3% | ||
| Q3 25 | — | 28.9% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 56.5% | ||
| Q4 24 | — | 89.1% | ||
| Q3 24 | — | 30.6% | ||
| Q2 24 | — | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | 0.0% | 2.9% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 0.0% | 12.8% | ||
| Q3 24 | 0.0% | 2.9% | ||
| Q2 24 | 0.0% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXFY
Segment breakdown not available.
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
