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Side-by-side financial comparison of Expensify, Inc. (EXFY) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Expensify, Inc. is the larger business by last-quarter revenue ($35.2M vs $18.6M, roughly 1.9× Zeo Energy Corp.). On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% vs -4.9%). Over the past eight quarters, Expensify, Inc.'s revenue compounded faster (2.4% CAGR vs -4.0%).
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.
EXFY vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $18.6M |
| Net Profit | — | $-2.0M |
| Gross Margin | 49.2% | — |
| Operating Margin | -11.2% | -11.8% |
| Net Margin | — | -10.8% |
| Revenue YoY | -4.9% | -0.4% |
| Net Profit YoY | — | -360.9% |
| EPS (diluted) | $-0.07 | — |
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.
| Q4 25 | $35.2M | $18.6M | ||
| Q3 25 | $35.1M | $23.9M | ||
| Q2 25 | $35.8M | $18.1M | ||
| Q1 25 | $36.1M | $8.8M | ||
| Q4 24 | $37.0M | $18.6M | ||
| Q3 24 | $35.4M | $19.7M | ||
| Q2 24 | $33.3M | $14.8M | ||
| Q1 24 | $33.5M | $20.1M |
| Q4 25 | — | $-2.0M | ||
| Q3 25 | $-2.3M | $-3.2M | ||
| Q2 25 | $-8.8M | $-2.4M | ||
| Q1 25 | $-3.2M | $-6.4M | ||
| Q4 24 | — | $-435.3K | ||
| Q3 24 | $-2.2M | $-424.3K | ||
| Q2 24 | $-2.8M | $-277.8K | ||
| Q1 24 | $-3.8M | $-1.5M |
| Q4 25 | 49.2% | — | ||
| Q3 25 | 49.6% | 57.9% | ||
| Q2 25 | 51.9% | 59.8% | ||
| Q1 25 | 50.6% | 99.3% | ||
| Q4 24 | 51.0% | — | ||
| Q3 24 | 51.6% | 50.2% | ||
| Q2 24 | 56.9% | 52.3% | ||
| Q1 24 | 56.5% | — |
| Q4 25 | -11.2% | -11.8% | ||
| Q3 25 | -6.4% | -8.3% | ||
| Q2 25 | -28.9% | -15.8% | ||
| Q1 25 | -4.1% | -153.8% | ||
| Q4 24 | 1.3% | -6.0% | ||
| Q3 24 | 0.8% | -15.2% | ||
| Q2 24 | 0.7% | -18.0% | ||
| Q1 24 | -5.3% | -20.1% |
| Q4 25 | — | -10.8% | ||
| Q3 25 | -6.6% | -13.5% | ||
| Q2 25 | -24.6% | -13.3% | ||
| Q1 25 | -8.8% | -72.4% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | -6.2% | -2.2% | ||
| Q2 24 | -8.3% | -1.9% | ||
| Q1 24 | -11.3% | -7.6% |
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $-0.10 | — | ||
| Q1 25 | $-0.03 | $-0.48 | ||
| Q4 24 | $-0.03 | $1.11 | ||
| Q3 24 | $-0.02 | $-0.08 | ||
| Q2 24 | $-0.03 | $0.03 | ||
| Q1 24 | $-0.04 | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $132.7M | $5.3M |
| Total Assets | $186.0M | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.1M | $6.1M | ||
| Q3 25 | $61.5M | $3.9M | ||
| Q2 25 | $60.5M | $68.7K | ||
| Q1 25 | $59.6M | $2.9M | ||
| Q4 24 | $48.8M | $5.6M | ||
| Q3 24 | $39.2M | $4.3M | ||
| Q2 24 | $53.2M | $5.3M | ||
| Q1 24 | $49.3M | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $132.7M | $5.3M | ||
| Q3 25 | $135.7M | $-1.7M | ||
| Q2 25 | $131.8M | $-59.4M | ||
| Q1 25 | $134.7M | $-23.1M | ||
| Q4 24 | $128.2M | $-88.9M | ||
| Q3 24 | $119.9M | $-39.3M | ||
| Q2 24 | $114.0M | $-53.0M | ||
| Q1 24 | $106.5M | $-173.0M |
| Q4 25 | $186.0M | $56.9M | ||
| Q3 25 | $186.8M | $58.5M | ||
| Q2 25 | $187.1M | $46.2M | ||
| Q1 25 | $189.2M | $47.4M | ||
| Q4 24 | $173.7M | $61.0M | ||
| Q3 24 | $176.2M | $47.1M | ||
| Q2 24 | $192.9M | $49.1M | ||
| Q1 24 | $184.8M | $50.1M |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2M | $2.4M | ||
| Q3 25 | $4.2M | $-6.6M | ||
| Q2 25 | $8.9M | $-2.3M | ||
| Q1 25 | $4.8M | $-2.3M | ||
| Q4 24 | $7.4M | $3.5M | ||
| Q3 24 | $3.7M | $162.2K | ||
| Q2 24 | $9.3M | $-2.2M | ||
| Q1 24 | $3.5M | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | 0.0% | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | 0.0% | 0.5% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.0% | 1.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXFY
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
