Flywire Corp. (FLYW)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$713.5M

Revenue growth

32.2%

Net income, last twelve months

$34.0M

Earnings per share

$0.26

Operating margin

5.5%

Net margin

4.8%

Return on equity

4.2%

Market value

$2.3B

Price to earnings

72.8x

Cash

$282.4M

Debt

$0

Debt to equity

0.00

Shares outstanding

121.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Revenue rose 27.2% year-over-year. Revenue was $167.7 million, against $131.9 million a year earlier, and revenue less ancillary services rose 28.5% to $163.8 million.
• Adjusted EBITDA rose 44.5%. Adjusted EBITDA was $24.0 million, compared with $16.6 million. The adjusted EBITDA margin was 14.6%, up about 160 basis points from 13.0%.
• Net loss narrowed year-over-year. The company reported a net loss of $8.1 million, compared with a net loss of $12.0 million a year earlier.
• First-half revenue up 34.1%. For the six months ended June 30, 2026, revenue was $355.9 million, up 34.1% from $265.3 million.
• Transaction revenue rose to 81%. Transaction revenue was $135.9 million, up from $100.6 million, and 81.0% of revenue, against 76.3% a year earlier.
• Education outside core markets up 30%. Education revenue outside the Big Four markets grew more than 30% year-over-year, and about two of three new education clients came from outside those markets.
• Platform revenue little changed. Platform and other revenue was $31.8 million, compared with $31.3 million, and 19.0% of revenue against 23.7% a year earlier.
• Three US SFS deals at double ARR. Three new US Student Financial Services deals were signed this quarter at double the ARR of the prior-year quarter.
• University of Liverpool added in UK. The University of Liverpool was added in the UK to consolidate manual workflows onto a single platform.
• Driftwood hotel deployment expanded. The Driftwood Hospitality deployment covers nearly 90 US hotel properties, with integrated payments, digital signatures and authorization workflows.
• Gross margin fell year-over-year. GAAP gross margin was 53.4%, against 57.0%. Adjusted gross profit rose 19.0% to $92.7 million, and adjusted gross margin was 56.6%, against 61.1%.
• Payment processing costs grew faster. Payment processing services costs rose to $74.7 million from $53.9 million, a faster rate than revenue growth of 27.2%.
• Non-GAAP G&A higher, S&M lower. Non-GAAP general and administrative expense was $27.7 million, against $20.7 million, while non-GAAP selling and marketing was $28.5 million, against $29.2 million.
• 200+ new clients signed. The company signed over 200 new clients across 45 countries and all verticals, the second straight quarter at this pace.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 40 held.

Every filing

The newest filings with the SEC of 110 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

263 funds held it at 30 Jun 2026: 144 added and 61 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Visa Inc. (V): revenue $44.5B, market value $761.1B
• Mastercard Inc. (MA): revenue $35.1B, market value $539.5B
• Alibaba Group Holding Limited (BABA): revenue $144.2B, market value $234.6B
• Accenture plc (ACN): revenue $74.2B, market value $147.6B
• Uber Technologies, Inc. (UBER): revenue $55.2B, market value $133.2B
• PDD Holdings Inc. (PDD): revenue $60.1B, market value $110.3B
• MercadoLibre, Inc. (MELI): revenue $35.2B, market value $84.8B
• DoorDash, Inc. (DASH): revenue $15.9B, market value $74.5B
• RELX PLC (RELX): revenue $12.7B, market value $70.5B
• Ebay Inc. (EBAY): revenue $12.0B, market value $52.5B

What the company does

Flywire is a payments enablement and software company based in Boston. It was formed in July 2009 as peerTransfer Corporation and took the Flywire name in December 2016. It builds payment and invoicing software for organisations in education, healthcare, travel and B2B (business-to-business), and it collects payments from their customers. As of 31 December 2025 it served approximately 5,000 clients, excluding clients acquired with Sertifi and Invoiced. Its network can accept and settle payments in over 240 countries and territories and in over 140 currencies, and it had approximately 1,400 full-time employees and contractors.

What it does

Flywire sits between a client, such as a university, hospital or travel provider, and that client's customers: students, patients, travellers and businesses. It handles the path from invoice delivery through payment to reconciliation in the client's own accounting system. The company says its aim is to automate paper and check-based processes in accounts receivable and to give payers a digital experience. Clients connect once and can use tailored invoicing, single sign-on and checkout, recurring payments, split payouts and payment plans. Flywire has launched approximately 11,000 client payment portals, each built on the shared platform but set up with the client's branding.

Who it serves

- Education: more than 3,200 institutions. - Healthcare: more than 150 healthcare systems, including four of the top 10 in the United States ranked by hospital size. - Travel and B2B: a portfolio of approximately 1,600 clients.

Education is the company's largest vertical. Its payment volume depends partly on international student enrolment, so government visa rules in countries such as Canada, Australia, the United Kingdom and the United States affect it. StudyLink, an Australian student admissions platform, was acquired in November 2023. Invoiced, a US accounts receivable software company, was acquired in August 2024. Sertifi, which digitises hospitality workflows and payments, was acquired in February 2025 and supports over 20,000 hotel locations globally.

How it makes money

Flywire reports two revenue lines.

- Transaction revenue: fees on payment processing, generally a rate applied to the value of each payment. The rate can vary with payment method, currency pair and region. Some domestic payments carry a fixed fee per transaction. This line also includes marketing fees from credit card providers. - Platform and other revenues: software subscription and usage fees, fees for setting up payment plans, printing and mailing services, insurance commissions, and interest earned on funds held for customers.

Costs depend on how people pay. Credit cards cost more to process than bank transfers, and domestic payments have a lower average monetisation rate than cross-border ones. On cross-border payments Flywire carries foreign exchange exposure, typically for between one and four days. It manages this with in-house currency hedging algorithms and non-deliverable forward contracts. Revenue has historically been largest in the third quarter because of the education peak season.

Network and technology

The company's payment network is made up of global, regional and local banks plus technology and payment partners. It includes direct connections to methods such as Alipay, Boleto, PayPal / Venmo and Trustly. Clients receive a single daily payment in their preferred currency, covering approximately 6,000 geographic corridors in 2025. The company says the majority of its payment volume is not card related and runs over this network.

The software runs on cloud-native infrastructure and uses Amazon Web Services for redundancy. It offers a public API and integrations with systems including Ellucian, Workday and Tribal in education, Epic Systems Corporation in healthcare, Rezdy Pty Ltd in travel, and Oracle Corporation and Workday in B2B. Flywire uses machine learning and artificial intelligence for fraud detection and for matching payment options to payers.

Sales and competition

Direct sales is the primary route to clients. Regional sales teams sit in the United States, Canada, Latin America, Europe and Asia Pacific, including Singapore, Japan and Australia. Relationship managers look for chances to sell more solutions to existing clients, a pattern the company calls "land-and-expand". Channel partners include Bank of America Corporation, Adyen, Ellucian and Cerner.

Flywire names its primary competition as traditional bank wires and remittance companies. It also lists integrated cross-border payment providers, B2B payments platforms and niche vertical software vendors.

Regulation

Flywire is registered as a Money Service Business with FinCEN in the United States and holds money transmitter licenses in 45 US jurisdictions. Local entities are licensed as Authorised Payments Institutions in the United Kingdom (Financial Conduct Authority), Lithuania (Bank of Lithuania) and Australia (ASIC). The company has approval for a Major Payment Institution license from the Monetary Authority of Singapore and is licensed in Hong Kong as a Money Services Operator. It has also made voluntary submissions to OFAC about apparent sanctions violations and is engaging with OFAC to resolve them. The company says it does not believe any resulting loss would be material.

Its people

Flywire calls its employees and contractors FlyMates. As of 31 December 2025, 39% were in the Americas, 36% in Europe and the Middle East, and 25% in Asia-Pacific. They represent over 60 nationalities and over 35 spoken languages. None are represented by a labor union.

*From Flywire's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1580560/000119312526067540/flyw-20251231.htm)*

From the company's 10-K.