Fourth Quarter Revenue Increased 34.0% Year-over-Year
Fourth Quarter Revenue Less Ancillary Services Increased 35.3% Year-over-Year
Company Provides First Quarter and Fiscal-Year 2026 Outlook
BOSTON, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) ("Flywire" or the "Company"), a global payments enablement and software company, today reported financial results for its fourth quarter and fiscal-year ended December 31, 2025.
"Flywire delivered a strong fourth quarter, further validating the strength of our model and execution," said Mike Massaro, Flywire's CEO. "We have built a disciplined playbook that allows us to consistently win new enterprise clients, embed deeply within their workflows, and expand the value we deliver over time. That model is underpinned by structural efficiency gains that fuel faster innovation and product development. As a result, we are driving durable top-line growth, expanding margins, and increasing free cash flow -- positioning us with strong confidence as we enter 2026."
Fourth Quarter 2025 Financial Highlights:
GAAP Results
-- Revenue increased 34.0% to $157.5 million in the Fourth quarter of 2025,
compared to $117.6 million in the Fourth quarter of 2024. Sertifi
contributed $14.2 million in revenue in the Fourth quarter of 2025,
adding 12 points of revenue growth year over year.
-- Gross Profit increased to $90.7 million, resulting in Gross Margin of
57.6%, for the Fourth quarter of 2025, compared to Gross Profit of $74.3
million and Gross Margin of 63.2% in the Fourth quarter of 2024.
-- Net income was near break-even in the Fourth quarter of 2025, compared to
net loss of ($15.9) million in the Fourth quarter of 2024.
Key Operating Metrics and Non-GAAP Results
-- Total Payment Volume increased 35.6% to $9.3 billion in the Fourth
quarter of 2025, compared to $6.9 billion in the Fourth quarter of 2024.
Excluding Sertifi, Total Payment Volume increased 31.0% to $9.0 billion
in the Fourth quarter of 2025, compared to $6.9 billion in the Fourth
quarter of 2024.
-- Revenue Less Ancillary Services increased 35.3% to $152.7 million in the
Fourth quarter of 2025, compared to $112.8 million in the Fourth quarter
of 2024. On an FX-neutral basis, Revenue Less Ancillary Services
increased 32.6% year-over-year. Excluding Sertifi, Revenue Less Ancillary
Services increased 22.8% year over year to $138.6 million or 20.1% year
over year on an FX-Neutral basis in the Fourth quarter of 2025.
-- Adjusted Gross Profit increased to $93.7 million, up 23.9% compared to
$75.6 million in the Fourth quarter of 2024. Adjusted Gross Margin was
61.3% in the Fourth quarter of 2025 compared to 67.0% in the Fourth
quarter of 2024.
-- Adjusted EBITDA increased to $25.4 million in the Fourth quarter of 2025,
compared to $16.7 million in the Fourth quarter of 2024. Our Adjusted
EBITDA margin increased by approximately 190 bps year-over-year to 16.6%
in the Fourth quarter of 2025.
-- Repurchased approximately 0.7 million shares of our common stock for
approximately $10.0 million (excluding commissions), with approximately
$182 million remaining in the share repurchase program as of the end of
the Fourth quarter 2025.
-- Paid down the remaining $15 million of debt borrowed to fund the
Sertifi-acquisition.
Key Business Performance highlights:
Commercial Highlights
-- Enterprise Transformation via SFS: Leveraged our Student Financial
Software $(SFS)$ solution as a high-value entry point as institutions
increasingly commit to full-suite software over standalone payment
processing.
-- High-Velocity ARR Growth: Achieved over 35% growth in 2025 projected ARR
from new signings (normalized to exclude healthcare payment processing
contracts), underpinned by a robust 35% YoY increase in new sales
pipeline generation.
-- Client Wins & Retention: Secured approximately 750 new customer wins
across 52 countries, while maintaining elite-tier retention with sub-1%
revenue churn across our core Education and Travel verticals.
-- Upmarket Enterprise Mix: Optimized the quality of our revenue streams,
with 80% of Education and 70% of Travel revenue now derived from
large-scale enterprise1 institutions.
Product & Partner Highlights
-- Strengthened our EDU market position and increased platform stickiness by
achieving "Workday Certified" status for Global Payments and SFS,
validating our integrations as enterprise-grade and removing technical
barriers to close.
-- Strengthened global payment network with addition of stablecoin (digital
currency) capabilities and expanded our partnership with TenPay to
integrate WeChat Pay for Chinese Students in South Korea and Malaysia
-- Integrating with Oracle Fusion to unlock new growth in the UK education
market
Leadership & Organization Highlights
-- Strengthened Executive team with several key appointments designed to
drive strategic growth and commercial excellence, including newly-formed
Chief Commercial Officer and Chief Product Officer positions.
-- Appointed Patrick Blanc (former Visa Value-Added Services CTO and PayPal
GM) as CTO, bringing a track record of scaling global payments
infrastructure and large-scale architectural transformation to Flywire.
________________
(1) Enterprise clients are defined as clients that generated over USD 100,000 in LTM revenue (spot USD-translated)
Guidance
"For 2026, we are guiding to revenue less ancillary services growth of 15% to 21% on a FX neutral basis, alongside 150 to 350 basis points of adjusted EBITDA margin expansion," said Flywire's CFO, Cosmin Pitigoi. "This outlook reflects continued durable demand across our verticals, disciplined cost management, and the structural operating leverage embedded in our platform. We are maintaining a prudent, data-driven approach given the broader macro environment."
Based on information available as of February 24, 2026, Flywire anticipates the following results for the first quarter and fiscal-year 2026*.
Fiscal Year 2026
--------------------------------------------------- ----------------
FX-Neutral Revenue Less Ancillary Services Growth 15-21% YoY
--------------------------------------------------- ----------------
Adjusted EBITDA Margin Growth +150-350 bps YoY
--------------------------------------------------- ----------------
First Quarter 2026
--------------------------------------------------- ------------------
FX-Neutral Revenue Less Ancillary Services Growth 26-30% YoY
--------------------------------------------------- ------------------
Adjusted EBITDA Margin Growth +100-350 bps YoY
--------------------------------------------------- ------------------
*Flywire has not provided a quantitative reconciliation of forecasted FX-Neutral Revenue Less Ancillary Services Growth to forecasted GAAP Revenue Growth or forecasted Adjusted EBITDA Margin Growth to forecasted GAAP Net Income Margin Growth or to forecasted GAAP net income (loss) before income taxes within this earnings release because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, income taxes, which are directly impacted by unpredictable fluctuations in the market price of Flywire's stock and foreign currency exchange rates.
These statements are forward-looking, and actual results may differ materially. Refer to the "Safe Harbor Statement" below for information on the factors that could cause Flywire's actual results to differ materially from these forward-looking statements.
Conference Call
The Company will host a conference call to discuss fourth quarter and fiscal-year 2025 financial results today at 5:00 pm ET. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO. The conference call can be accessed live via webcast from the Company's investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.
Note Regarding Share Repurchase Program
Repurchases under the Company's share repurchase program (the Repurchase Program) may be made from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing, value and number of shares repurchased will be determined by the Company in its discretion and will be based on various factors, including an evaluation of current and future capital needs, current and forecasted cash flows, the Company's capital structure, cost of capital and prevailing stock prices, general market and economic conditions, applicable legal requirements, and compliance with covenants in the Company's credit facility that may limit share repurchases based on defined leverage ratios. The Repurchase Program does not obligate the Company to purchase a specific number of, or any, shares. The Repurchase Program does not expire and may be modified, suspended, or terminated at any time without notice at the Company's discretion.
Key Operating Metrics and Non-GAAP Financial Measures
Flywire uses non-GAAP financial measures to supplement financial information presented on a GAAP basis. The Company believes that excluding certain items from its GAAP results allows management to better understand its consolidated financial performance from period to period and better project its future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, Flywire believes these non-GAAP financial measures provide its stakeholders with useful information to help them evaluate the Company's operating results by facilitating an enhanced understanding of the Company's operating performance and enabling them to make more meaningful period-to-period comparisons. There are limitations to the use of the non-GAAP financial measures presented here. Flywire's non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in Flywire's industry, may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes.
Flywire uses supplemental measures of its performance, which are derived from its consolidated financial information, but which are not presented in its consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures include the following:
-- Revenue Less Ancillary Services. Revenue Less Ancillary Services
represents the Company's consolidated revenue in accordance with GAAP
less (i) pass-through cost for printing and mailing services and (ii)
marketing fees. The Company excludes these amounts to arrive at this
supplemental non-GAAP financial measure as it views these services as
ancillary to the primary services it provides to its clients.
-- Adjusted Gross Profit and Adjusted Gross Margin. Adjusted gross profit
represents Revenue Less Ancillary Services less cost of revenue adjusted
to (i) exclude pass-through cost for printing services, (ii) offset
marketing fees against costs incurred and (iii) exclude depreciation and
amortization, including accelerated amortization on the impairment of
customer set-up costs tied to technology integration, if applicable.
Adjusted Gross Margin represents Adjusted Gross Profit divided by Revenue
Less Ancillary Services. Management believes this presentation
supplements the GAAP presentation of Gross Profit and Gross Margin with a
useful measure of the gross profit and gross margin of the Company's
payment processing-related services, which are the primary services it
provides to its clients.
-- Adjusted EBITDA. EBITDA represents our consolidated net income (loss) in
accordance with GAAP adjusted to exclude (i) interest expense, (ii)
interest income, (iii) provision for (benefit from) income taxes and (iv)
depreciation and amortization. Adjusted EBITDA represents EBITDA further
adjusted by excluding (a) stock-based compensation expense and related
payroll taxes, (b) the impact from the change in fair value measurement
for contingent consideration associated with acquisitions,(c) gain (loss)
from the remeasurement of foreign currency, (d) indirect taxes related to
intercompany activity, (e) acquisition related transaction costs, (f)
employee retention costs, such as incentive compensation, associated with
acquisition activities, (g) restructuring costs, and (h) gain (loss) from
investments. Management believes that the exclusion of these amounts to
calculate Adjusted EBITDA provides useful measures for period-to-period
comparisons of the Company's business.
-- Adjusted EBITDA Margin - Adjusted EBITDA Margin represents Adjusted
EBITDA divided by Revenue Less Ancillary Services. Management believes
this presentation supplements the GAAP presentation of gross margin with
a useful measure of the gross margin of the Company's payment-related
services, which are the primary services it provides to its clients.
-- FX Neutral Revenue Less Ancillary Services. FX Neutral Revenue Less
Ancillary Services represents Revenue Less Ancillary Services adjusted to
show presentation on a FX Neutral basis. The FX Neutral information
presented is calculated by translating current-period results using
prior-period weighted average foreign currency exchange rates. Flywire
analyzes Revenue Less Ancillary Services on an FX Neutral basis to
provide a comparable framework for assessing how the business performed,
excluding the effect of foreign currency fluctuations.
-- Non-GAAP Operating Expenses - Non-GAAP Operating Expenses represents GAAP
Operating Expenses adjusted by excluding (i) stock-based compensation
expense and related payroll taxes, (ii) depreciation and amortization,
(iii) acquisition related transaction costs, if applicable, (iv) employee
retention costs, such as incentive compensation, associated with
acquisition activities, (v) the impact from the change in fair value
measurement for contingent consideration associated with acquisitions and
(vi) restructuring costs.
-- FX Neutral Revenue Less Ancillary Services and Adjusted EBITDA, excluding
Sertifi - FX Neutral Revenue Less Ancillary Services and Adjusted EBITDA,
excluding Sertifi, represents FX Neutral Revenue Less Ancillary Services
and Adjusted EBITDA, respectively, adjusted by excluding the
contributions from Sertifi. Flywire believes these measures are useful in
understanding the ongoing results of our operations.
These non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the Company's revenue, gross profit, gross margin, operating expenses or net income (loss), prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure are presented below. Flywire encourages you to review these reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, Flywire may exclude such items and may incur income and expenses similar to these excluded items.
Flywire has not provided a quantitative reconciliation of forecasted FX-Neutral Revenue Less Ancillary Services Growth to forecasted GAAP Revenue Growth or forecasted Adjusted EBITDA Margin Growth to forecasted GAAP Net Income Margin Growth or to forecasted GAAP net income (loss) before income taxes within this earnings release because it is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, income taxes, which are directly impacted by unpredictable fluctuations in the market price of Flywire's stock and foreign currency exchange rates. For figures in this press release reported on an "FX-Neutral basis," Flywire calculates the year-over-year impact of foreign currency movements using prior period weighted average foreign currency exchange rates.
About Flywire
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare, and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports approximately 5,000** clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA, with global offices. For more information, visit www.flywire.com. Follow Flywire on X (formerly known as Twitter), LinkedIn and Facebook.
**Excludes clients from Flywire's Invoiced and Sertifi acquisitions
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire's future operating results and financial position, Flywire's business strategy and plans, market growth, and Flywire's objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, "believe," "may," "will, " "potentially," "estimate," "continue," "anticipate," "intend," "could, " "would," "project," "target," "plan," "expect," or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire's forward-looking statements include, among others, Flywire's future financial performance, including its expectations regarding FX Neutral Revenue Less Ancillary Services growth, Adjusted EBITDA margin growth and foreign exchange rates. Risks that may cause actual results to differ materially from these forward looking statements
include, but are not limited to: Flywire's ability to execute its business plan and effectively manage its growth; Flywire's cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire's business and in the markets in which Flywire operates; the sufficiency of Flywire's cash and cash equivalents to meet its liquidity needs; political, economic, foreign currency exchange rate, inflation, legal, social and health risks, that may affect Flywire's business or the global economy; Flywire's beliefs and objectives for future operations, including growth in revenue and gross profit, expansion of margins, and increases in free cash flow; Flywire's ability to develop and protect its brand; Flywire's ability to maintain and grow the payment volume that it processes; Flywire's ability to further attract, retain, and expand its client base; Flywire's ability to develop new solutions and services and bring them to market in a timely manner; Flywire's expectations concerning relationships with third parties, including financial institutions and strategic partners; the effects of increased competition in Flywire's markets and its ability to compete effectively; recent and future acquisitions or investments in complementary companies, products, services, or technologies; Flywire's ability to enter new client verticals, including its relatively new business-to-business sector; Flywire's expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire's expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire's expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; Flywire's ability to adapt its business to changes in government policy regarding tariffs and immigration; economic and industry trends, including the risk of a global recession, projected growth, or trend analysis; the effects of global events and geopolitical conflicts, including without limitation U.S. policy towards Venezuela or Greenland and the recent hostilities in Ukraine and involving Israel, Hamas and Iran; Flywire's ability to adapt to recommended or implemented U.S. policy changes, in particular those that impact higher education, the desire for foreign students to study in the U.S., immigration and visa policy, and changes to regulatory agencies and depth of enforcement of regulations; Flywire's ability to adapt to changes in U.S. federal income or other tax laws or the interpretation of tax laws, including the Inflation Reduction Act of 2022; and The One Big Beautiful Bill Act of 2025; Flywire's ability to attract and retain qualified employees; Flywire's ability to maintain, protect, and enhance its intellectual property; Flywire's ability to maintain the security and availability of its solutions; the increased expenses associated with being a public company; the future market price of Flywire's common stock; and other factors that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2025, expected to be filed in the first quarter of 2026. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contacts
Investor Relations:
Masha Kahn
ir@Flywire.com
Media:
Sarah King
Media@Flywire.com
Consolidated Statements of Operations and Comprehensive
Income (Loss)
(Unaudited) (Amounts in thousands, except share and
per share amount)
Three Months Ended December Twelve Months Ended December
31, 31,
---------------------------- ------------------------------
2025 2024 2025 2024
----------- ----------- ----------- -----------
Revenue $ 157,544 $ 117,550 $ 623,025 $ 492,144
Costs and operating
expenses:
Payment processing
services costs 63,592 41,384 240,360 177,490
Technology and
development 18,540 17,370 70,207 66,636
Selling and
marketing 40,134 33,353 156,991 129,435
General and
administrative 36,243 31,218 135,482 125,838
Restructuring -- -- 8,690 --
Total costs and
operating
expenses 158,509 123,325 611,730 499,399
----------- ----------- ----------- -----------
Income (loss) from
operations $ (965) $ (5,775) $ 11,295 $ (7,255)
----------- ----------- ----------- -----------
Other income
(expense):
Interest expense (540) (135) (3,526) (538)
Interest income 848 4,872 5,640 21,440
Gain (loss) from
remeasurement of
foreign currency 968 (13,866) 7,865 (11,787)
Gain on
available-for-sale
debt securities -- -- 166 --
Total other income
(expense), net 1,276 (9,129) 10,145 9,115
----------- ----------- ----------- -----------
Income (loss)
before income
taxes $ 311 $ (14,904) $ 21,440 $ 1,860
Provision for
(benefit from)
income taxes 278 995 7,943 (1,040)
Net income (loss) 33 (15,899) 13,497 2,900
Foreign currency
translation
adjustment (2,708) (7,330) 4,707 (3,594)
Unrealized (losses)
gains on
available-for-sale
debt securities,
net of taxes (8) (441) (153) 208
Total other
comprehensive
income (loss) $ (2,716) $ (7,771) $ 4,554 $ (3,386)
----------- ----------- ----------- -----------
Comprehensive
income (loss) $ (2,683) $ (23,670) $ 18,051 $ (486)
=========== =========== =========== ===========
Net income (loss)
attributable to
common
stockholders --
basic and diluted $ 33 $ (15,899) $ 13,497 $ 2,900
Net income (loss)
per share
attributable to
common
stockholders --
basic $ 0.00 $ (0.13) $ 0.11 $ 0.02
Net income (loss)
per share
attributable to
common
stockholders --
diluted $ 0.00 $ (0.12) $ 0.11 $ 0.02
Weighted average
common shares
outstanding --
basic 122,001,958 124,463,252 122,377,814 124,269,820
Weighted average
common shares
outstanding --
diluted 128,288,795 128,924,166 127,747,476 129,339,462
Consolidated Balance Sheets
(Unaudited) (Amounts in thousands, except par value
per share and share amounts)
December 31,
--------------------------------------
2025 2024
Assets
Current assets:
Cash and cash equivalents $ 330,303 $ 495,242
Short-term investments 24,692 115,848
Accounts receivable, net 34,776 23,703
Unbilled receivables, net 20,522 15,453
Funds receivable from payment
partners 155,455 90,110
Prepaid expenses and other
current assets 36,540 22,528
Total current assets 602,288 762,884
Long-term investments -- 50,125
Property and equipment, net 22,125 17,160
Intangible assets, net 189,050 118,684
Goodwill 406,507 149,558
Other assets 33,343 24,035
Total assets $ 1,253,313 $ 1,122,446
============== =============
x
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ 15,298 $ 15,353
Funds payable to clients 310,799 217,788
Accrued expenses and other
current liabilities 55,715 49,297
Deferred revenue 19,951 7,337
Total current liabilities 401,763 289,775
Deferred tax liabilities 12,900 12,643
Other liabilities 3,479 5,261
Total liabilities 418,142 307,679
-------------- -------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par
value; 10,000,000 shares
authorized, none issued and
outstanding as of December 31,
2025 and December 31, 2024 -- --
Voting common stock, $0.0001 par
value; 2,000,000,000 shares
authorized, 130,335,519 shares
issued and 120,086,090 shares
outstanding as of December 31,
2025; 126,853,852 shares issued
and 122,182,878 shares
outstanding as of December 31,
2024 13 13
Non-voting common stock, $0.0001
par value; 10,000,000 shares
authorized, 1,873,320 shares
issued and outstanding as of
December 31, 2025 and December
31, 2024, respectively -- --
Treasury voting common stock, at
cost; 10,249,429 and 4,670,974
shares as of December 31, 2025
and December 31, 2024,
respectively (118,636) (46,268)
Additional paid-in capital 1,108,679 1,033,958
Accumulated other comprehensive
income (loss) 2,488 (2,066)
Accumulated deficit (157,373) (170,870)
Total stockholders' equity 835,171 814,767
-------------- -------------
Total liabilities and
stockholders' equity $ 1,253,313 $ 1,122,446
============== =============
Consolidated Statement of Cash Flows
(Unaudited) (Amounts in thousands)
Twelve Months Ended December 31,
--------------------------------------
2025 2024
-------------- -------------
Cash flows from operating
activities:
Net income $ 13,497 $ 2,900
Adjustments to reconcile net
income to net cash provided by
operating activities:
Unrealized (gain) loss on
remeasurement of foreign
currency (11,939) 11,573
Depreciation and amortization 26,058 17,363
Stock-based compensation expense 71,777 64,933
Amortization of deferred
contract costs 1,664 972
Change in fair value of
contingent consideration (1,901) (978)
Deferred tax benefit (1,365) (8,794)
Change in provision for
uncollectible accounts 2,361 (83)
Non-cash interest income -- (1,435)
Amortization of debt issuance
costs 271 230
Net accretion of discounts and
amortization of premiums on
investments (607) (1,807)
Changes in operating assets and
liabilities, net of
acquisitions:
Accounts receivable (6,813) (5,226)
Unbilled receivables (4,462) (4,841)
Funds receivable from payment
partners (63,716) 23,335
Prepaid expenses, other current
assets and other assets (17,722) (5,071)
Funds payable to clients 91,838 7,361
Accounts payable, accrued
expenses and other current
liabilities 4,725 168
Contingent consideration (475) (93)
Other liabilities (676) (1,447)
Deferred revenue (2,340) (391)
Net cash provided by operating
activities 100,175 98,669
-------------- -------------
Cash flows from investing
activities:
Acquisitions of businesses, net
of cash acquired (324,921) (45,230)
Purchase of short-term and
long-term investments (16,093) (192,120)
Proceeds from the maturity and
sale of short-term and
long-term investments 156,637 29,598
Capitalization of internally
developed software (8,506) (5,317)
Purchases of property and
equipment (1,350) (924)
Net cash used in investing
activities (194,233) (213,993)
-------------- -------------
Cash flows from financing
activities:
Proceeds from issuance of
revolving credit facility 125,000 --
Payment of revolving credit
facility (125,000) --
Payment of debt issuance costs (758) (783)
Contingent consideration paid
for acquisitions (3,738) (1,032)
Payments of tax withholdings for
net settled equity awards (4,214) (797)
Common stock repurchased (74,333) (43,740)
Proceeds from the issuance of
stock under Employee Stock
Purchase Plan 3,338 3,108
Proceeds from exercise of stock
options 2,303 5,613
Deferred acquisition payment (1,000) --
Net cash used in financing
activities (78,402) (37,631)
-------------- -------------
Effect of exchange rates changes
on cash and cash equivalents 7,521 (6,411)
Net change in cash and cash
equivalents (164,939) (159,366)
Cash and cash equivalents,
beginning of period 495,242 654,608
Cash and cash equivalents, end
of period $ 330,303 $ 495,242
============== =============
* Flywire has revised the twelve months ended December
31, 2024 Consolidated Statements of Cash Flows to
correct classification errors identified during the
preparation of our current form 10-K.
Reconciliation of Non-GAAP Financial Measures
(Unaudited) (Amounts in millions, except percentages)
Revenue Less Ancillary Services,
Adjusted Gross Profit, and Adjusted
Gross Margin
Three Months Ended Twelve Months Ended December
December 31, 31,
------------------------- ----------------------------
2025 2024 2025 2024
Revenue $157.5 $ 117.6 $ 623.0 $ 492.1
Adjusted to
exclude gross
up for:
Pass-through
cost for
printing and
mailing (4.4) (4.5) (17.6) (15.9)
Marketing
fees (0.4) (0.3) (2.4) (2.0)
Revenue Less
Ancillary
Services 152.7 112.8 603.1 474.2
===== ===== ===== =====
Payment
processing
services
costs 63.6 41.4 240.4 177.5
Hosting and
amortization
costs within
technology
and
development
expenses 3.3 1.9 11.6 7.7
Cost of
Revenue 66.8 43.3 252.0 185.2
===== ===== ===== =====
Adjusted to:
Exclude
printing and
mailing
costs (4.4) (4.5) (17.6) (15.9)
Offset
marketing
fees against
related
costs (0.4) (0.3) (2.4) (2.0)
Exclude
depreciation
and
amortization (3.0) (1.3) (10.5) (5.9)
Adjusted Cost
of Revenue $ 59.1 $ 37.2 $ 221.5 $ 161.4
Gross Profit $ 90.7 $ 74.3 $ 371.1 $ 306.9
Gross Margin 57.6% 63.2% 59.6% 62.4%
===== ===== ===== =====
Adjusted
Gross
Profit $ 93.7 $ 75.6 $ 381.6 $ 312.8
Adjusted
Gross
Margin 61.3% 67.0% 63.3% 66.0%
===== ===== ===== =====
Revenue Less Ancillary Services Disaggregated by Revenue
Type
(Unaudited) (in millions)
Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025
----------------------------------------- ---------------------------------------
Platform and Platform
other and other
Transaction revenues Revenue Transaction revenues Revenue
--------------- ------------ ---------- --------------- ---------- ----------
Revenue $ 126.5 $ 31.0 $157.5 $ 502.7 $120.4 $623.0
Adjusted to
exclude gross
up for:
Pass-through
cost for
printing and
mailing -- (4.4) (4.4) -- (17.6) (17.6)
Marketing
fees (0.4) -- (0.4) (2.4) -- (2.4)
Revenue Less
Ancillary
Services $ 126.0 $ 26.7 $152.7 $ 500.3 $102.7 $603.1
====== === ==== ===== ====== === ===== =====
Percentage of
Revenue 80.3% 19.7% 100.0% 80.7% 19.3% 100.0%
Percentage of
Revenue Less
Ancillary
Services 82.5% 17.5% 100.0% 83.0% 17.0% 100.0%
Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024
-----------------------------------------
Platform and Platform
other and other
Transaction revenues Revenue Transaction revenues Revenue
--------------- ------------ ---------- --------------- ---------- ----------
Revenue $ 95.3 $ 22.3 $117.6 $ 410.2 $ 81.9 $492.1
Adjusted to
exclude gross
up for:
Pass-through
cost for
printing and
mailing -- (4.5) (4.5) -- (15.9) (15.9)
Marketing
fees (0.3) -- (0.3) (2.0) -- (2.0)
Revenue Less
Ancillary
Services $ 95.0 $ 17.8 $112.8 $ 408.2 $ 66.0 $474.2
====== === ==== ===== ====== === ===== =====
Percentage of
Revenue 81.0% 19.0% 100.0% 83.4% 16.6% 100.0%
Percentage of
Revenue Less
Ancillary
Services 84.2% 15.8% 100.0% 86.1% 13.9% 100.0%
FX Neutral Revenue Less Ancillary Services
(Unaudited) (in millions)
Three Months Twelve Months
Ended December Ended December
31, Growth 31, Growth
---------------- ----------------
2025 2024 Rate 2025 2024 Rate
----- ----- -------- ----- ----- --------
Revenue $157.5 $117.6 34% $623.0 $492.1 22%
Ancillary
services (4.8) (4.8) (20.0) (17.9)
Revenue Less
Ancillary
Services 152.7 112.8 35% 603.1 474.2 24%
Effects of
foreign
currency
rate
fluctuations (3.1) -- (6.6) --
FX Neutral
Revenue Less
Ancillary
Services $149.6 $112.8 33% $596.5 $474.2 24%
===== ===== ===== =====
Revenue Less
Ancillary
Services $152.7 $112.8 35% $603.1 $474.2 24%
Sertifi
Revenue (14.2) -- (44.1) --
Revenue Less
Ancillary
Services
excluding
Sertifi 138.6 112.8 23% 559.0 474.2 18%
Effects of
foreign
currency
rate
fluctuations (3.1) -- (6.6) --
FX Neutral
Revenue Less
Ancillary
Services $135.5 $112.8 20% $552.4 $474.2 16%
----- ----- ----- -----
Reconciliation of Non-GAAP Operating Expenses
(Unaudited) (in millions)
Three Months
Ended December Twelve Months Ended
31, December 31,
--------------- ----------------------
2025 2024 2025 2024
GAAP Technology and
development $18.5 $ 17.4 $ 70.2 $ 66.6
(-) Stock-based
compensation
expense and
related taxes (3.5) (3.1) (13.4) (11.8)
(-) Depreciation
and amortization (1.8) (2.1) (6.7) (7.4)
Non-GAAP Technology
and development $13.2 $ 12.2 $ 50.1 $ 47.4
==== ===== ===== =====
GAAP Selling and
marketing $40.1 $ 33.4 $157.0 $ 129.4
(-) Stock-based
compensation
expense and
related taxes (5.3) (4.8) (19.8) (18.3)
(-) Depreciation
and amortization (4.4) (2.2) (16.3) (8.2)
(-) Acquisition
related employee
retention costs 0.0 -- 0.0 (0.5)
Non-GAAP Selling
and marketing $30.5 $ 26.4 $121.0 $ 102.4
==== ===== ===== =====
GAAP General and
administrative $36.2 $ 31.2 $135.5 $ 125.8
(-) Stock-based
compensation
expense and
related taxes (9.8) (8.9) (36.5) (35.7)
(-) Depreciation
and amortization (0.9) (0.8) (3.0) (3.0)
(-) Acquisition
related
transaction costs 0.0 (0.1) (2.6) (0.6)
(-) Change in fair
value of
contingent
consideration 0.7 -- 1.9 1.0
Non-GAAP General
and
administrative $26.3 $ 21.4 $ 95.3 $ 87.5
==== ===== ===== =====
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
(Unaudited) (in millions)
Three Months
Ended December Twelve Months Ended
31, December 31,
--------------- ----------------------
2025 2024 2025 2024
---- ----- ----- -----
Net income (loss) 0.0 (15.9) 13.5 2.9
Interest expense 0.5 0.1 3.5 0.5
Interest income (0.8) (4.8) (5.6) (21.4)
Provision for
(benefit from)
income taxes 0.3 1.0 7.9 (1.0)
Depreciation and
amortization
expense 7.5 5.0 27.7 18.5
EBITDA 7.6 (14.6) 47.0 (0.5)
Stock-based
compensation
expense and
related taxes 18.7 16.8 69.7 65.8
Change in fair
value of
contingent
consideration (0.7) -- (1.9) (1.0)
(Gain) loss from
remeasurement of
foreign currency (1.0) 13.9 (7.9) 11.8
Gain on
available-for-sale
debt securities -- -- (0.2) --
Indirect taxes
related to
intercompany
activity 0.9 0.5 2.5 0.7
Acquisition related
transaction costs (0.0) 0.1 2.6 0.6
Restructuring -- -- 8.7 --
Acquisition related
employee retention
costs 0.0 -- 0.0 0.5
Adjusted EBITDA 25.4 16.7 120.6 77.9
==== ===== ===== =====
(END) Dow Jones Newswires
February 24, 2026 16:02 ET (21:02 GMT)