Flywire Corporation

flywire.com

What Do They Do?

Provides payment processing, global payment-network services and industry-specific software to institutions and businesses across education, healthcare, travel and business-to-business markets.

How Do They Make Money?

Clients pay transaction fees based on payment value, earned when each payment is processed. Platform revenue comes from software subscriptions, use-based fees and related services.

revenue

Segment	Share	Revenue	How money arrives
Transaction Usage-based	81% FY2022: 77%		Usage-based
Platform and other revenues Mix	19% FY2022: 23%		Mix

Who Are Their Customers?

Flywire reaches clients through its direct sales team and indirectly through financial institutions, referral partners, workflow software and technology providers.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.

Operating income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$7.3M, −1%)

Net income, FY2025

2% of revenue

▲ +365% vs FY2024 ($2.9M, 1%)

Free cash flow, FY2025

16% of revenue

▲ +1% vs FY2024 ($97.7M, 20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +27%; vs $131.9M in Q2 FY2025
Net income: ▼ −32% (Loss); vs −$12M in Q2 FY2025

Transactions share of revenue vs 76.3% in Q2 FY2025

Aug 4, 2026 Raised fiscal 2026 growth guidance again
May 5, 2026 Raised fiscal 2026 growth guidance after first-quarter results

Growing. Revenue grew 3.1x in 4 years, from $201.1M in FY2021 to $623M in FY2025, about 33% a year.

Revenue over time

Transaction Platform and other revenues Platform And Usage-Based Fees

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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