8-K
Flywire Corp (FLYW)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 23, 2026
FLYWIRE CORPORATION
(Exact name of Registrant as specified in its charter)
| Delaware | 001-40430 | 27-0690799 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File No.) | (IRS Employer<br> <br>Identification No.) |
141 Tremont St #10
Boston, MA 02111
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (617) 329-4524
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Voting Common Stock, $0.0001 par value per share | FLYW | The Nasdaq Stock Market LLC<br> <br>(Nasdaq Global Select Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
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On February 24, 2026, Flywire Corporation (“Flywire” or the “Company”) issued a press release (the “Press Release”) and is holding a conference call regarding its financial results for the year ended December 31, 2025. The Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Various statements to be made during the conference call are “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 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 conveyed on the conference call is provided only as of the date of the conference call, and Flywire undertakes no obligation to update any forward-looking statements presented during the conference call on account of new information, future events, or otherwise, except as required by law.
| Item 7.01. | Regulation FD Disclosure. |
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On February 24, 2026, the Company provided an investor presentation that will be made available on the investor relations section of the Company’s website at https://ir.flywire.com/. The investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
This information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
| Item 8.01. | Other Events. |
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On February 23, 2026, Flywire announced that Patrick Blanc has been appointed Chief Technology Officer (CTO), effective February 23, 2026. Mr. Blanc succeeds David King as CTO; as previously announced, Mr. King has fully transitioned into the role of Chief Product Officer and Co-President of Global Education effective February 23, 2026.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Exhibit<br>No. | Description |
|---|---|
| 99.1 | Flywire Corporation Press Release dated February 24, 2026. |
| 99.2 | Flywire Corporation Investor Presentation dated February 24, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FLYWIRE CORPORATION | |
|---|---|
| By: | /s/ Cosmin Pitigoi |
| Name: | Cosmin Pitigoi |
| Title: | Chief Financial Officer |
Dated February 24, 2026
EX-99.1
Exhibit 99.1
Flywire Reports Fourth Quarter and Fiscal-Year 2025 Financial Results
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, MA – February 24, 2025: **** 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 gainsthat 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 weenter 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<br>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. |
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| • | Gross Profit increased to $90.7 million, resulting in Gross Margin of 57.6%, for the Fourth quarter of 2025,<br>compared to Gross Profit of $74.3 million and Gross Margin of 63.2% in the Fourth quarter of 2024. |
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| • | Net income was near break-even in the Fourth quarter of 2025, compared to net loss of ($15.9) million in the<br>Fourth quarter of 2024. |
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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<br>$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<br>$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%<br>year over year to $138.6 million or 20.1% year over year on an FX-Neutral basis in the Fourth quarter of 2025. |
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| • | Adjusted Gross Profit increased to $93.7 million, up 23.9% compared to $75.6 million in the Fourth<br>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. |
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| • | Adjusted EBITDA increased to $25.4 million in the Fourth quarter of 2025, compared to $16.7 million in<br>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. |
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| • | Repurchased approximately 0.7 million shares of our common stock for approximately $10.0 million<br>(excluding commissions), with approximately $182 million remaining in the share repurchase program as of the end of the Fourth quarter 2025. |
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| • | Paid down the remaining $15 million of debt borrowed to fund the Sertifi-acquisition. |
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Key Business Performance highlights:
CommercialHighlights
| • | Enterprise Transformation via SFS: Leveraged our Student Financial Software (SFS) solution as a high-value<br>entry point as institutions increasingly commit to full-suite software over standalone payment processing. |
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| • | High-Velocity ARR Growth: Achieved over 35% growth in 2025 projected ARR from new signings (normalized to<br>exclude healthcare payment processing contracts), underpinned by a robust 35% YoY increase in new sales pipeline generation. |
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| • | Client Wins & Retention: Secured approximately 750 new customer wins across 52<br>countries, while maintaining elite-tier retention with sub-1% revenue churn across our core Education and Travel verticals. |
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| • | Upmarket Enterprise Mix: Optimized the quality of our revenue streams, with 80% of Education and 70% of<br>Travel revenue now derived from large-scale enterprise^1^ institutions.<br> |
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| ^1^ | Enterprise clients are defined as clients that generated over USD 100,000 in LTM revenue (spot USD-translated) |
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Product & Partner Highlights
| • | Strengthened our EDU market position and increased platform stickiness by achieving “Workday<br>Certified” status for Global Payments and SFS, validating our integrations as enterprise-grade and removing technical barriers to close. |
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| • | Strengthened global payment network with addition of stablecoin (digital currency) capabilities and<br>expanded our partnership with TenPay to integrate WeChat Pay for Chinese Students in South Korea and Malaysia |
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| • | Integrating with Oracle Fusion to unlock new growth in the UK education market |
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Leadership & Organization Highlights
| • | Strengthened Executive team with several key appointments designed to drive strategic growth and<br>commercial excellence, including newly-formed Chief Commercial Officer and Chief Product Officer positions. |
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| • | Appointed Patrick Blanc (former Visa Value-Added Services CTO and PayPal GM) as CTO, bringing a track<br>record of scaling global payments infrastructure and large-scale architectural transformation to Flywire. |
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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 adjustedEBITDA 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 | |
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| FX-Neutral Revenue Less Ancillary Services<br>Growth | 26-30% YoY |
| Adjusted EBITDA Margin Growth | +100-350 bps YoY |
| * | Flywire has not provided a quantitative reconciliation of forecasted<br>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<br>(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<br>directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and foreign currency exchange rates. |
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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<br>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<br>financial measure as it views these services as ancillary to the primary services it provides to its clients. |
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| • | Adjusted Gross Profit and Adjusted Gross Margin. Adjusted gross profit represents Revenue Less Ancillary Services<br>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<br>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<br>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<br>clients. |
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| • | Adjusted EBITDA. EBITDA represents our consolidated net income (loss) in accordance with GAAP adjusted to exclude<br>(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<br>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<br>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<br>investments. Management believes that the exclusion of these amounts to calculate Adjusted EBITDA provides useful measures for period-to-period comparisons of the<br>Company’s business. |
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| • | Adjusted EBITDA Margin - Adjusted EBITDA Margin represents Adjusted EBITDA divided by Revenue Less Ancillary<br>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.<br> |
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| • | FX Neutral Revenue Less Ancillary Services. FX Neutral Revenue Less Ancillary Services represents Revenue Less<br>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<br>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. |
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| • | Non-GAAP Operating Expenses -<br>Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization,<br>(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<br>consideration associated with acquisitions and (vi) restructuring costs. |
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| • | FX Neutral Revenue Less Ancillary Services and Adjusted EBITDA, excluding Sertifi - FX Neutral Revenue Less<br>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<br>understanding the ongoing results of our operations. |
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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 |
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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 31, | Twelve Months Ended December 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<br>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<br>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)
| 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 | ||
| 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<br>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<br>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<br>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<br>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 |
All values are in US Dollars.
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) provision | (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<br>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 December 31, | Twelve Months Ended December 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 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Transaction | Platform andother revenues | Revenue | Transaction | Platform andother 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 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Transaction | Platform andother revenues | Revenue | Transaction | Platform andother 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 | — | (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 Ended December 31, | Growth<br>Rate | Twelve Months Ended December 31, | Growth<br>Rate | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| 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 | % | ||||||||
| Sertifi Revenue | (14.2 | ) | — | (44.1 | ) | — | ||||||||||||||
| Revenue Less Ancillary Services excluding Sertifi | 138.6 | 112.8 | 23 | % | 559.0 | 474.2 | 18 | % | ||||||||||||
| 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 31, | Twelve Months Ended 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 31, | Twelve Months Ended 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 | 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<br>available-for-sale debt | — | — | (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 |
EX-99.2
Exhibit 99.2 4Q 2025 Earnings Supplement February 24, 2026
Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this presentation, including statements regarding the outcome of the operational and portfolio reviews, the costs, cash outlays, benefits, timing and financial impacts of the actions that may be taken or transactions entered into in connection with the operational and portfolio reviews, Flywire’s ability to successfully implement Flywire’s business plan, future results of operations and financial position, business strategy and plans, market growth and Flywire’s objectives for future operations, are forward -looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plans,” “potential,” “seeks,” “projects,” “should,” “could” and “would” and similar expressions are intended to identify forward -looking statements, although not all forward-looking statements contain these identifying words. Flywire has based these forward-looking statements largely on Flywire’s current expectations and projections about future events and financial trends that Flywire believes may affect Flywire’s financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions 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 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 with the SEC in the fourth quarter of 2026. In light of these risks, uncertainties and assumptions, the forward -looking events and circumstances discussed in this presentation may not occur and actual results could dier ma ff terially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events or performance. In addition, projections, assumptions and estimates of the future performance of the industries in which Flywire operates and the markets it serves are inherently imprecise and subject to a high degree of uncertainty and risk. All financial projections contained in this presentation are forward -looking statements and are based on Flywire’s management’s assessment of such matters. It is unlikely, however, that the assumptions on which Flywire has based its projections will prove to be fully correct or that the projected figures will be attained. Flywire’s actual future results may dier ma ff terially from Flywire’s projections, and it makes no express or implied representation or warranty as to attainability of the results reflected in these projections. Investments in Flywire’s securities involve a high degree of risk and should be regarded as speculative. The information in this presentation is provided only as of February 24, 2026, and Flywire undertakes no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law. This presentation contains certain non-GAAP financial measures as defined by SEC rules. Flywire has provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix. The company 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 presentation because Flywire is unable, without making unreasonable eorts, to calcula ff te 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 the company's stock and in foreign exchange rates.
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Strong, Sustained Growth Since IPO RLAS RLAS Total Revenue 47% 43% 24% 27%* YoY% Growth: YoY% Growth: 44% 39% 22% 27%* FXN YoY% Growth: 55% 43% 24% 26%* * Note: For 2025, approximately 9pts of growth contribution from addition of Sertifi CAGR: 35% CAGR: 35% CAGR: 33%
Improved Profitability GAAP Net Income Adj. EBITDA Adj. EBITDA 13% 6% 11% 16% 20% Margin % CAGR: 52%
Why We Win One embedded, durable, scalable model — applied across four verticals Healthcare Education Optimizing hospital All tuition, one platform. yield ● Integrated into system of record ● Unified affordability, ● High-90s retention + steady payments expansion & EHR integrations Why we win: ● Grow share despite macro ● Improves collections & •Embed into mission-critical pressure patient experience workflows, becoming core financial ● Sticky, software-led and customer infrastructure revenue •Solve global, regulated, high-value complexity others can’t Travel B2B •Create durable, expanding economics through software-led Invoice-to-cash Complex, high-value landings and payment attach global transactions. automation. •Benefit from structural vendor consolidation tailwinds, not ● Software + payments in AR ● Embedded in booking discretionary spend workflows & settlement ● Long-term expansion ● Mission-critical once live opportunity ● Strong unit economics ● Huge client efficiency gains
Uniqueness and Durability of Flywire's Assets Software & Integrations Global Payment Network ● Unique: Vertical-specialized billing ● Unique: Optimized network for and reconciliation workflow high-value, regulated cross- border software deeply integrated into and domestic payment and billing data core financial systems globally across complex payer journeys ● Durable: Switching from Flywire ● Unique: MOR and Payfac model requires operational change support enable distinctive capabilities alongside major systems projects ● Durable: Scale and trust allow tighter Network workflow integrations and unique effects capabilities serving our verticals Domain Expertise Partners ● Unique: Commercial and technical ● Unique: Vertically specialized teams relationships with ERPs, SIS platforms, operating with significant banks and payment processors built over in-region/local presence (selling years and supporting clients in over 100 ● Unique: Large EDU global agent network countries ● Durable: Commercial relationships based ● Durable: Unique Flywire culture on dieren ff tiated market scale and trust that retains top talent
Our Global Network Today Built for scale & regulated complexity 2025 Domestic+ 240+ Cross border Countries & territories payments We have built a global, regulatory-grade Broad 140+ infrastructure Local clearing & Local Currencies payment methods supported platform that is very hard to replicate. Optimized 1200+ Intelligent Local transaction payment options routing Scalable ~6000 Global Geographic settlement corridors infrastructure
Flywire at a Glance CUSTOMERS Education B2B Healthcare Travel + Higher education, education Enterprises with complex A/R, Health systems Tour, hospitality & agents, student housing government & public sector, VERTICALS & hospitals specialty travel brands providers & more emerging verticals Patient billing & payments Invoiced with integrated Sertifi VERTICAL Student Financial Software Aordabi ff lity Suite payments to automate (esignatures, payments, SPECIFIC (SFS) Financing and Payment digital authorizations, accounts receivable and travel authorizations) SOLUTIONS processing speed collections Reconciliation Payments Global Money Verticalized Risk, Fraud & White-Glove & ERP Optimization & CORE Movement Checkout & UX Compliance Support Integration Insights PRODUCTS What makes Verticalized Embedded in mission- Global + local High-value & high-trust 1 2 3 4 by industry critical workflows transactions at the same time us dieren ff t?
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook: Prudent Assumptions, Continued Margin Expansion
Continued Momentum in Client Base Clients are choosing Flywire as a key part of their workflows Client Growth Since 2021 Note: Excludes clients from Flywire’s Invoiced and Sertifi acquisitions +2.5x
Enterprise Clients Drive Growth Across Education & Travel Revenue churn among enterprise customers in EDU and Travel is extremely low (<1%) Education Enterprise Clients Travel Enterprise Clients +29% Growth +94% Growth Enterprise clients account for ~90% Enterprise clients account for ~73% of Education revenue since 2023 of Travel revenue since 2023 Note: Enterprise clients are defined as clients that generated over USD 100,000 in LTM revenue (spot USD-translated). Includes all platforms/products excluding StudyLink and Sertifi, consistent with our client definition. Classification may change quarter-over-quarter as revenue fluctuates around the threshold. Note: No single client accounted for more than 2% of total revenue during these periods
Selected Customer Wins - Q4 2025 Strong New Client Wins and Expansion Across Existing Customers
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
2021 2025 Continuing client growth and broader New logos & Volume-driven international product suite adoption, capturing domestic Primary growth driver student flows + international flows Predominantly cross-border education Growing via share gains and cross-sell, Macro sensitivity business diversified across verticals & geos Concentrated in Big Four destinations More geographically diversified; Revenue mix and international payers meaningful growth outside Big Four Larger deals with Smaller, single-product deals Deal profile multi-product adoption Lower ARR per client; Higher ARR per deal; software and ARR quality limited software contribution domestic use cases scaling Retention dynamics First-year payer dependent New and repeat payers drive growth Limited Material and Domestic use cases contribution expanding contributor Payments-led, narrower Platform-led ecosystem across Network value platform footprint payments + software
Structural Operating Leverage Across All Opex Lines 1 1 Sales & Marketing Technology & General & Admin 1 Development ‘21→‘25 ● Embedding AI within the Dollar Amt development lifecycle to ($M): ~$40 ~$120 ~$20 materially improve productivity ~$50 ~$45 ~$95 and time-to-market Opportunities to Scale ● Embedding AI within the development lifecycle to materially improve productivity ● Further GTM efficiency through vertical and and time-to-market geographic prioritization ● Unified data architecture to enable predictive analytics, AI-driven insights, and ● Scalable digital demand generation in Travel real-time decision support. Systems consolidation across functions. ● AI-enabled Relationship Manager productivity and ● Automation across compliance, risk and legal functions to drive scalable faster ramp through centralized knowledge tools operating leverage ● Structured upsell motions leveraging pricing ● Procurement optimization and system consolidation to reduce complexity and discipline and customer education platforms improve cost discipline 1. Measures non-GAAP operating expenses as % of revenue less ancillary services (RLAS)
Q4 Actual Performance vs. Guidance: Strong Beat Across the Board 1 Actual Guide Beat RLAS: 4Q 2025 4Q 2025 ✔ Strong, diversified growth across verticals and regions driving top line $152.7 $145 +$7.7 Total RLAS ($M) performance 35.3% 29% +630 bps✔ FxN RLAS beat primarily driven by Y/Y RLAS Spot Growth (%) ramp of payment processing across Healthcare & B2B clients combined 32.6% 25% +760 bps Y/Y RLAS FxN Growth (%) with smaller macro headwinds in key Education markets $14.2 $13 +$1.2 Sertifi Revenue ($M) ✔ Sertifi Revenue performance driven by payment product oerings ff $138.6 $132 +$6.6 RLAS - ex Sertifi ($M) Adjusted EBITDA: 20.1% 14% +610 bps Y/Y RLAS FxN Growth ex Sertifi (%) ✔ Adjusted EBITDA margin was well ahead of the guide driven by top line $25.4 $23 +$2.4 aEBITDA ($M) flow through and operational discipline ~190 bps +125 bps ~70 bps aEBITDA Margin expansion - YoY Note: Dollar amounts in USD millions unless otherwise noted; growth rates shown as percentages Note (1): Refers to mid-point of guidance ranges, where applicable
GAAP Financial Highlights Q4 2025 $157.5M 57.6% $0.0M* Revenue Gross Margin Net Income *Q4 2025 includes a $1.0M FX gain; Q4 2025 Net Income up $15.9M vs. Q4 2024
Key Operating Metrics (Non-GAAP) Q4 2025 $9.3B $152.7M $93.7M $25.4M 1 1 1 1 +35.6% YoY +35.3% YoY 23.4% YoY 53.4% YoY 2 2 16.6% 61.3% Total Revenue Less Adjusted Adjusted EBITDA Payment Ancillary Gross Profit Volume Services 1. Represents Y-o-Y Growth as compared to Q424 2. Represents Margins as % of RLAS (Revenue Less Ancillary Services) See Appendix for reconciliation to GAAP amounts
GAAP Financial Highlights FY 2025 $623.0M 59.6% $13.5M* Revenue Gross Margin Net Income *FY 2025 includes a $7.9M FX gain
Key Operating Metrics (Non-GAAP) FY 2025 $37.6B $603.1M $381.6M $120.6M 1 1 1 1 +26.4% YoY +27.1% YoY +21.8% YoY +55.0% YoY 2 2 63.3% 20.0% Revenue Less Total Adjusted Adjusted EBITDA Ancillary Payment Gross Profit Services Volume 1. Represents Y-o-Y Growth as compared to FY24 2. Represents Margins as % of RLAS (Revenue Less Ancillary Services) See Appendix for reconciliation to GAAP amounts
Increasing Revenue Less Ancillary Services Diversity Strong growth across all +101% verticals +22% ● B2B saw significant YoY growth, accelerated through migration/synergies +100% ● Healthcare strength driven by large client launches and ramp +25% ● Education revenues grew 12% YoY despite macro headwinds. CA was down almost 30% YoY, as expected at the beginning of the year, but better than the larger CA visa +5% drop. AU revenue grew by low teens in 2025, much better vs original assumption of a reduction of 30%, also above AU visa performance. +6% ● Travel surpassed US EDU in revenue. CA + AU ~ -6% YoY Addition of Sertifi drove 69% pts of the total non-Big 4 EDU ~ +30%YoY Travel growth, with Sertifi up 35% YoY on a pro-forma basis. Sertifi contributed 9% to total FLYW growth in 2025
Stable Spreads on Our Transaction Volumes ● Spreads remain relatively stable within our core transactional flows ● Monetization Rate and Adjusted Gross Margins driven by increase in domestic payments in the mix + seasonality / vertical mix 23
Capital Allocation Strategy Overview 13 2 Organic Growth Strategic Share Investments Acquisitions Buybacks Geographic expansion Accelerate within existing Share Repurchase Program industry and / or geographies enables purchasing when GTM enhancement projected return exceeds our New product capability for cost of equity Deeper software integrations cross-sells & upsells Prudent approach in Ecosystem expansions with Enter new geographies or maintaining operational Strategic Payables & International regions liquidity and financial flexibility Agent solutions for organic investments & strategic M&A
2025 Cash & Liquidity Walk: ~$500M Liquidity 62 (US$M) ~495 (1) ● Strong liquidity maintained while funding growth and returning capital ● Acquisition-related (Sertifi) debt incurred early in the year was fully repaid by year-end, as planned (1) Cash represents corporate cash, cash equivalents, and investments (i.e. excludes client cash)
Share Buyback (SBB): ~$120M Since the Start of Program (US$M) Authorized $300M (-) Purchases through $(118M) 12/31/25 Remaining $182M 1 Price $17.70 $20.26 $13.56 $8.84 $13.12 $13.61 1 Price vs. VWAP ($0.02) +$0.03 ($0.01) +$0.07 +$0.01 ($0.01) Shares Repurchased 1.3M 1.0M 3.6M 0.6M 0.8M 0.7M ● Share repurchase program started in Q3’24 with $150M authorization, and was increased to $300M in Q2’25 ● Since program start ~8M shares have been repurchased at an average price of $14.75 1 Excludes Commissions
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Flywire’s AI Moat: Systems of Record × Workflow × AI AI can automate pieces, but cannot replace deeply Why the Moat integrated financial workflow orchestration Complex ● End-to-end workflow: payment initiation → FX → compliance Financial → reconciliation Widens with AI ● Exception handling, reconciliation, and audit workflows Workflows ● Mission-critical receivables and payment infrastructure AI strengthens platforms Where data + workflows already live Trust & compliance create structural barriers to entry Not a commodity Trusted, ● Global, multi-currency regulated payment infrastructure AI helps Flywire consolidate more workflows, not Secure & ● Embedded, compliant financial and receivables data less ● Secure handling of sensitive financial transactions Regulated ● Compliance, auditability, and regulatory controls Payments Higher switching costs over time ● Trusted partner for mission-critical payments AI learns customer-specific behavior and data from industry peers Embedded, integrated into client ecosystems - high Durable pricing power switching costs AI increases platform value System ● ERP-embedded integrations (Workday, Ellucian, Oracle, SAP, etc.) ● Embedded into customer financial operations of Record ● System-of-record position for payments and receivables AI doesn’t disintermediate Flywire — it compounds the value ● High switching costs once embedded ● Clients consolidate workflows onto Flywire over time of being the system of record for complex financial workflows
Technical Support Security Building a Durable & Powerful Technology Stack Modular architecture complements domain-expert teams & regulatory-compliant payment network Implementations EDU Integrations Travel Integrations B2B Integrations HC Integrations ● Flywire is the infrastructure Client / behind complex Partner EDU Software Travel Software B2B Software HC Software payments in complex (SFS, Collection Mgmt, eStore, (Sertifi) (Invoiced) (Patient Financial Experience) StudyLink, Agents) industries ● AI-intelligence being Software Platform Services (e.g. Communications/Messaging, SSO Service, Contract Signing…) added across platform for key use Payment Experiences (e.g. Pay by Link, Secure checkout, Hosted Payment Experiences..) cases APIs ● Flywire investing in AI and development Payments Platform of future-state platform Payments FX, Cash Matching & Compliance, Data & Acceptance & Pricing Service Management & Disbursements ● Platform Reconciliation Risk & Fraud Reporting Routing Treasury incorporates years of integration expertise with Global Payment Network partners and customers Local Bank Connections Local Card Acceptance Local Alternate Method Acceptance
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Q1 2026 Outlook FX-Neutral Revenue 1 Adjusted EBITDA Margin Less Ancillary Services Expansion (YoY) Growth Total 26-30% YoY FXN 100-350 bps (including ~7% inorganic Sertifi) (including Sertifi) Flywire Estimated FX impact (benefit) on RLAS: 2 ~4-5% 1. Flywire has not provided a quantitative reconciliation of forecasted FX Neutral revenue to GAAP revenue and Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable eorts, to calcula ff te 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 in foreign exchange rates. 2. As of 12/31/2025 exchange rates. As of February 24, 2026 FX changes vs 12/31/2025 rates were relatively immaterial
FY 2026 Outlook FX-Neutral Revenue 1 Adjusted EBITDA Margin Less Ancillary Services Expansion (YoY) Growth Total 15-21% YoY FXN 150-350 bps (including ~1% inorganic Sertifi) (including Sertifi) Flywire Estimated FX impact (benefit) on RLAS: 2 ~1% 1. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable eorts, to calcula ff te 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 in foreign exchange rates 2. As of 12/31/2025 exchange rates. As of February 24, 2026 FX changes vs 12/31/2025 rates were relatively immaterial
2026 Guidance Context Guidance Assumptions EDU Macro Assumptions Approx. 1% inorganic growth from U.S. visas down 30%; CAN visas down Sertifi. Approx. 2% coming from 10%. Offset by new client growth & Revenue payment processing ramp. North upsells to domestic payments. US education revenue to grow LSD % in America Adjusted Gross Profit margin to 2026. CAN EDU expected to grow > 10% decline 200-300bps in FY2026 due to YoY. payment processing ramp. Excl ramp, Gross Assuming flat visa growth in the UK. Margins GM % decline would be 100-200bps Continued strong UK & EMEA revenue for FY26, and exiting into 2027 in the EMEA growth (at or above company average) normal ~100-200 bps annual range. from further market share gains. Improved productivity & operating Assuming flat visas in AUS, while still aEBITDA leverage, supporting our ability to APAC assuming modest LSD revenue growth. (%) grow operating expenses more Watching tighter visa requirements for efficiently relative to gross profit. Indian students.
Recent Visa/ Int’l Student Developments in Big 4 Markets CANADA AUSTRALIA UK USA ● Graduate route cut ● Master’s and PhD ● H1B visa fee does ● ~295,000 places from 24 to 18 months students at public not apply to int’l for new institutions are students in the US international ● 6% levy in international exempt from the looking to apply students for 2026 tuition for Universities overall national for status change (+9% YoY) replaced with GBP 925 cap beginning Jan ● Expanded consular flat fee from 2027-28 1, 2026 screening to include ● Australia social med ia reclassified India ● Government ● Post study work reviews to highest risk announced plans to opportunities ● Common App data category for visa grow UK international aligned to labour indicates processing, education exports needs/gaps from GBP32 to 40bn by applications for requiring more 2030 2026-27 academic scrutiny year down ~10%
1 NRR Performance & Outlook Pressure in 2024 primarily Comments Continued driven by pressure in Canada Canada, ● Healthy growth despite continued along with (10%) US macro pressure in 2025 negative visa trend ● Expect NRR to stabilize in 2026 as we annualize on Canada headwinds, even as US visas expected to be down again. ● As Travel and B2B scale (front-book is a larger driver there), growth is increasingly driven by new enterprise wins and program ramps, making blended NRR a less complete indicator of performance. Note (1): We calculate the annual net dollar-based retention rate for a given year based on the weighted average of the quarterly net dollar-based retention rates for each quarter in that year. We calculate the quarterly net dollar-based retention rate for a given quarter by dividing the revenue we earned in that quarter by the revenue we earned from the same clients in the corresponding quarter of the previous year. Our calculation of quarterly net dollar-based revenue rate for a given quarter only includes revenue from clients that were clients at the beginning of the corresponding quarter of the previous year.
Appendix
FX Neutral Revenue Less Ancillary Services* *FX Neutral Revenue Less Ancillary Services: FX neutral revenue less ancillary services is adjusted for the impact of foreign currency rate fluctuations. This measure helps provide insight on comparable revenue growth by removing the eect o ff f changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period monthly average exchange rates applied to the current period foreign currency amounts. $USD in Millions (unaudited)
FX Neutral Revenue Less Ancillary Services* Change *FX Neutral Revenue Less Ancillary Services: FX neutral revenue less ancillary services is adjusted for the impact of foreign currency rate fluctuations. This measure helps provide insight on comparable revenue growth by removing the eect o ff f changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period monthly average exchange rates applied to the current period foreign currency amounts. $USD in Millions (unaudited)
Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations $USD in Millions (unaudited)
Free Cash Flow $USD in Millions (unaudited)
Revenue Disaggregation by Revenue Type $USD in Millions (unaudited)
Net Income (Loss) to Adjusted EBITDA Reconciliation $USD in Millions (unaudited)
Reconciliation of GAAP to Non-GAAP Operating Expenses $USD in Millions (unaudited)
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited)