Flywire
Processes complex receivables with vertical software and a global payment network.
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Profile
Combines payment processing, a proprietary global network, and receivables software for education, healthcare, travel, and B2B clients. Most revenue comes from transaction activity, while platform fees and acquired workflow products broaden a business reported as a single segment.
Combines a global payment network, payment-processing platform, and vertical software to collect and reconcile complex domestic and cross-border receivables. Education tools cover tuition, admissions, agents, and payment plans; healthcare products manage patient billing and engagement; travel products handle hospitality payments, contracts, and authorizations; and B2B software automates invoicing, collections, reporting, and cash forecasting.
Embeds these tools into client workflows and back-office systems while giving payers local currencies and payment methods across a broad international network. Revenue comes mainly from transaction fees, with software subscriptions, usage fees, payment plans, and ancillary services adding a smaller stream. Operations are reported as a single segment; payment volumes depend partly on international student mobility, and service delivery relies on banking, payment-network, and processing partners operating under financial, privacy, and security rules.
Company facts
Categories
Key statistics
Year to date +35.0% · Average volume (30d) 2.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Wolfe Research | Reiterate | Outperform | $19 | $23 | |
| Aug 17, 2026 | Seaport Global | Reiterate | Buy | $18 | $22 | |
| Aug 14, 2026 | Truist Financial | Target | $18 | $19 | ||
| Aug 5, 2026 | Goldman Sachs | Reiterate | Neutral | $20 | $22 | |
| Aug 5, 2026 | UBS | Reiterate | Neutral | $18 | $19 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | −$0.02 | −$0.07 | −182.9% | $156.5M | $163.8M | +4.7% | +8.05% |
| May 5, 2026Q1 FY26 | $0.03 | $0.10 | +233.3% | $170.2M | $184.0M | +8.1% | +20.51% |
| Feb 24, 2026Q4 FY25 | −$0.01 | $0.00 | +103.0% | $144.6M | $152.7M | +5.6% | +11.39% |
| Nov 4, 2025Q3 FY25 | $0.19 | $0.23 | +21.1% | $145.0M | $200.1M | +38.1% | +1.30% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $133.5M | $131.9M | $200.1M | $157.5M | $188.1M | $167.7M | |
| Gross profit | $71.0M | $78.0M | $127.8M | $94.0M | $95.5M | $93.0M | |
| Operating income | −$1.1M | −$7.7M | $32.3M | −$965.0K | $10.8M | −$2.8M | |
| Net income | −$4.2M | −$12.0M | $29.6M | $33.0K | $12.5M | −$8.1M | |
| Diluted EPS | −$0.03 | −$0.10 | $0.23 | $0.00 | $0.10 | −$0.07 | |
| Gross margin | 53.2% | 59.1% | 63.9% | 59.6% | 50.7% | 55.4% | |
| Operating margin | -0.9% | -5.8% | 16.1% | -0.6% | 5.7% | -1.7% |
Fiscal years (4-quarter sums)FY21 $201.1M · FY22 $289.4M · FY23 $403.1M · FY24 $492.1M · FY25 $623.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $294.2M · Total debt $0 · Total assets $1.16B · Shareholders' equity $816.6M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 121.55M · Float 112.92M · 92.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Voss Capital, LP · 10 percent owner | 11.11M | 9.14% | Form 4 | Aug 28, 2026 |
| BlackRock, Inc. | 9.14M | 7.52% | 13F | Aug 7, 2026 |
| Divisadero Street Capital Management, LP | 6.64M | 5.47% | 13F | Aug 14, 2026 |
| Temasek Holdings (Private) Ltd | 6.17M | 5.08% | 13F | Aug 7, 2026 |
| Cadian Capital Management, LP | 5.74M | 4.73% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Voss Capital, LP | 10 percent owner | −93,927 | $18.91 |
| Aug 26, 2026 | Voss Capital, LP | 10 percent owner | −26,094 | $18.99 |
| Aug 25, 2026 | Voss Capital, LP | 10 percent owner | −172,973 | $19.19 |
| Aug 24, 2026 | Voss Capital, LP | 10 percent owner | −101,300 | $19.49 |
| Aug 19, 2026 | Voss Capital, LP | 10 percent owner | −25,000 | $18.86 |
Peers
- Global Payments
Merchant solutions across integrated and embedded payments
- Corpay
Corporate cross-border and AP payment automation
- Nelnet
Education tuition, campus commerce, and payment technology
- BILL
Back-office AR/AP automation with embedded payments
- Waystar
Healthcare payment and revenue-cycle workflow software
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Flywire | $18.80 | +0.16% | $2.28B | 72.8 | 25.5 | 3.2 | +24.2% |
| Global Payments | $91.82 | +0.02% | $22.79B | — | 6.2 | 2.2 | +61.5% |
| Corpay | $407.88 | −0.02% | $26.66B | 24.8 | 14.0 | 5.3 | +21.5% |
| Nelnet | $127.37 | +0.08% | $4.58B | 15.3 | 15.3 | 2.5 | −33.6% |
| BILL | $50.25 | −0.12% | $5.01B | — | 13.7 | 3.0 | +13.8% |
| Waystar | $26.26 | 0.00% | $5.03B | 37.5 | 15.1 | 4.2 | +18.1% |
| Median | 24.8 | 14.0 | 3.0 | +18.1% |