Free cash flow remains inconsistent, oscillating between a $190.9 million inflow in 2024Q3 and a -$80.4 million outflow in 2025Q1, largely driven by unpredictable working capital swings.
| Cash from Operations | -15.67B | 100.17M | 91.47M | 80.63M | 4.88M | 17.13M | -14.22M | 4.07M |
| Operating CF Margin % | - | 16.08% | 18.59% | 20% | 1.69% | 8.52% | -10.79% | 4.29% |
| Operating CF Growth % | -19673.78% | 9.52% | 13.45% | 1552.15% | -71.51% | 220.45% | -449.2% | - |
| Net Income | 12.54B | 13.5M | 2.9M | -8.57M | -39.35M | -27.96M | -11.11M | -20.12M |
| Depreciation & Amortization | 8.03B | 27.99M | 17.36M | 15.76M | 12.3M | 9M | 6.79M | 3.73M |
| Stock-Based Compensation | 17.5B | 0 | 64.93M | 43.73M | 30.26M | 18.93M | 3.84M | 2.95M |
| Deferred Taxes | -663.63M | 0 | -8.79M | 72K | -1.71M | -45K | -8.54M | -11K |
| Other Non-Cash Items | -53.18B | 60.71M | -1.29M | 2.79M | -506K | 13.91M | 6.9M | 1.35M |
| Working Capital Changes | 104.45M | -2.03M | 16.36M | 26.84M | 3.88M | 3.3M | -12.12M | 16.17M |
| Change in Receivables | -5.72B | -11.28M | 13.78M | -58.45M | -323K | -587K | -7.99M | -431K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -7.64M | 0 | 13.52M |
| Change in Payables | -3B | 0 | 3.3M | 5.55M | 6.57M | 11.69M | 5.67M | 2.25M |
| Cash from Investing | 7.75B | -194.23M | -215.8M | -38.78M | -24.68M | -62.91M | -81.54M | -3.75M |
| Capital Expenditures | -145.98M | -1.35M | -924K | -1.01M | -7.09M | -6.68M | -2.14M | -3.75M |
| CapEx % of Revenue | 0.08% | 0.22% | 0.19% | 0.25% | 2.45% | 3.32% | 1.62% | 3.95% |
| Acquisitions | -5.09M | -324.92M | -45.23M | -32.76M | -17.59M | -56.11M | -79.4M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -3.43B | 132.04M | -5.32M | -5M | 0 | -119K | 0 | 0 |
| Cash from Financing | -12.65B | -78.4M | -37.63M | 263.42M | -23.97M | 327.51M | 119.05M | -3.92M |
| Debt Issued (Net) | -60.76M | 0 | 0 | 0 | -25.94M | 939K | 0 | 10M |
| Equity Issued (Net) | -24.39M | -78.55M | -43.74M | 261.12M | 5.67M | 328.43M | 119.75M | -295K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -10.06B | -78.55M | -43.74M | 0 | 0 | 0 | 0 | -295K |
| Other Financing | -12.56B | 145K | 6.11M | 2.3M | -3.7M | -1.86M | -706K | -13.62M |
| Net Change in Cash | -18.27B | -164.94M | -159.37M | 303.43M | -38.18M | 280.31M | 23.02M | -3.58M |
| Free Cash Flow | -15.81B | 98.83M | 90.54M | 74.61M | -2.21M | 10.45M | -16.36M | 325K |
| FCF Margin % | -8.38% | 15.86% | 18.4% | 18.51% | -0.76% | 5.19% | -12.42% | 0.34% |
| FCF Growth % | -32665.46% | 9.15% | 21.35% | 3473.06% | -121.17% | 163.84% | -5135.08% | - |
| FCF per Share | -123.58 | 0.77 | 0.70 | 0.65 | -0.02 | 0.10 | -0.16 | 0.00 |
| FCF Conversion (FCF/Net Income) | -1.26x | 7.42x | 31.54x | -9.41x | -0.12x | -0.61x | 1.28x | -0.20x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in financial statements, Flywire's operating cash flow frequently diverges from net income, with OCF/NI ratios swinging from -1.27 to 46.42, indicating that reported earnings are not a reliable proxy for the actual cash-generating capacity of the underlying payment processing business model.
The extreme volatility in the conversion of net income to operating cash flow suggests that non-cash items and significant working capital swings are obscuring the core profitability of the firm. Investors should monitor whether this disconnect persists, as it complicates the assessment of true operational efficiency.
Based on recent SEC filings, Flywire's free cash flow trajectory is highly inconsistent, oscillating between a peak of $190.9 million in 2024Q3 and a low of -$80.4 million in 2025Q1, reflecting the inherent lumpiness of its institutional payment cycles and seasonal volume spikes.
The lack of a stable free cash flow trend suggests that the company's current scale is insufficient to absorb the variability of its payment corridors. This inconsistency warrants further investigation into whether the business can achieve sustainable cash generation without relying on favorable seasonal timing.
According to the provided cash flow data, working capital changes have been a primary driver of cash flow variance, with a $106.6 million inflow in 2025Q3 contrasting sharply with a $99.7 million outflow in 2025Q1, highlighting the sensitivity of cash to institutional settlement timing.
These dramatic shifts in working capital appear to be tied to the timing of large-scale institutional payments, which can temporarily inflate or deplete cash balances. Such fluctuations suggest that the company's cash position is highly dependent on the specific cadence of its clients' payment cycles.
As indicated by historical data, Flywire has consistently utilized cash for share repurchases, including a $49.3 million outflow in 2025Q1, even during periods of negative free cash flow, which suggests a management priority on capital return that may conflict with internal reinvestment needs.
The decision to prioritize share repurchases while operating cash flow remains unstable may indicate a desire to manage share count dilution rather than a surplus of excess capital. This strategy warrants scrutiny, as it may limit the company's flexibility to fund future growth or navigate potential regulatory headwinds.
Quick answers to the most common questions about buying FLYW stock.
Flywire Corporation (FLYW) generated $100.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Flywire Corporation (FLYW) generated $98.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Flywire Corporation (FLYW) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Flywire Corporation (FLYW) spent $78.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.