Revenue reached $250.3M in Q3 2026 with a 62.4% gross margin, yet operating margin has ranged from -15.2% to 21.1% across the period, indicating profitability remains highly seasonal rather than structurally established.
Flywire Corp (FLYW) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 763.7M | 623.02M | 492.14M | 403.09M | 289.38M | 201.15M | 131.78M | 94.92M |
| Revenue Growth % | 30.99% | 26.59% | 22.09% | 39.3% | 43.86% | 52.64% | 38.84% | - |
| Cost of Goods Sold | 324.98M | 240.36M | 177.49M | 147.34M | 107.93M | 70.19M | 47.8M | 36.73M |
| COGS % of Revenue | - | 38.58% | 36.06% | 36.55% | 37.3% | 34.89% | 36.28% | 38.69% |
| Gross Profit | 438.72M | 382.67M | 314.65M | 255.75M | 181.44M | 130.96M | 83.98M | 58.19M |
| Gross Margin % | 57.45% | 61.42% | 63.94% | 63.45% | 62.7% | 65.11% | 63.72% | 61.31% |
| Gross Profit Growth % | - | 21.61% | 23.03% | 40.96% | 38.55% | 55.94% | 44.31% | - |
| Operating Expenses | 378.91M | 362.68M | 321.91M | 277.27M | 211.66M | 144.22M | 99.79M | 75.65M |
| OpEx % of Revenue | - | 58.21% | 65.41% | 68.79% | 73.14% | 71.7% | 75.73% | 79.7% |
| Selling, General & Admin | 300.7M | 292.47M | 255.27M | 215.25M | 161.41M | 112.92M | 75.29M | 60.64M |
| SG&A % of Revenue | - | 46.94% | 51.87% | 53.4% | 55.78% | 56.14% | 57.13% | 63.89% |
| Research & Development | 54.62M | 70.21M | 66.64M | 62.03M | 50.26M | 31.3M | 24.5M | 15.01M |
| R&D % of Revenue | - | 11.27% | 13.54% | 15.39% | 17.37% | 15.56% | 18.59% | 15.81% |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 59.8M | 19.98M | -7.25M | -21.52M | -30.22M | -13.26M | -15.81M | -17.46M |
| Operating Margin % | 7.83% | 3.21% | -1.47% | -5.34% | -10.44% | -6.59% | -12% | -18.39% |
| Operating Income Growth % | - | 375.47% | 66.28% | 28.8% | -127.95% | 16.17% | 9.41% | - |
| EBITDA | 89.48M | 46.04M | 10.11M | -5.75M | -17.92M | -4.26M | -9.02M | -13.73M |
| EBITDA Margin % | 11.72% | 7.39% | 2.05% | -1.43% | -6.19% | -2.12% | -6.85% | -14.46% |
| EBITDA Growth % | 116.32% | 355.51% | 275.67% | 67.88% | -320.66% | 52.79% | 34.28% | - |
| D&A (Non-Cash Add-back) | 29.68M | 26.06M | 17.36M | 15.76M | 12.3M | 9M | 6.79M | 3.73M |
| EBIT | 68.78M | 24.97M | 2.4M | -3.98M | -36.15M | -23.91M | -15.74M | -17.11M |
| Net Interest Income | 1.31M | 2.11M | 20.9M | 12.98M | -1.21M | -2.02M | -2.43M | -1.86M |
| Interest Income | 2.92M | 5.64M | 21.44M | 13.35M | 0 | 0 | 100K | 600K |
| Interest Expense | 1.62M | 3.53M | 538K | 372K | 1.21M | 2.02M | 2.53M | 2.46M |
| Other Income/Expense | 2.23M | 1.46M | 9.12M | 17.17M | -7.14M | -12.67M | -2.46M | -2.11M |
| Pretax Income | 62.04M | 21.44M | 1.86M | -4.35M | -37.36M | -25.93M | -18.28M | -19.57M |
| Pretax Margin % | 8.12% | 3.44% | 0.38% | -1.08% | -12.91% | -12.89% | -13.87% | -20.61% |
| Income Tax | -16.91M | 7.94M | -1.04M | 4.21M | 1.99M | 2.16M | -7.17M | 550K |
| Effective Tax Rate % | -27.26% | 37.05% | -55.91% | -96.83% | -5.32% | -8.32% | 39.23% | -2.81% |
| Net Income | 78.95M | 13.5M | 2.9M | -8.57M | -39.35M | -28.09M | -11.11M | -20.12M |
| Net Margin % | 10.34% | 2.17% | 0.59% | -2.13% | -13.6% | -13.96% | -8.43% | -21.19% |
| Net Income Growth % | 3342.18% | 365.41% | 133.85% | 78.23% | -40.1% | -152.86% | 44.79% | - |
| Net Income (Continuing) | 78.95M | 13.5M | 2.9M | -8.57M | -39.35M | -28.09M | -11.11M | -20.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.61 | 0.11 | 0.02 | -0.07 | -0.36 | -0.26 | -0.11 | -0.20 |
| EPS Growth % | 1951.7% | 391.07% | 130.03% | 79.28% | -38.46% | -136.36% | 45% | - |
| EPS (Basic) | - | 0.11 | 0.02 | -0.07 | -0.36 | -0.26 | -0.11 | -0.20 |
| Diluted Shares Outstanding | 129.7M | 127.75M | 129.34M | 114.83M | 107.94M | 106.44M | 101.11M | 101.11M |
| Basic Shares Outstanding | 121.96M | 122.38M | 124.27M | 114.83M | 107.94M | 106.44M | 101.11M | 101.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FLYW stock.
For fiscal year 2025, Flywire Corp (FLYW) reported total revenue of $623.0M. This represents a 556.4% increase compared to $94.9M in 2019.
Flywire Corp (FLYW) is profitable, generating $13.5M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Flywire Corp (FLYW) reported an operating income of $20.0M, resulting in an operating profit margin of 3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Flywire Corp (FLYW) generated $382.7M in gross profit for the year, representing a gross profit margin of 61.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Visa policy headwinds in education
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerates Across Verticals
As reported in recent financial statements, Flywire's Q3 2026 revenue reached $250.3M, with year-over-year growth of 25.1% following a 27.2% pace in Q2, suggesting durable top-line momentum for the business.
Revenue growth has held in the mid-to-high twenties across most recent quarters, with the Q1 2026 reading of 41.0% likely flattered by favorable timing. The Q2 result, despite a sequential revenue decline, reflects the seasonality of education-driven volume, so sequential comparisons warrant caution. Investors should monitor whether growth remains broad-based across all four verticals or continues to depend disproportionately on the Education segment exposed to visa policy changes.
Gross Margin Volatility Tied to Mix
Based on Flywire's reported figures, gross margin ranged from 50.7% in Q1 2026 to 64.8% in Q4 2024, with Q3 2026 at 62.4%, indicating meaningful sensitivity to revenue mix and payment method composition.
The wide quarterly swing suggests gross profit is influenced by the proportion of lower-margin payment facilitation versus higher-margin software-linked revenue. The recovery to 62.4% in Q3 2026 may indicate favorable mix during peak academic volume, though it is not yet clear whether this level is structurally durable. Investors should monitor whether the gross margin stabilizes above 60% as B2B volume scales.
Operating Leverage Emerging Only in Peak Quarters
According to reported figures, operating margin moved from -15.2% in Q2 2024 to 21.1% in Q3 2026, but the Q2 2026 reversal to -1.7% suggests operating leverage remains highly seasonal rather than structurally established.
Operating income appears to scale sharply with peak-season revenue, while SG&A of $77.4M in Q2 2026 against a $167.7M revenue base indicates fixed selling costs absorb much of the gross profit in softer quarters. The pattern implies that sustained margin expansion depends on keeping SG&A growth below revenue growth through the full cycle. Investors should watch whether SG&A as a percentage of revenue declines across non-peak quarters.
Net Income Swings Amplify Underlying Volatility
As reported in financial statements, net income of $74.5M in Q3 2026 contrasted sharply with a $12.0M loss in Q2 2025, and the gap between operating and net results warrants close scrutiny of non-operating items.
Net income in Q3 2026 ($74.5M) materially exceeded operating income ($52.8M), suggesting non-operating gains or tax benefits contributed meaningfully to the reported result. Stock-based compensation of roughly $17M per quarter represents a substantial share of operating costs and continues to weigh on GAAP earnings quality. Analysts should separate recurring operating profit from one-time items before extrapolating peak-quarter earnings.
Peak-Quarter Profits May Not Persist
Based on Flywire's reported quarterly pattern, the Q3 2026 profit spike sits against four quarters of losses or near-breakeven results, suggesting the bull case may overweight a single seasonal peak.
The strongest challenge is that the Q3 2026 net margin of 29.8% appears to be an outlier when set against a history of frequent operating losses and negative net margins in most other quarters. Visa restrictions in Canada and the UK, which the reported context flags as a live concern, could compress the Education volume that drives these peaks. Investors should assess whether profitability can be sustained through non-peak periods before assigning a premium multiple.