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Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Europe, the Middle East, and Africa and the Asia Pacific. The company provides a payment platform that integrates into existing apps and workflows and have access to solutions, such as tailored invoicing, settlement and reconciliation tools, single sign-on and checkout, recurring payments, and split payouts. It also offers a payment network, which has access to a set of payment methods, including banks, third-party payment providers, payment networks, and digital wallets; and direct connections to alternative payment methods consisting of Alipay, Boleto, PayPal / Venmo, and Trustly. In addition, the company provides vertical-specific software comprising vertical-specific digital workflows; integration and synchronization to core and industry specific systems; real-time access; and predictive analytics. It serves education, healthcare, travel, and B2B industries. The company was formerly known as peerTransfer Corporation and changed its name to Flywire Corporation in December 2016. Flywire Corporation was incorporated in 2009 and is headquartered in Boston, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $623M | $51M | $13M | $90M | 1.6% | 26.6% | 365.4% |
| 2024 | $492M | $20M | $3M | $92M | 0.4% | 22.1% | - |
| 2023 | $403M | $12M | $-9M | $70M | -1.1% | 39.3% | - |
| 2022 | $289M | $-24M | $-39M | $-2M | -8.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 289.38 | 403.09 | 492.14 | 623.02 |
| Cost Of Revenue | 107.93 | 147.34 | 177.49 | 240.36 |
| Gross Profit | 181.44 | 255.75 | 314.65 | 382.67 |
| Operating Expense | 211.66 | 277.27 | 321.91 | 362.68 |
| Operating Income | -30.22 | -21.52 | -7.25 | 19.98 |
| EBITDA | -23.84 | 11.78 | 19.76 | 51.02 |
| EBIT | -36.15 | -3.98 | 2.40 | 24.97 |
| Pretax Income | -37.36 | -4.35 | 1.86 | 21.44 |
| Tax Provision | 1.99 | 4.21 | -1.04 | 7.94 |
| Net Income | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income Common Stockholders | -39.35 | -8.57 | 2.90 | 13.50 |
| Total Expenses | 319.60 | 424.61 | 499.40 | 603.04 |
| Interest Expense | 1.21 | 0.37 | 0.54 | 3.53 |
| Interest Income | 3.24 | 13.35 | 21.44 | 5.64 |
| Research And Development | 50.26 | 62.03 | 66.64 | 70.21 |
| Selling General And Administration | 161.41 | 215.25 | 255.27 | 292.47 |
| Normalized EBITDA | -14.67 | 7.59 | 31.55 | 51.68 |
| Normalized Income | -32.10 | -11.88 | 12.21 | 13.91 |
| Basic EPS | -0.36 | -0.07 | 0.02 | 0 |
| Diluted EPS | -0.36 | -0.07 | 0.02 | 0 |
| Tax Effect Of Unusual Items | -1.93 | 0.88 | -2.48 | -0.24 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.37 |
| Total Unusual Items | -9.17 | 4.19 | -11.79 | -0.66 |
| Total Unusual Items Excluding Goodwill | -9.17 | 4.19 | -11.79 | -0.66 |
| Net Income From Continuing Operation Net Minority Interest | -39.35 | -8.57 | 2.90 | 13.50 |
| Reconciled Depreciation | 12.30 | 15.76 | 17.36 | 26.06 |
| Reconciled Cost Of Revenue | 107.93 | 147.34 | 177.49 | 240.36 |
| Net Interest Income | 2.03 | 12.98 | 20.90 | 2.11 |
| Net Income From Continuing And Discontinued Operation | -39.35 | -8.57 | 2.90 | 13.50 |
| Total Operating Income As Reported | -30.22 | -21.52 | -7.25 | 11.29 |
| Diluted Average Shares | 107.94 | 114.83 | 129.34 | 0 |
| Basic Average Shares | 107.94 | 114.83 | 124.27 | 0 |
| Diluted NI Availto Com Stockholders | -39.35 | -8.57 | 2.90 | 13.50 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income Continuous Operations | -39.35 | -8.57 | 2.90 | 13.50 |
| Other Income Expense | -9.17 | 4.19 | -11.79 | -0.66 |
| Other Non Operating Income Expenses | -5.93 | 4.19 | 0 | 0 |
| Special Income Charges | 0 | 0 | 0 | -8.69 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 8.69 |
| Gain On Sale Of Security | -9.17 | 4.19 | -11.79 | 8.03 |
| Net Non Operating Interest Income Expense | 2.03 | 12.98 | 20.90 | 2.11 |
| Interest Expense Non Operating | 1.21 | 0.37 | 0.54 | 3.53 |
| Interest Income Non Operating | 3.24 | 13.35 | 21.44 | 5.64 |
| Selling And Marketing Expense | 78.46 | 107.62 | 129.44 | 156.99 |
| General And Administrative Expense | 82.95 | 107.62 | 125.84 | 135.48 |
| Other Gand A | 82.95 | 107.62 | 125.84 | 135.48 |
| Operating Revenue | 289.38 | 403.09 | 492.14 | 623.02 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Flywire Corporationthis co. | FLYW | $1.7B | 124.36↑ premium | 2.00 | 1.6% | 31.16 |
| Semrush Holdings, Inc. | SEMR | $1.8B | - | 6.27 | -6.5% | -117.61 |
| Blackbaud, Inc. | BLKB | $1.8B | 13.28 | 21.13 | 135.2% | 10.69 |
| Alkami Technology, Inc. | ALKT | $1.8B | - | 4.81 | -13.2% | -52.67 |
| CTS Corporation | CTS | $1.7B | 24.90 |
| 2.95 |
| 11.8% |
| 13.27 |
| PC Connection, Inc. | CNXN | $1.6B | 19.39 | 1.78 | 9.2% | 11.63 |
| Ouster, Inc. | OUST | $1.6B | - | 5.95 | -23.1% | -19.32 |
| Appian Corporation | APPN | $1.6B | 1086.00 | -34.20 | -2.6% | 79.94 |
| GigaCloud Technology Inc. | GCT | $1.6B | 12.09 | 3.30 | 28.3% | 10.71 |
| Peer Median | - | 19.39 | 4.05 | 3.3% | 10.70 | |