Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Europe, the Middle East, ...
Flywire Corporation is a publicly traded financial technology and software company headquartered in Boston, Massachusetts, and listed on the Nasdaq under the symbol FLYW. The company was founded in 2009 as peerTransfer and changed its name to Flywire Corporation in December 2016. Its business was created to address difficult payment ...Flywire Corporation is a publicly traded financial technology and software company headquartered in Boston, Massachusetts, and listed on the Nasdaq under the symbol FLYW. The company was founded in 2009 as peerTransfer and changed its name to Flywire Corporation in December 2016. Its business was created to address difficult payment experiences, particularly international tuition payments, and has expanded into a broader platform for complex receivables and disbursements.
Flywire’s core offering combines three elements: a global payments network, payment-enablement software, and vertical-specific workflows. Its platform can be integrated into existing applications and institutional processes, allowing customers to provide branded checkout and single sign-on experiences, recurring payments, tailored invoicing, settlement, reconciliation, and split payouts. Flywire also connects users with banks, payment service providers, card and payment networks, and digital wallets. Supported alternative payment methods cited in the company description include Alipay, Boleto, PayPal, Venmo, and Trustly.
The company focuses on sectors where payments are often high-value, international, regulated, or operationally complicated. In education, Flywire supports tuition and fee collection for universities, schools, and other institutions. In healthcare, it helps providers manage patient payments and international receivables. In travel, its solutions are designed for complex bookings, deposits, and cross-border transactions. Its B2B business addresses organizational receivables and payments requiring workflow automation, reporting, and reconciliation. Vertical software includes integrations with core and industry-specific systems, digital workflows, real-time access to payment information, and predictive analytics.
Flywire generally operates as an asset-light technology and payments intermediary rather than as a manufacturer. Consequently, its bill of materials is primarily software, cloud infrastructure, cybersecurity, compliance systems, payment-network connectivity, customer support, and employee expertise rather than physical components. Costs include research and development, sales and marketing, general and administrative expenses, transaction processing, regulatory compliance, and infrastructure. The supplied trailing-twelve-month data indicates approximately 1,400 full-time employees, gross margin of about 57.5%, EBITDA margin of about 10.7%, and positive free cash flow. It reported no debt in the supplied leverage metrics and no dividend. Its financial performance remains sensitive to transaction volumes, customer retention, foreign exchange, payment-method costs, regulatory requirements, and investment in growth. Led by CEO Michael Massaro, Flywire’s strategic objective is to become a trusted infrastructure provider for the world’s most important and complex payments while expanding its network, software capabilities, institutional customer base, and international reach.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$623.0M
+26.6%
-10.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$13.5M
+365.4%
-165.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+61.4%
-3.9%
+9.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+3.2%
+317.6%
-128.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+2.2%
+267.6%
-173.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$98.8M
+9.1%
+191.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+15.9%
-13.8%
+202.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
0.2%
-23.6%
-100.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.50x
-43.1%
-12.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and thank you for standing by. Welcome to the Flywire Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Masha Kahn, Vice President of Investor Relations. Please go ahead.
Maria Kahn: Thank you, and good afternoon. With us today are Mike Massaro, Chief Executive Officer; Rob Orgel, President and Chief Operating Officer; and Cosmin Pitigoi, Chief Financial Officer. Our second quarter 2026 earnings press release, supplemental presentation and, when filed, Form 10-Q are available at ir.flywire.com. Today's call is being recorded and will be available for replay on our website. During the call, we'll be discussing certain forward-looking information. Actual results could differ materially from those contemplated by these statements. In addition, unless otherwise indicated, all financial measures discussed on this conference call are non-GAAP financial measures. Please refer to our press release and SEC filings for more information on the risks related to forward-looking statements and the required reconciliations of non-GAAP financial measures. With that, I'll turn the call over to Mike Massaro.
Michael Massaro: Thank you, Masha, and thank you to those joining us today. We are excited to announce yet another quarter of strong revenue and EBITDA growth as well as momentum in the business continuing to build. Signed deals are getting bigger and clients are replacing legacy providers and point solutions to consolidate on to Flywire. We will take you through the quarter in much more detail. But first, I want to step back because I want stakeholders to see Flywire the way we do. We continue to deliver solid growth and the quality of that growth is improving. We are converting incremental dollars of gross profit into durable earnings, expanding our free cash flow, and we believe we are well positioned to continue gaining market share. Let me explain why Flywire's moats and financial model don't just coexist. They compound, each getting stronger as we scale. You know the Flywire model. We go where others are unwilling or unable to go, embedding into complex mission-critical workflows and solving payment challenges that are larger, more international and far more difficult than simple checkout transactions. That complexity is our moat, and it deepens on its own. Rising regulation, expanding global flows and deeper integration requirements are headwinds for simpler competitors and tailwinds for Flywire. Once deployed, we become critical infrastructure with revenue churn across enterprise clients in education and travel below 1% as of 2025. So today, I also want to put our model into financial terms, what it means for revenue, margins and cash flow over the next few years. As CEO, I am focused on three core metrics. First, revenue and gross profit dollar growth. On this foundation, we are aiming to achieve …