Flywire (FLYW) Company Report

Flywire anticipates a mid-single-digit headwind to revenue growth for both 2025 and 2026, amounting to approximately $30 million, primarily from the Canadian, Australian, and U.S. education markets. Despite this, the overall U.S. education business is still growing in the low single digits due to offsetting factors like improved retention and adding cross-border schools.
The company expects to achieve a long-term EBITDA margin of 25% plus, with anticipated mid-30s incremental margins on revenue for 2026. Flywire also plans to reduce stock-based compensation as a percentage of revenue from the current 12% and aims to manage dilution to 3% or lower.
Flywire's healthcare segment is growing in the low teens in 2025 and is expected to accelerate in 2026, driven by significant client wins like Cleveland Clinic, though some growth may be at a lower margin due to payment processing.
Growth in cross-border education outside the "Big Four" countries (U.S., Canada, Australia, UK) is a key driver, representing a low to mid-teens percentage of 2024 revenue and growing faster than the company average, as Flywire's software solutions replace manual processes in these markets.

1 day ago

Transcript

Flywire CFO Discusses Long-Term Margins, Education Market Headwinds, and Growth Drivers

FLYW

Guidance Update

Demand Weakening

New Projects/Investments

Flywire maintains a long-term target of 25% plus EBITDA margin, with the CFO stating it is "not a tough target" and "within eyeshot," supported by indicative mid-30s incremental margins on revenue for next year. Stock-based compensation is expected to decrease as a share of revenue from 12% this year, and the company aims to keep dilution at 3% or lower.
The U.S. cross-border education market saw new international student enrollment down 17% year over year, with Flywire's first-year payers declining in the mid to high teens. Despite this, the overall U.S. education business is growing in the low single digits due to better performance in high-ticket programs and higher student retention. A mid-single-digit revenue headwind (approximately $30 million) is anticipated for 2025 and 2026, primarily from Canada this year and potentially the U.S. next year.
The company is experiencing strong growth outside the "Big Four" countries, representing low to mid-teens % of 2024 revenue. The Sertifi acquisition (hospitality) is growing over 30% year over year, with synergies expected next year. The Invoice acquisition (B2B) opened a $1 billion volume opportunity and contributed to Q3 and Q4 performance. Healthcare, with a new lighthouse client (Cleveland Clinic), is growing in the low teens this year and is expected to accelerate next year.

1 day ago

Transcript

Flywire Updates on Market Performance and Financial Outlook

FLYW

Guidance Update

New Projects/Investments

Demand Weakening

Flywire's U.S. education business is guided to grow in low single digits this year, despite a reported 17% year-over-year decline in new international student enrollment in the U.S.
The company anticipates a mid-single-digit headwind to revenue growth for both this year (2025) and next year from Canada, Australia, and the U.S., which translates to approximately $30 million in dollars.
Flywire maintains a long-term target of 25% plus EBITDA margin, with expected mid-30s incremental margins on revenue for next year.
The healthcare vertical is expected to accelerate growth next year, driven by wins like the eight-figure Cleveland Clinic contract, while the Sertifi acquisition in travel is growing over 30% year over year.
The B2B segment, bolstered by the Invoice acquisition, presents a $1 billion volume opportunity and contributed to Q3 and Q4 growth.

1 day ago

Transcript

Flywire Discusses Strategic Evolution, Vertical Growth, and Financial Outlook

FLYW

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Flywire has strategically evolved into a more diversified and profitable unified platform, with margins nearing 20% and projected to increase next year. Software remains a core differentiator, enabling deeper client integration and operational efficiency.
The company is experiencing significant growth across its verticals: Travel now accounts for a quarter of revenue and is growing above the company average. B2B, though small at 3% of business last year, grew almost 70% and is expected to accelerate further this year. The Healthcare vertical is also poised for acceleration, notably with the eight-figure Cleveland Clinic deal.
In its largest vertical, Education, the U.K. now represents about a quarter of revenue and is growing above average, while the domestic U.S. Student Financial Services (SFS) business, at $30 million last year, offers a 2-3x gross profit multiplier.
Flywire is targeting 350 basis points of margin expansion and 23%-25% FX-neutral revenue growth for the current year. The company expects healthy free cash flow to EBITDA conversion and anticipates a reduction in stock-based compensation as a percentage of revenue, driving overall profitability.

Nov 19, 2025, 4:00 PM

Transcript

Flywire Discusses Strategic Evolution, Diversification, and Financial Outlook

FLYW

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Flywire has transformed since its IPO into a more diversified and profitable unified platform, with margins nearing 20% and expected to exceed that next year.
The Education vertical sees the UK as its largest market (about a quarter of revenue, growing above company average), while the US (about 23% of business last year) is guided to low single-digit growth this year. The company anticipates a mid-single-digit macro headwind for the Education segment this year and next.
The Travel vertical now accounts for a quarter of revenue and is growing above the company average, driven by both the legacy luxury travel business and the Certify acquisition.
B2B (about 3% of business last year, growing at almost 70%) and Healthcare (accelerating growth with wins like Cleveland Clinic) are also contributing to diversification and growth.
Financially, Flywire is targeting 350 basis points of margin expansion and 23%-25% FX neutral revenue growth this year, with expectations for healthy free cash flow to EBITDA conversion and decreasing stock-based compensation as a percentage of revenue.

Nov 19, 2025, 4:00 PM

Transcript

Flywire Discusses Strategic Diversification and Financial Performance

FLYW

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Flywire has strategically diversified its business since its IPO, evolving into a unified software and payments platform. Travel now accounts for approximately a quarter of revenue and is growing above the company average, with Healthcare and B2B also contributing significantly to growth.
The company is targeting 350 basis points of margin expansion and 23%-25% FX neutral revenue growth for the current year, with margins reaching nearly 20% and expected to exceed that next year due to operational leverage and strong execution.
In the Education vertical, the U.K. has surpassed the U.S. as the largest market, representing about a quarter of revenue, while the U.S. is approximately 23%. Flywire's Student Financial Services (SFS) platform is a key growth driver, offering a 2-3x gross profit multiplier.
Flywire expects to navigate a mid-single-digit macro headwind in education for the current and next year, primarily from Canada, by leveraging diversification and high client retention.

Nov 19, 2025, 4:00 PM

Transcript

Flywire Discusses Growth Drivers, Macro Headwinds, and Financial Outlook at FinTech Conference

FLYW

Guidance Update

Demand Weakening

New Projects/Investments

Flywire consistently signs over 200 clients per quarter across its diversified verticals, with a healthy pipeline and increasing deal sizes, and is expanding its domestic SFS product in education, which can yield a 2-3x uplift in gross profit per client.
The company anticipates a mid-single-digit headwind to revenue growth in its education vertical for FY 2025 and 2026 due to visa and immigration policies, primarily impacting Canada in 2025.
Despite some gross margin pressure from faster-growing segments and new offerings, Flywire expects to achieve adjusted EBITDA margin expansion by managing OPEX, with a focus on growing GAAP EPS and free cash flow.
Strategic growth drivers include the Certify acquisition in travel, which is growing over 30% year over year and is expected to realize synergies in 2026, and significant client wins like Cleveland Clinic (an eight-figure client) in the healthcare vertical.

Nov 18, 2025, 5:45 PM

Transcript

Flywire Discusses Growth Drivers, Macro Headwinds, and Strategic Priorities

FLYW

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Flywire continues to sign a consistent 200+ clients per quarter, with a healthy and diversified pipeline across its four verticals and geographies, and increasing deal sizes.
The company expects a mid-single-digit headwind to revenue growth in fiscal year 2025 and 2026 due to visa and immigration policies, primarily from Canada in 2025, but still guides to approximately 15% growth rate (excluding Certify FX neutral) for 2025.
Growth in the education vertical is driven by the domestic SFS product, which can provide a 2-3x uplift in gross profit when clients migrate from cross-border only, and the non-Big Four markets are growing above the company average.
The healthcare vertical, currently around $30 million, is expected to accelerate significantly next year with the ramp-up of an eight-figure client like Cleveland Clinic and other new wins.
Flywire is focused on organic investments and plans to continue driving adjusted EBITDA margin expansion while also being aggressive with share buybacks given the current stock dislocation.

Nov 18, 2025, 5:45 PM

Transcript

Flywire Discusses Growth Drivers, Macro Headwinds, and Strategic Initiatives at FinTech Conference

FLYW

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Flywire consistently adds over 200 new clients per quarter, with increasing deal sizes and diversification across its four verticals and geographies, contributing to continued margin expansion by growing OPEX below gross profit dollars.
The education vertical faces a mid-single-digit revenue growth headwind in FY 2025 from visa policies, primarily in Canada, but this is being offset by strong growth in its domestic SFS product (U.S. domestic business was approximately $30 million last year) and expansion into non-Big Four markets.
The travel vertical is expected to comprise almost a quarter of the business next year, with the Certify acquisition projected to monetize $3 billion in payment volume and generate $100 million in international cross-sell revenue. Certify is growing over 30% year-over-year independently.
The healthcare vertical, currently around $30 million, is anticipated to accelerate significantly next year, driven by new eight-figure clients like Cleveland Clinic, transforming it into a key growth driver.
The company prioritizes organic investments in areas such as Certify integration, domestic education capabilities, and AI, and plans aggressive share buybacks when the stock is dislocated, reinvesting most free cash flow.

Nov 18, 2025, 5:45 PM

Transcript

Flywire Reports Strong Third Quarter 2025 Financial Results and Raises Full-Year Guidance

FLYW

Earnings

Guidance Update

Revenue Acceleration/Inflection

Flywire reported Q3 2025 revenue of $200.1 million, a 27.6% increase year-over-year, with Revenue Less Ancillary Services growing 28.2% to $194.1 million.
Adjusted EBITDA for Q3 2025 increased to $57.1 million, with the Adjusted EBITDA margin expanding by 155 basis points year-over-year to 29.4%.
The company raised its Fiscal Year 2025 revenue guidance by 400 basis points at the midpoint and its Adjusted EBITDA margin guidance by 75 basis points at the midpoint.
Flywire repurchased approximately 0.8 million shares for $10 million and paid down $45 million of debt during Q3 2025.

Nov 4, 2025, 10:09 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Flywire.

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