This page shows Flywire Corp (FLYW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Flywire’s cash-efficient scaling finally pushed it to profit, but the balance sheet now reflects acquisition-led growth more than capex.
Between FY2023 and FY2025, operating cash flow stayed near$100M while capital spending stayed near$1M , so the business converts cash with very little reinvestment. Goodwill more than tripled to$406.5M as cash fell to$330.3M , which ties the company’s recent balance-sheet change to acquisitions rather than to heavier internal build-out.
The move from a
Liquidity is still solid, but it is clearly less cushioned: the current ratio slid from 3.8x in FY2021 to 1.5x in FY2025 as cash balances came down and current liabilities climbed. With debt-to-equity at 0.5x and positive free cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Flywire Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Flywire Corp has an operating margin of 1.8%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is up from -1.5% the prior year.
Flywire Corp's revenue surged 26.6% year-over-year to $623.0M, reflecting rapid business expansion. This strong growth earns a score of 86/100.
Flywire Corp has a moderate D/E ratio of 0.50. This balance of debt and equity financing earns a leverage score of 60/100.
Flywire Corp's current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Flywire Corp converts 15.9% of revenue into free cash flow ($98.8M). This strong cash generation earns a score of 84/100.
Flywire Corp's ROE of 1.6% shows moderate profitability relative to equity, earning a score of 34/100. This is up from 0.4% the prior year.
Flywire Corp scores 3.73, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.2B) relative to total liabilities ($418.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Flywire Corp passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Flywire Corp generates $7.42 in operating cash flow ($100.2M OCF vs $13.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Flywire Corp earns $3.2 in operating income for every $1 of interest expense ($11.3M vs $3.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Flywire Corp generated $623.0M in revenue in fiscal year 2025. This represents an increase of 26.6% from the prior year.
Flywire Corp's EBITDA was $37.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 269.5% from the prior year.
Flywire Corp reported $13.5M in net income in fiscal year 2025. This represents an increase of 365.5% from the prior year.
Flywire Corp earned $0.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 450.0% from the prior year.
Cash & Balance Sheet
Flywire Corp generated $98.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1.1% from the prior year.
Flywire Corp held $330.3M in cash against $0 in long-term debt as of fiscal year 2025.
Flywire Corp had 120M shares outstanding in fiscal year 2025. This represents a decrease of 1.7% from the prior year.
Margins & Returns
Flywire Corp's operating margin was 1.8% in fiscal year 2025, reflecting core business profitability. This is up 3.3 percentage points from the prior year.
Flywire Corp's net profit margin was 2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.
Flywire Corp's ROE was 1.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.
Capital Allocation
Flywire Corp invested $70.2M in research and development in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Flywire Corp invested $1.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.1% from the prior year.
FLYW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $188.1M+19.4% | $157.5M-21.3% | $200.1M+51.7% | $131.9M-1.2% | $133.5M+13.5% | $117.5M-25.0% | $156.8M+51.3% | $103.7M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $19.4M+4.8% | $18.5M+5.0% | $17.6M+3.2% | $17.1M+1.2% | $16.9M-2.6% | $17.4M+4.0% | $16.7M+5.4% | $15.8M |
| SG&A Expenses | $40.0M+10.2% | $36.2M+0.7% | $36.0M+19.3% | $30.2M-8.7% | $33.1M+5.9% | $31.2M+0.5% | $31.1M-2.8% | $32.0M |
| Operating Income | $10.8M+1217.3% | -$965K-103.0% | $32.3M+458.2% | -$9.0M+18.0% | -$11.0M-90.3% | -$5.8M-128.5% | $20.3M+228.4% | -$15.8M |
| Interest Expense | $300K-52.8% | $635K-42.3% | $1.1M+3.3% | $1.1M+52.1% | $700K+460.0% | $125K+25.0% | $100K-24.8% | $133K |
| Income Tax | $2.2M+680.6% | $278K-82.3% | $1.6M-77.5% | $7.0M+889.7% | -$884K-188.8% | $995K+111.9% | -$8.3M-278.0% | $4.7M |
| Net Income | $12.5M+34672.2% | $36K-99.9% | $29.6M+346.8% | -$12.0M-188.6% | -$4.2M+73.8% | -$15.9M-140.9% | $38.9M+380.2% | -$13.9M |
| EPS (Diluted) | $0.10 | N/A | $0.23+330.0% | $-0.10-233.3% | $-0.03 | N/A | $0.30+372.7% | $-0.11 |
FLYW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-7.3% | $1.3B-0.5% | $1.3B+13.1% | $1.1B+5.1% | $1.1B-5.5% | $1.1B-9.5% | $1.2B+24.2% | $998.7M |
| Current Assets | $512.3M-14.9% | $602.3M-0.6% | $606.1M+35.1% | $448.8M+13.2% | $396.5M-48.0% | $762.9M-12.9% | $875.5M+23.2% | $710.9M |
| Cash & Equivalents | $311.9M-5.6% | $330.3M-6.9% | $354.9M+42.1% | $249.7M+31.1% | $190.5M-61.5% | $495.2M-12.4% | $565.0M+4.8% | $539.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $40.2M+15.5% | $34.8M-13.8% | $40.4M+35.9% | $29.7M-11.6% | $33.6M+41.7% | $23.7M-13.8% | $27.5M+35.7% | $20.3M |
| Goodwill | $406.8M+0.1% | $406.5M+0.1% | $406.1M-0.1% | $406.4M+0.9% | $402.7M+169.3% | $149.6M-4.3% | $156.3M+29.5% | $120.7M |
| Total Liabilities | $310.2M-25.8% | $418.1M-2.9% | $430.7M+33.8% | $321.9M+16.6% | $276.1M-10.3% | $307.7M-22.5% | $396.8M+102.3% | $196.2M |
| Current Liabilities | $293.5M-26.9% | $401.8M+1.5% | $395.9M+64.8% | $240.2M+22.6% | $195.9M-32.4% | $289.8M-22.8% | $375.3M+111.6% | $177.4M |
| Long-Term Debt | N/A | N/A | $15.0M-75.0% | $60.0M0.0% | $60.0M | $0 | N/A | N/A |
| Total Equity | $852.2M+2.0% | $835.2M+0.7% | $829.1M+4.6% | $792.4M+1.0% | $784.3M-3.7% | $814.8M-3.4% | $843.2M+5.1% | $802.6M |
| Retained Earnings | -$144.9M+8.0% | -$157.4M0.0% | -$157.4M+15.8% | -$187.0M-6.9% | -$175.0M-2.4% | -$170.9M-10.3% | -$155.0M+20.1% | -$193.9M |
FLYW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.8M-424.4% | $4.9M-96.7% | $150.1M+477.7% | $26.0M+132.2% | -$80.8M-183.0% | -$28.6M-115.5% | $184.6M+1055.6% | -$19.3M |
| Capital Expenditures | $139K-64.4% | $390K+72.6% | $226K-58.7% | $547K+192.5% | $187K+85.1% | $101K-53.9% | $219K-37.2% | $349K |
| Free Cash Flow | -$16.0M-455.6% | $4.5M-97.0% | $149.9M+489.2% | $25.4M+131.4% | -$81.0M-182.6% | -$28.7M-115.5% | $184.4M+1037.5% | -$19.7M |
| Investing Cash Flow | $7.7M+351.5% | -$3.1M-158.3% | $5.3M-87.2% | $41.0M+117.3% | -$237.4M-2422.7% | -$9.4M+93.4% | -$142.3M-134.4% | -$60.7M |
| Financing Cash Flow | -$12.6M+48.8% | -$24.5M+57.4% | -$57.5M-616.8% | -$8.0M-168.9% | $11.6M+155.3% | -$21.0M-2.8% | -$20.5M-1370.9% | $1.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $10.0M | N/A | $10.0M+100.3% | $5.0M-89.9% | $49.3M | N/A | $22.9M | $0 |
FLYW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 5.7%+6.3pp | -0.6%-16.7pp | 16.1%+22.9pp | -6.8%+1.4pp | -8.2%-3.3pp | -4.9%-17.8pp | 12.9%+28.2pp | -15.2% |
| Net Margin | 6.7%+6.6pp | 0.0%-14.8pp | 14.8%+23.9pp | -9.1%-6.0pp | -3.1%+10.4pp | -13.5%-38.3pp | 24.8%+38.2pp | -13.4% |
| Return on Equity | 1.5%+1.5pp | 0.0%-3.6pp | 3.6%+5.1pp | -1.5%-1.0pp | -0.5%+1.4pp | -2.0%-6.6pp | 4.6%+6.3pp | -1.7% |
| Return on Assets | 1.1%+1.1pp | 0.0%-2.4pp | 2.4%+3.4pp | -1.1%-0.7pp | -0.4%+1.0pp | -1.4%-4.6pp | 3.1%+4.5pp | -1.4% |
| Current Ratio | 1.75+0.2 | 1.50-0.0 | 1.53-0.3 | 1.87-0.2 | 2.02-0.6 | 2.63+0.3 | 2.33-1.7 | 4.01 |
| Debt-to-Equity | 0.36-0.1 | 0.50+0.5 | 0.02-0.1 | 0.080.0 | 0.08+0.1 | 0.00-0.5 | 0.47+0.2 | 0.24 |
| FCF Margin | -8.5%-11.3pp | 2.9%-72.0pp | 74.9%+55.6pp | 19.3%+80.0pp | -60.7%-36.3pp | -24.4%-142.0pp | 117.6%+136.6pp | -19.0% |
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Frequently Asked Questions
What is Flywire Corp's annual revenue?
Flywire Corp (FLYW) reported $623.0M in total revenue for fiscal year 2025. This represents a 26.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Flywire Corp's revenue growing?
Flywire Corp (FLYW) revenue grew by 26.6% year-over-year, from $492.1M to $623.0M in fiscal year 2025.
Is Flywire Corp profitable?
Yes, Flywire Corp (FLYW) reported a net income of $13.5M in fiscal year 2025, with a net profit margin of 2.2%.
What is Flywire Corp's EBITDA?
Flywire Corp (FLYW) had EBITDA of $37.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Flywire Corp's operating margin?
Flywire Corp (FLYW) had an operating margin of 1.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Flywire Corp's net profit margin?
Flywire Corp (FLYW) had a net profit margin of 2.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Flywire Corp's return on equity (ROE)?
Flywire Corp (FLYW) has a return on equity of 1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Flywire Corp's free cash flow?
Flywire Corp (FLYW) generated $98.8M in free cash flow during fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Flywire Corp's operating cash flow?
Flywire Corp (FLYW) generated $100.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Flywire Corp's total assets?
Flywire Corp (FLYW) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Flywire Corp's capital expenditures?
Flywire Corp (FLYW) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Flywire Corp spend on research and development?
Flywire Corp (FLYW) invested $70.2M in research and development during fiscal year 2025.
What is Flywire Corp's current ratio?
Flywire Corp (FLYW) had a current ratio of 1.50 as of fiscal year 2025, which is considered adequate.
What is Flywire Corp's debt-to-equity ratio?
Flywire Corp (FLYW) had a debt-to-equity ratio of 0.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Flywire Corp's return on assets (ROA)?
Flywire Corp (FLYW) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Flywire Corp's Altman Z-Score?
Flywire Corp (FLYW) has an Altman Z-Score of 3.73, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Flywire Corp's Piotroski F-Score?
Flywire Corp (FLYW) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Flywire Corp's earnings high quality?
Flywire Corp (FLYW) has an earnings quality ratio of 7.42x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Flywire Corp cover its interest payments?
Flywire Corp (FLYW) has an interest coverage ratio of 3.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Flywire Corp?
Flywire Corp (FLYW) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.