10-Q · May 5, 2026
Flywire's Q1 2026 results show impressive revenue growth of 41.0% YoY to $188.1 million, despite missing EPS estimates at $0.10 versus $0.15 expected. Gross margins contracted to 56.8% from 60.3% YoY as costs rose, but…
Earnings analysis · 10-Q
FLYW earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Flywire delivered a strong Q3, with revenue of $250.3 million and diluted EPS of $0.57, beating consensus by 7.6% and 23.9%, respectively. Payment volume reached $17.8 billion, Adjusted EBITDA margin expanded to 32.5%,…
Read full summary
Flywire delivered a strong Q3, with revenue of $250.3 million and diluted EPS of $0.57, beating consensus by 7.6% and 23.9%, respectively. Payment volume reached $17.8 billion, Adjusted EBITDA margin expanded to 32.5%, and management raised FY2026 growth and margin-expansion outlook. The principal offsets are a nonrecurring $39.2 million tax benefit noted in the prior earnings analysis, unresolved OFAC sanctions matters, and increasing education-sector exposure to visa restrictions and policy changes.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
What stood out
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Revenue beat with strong sequential growth
Q3 revenue was $250.3 million, up 48.9% from $168.0 million in Q2 2026 and up 25.2% from $200.0 million in Q3 2025. Revenue exceeded the $232.5 million consensus estimate by $17.8 million, or 7.6%.
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EPS sharply exceeded consensus
Diluted EPS was $0.57 versus a $0.07 loss in Q2 2026 and $0.23 in Q3 2025, exceeding the $0.46 consensus estimate by $0.11, or 23.9%.
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Payment volume drove growth
Payment volume increased 27.7% year over year to $17.8 billion, supporting the 25.2% year-over-year increase in reported revenue to $250.3 million.
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Adjusted profitability outlook improved
Adjusted EBITDA margin expanded to 32.5%, and management raised FY2026 Adjusted EBITDA margin expansion guidance to +300 to +360 basis points, with the midpoint raised by 30 basis points.
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Nine-month payment volume nears FY2025
The company reported approximately $37.4 billion of payment volume for the nine months ended September 30, 2026, compared with over $37.6 billion for all of 2025, indicating continued scale in the payments network.
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No revolver borrowings
The company had no outstanding borrowings under its 2024 Amended Revolving Credit Facility at September 30, 2026, and management stated that an immediate 10% change in interest rates would not materially affect financial position, results of operations, or cash flows.
What to watch
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OFAC sanctions review remains unresolved
Flywire identified sanctions-compliance issues involving payments that may have originated from sanctioned jurisdictions or sanctioned persons, made voluntary submissions to OFAC, and most recently responded to an OFAC information request in October 2026. Although management does not currently expect a material loss, penalties, fines, costs, or operating restrictions remain possible.
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Visa restrictions pressure education volumes
The education business faces material visa and enrollment headwinds. Australia expects a 295,000 international-student planning level for 2027, while the company stated that Australian visa policies adversely affected results for the nine months ended September 30, 2026 and are expected to continue affecting Australian revenue through the remainder of 2026.
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Proposed OPT fees threaten U.S. demand
A proposed U.S. Department of Homeland Security rule would require a $70,000 fee for an initial OPT recommendation and $30,000 for extensions for F-1 students. Management warns that reduced foreign-student enrollment or post-graduation work pathways could reduce U.S. cross-border tuition revenue and payment volume.
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New stablecoin and partner exposure
The company has begun supporting stablecoin payment options through a third-party digital asset partner. Stablecoins may experience de-pegging, and the partner could face outages, cybersecurity breaches, insolvency, or regulatory action, potentially causing settlement delays, fiat shortfalls, or financial losses.
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Transformation execution risk
The company is undertaking an 18-month operational and systems transformation roadmap involving enterprise-system replacement, data migration, and enterprise-wide agentic AI workflows. Management warns that delays, data-conversion errors, or cost overruns could cause operational disruption, asset impairments, and weaker margins.
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Securities litigation remains pending
Flywire disclosed an ongoing securities class action filed on behalf of investors covering May 21, 2024 through February 25, 2025. A second amended complaint was filed May 7, 2026, and the company filed a motion to dismiss on June 15, 2026; no loss accrual has been recorded because a loss is not probable and reasonably estimable.
Management's outlook
Management raised FY2026 FX-neutral Revenue Less Ancillary Services growth guidance to 25%-27%, with the midpoint increased by 2 percentage points, and raised Adjusted EBITDA margin expansion guidance to +300 to +360 basis points, with the midpoint increased by 30 basis points. Q4 outlook is 14%-20% FX-neutral Revenue Less Ancillary Services growth and +330 to +530 basis points of Adjusted EBITDA margin expansion.
Earlier filings 4
10-K · February 24, 2026
Flywire presents a clear verticalized payments strategy (education, healthcare, travel, B2B) built on a next‑gen platform, proprietary global payment network and vertical software. Financially, revenue accelerated to…
10-Q · August 6, 2025
Flywire reported Q2 revenue of $131,891,000 (up from $103,676,000 in Q2 2024) and delivered a GAAP net loss of $12,007,000 (EPS -$0.10). Revenue grew materially year-over-year, but the company remains unprofitable and…
10-Q · November 7, 2024
Flywire reported Q3 revenue of $156.8M (up $33.5M or ~27% YoY) and GAAP diluted EPS of $0.30, both beating consensus. The company delivered operating income of $20.3M (12.9% margin) and stronger operating cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.