Flywire (FLYW) Financials

$16.06 -0.29 (-1.77%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$16.00 -0.06 (-0.40%)

As of 05/15/2026 07:00 PM Eastern

Annual Income Statements for Flywire

This table shows Flywire's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-20	-11	-28	-39	-8.57	2.90	13
Consolidated Net Income / (Loss)	-20	-11	-28	-39	-8.57	2.90	13
Net Income / (Loss) Continuing Operations	-20	-11	-28	-39	-8.57	2.90	13
Total Pre-Tax Income	-20	-18	-26	-37	-4.35	1.86	21
Total Operating Income	-17	-16	-13	-30	-22	-7.26	11
Total Gross Profit	95	84	201	289	403	492	623
Total Revenue	95	132	201	289	403	492	623
Operating Revenue	95	132	201	289	403	492	623
Total Cost of Revenue	0.00	48	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	112	100	214	320	425	499	612
Selling, General & Admin Expense	34	43	62	83	108	126	135
Marketing Expense	27	33	51	78	108	129	157
Research & Development Expense	15	25	31	50	62	67	70
Other Operating Expenses / (Income)	37	-	70	108	147	177	240
Restructuring Charge	-	-	-	-	0.00	0.00	8.69
Total Other Income / (Expense), net	-2.11	-2.46	-13	-7.14	17	9.12	10
Interest Expense	2.46	2.53	2.02	1.21	0.37	0.54	3.53
Interest & Investment Income	-	-	0.00	3.24	13	21	5.64
Other Income / (Expense), net	0.35	0.07	-11	-9.17	4.19	-12	8.03
Income Tax Expense	0.55	-7.17	2.16	1.99	4.21	-1.04	7.94
Basic Earnings per Share	($1.25)	($0.60)	($0.39)	($0.36)	($0.07)	$0.02	$0.11
Weighted Average Basic Shares Outstanding	16.07M	18.39M	71.17M	107.94M	114.83M	124.27M	122.38M
Diluted Earnings per Share	($20,116,000.00)	($0.60)	($0.39)	($0.36)	($0.07)	$0.02	$0.11
Weighted Average Diluted Shares Outstanding	16.07M	18.39M	71.17M	107.94M	114.83M	129.34M	127.75M
Weighted Average Basic & Diluted Shares Outstanding	16.07M	18.39M	71.17M	108.14M	122.83M	123.59M	121.20M

This table shows Flywire's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	11	1.29	-6.22	-14	39	-16	-4.16	-12	30	0.03	13
Consolidated Net Income / (Loss)	11	1.29	-6.22	-14	39	-16	-4.16	-12	30	0.03	13
Net Income / (Loss) Continuing Operations	11	1.29	-6.22	-14	39	-16	-4.16	-12	30	0.03	13
Total Pre-Tax Income	11	3.23	-4.60	-9.20	31	-15	-5.04	-5.03	31	0.31	15
Total Operating Income	12	-10	-5.96	-16	20	-5.78	-11	-9.01	32	-0.97	11
Total Gross Profit	80	143	114	104	157	172	133	132	200	158	188
Total Revenue	123	101	114	104	157	118	133	132	200	158	188
Operating Revenue	123	101	114	104	157	118	133	132	200	158	188
Total Cost of Revenue	43	-43	0.00	0.00	0.00	-55	0.00	0.00	0.00	-	0.00
Total Operating Expenses	69	153	120	119	137	178	144	141	168	159	177
Selling, General & Admin Expense	27	28	32	32	31	31	33	30	36	36	40
Marketing Expense	27	29	30	32	34	33	37	38	42	40	40
Research & Development Expense	15	17	17	16	17	17	17	17	18	19	19
Other Operating Expenses / (Income)	-	-	42	40	55	-	51	54	72	64	77
Restructuring Charge	-	-	0.00	0.00	0.00	-	7.34	1.35	0.00	-	0.00
Total Other Income / (Expense), net	-0.49	13	1.36	6.58	10	-9.13	5.94	3.98	-1.05	1.28	3.91
Interest Expense	0.10	0.09	0.14	0.13	0.13	0.14	0.72	1.07	1.20	0.54	0.30
Interest & Investment Income	3.84	5.64	5.88	5.72	4.97	4.87	2.93	1.09	0.77	0.85	0.92
Other Income / (Expense), net	-4.23	7.71	-4.38	1.00	5.46	-14	3.73	3.96	-0.63	0.97	3.29
Income Tax Expense	0.75	1.94	1.62	4.68	-8.33	1.00	-0.88	6.98	1.57	0.28	2.17
Basic Earnings per Share	$0.09	$0.02	($0.05)	($0.11)	$0.31	($0.13)	($0.03)	($0.10)	$0.24	-	$0.10
Weighted Average Basic Shares Outstanding	116.49M	114.83M	123.14M	124.56M	124.89M	124.27M	123.24M	121.85M	122.43M	122.38M	122.18M
Diluted Earnings per Share	$0.08	$0.03	($0.05)	($0.11)	$0.30	($0.12)	($0.03)	($0.10)	$0.23	$0.01	$0.10
Weighted Average Diluted Shares Outstanding	125.48M	114.83M	123.14M	124.56M	129.16M	129.34M	123.24M	121.85M	127.68M	127.75M	127.95M
Weighted Average Basic & Diluted Shares Outstanding	121.41M	122.83M	124.20M	125.26M	124.42M	123.59M	121.56M	122.31M	122.13M	121.20M	123.42M

This table details how cash moves in and out of Flywire's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.58	23	280	-43	303	-159	-165
Net Cash From Operating Activities	4.07	-14	17	5.43	76	99	100
Net Cash From Continuing Operating Activities	4.07	-14	17	5.43	76	99	100
Net Income / (Loss) Continuing Operations	-20	-11	-28	-39	-8.57	2.90	13
Consolidated Net Income / (Loss)	-20	-11	-28	-39	-8.57	2.90	13
Depreciation Expense	3.73	6.79	9.00	12	16	17	26
Amortization Expense	0.00	0.41	0.25	1.80	2.09	-0.61	1.33
Non-Cash Adjustments To Reconcile Net Income	2.58	4.53	23	-2.09	-12	93	-5.98
Changes in Operating Assets and Liabilities, net	18	-15	13	33	79	-14	65
Net Cash From Investing Activities	-3.75	-82	-63	-25	-39	-214	-194
Net Cash From Continuing Investing Activities	-3.75	-82	-63	-25	-39	-214	-194
Purchase of Property, Plant & Equipment	-3.75	-2.14	-1.05	-1.35	-1.01	-0.92	-1.35
Acquisitions	0.00	-79	-56	-18	-33	-45	-325
Purchase of Investments	-	-	-	0.00	0.00	-192	-16
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	30	157
Other Investing Activities, net	-	0.00	-5.64	-5.72	-5.00	-5.32	-8.51
Net Cash From Financing Activities	-3.92	119	328	-24	263	-38	-78
Net Cash From Continuing Financing Activities	-0.62	119	328	-24	263	-38	-78
Repayment of Debt	0.00	-4.34	-25	-26	0.00	-0.78	-126
Repurchase of Common Equity	-0.30	0.00	-4.86	0.00	0.00	-44	-74
Issuance of Debt	10	4.17	26	-	0.00	0.00	125
Issuance of Common Equity	0.00	0.00	269	1.27	264	3.11	3.34
Other Financing Activities, net	-14	-0.53	3.42	0.70	-0.39	3.78	-6.65
Cash Interest Paid	1.85	2.10	1.60	0.77	0.00	0.00	2.59

This table details how cash moves in and out of Flywire's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	310	16	-36	-78	26	-72	-305	59	105	-25	-18
Net Cash From Operating Activities	47	60	-38	-19	190	-41	-81	24	150	4.89	-16
Net Cash From Continuing Operating Activities	47	60	-38	-19	190	-41	-81	24	150	4.89	-16
Net Income / (Loss) Continuing Operations	11	1.29	-6.22	-14	39	-16	-4.16	-12	30	0.03	13
Consolidated Net Income / (Loss)	11	1.29	-6.22	-14	39	-16	-4.16	-12	30	0.03	13
Depreciation Expense	3.90	3.99	4.26	4.20	4.25	4.65	5.50	6.77	6.77	7.02	8.02
Amortization Expense	0.14	1.42	0.24	0.13	-0.60	1.20	-0.04	-0.11	0.46	0.60	0.64
Non-Cash Adjustments To Reconcile Net Income	-26	-26	53	8.26	-29	51	39	-5.96	-36	-7.94	77
Changes in Operating Assets and Liabilities, net	58	79	-89	-18	177	-82	-122	35	149	5.17	-114
Net Cash From Investing Activities	-1.61	-34	-1.51	-61	-143	-10	-237	41	5.26	-3.07	7.71
Net Cash From Continuing Investing Activities	-1.61	-34	-1.51	-61	-143	-10	-237	41	5.26	-3.07	7.71
Purchase of Property, Plant & Equipment	-0.27	-0.07	-0.26	-0.35	-0.22	-0.10	-0.19	-0.55	-0.23	-0.39	-0.14
Acquisitions	-	-33	0.00	-	-	0.21	-320	-	-5.09	-	0.00
Purchase of Investments	-	-	0.00	-	-102	-33	-15	0.45	0.60	-1.89	0.00
Sale and/or Maturity of Investments	-	-	0.00	-	5.71	24	99	44	12	1.91	11
Other Investing Activities, net	-1.34	-0.86	-1.26	-2.05	-1.28	-0.74	-1.31	-2.08	-2.42	-2.69	-3.43
Net Cash From Financing Activities	265	-7.26	2.25	1.61	-20	-21	12	-8.02	-57	-25	-13
Net Cash From Continuing Financing Activities	265	-8.89	2.25	1.61	-20	-21	12	-8.02	-57	-25	-13
Repayment of Debt	-	-	-0.78	-	-	-	-65	-	-46	-15	0.00
Repurchase of Common Equity	-	-	0.00	-	-	-21	-49	-5.00	-10	-10	-10
Issuance of Debt	-	-	0.00	-	-	-	125	-	-	-	0.00
Issuance of Common Equity	1.83	-	1.42	-	1.69	-	1.24	-	1.29	0.81	0.00
Other Financing Activities, net	2.03	-6.20	1.62	1.61	0.73	-0.17	-0.30	-3.02	-3.01	-0.32	-2.53
Effect of Exchange Rate Changes	-	-	-	-	-	-	1.84	-	-	-	2.29
Cash Interest Paid	-	-	-	-	-	-	0.00	-	-	-	0.00

This table presents Flywire's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	271	640	674	1,080	1,122	1,253
Total Current Assets	149	444	451	816	763	602
Cash & Equivalents	104	385	349	655	495	330
Short-Term Investments	-	-	-	0.00	116	25
Accounts Receivable	36	45	82	143	129	211
Prepaid Expenses	3.75	9.83	18	18	23	37
Plant, Property, & Equipment, net	5.10	9.44	13	15	17	22
Total Noncurrent Assets	118	187	210	249	342	629
Goodwill	45	86	98	122	150	407
Intangible Assets	68	94	98	108	119	189
Other Noncurrent Operating Assets	4.92	7.18	15	19	24	33
Total Liabilities & Shareholders' Equity	271	640	674	1,080	1,122	1,253
Total Liabilities	123	60	192	294	308	418
Total Current Liabilities	88	117	177	274	290	402
Accounts Payable	65	10	13	13	15	15
Accrued Expenses	15	23	34	43	49	56
Current Deferred Revenue	1.23	5.49	5.22	6.97	7.34	20
Other Current Liabilities	-	-	124	211	218	311
Total Noncurrent Liabilities	35	14	15	20	18	16
Noncurrent Deferred & Payable Income Tax Liabilities	0.48	8.40	12	15	13	13
Other Noncurrent Operating Liabilities	9.82	5.83	2.96	4.43	5.26	3.48
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-82	482	482	786	815	835
Total Preferred & Common Equity	-82	482	482	786	815	835
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-82	482	482	786	815	835
Common Stock	17	609	650	959	1,034	1,109
Retained Earnings	-98	-126	-165	-174	-171	-157
Treasury Stock	-0.75	-0.75	-0.75	-0.75	-46	-119
Accumulated Other Comprehensive Income / (Loss)	-0.21	-0.40	-1.91	1.32	-2.07	2.49
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00

This table presents Flywire's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	641	621	639	982	999	999	1,240	1,060	1,114	1,260	1,162
Total Current Assets	423	396	414	762	739	711	876	397	449	606	512
Cash & Equivalents	349	327	328	638	619	539	565	191	250	355	312
Short-Term Investments	-	-	-	-	-	32	116	65	25	22	13
Accounts Receivable	58	51	69	105	104	118	170	109	136	188	148
Prepaid Expenses	14	16	16	19	16	22	25	32	39	41	39
Plant, Property, & Equipment, net	12	14	15	15	16	17	18	17	19	20	24
Total Noncurrent Assets	206	211	210	205	244	271	347	646	647	633	626
Goodwill	95	98	99	97	120	121	156	403	406	406	407
Intangible Assets	97	95	93	88	103	101	127	202	200	194	183
Other Noncurrent Operating Assets	14	17	19	19	21	22	23	24	26	29	36
Total Liabilities & Shareholders' Equity	641	621	639	982	999	999	1,240	1,060	1,114	1,260	1,162
Total Liabilities	167	131	147	207	202	196	397	276	322	431	310
Total Current Liabilities	123	116	132	192	183	177	375	196	240	396	294
Accounts Payable	85	78	12	18	15	14	23	15	17	19	16
Accrued Expenses	30	34	35	38	37	44	46	53	50	53	53
Current Deferred Revenue	4.76	3.76	2.85	3.81	5.62	4.18	7.69	21	19	21	23
Other Current Liabilities	-	-	82	132	124	116	298	107	154	303	201
Total Noncurrent Liabilities	44	15	16	15	19	19	21	80	82	35	17
Noncurrent Deferred & Payable Income Tax Liabilities	13	12	12	11	15	15	16	13	15	13	13
Other Noncurrent Operating Liabilities	5.12	2.49	3.91	3.72	4.64	3.99	5.87	6.94	7.18	6.81	3.24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	475	490	491	775	797	803	843	784	792	829	852
Total Preferred & Common Equity	475	490	491	775	797	803	843	784	792	829	852
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	475	490	491	775	797	803	843	784	792	829	852
Common Stock	640	662	677	954	978	997	1,016	1,053	1,071	1,090	1,124
Retained Earnings	-164	-169	-186	-175	-180	-194	-155	-175	-187	-157	-145
Treasury Stock	-0.75	-0.75	-0.75	-0.75	-0.74	-0.74	-24	-94	-99	-109	-128
Accumulated Other Comprehensive Income / (Loss)	-0.81	-2.28	0.17	-2.41	-0.04	0.10	5.71	0.48	7.10	5.20	1.55
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Flywire's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	38.84%	52.64%	43.86%	39.30%	22.09%	26.59%
EBITDA Growth	0.00%	36.20%	-71.80%	-72.47%	100.89%	-415.63%	2,145.18%
EBIT Growth	0.00%	7.97%	-51.85%	-64.78%	56.01%	-9.89%	201.49%
NOPAT Growth	0.00%	9.41%	16.17%	-127.96%	28.80%	24.90%	162.86%
Net Income Growth	0.00%	44.79%	-152.86%	-40.10%	78.23%	133.85%	365.41%
EPS Growth	0.00%	100.00%	35.00%	7.69%	80.56%	128.57%	450.00%
Operating Cash Flow Growth	0.00%	-449.20%	220.45%	-68.32%	1,385.63%	13.45%	1.53%
Free Cash Flow Firm Growth	0.00%	0.00%	-67.61%	133.61%	-134.51%	-110.50%	-857.93%
Invested Capital Growth	0.00%	0.00%	180.78%	-33.91%	0.60%	16.76%	212.71%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	8.09%	7.32%	3.58%	6.86%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	25.02%	113.58%	-104.37%	86.30%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	13.70%	6.15%	-1,005.81%	6,177.36%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	3.07%	-3.15%	2.18%	380.30%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	20.51%	22.00%	-85.56%	654.29%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-414.29%	30.00%	-88.24%	650.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-55.09%	115.33%	49.22%	-52.53%	68.26%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-4,288.63%	-980.73%	6.89%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-14.05%	-4.09%	26.11%	3.85%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	63.72%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-14.09%	-6.48%	-7.29%	-8.74%	0.06%	-0.14%	7.50%
Operating Margin	-18.39%	-12.00%	-6.59%	-10.44%	-5.34%	-1.47%	1.81%
EBIT Margin	-18.02%	-11.95%	-11.88%	-13.61%	-4.30%	-3.87%	3.10%
Profit (Net Income) Margin	-21.19%	-8.43%	-13.96%	-13.60%	-2.13%	0.59%	2.17%
Tax Burden Percent	102.81%	60.77%	108.32%	105.32%	196.83%	155.91%	62.95%
Interest Burden Percent	114.37%	116.09%	108.45%	94.84%	25.11%	-9.77%	110.94%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-55.91%	37.05%
Return on Invested Capital (ROIC)	0.00%	-31.43%	-6.92%	-12.88%	-11.49%	-7.94%	2.24%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-31.34%	3.46%	-7.15%	-12.78%	-10.10%	0.99%
Return on Net Nonoperating Assets (RNNOA)	0.00%	16.46%	-1.99%	4.72%	10.14%	8.30%	-0.61%
Return on Equity (ROE)	0.00%	-14.97%	-8.91%	-8.16%	-1.35%	0.36%	1.64%
Cash Return on Invested Capital (CROIC)	0.00%	-231.43%	-101.87%	27.96%	-12.09%	-23.40%	-100.84%
Operating Return on Assets (OROA)	0.00%	-5.80%	-5.25%	-6.00%	-1.98%	-1.73%	1.63%
Return on Assets (ROA)	0.00%	-4.09%	-6.16%	-5.99%	-0.98%	0.26%	1.14%
Return on Common Equity (ROCE)	0.00%	8.25%	-5.66%	-8.16%	-1.35%	0.36%	1.64%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.58%	-5.82%	-8.16%	-1.09%	0.36%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	-11	-9.28	-21	-15	-11	7.11
NOPAT Margin	-12.87%	-8.40%	-4.61%	-7.31%	-3.74%	-2.30%	1.14%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.09%	-10.38%	-5.72%	1.29%	2.16%	1.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-4.39%	-1.92%	-1.39%	0.85%
Cost of Revenue to Revenue	0.00%	36.28%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	35.86%	32.39%	30.64%	28.66%	26.70%	25.57%	21.75%
R&D to Revenue	15.81%	18.59%	15.56%	17.37%	15.39%	13.54%	11.27%
Operating Expenses to Revenue	118.39%	75.73%	106.59%	110.44%	105.34%	101.47%	98.19%
Earnings before Interest and Taxes (EBIT)	-17	-16	-24	-39	-17	-19	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	-8.54	-15	-25	0.22	-0.71	47
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	8.26	5.53	3.58	3.15	2.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	13.16	9.31	5.05	4.69	7.22
Price to Revenue (P/Rev)	2.64	1.90	19.81	9.22	6.97	5.21	2.78
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	884.65	128.13
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.78%
Enterprise Value to Invested Capital (EV/IC)	0.00	5.72	18.21	17.72	16.40	12.40	2.86
Enterprise Value to Revenue (EV/Rev)	0.00	3.06	17.91	8.00	5.35	3.87	2.21
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	9,625.48	0.00	29.42
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	71.11
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	193.28
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	210.29	426.76	26.74	20.82	13.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	50.44	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.21	0.02	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.16	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.53	-0.57	-0.66	-0.79	-0.82	-0.62
Leverage Ratio	0.00	1.83	1.45	1.36	1.38	1.38	1.44
Compound Leverage Factor	0.00	2.12	1.57	1.29	0.35	-0.13	1.60
Debt to Total Capital	0.00%	17.32%	1.58%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	3.75%	1.58%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	13.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	128.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-45.55%	98.42%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	-3.64	-0.53	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	9.13	26.03	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	-2.85	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-2.81	-0.83	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	7.04	41.13	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-2.20	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	1.28	40.10	8.70	6.44	5.68	3.05
Noncontrolling Interest Sharing Ratio	0.00%	155.09%	36.50%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.68	3.78	2.54	2.98	2.63	1.50
Quick Ratio	0.00	1.58	3.66	2.43	2.91	2.55	1.41
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-82	-137	46	-16	-33	-320
Operating Cash Flow to CapEx	108.67%	-664.32%	1,633.08%	401.11%	7,990.58%	9,899.13%	7,420.37%
Free Cash Flow to Firm to Interest Expense	0.00	-32.18	-67.61	37.92	-42.60	-62.00	-90.62
Operating Cash Flow to Interest Expense	1.66	-5.62	8.48	4.48	216.73	170.01	28.41
Operating Cash Flow Less CapEx to Interest Expense	0.13	-6.46	7.96	3.36	214.02	168.30	28.03
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.49	0.44	0.44	0.46	0.45	0.52
Accounts Receivable Turnover	0.00	3.69	5.01	4.57	3.59	3.62	3.66
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	25.83	27.66	25.43	28.34	30.48	31.72
Accounts Payable Turnover	0.00	0.73	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	99.02	72.90	79.80	101.77	100.91	99.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	499.51	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	-400.49	72.90	79.80	101.77	100.91	99.60
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	70	198	131	132	154	480
Invested Capital Turnover	0.00	3.74	1.50	1.76	3.07	3.45	1.97
Increase / (Decrease) in Invested Capital	0.00	70	127	-67	0.78	22	327
Enterprise Value (EV)	0.00	403	3,603	2,316	2,156	1,904	1,374
Market Capitalization	251	251	3,984	2,667	2,811	2,565	1,729
Book Value per Share	$0.00	($4.45)	$4.61	$4.42	$6.47	$6.55	$6.84
Tangible Book Value per Share	$0.00	($10.58)	$2.89	$2.63	$4.58	$4.39	$1.96
Total Capital	0.00	180	490	482	786	815	835
Total Debt	0.00	31	7.72	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	24	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-78	-382	-351	-655	-661	-355
Capital Expenditures (CapEx)	3.75	2.14	1.05	1.35	1.01	0.92	1.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-42	-55	-78	-113	-138	-154
Debt-free Net Working Capital (DFNWC)	0.00	67	334	273	542	473	201
Net Working Capital (NWC)	0.00	60	326	273	542	473	201
Net Nonoperating Expense (NNE)	7.90	0.04	19	18	-6.50	-14	-6.39
Net Nonoperating Obligations (NNO)	0.00	-78	-284	-351	-655	-661	-355
Total Depreciation and Amortization (D&A)	3.73	7.21	9.24	14	18	18	27
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-31.97%	-27.51%	-26.89%	-27.96%	-28.04%	-24.79%
Debt-free Net Working Capital to Revenue	0.00%	50.78%	166.06%	94.47%	134.43%	96.13%	32.19%
Net Working Capital to Revenue	0.00%	45.66%	162.22%	94.47%	134.43%	96.13%	32.19%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.39)	($0.36)	($0.07)	$0.02	$0.11
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	107.01M	107.94M	114.83M	124.27M	122.38M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($28,098,000.00)	($0.36)	($0.07)	$0.02	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	107.01M	107.94M	114.83M	129.34M	127.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($28,098,000.00)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	71.17M	108.14M	122.83M	123.59M	121.20M
Normalized Net Operating Profit after Tax (NOPAT)	-12	-11	-9.28	-21	-15	-5.08	13
Normalized NOPAT Margin	-12.87%	-8.40%	-4.61%	-7.31%	-3.74%	-1.03%	2.02%
Pre Tax Income Margin	-20.61%	-13.87%	-12.89%	-12.91%	-1.08%	0.38%	3.44%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.96	-6.22	-11.83	-32.53	-46.58	-35.39	5.48
NOPAT to Interest Expense	-4.97	-4.37	-4.59	-17.47	-40.49	-21.03	2.02
EBIT Less CapEx to Interest Expense	-8.48	-7.06	-12.35	-33.65	-49.30	-37.11	5.10
NOPAT Less CapEx to Interest Expense	-6.49	-5.22	-5.11	-18.59	-43.20	-22.74	1.63
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.47%	0.00%	-17.30%	0.00%	0.00%	1,508.28%	550.74%

This table displays calculated financial ratios and metrics derived from Flywire's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	121,204,298.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	121,204,298.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	29.50%	37.63%	20.93%	22.16%	27.16%	16.91%	16.96%	27.21%	27.63%	34.02%	40.96%
EBITDA Growth	3,144.27%	153.78%	-364.07%	21.40%	151.27%	-546.13%	76.43%	115.58%	31.89%	148.90%	1,372.19%
EBIT Growth	297.85%	32.84%	-102.81%	15.79%	236.17%	-746.23%	29.84%	65.85%	22.93%	100.02%	294.04%
NOPAT Growth	334.27%	38.99%	9.21%	6.07%	132.32%	-1.02%	-84.27%	42.96%	18.77%	97.47%	219.47%
Net Income Growth	349.13%	213.99%	-68.80%	17.44%	265.46%	-1,335.35%	33.09%	13.49%	-23.82%	100.21%	400.91%
EPS Growth	300.00%	0.00%	-66.67%	26.67%	275.00%	-500.00%	40.00%	9.09%	-23.33%	108.33%	433.33%
Operating Cash Flow Growth	34,062.77%	80.21%	-82.74%	-302.02%	309.08%	-169.39%	-107.10%	224.63%	-18.70%	117.11%	80.38%
Free Cash Flow Firm Growth	132.03%	-107.91%	31.54%	-11.64%	57.74%	-445.17%	-1,803.83%	-589.76%	-853.46%	-1,152.52%	113.21%
Invested Capital Growth	-9.85%	0.60%	10.47%	25.66%	-11.20%	16.76%	220.76%	174.99%	279.75%	212.71%	-7.66%
Revenue Q/Q Growth	45.31%	-18.47%	13.48%	-9.14%	51.25%	-25.04%	13.53%	-1.17%	51.75%	-21.28%	19.40%
EBITDA Q/Q Growth	187.90%	-73.56%	-288.87%	-79.05%	381.01%	-146.95%	90.02%	216.79%	2,317.98%	-80.38%	198.19%
EBIT Q/Q Growth	143.57%	-130.33%	-345.45%	-43.04%	273.96%	-176.34%	63.07%	30.38%	726.28%	-99.99%	469,100.00%
NOPAT Q/Q Growth	194.36%	-136.05%	-4.30%	-164.75%	333.39%	-115.67%	-90.27%	18.05%	585.95%	-100.33%	9,074.10%
Net Income Q/Q Growth	163.30%	-87.91%	-583.06%	-123.26%	380.23%	-140.88%	73.83%	-188.63%	346.78%	-99.89%	37,833.33%
EPS Q/Q Growth	153.33%	-62.50%	-266.67%	-120.00%	372.73%	-140.00%	75.00%	-233.33%	330.00%	-95.65%	900.00%
Operating Cash Flow Q/Q Growth	1,068.14%	28.41%	-163.76%	49.28%	1,085.15%	-121.78%	-90.28%	130.52%	523.36%	-96.74%	-424.36%
Free Cash Flow Firm Q/Q Growth	155.06%	-118.35%	-339.74%	-151.33%	177.80%	-163.40%	-1,435.67%	8.94%	15.02%	-5.40%	116.19%
Invested Capital Q/Q Growth	-15.89%	-4.09%	35.33%	15.10%	-40.56%	26.11%	271.77%	-1.32%	-17.92%	3.85%	9.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.21%	142.67%	100.00%	100.00%	65.21%	146.41%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	9.48%	3.07%	-5.12%	-10.08%	18.73%	-11.73%	-1.03%	1.22%	19.42%	4.84%	12.09%
Operating Margin	9.64%	-9.97%	-5.23%	-15.23%	12.93%	-4.91%	-8.23%	-6.83%	16.12%	-0.61%	5.73%
EBIT Margin	6.21%	-2.31%	-9.06%	-14.26%	16.41%	-16.71%	-5.44%	-3.83%	15.80%	0.00%	7.48%
Profit (Net Income) Margin	8.63%	1.28%	-5.45%	-13.39%	24.80%	-13.53%	-3.12%	-9.10%	14.81%	0.02%	6.65%
Tax Burden Percent	93.40%	39.91%	135.09%	150.82%	127.24%	106.68%	82.47%	238.90%	94.97%	10.61%	85.23%
Interest Burden Percent	148.90%	-138.95%	44.51%	62.23%	118.82%	75.88%	69.53%	99.52%	98.65%	10,366.67%	104.35%
Effective Tax Rate	6.60%	60.09%	0.00%	0.00%	-27.24%	0.00%	0.00%	0.00%	5.03%	89.39%	14.77%
Return on Invested Capital (ROIC)	23.38%	-12.24%	-9.12%	-25.59%	60.37%	-11.87%	-7.87%	-6.72%	30.55%	-0.13%	6.03%
ROIC Less NNEP Spread (ROIC-NNEP)	23.48%	-13.29%	-8.69%	-24.98%	58.45%	-10.07%	-8.72%	-5.34%	30.74%	-0.15%	4.79%
Return on Net Nonoperating Assets (RNNOA)	-18.05%	10.54%	6.40%	17.88%	-49.10%	8.28%	4.59%	2.77%	-20.00%	0.10%	-1.58%
Return on Equity (ROE)	5.34%	-1.70%	-2.72%	-7.72%	11.28%	-3.60%	-3.28%	-3.95%	10.55%	-0.03%	4.45%
Cash Return on Invested Capital (CROIC)	0.26%	-12.09%	-18.58%	85.63%	2.93%	-23.40%	-116.40%	-95.08%	-117.49%	-100.84%	12.38%
Operating Return on Assets (OROA)	2.87%	-1.06%	-4.73%	-7.70%	7.01%	-7.47%	-2.70%	-1.96%	7.37%	0.00%	4.56%
Return on Assets (ROA)	3.99%	0.59%	-2.84%	-7.22%	10.61%	-6.05%	-1.55%	-4.65%	6.91%	0.01%	4.06%
Return on Common Equity (ROCE)	5.34%	-1.70%	-2.72%	-7.72%	11.28%	-3.60%	-3.28%	-3.95%	10.55%	-0.03%	4.45%
Return on Equity Simple (ROE_SIMPLE)	-1.42%	0.00%	-1.39%	-1.02%	2.38%	0.00%	0.63%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	-4.00	-4.17	-11	26	-4.04	-7.69	-6.30	31	-0.10	9.19
NOPAT Margin	9.00%	-3.98%	-3.66%	-10.66%	16.45%	-3.44%	-5.76%	-4.78%	15.31%	-0.07%	4.88%
Net Nonoperating Expense Percent (NNEP)	-0.10%	1.05%	-0.43%	-0.61%	1.93%	-1.80%	0.85%	-1.38%	-0.18%	0.03%	1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.51%	-0.52%	-	-	-0.50%	-0.91%	-0.74%	3.63%	-0.01%	1.08%
Cost of Revenue to Revenue	34.79%	-42.67%	0.00%	0.00%	34.79%	-46.41%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	21.78%	27.91%	27.69%	30.83%	19.81%	26.56%	24.77%	22.88%	17.99%	23.01%	21.24%
R&D to Revenue	11.83%	16.81%	14.67%	15.27%	10.65%	14.78%	12.67%	12.97%	8.82%	11.77%	10.33%
Operating Expenses to Revenue	55.58%	152.64%	105.23%	115.23%	52.28%	151.32%	108.23%	106.83%	83.88%	100.61%	94.27%
Earnings before Interest and Taxes (EBIT)	7.65	-2.32	-10	-15	26	-20	-7.25	-5.05	32	0.00	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	3.09	-5.84	-10	29	-14	-1.38	1.61	39	7.62	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.61	3.58	3.78	2.54	2.43	3.15	1.50	1.79	2.00	2.07	1.66
Price to Tangible Book Value (P/TBV)	6.06	5.05	5.25	3.51	3.67	4.69	6.54	7.63	7.24	7.22	5.38
Price to Revenue (P/Rev)	9.52	6.97	7.12	4.61	4.32	5.21	2.30	2.64	2.84	2.78	2.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	102.21	884.65	236.86	208.23	0.00	128.13	46.75
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.98%	0.11%	0.42%	0.48%	0.00%	0.78%	2.14%
Enterprise Value to Invested Capital (EV/IC)	21.43	16.40	13.45	7.02	10.94	12.40	1.68	2.12	2.79	2.86	2.06
Enterprise Value to Revenue (EV/Rev)	7.82	5.35	5.66	3.26	2.80	3.87	1.88	2.21	2.21	2.21	1.60
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9,625.48	0.00	0.00	82.33	0.00	255.85	76.11	51.42	29.42	15.24
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	71.11	26.71
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	7.21	0.00	0.00	0.00	0.00	0.00	193.28	44.80
Enterprise Value to Operating Cash Flow (EV/OCF)	54.39	26.74	37.76	29.43	6.91	20.82	18.96	12.68	21.66	13.72	6.58
Enterprise Value to Free Cash Flow (EV/FCFF)	7,768.49	0.00	0.00	9.13	351.60	0.00	0.00	0.00	0.00	0.00	15.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.08	0.02	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.08	0.02	0.00	0.00
Financial Leverage	-0.77	-0.79	-0.74	-0.72	-0.84	-0.82	-0.53	-0.52	-0.65	-0.62	-0.33
Leverage Ratio	1.30	1.38	1.26	1.27	1.37	1.38	1.30	1.32	1.49	1.44	1.36
Compound Leverage Factor	1.93	-1.92	0.56	0.79	1.63	1.04	0.91	1.32	1.47	149.27	1.42
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.11%	7.04%	1.78%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.11%	7.04%	1.78%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	92.89%	92.96%	98.22%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	15.98	3.83	0.60	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	-56.83	-14.61	-14.63	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	15.98	3.83	0.60	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-1.40	-8.94	-5.91	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	4.97	34.14	144.57	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-1.40	-8.94	-5.91	0.00	0.00
Altman Z-Score	11.22	6.49	9.77	6.99	3.87	5.68	3.01	3.11	2.88	2.99	3.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.97	2.98	4.05	4.01	2.33	2.63	2.02	1.87	1.53	1.50	1.75
Quick Ratio	3.87	2.91	3.96	3.89	2.27	2.55	1.86	1.71	1.43	1.41	1.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	26	-4.78	-21	-53	41	-26	-401	-365	-310	-327	53
Operating Cash Flow to CapEx	17,106.25%	90,527.27%	-14,938.43%	-5,536.10%	86,913.70%	-41,048.51%	-42,187.17%	4,402.01%	66,415.93%	1,252.82%	-11,401.44%
Free Cash Flow to Firm to Interest Expense	263.46	-52.01	-148.18	-397.62	321.43	-193.23	-553.30	-342.50	-258.98	-605.05	174.62
Operating Cash Flow to Interest Expense	469.99	649.43	-268.26	-145.27	1,487.04	-307.10	-108.96	22.61	125.40	9.05	-52.30
Operating Cash Flow Less CapEx to Interest Expense	467.24	648.72	-270.06	-147.89	1,485.33	-307.85	-109.22	22.10	125.21	8.33	-52.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.46	0.52	0.54	0.43	0.45	0.50	0.51	0.47	0.52	0.61
Accounts Receivable Turnover	4.61	3.59	5.47	4.71	3.46	3.62	4.80	4.25	3.26	3.66	5.27
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	27.48	28.34	28.32	27.80	28.86	30.48	31.02	30.02	30.65	31.72	32.48
Accounts Payable Turnover	0.83	0.00	0.00	0.00	0.57	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	79.19	101.77	66.69	77.56	105.62	100.91	76.06	85.88	111.81	99.60	69.28
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	438.03	0.00	0.00	0.00	638.07	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-358.84	101.77	66.69	77.56	-532.45	100.91	76.06	85.88	111.81	99.60	69.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	137	132	178	205	122	154	571	563	462	480	527
Invested Capital Turnover	2.60	3.07	2.49	2.40	3.67	3.45	1.37	1.41	2.00	1.97	1.23
Increase / (Decrease) in Invested Capital	-15	0.78	17	42	-15	22	393	358	341	327	-44
Enterprise Value (EV)	2,939	2,156	2,393	1,438	1,332	1,904	961	1,193	1,289	1,374	1,086
Market Capitalization	3,577	2,811	3,012	2,036	2,053	2,565	1,174	1,422	1,656	1,729	1,411
Book Value per Share	$6.91	$6.47	$6.47	$6.46	$6.73	$6.55	$6.35	$6.52	$6.78	$6.84	$7.03
Tangible Book Value per Share	$5.26	$4.58	$4.66	$4.67	$4.47	$4.39	$1.45	$1.53	$1.87	$1.96	$2.16
Total Capital	775	786	797	803	843	815	844	852	844	835	852
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	60	60	15	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	60	60	15	0.00	0.00
Net Debt	-638	-655	-619	-598	-721	-661	-213	-229	-367	-355	-325
Capital Expenditures (CapEx)	0.27	0.07	0.26	0.35	0.22	0.10	0.19	0.55	0.23	0.39	0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-68	-113	-62	-37	-181	-138	-55	-66	-167	-154	-106
Debt-free Net Working Capital (DFNWC)	570	542	557	534	500	473	201	209	210	201	219
Net Working Capital (NWC)	570	542	557	534	500	473	201	209	210	201	219
Net Nonoperating Expense (NNE)	0.46	-5.29	2.04	2.83	-13	12	-3.53	5.70	1.00	-0.14	-3.33
Net Nonoperating Obligations (NNO)	-638	-655	-619	-598	-721	-661	-213	-229	-367	-355	-325
Total Depreciation and Amortization (D&A)	4.04	5.41	4.50	4.34	3.65	5.85	5.88	6.66	7.23	7.62	8.66
Debt-free, Cash-free Net Working Capital to Revenue	-18.07%	-27.96%	-14.75%	-8.49%	-38.08%	-28.04%	-10.70%	-12.18%	-28.67%	-24.79%	-15.68%
Debt-free Net Working Capital to Revenue	151.84%	134.43%	131.65%	120.80%	105.27%	96.13%	39.22%	38.64%	36.05%	32.19%	32.29%
Net Working Capital to Revenue	151.84%	134.43%	131.65%	120.80%	105.27%	96.13%	39.22%	38.64%	36.05%	32.19%	32.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.02	($0.05)	($0.11)	$0.31	($0.13)	($0.03)	($0.10)	$0.24	$0.00	$0.10
Adjusted Weighted Average Basic Shares Outstanding	116.49M	114.83M	123.14M	124.56M	124.89M	124.27M	123.24M	121.85M	122.43M	122.38M	122.18M
Adjusted Diluted Earnings per Share	$0.08	$0.03	($0.05)	($0.11)	$0.30	($0.12)	($0.03)	($0.10)	$0.23	$0.01	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	125.48M	114.83M	123.14M	124.56M	129.16M	129.34M	123.24M	121.85M	127.68M	127.75M	127.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	121.41M	122.83M	124.20M	125.26M	124.42M	123.59M	121.56M	122.31M	122.13M	121.20M	123.42M
Normalized Net Operating Profit after Tax (NOPAT)	11	-7.02	-4.17	-11	14	-4.04	-2.55	-5.36	31	-0.68	9.19
Normalized NOPAT Margin	9.00%	-6.98%	-3.66%	-10.66%	9.05%	-3.44%	-1.91%	-4.06%	15.31%	-0.43%	4.88%
Pre Tax Income Margin	9.24%	3.21%	-4.03%	-8.88%	19.49%	-12.68%	-3.78%	-3.81%	15.59%	0.20%	7.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	77.30	-25.23	-72.81	-111.20	200.99	-145.49	-10.02	-4.74	26.42	0.01	46.46
NOPAT to Interest Expense	112.14	-43.50	-29.40	-83.09	201.50	-29.94	-10.62	-5.92	25.59	-0.19	30.33
EBIT Less CapEx to Interest Expense	74.56	-25.95	-74.61	-113.82	199.28	-146.24	-10.28	-5.26	26.23	-0.72	46.00
NOPAT Less CapEx to Interest Expense	109.39	-44.22	-31.19	-85.71	199.79	-30.69	-10.88	-6.43	25.40	-0.91	29.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	113.93%	1,508.28%	1,877.02%	1,435.49%	-3,497.99%	550.74%	116.19%

Financials Breakdown Chart

Key Financial Trends

Flywire Corp (FLYW) — key trends from the last four years

Below are the main takeaways from Flywire’s quarterly statements across 2022 through 2025, focused on cash flow, income, and balance sheet trends that may matter to retail investors.

Revenue has grown materially, rising from about $73.1 million in Q4 2022 to about $157.5 million in Q4 2025, with a Q3 2025 print near $200.1 million — signaling a multi-year uptrend in sales.
Quarterly revenue strength peaks in Q3 2025 at $200.14 million, suggesting scale benefits as Flywire captures higher transaction volumes.
Net income on continuing operations turned positive in 2025, including about $29.63 million in Q3 2025 and a smaller positive amount in Q4 2025, reversing the losses seen in 2023–2024.
Operating cash flow remained robust in 2025, notably $150.10 million from continuing operating activities in Q3 2025 and solid cash generation in other 2025 quarters (e.g., Q2 2025 $24.1 million).
Debt levels trended down in 2025, with long-term debt falling to about $15 million by Q3 2025 from $60 million earlier in the year, signaling deleveraging (though some quarters showed higher levels earlier).
Cash on hand remained strong in 2025, with cash and equivalents around $355 million in Q3 2025, supporting liquidity for growth and potential acquisitions.
The company has engaged in share repurchases in 2025 periods, which can support earnings per share, though financing activity also reduces cash balances in some quarters.
Non-operating line items, such as Other Operating Expenses / (Income), remained sizable in several quarters (e.g., Q4 2025: about $63.6 million; Q3 2025: about $72.3 million; Q4 2024: about $50.6 million), weighing on operating margins.
Net income has shown volatility by quarter; while late 2024 into 2025 shows improvement, earlier years (2022–2023) included meaningful losses and negative EPS in several quarters, indicating earnings volatility.
Earnings per share performance fluctuated, with some quarters showing negative or very small positive earnings per share; for example, diluted EPS in Q4 2025 was $0.01, and in multiple 2023–2024 quarters it remained negative, underscoring earnings variability.

05/17/26 05:18 PM ETAI Generated. May Contain Errors.

Flywire Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Flywire's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Flywire's net income appears to be on a downward trend, with a most recent value of $13.50 million in 2025, falling from -$20.12 million in 2019. The previous period was $2.90 million in 2024. Find out what analysts predict for Flywire in the coming months.

Flywire's total operating income in 2025 was $11.30 million, based on the following breakdown:

Total Gross Profit: $623.03 million
Total Operating Expenses: $611.73 million

Over the last 6 years, Flywire's total revenue changed from $94.92 million in 2019 to $623.03 million in 2025, a change of 556.4%.

Flywire's total liabilities were at $418.14 million at the end of 2025, a 35.9% increase from 2024, and a 239.9% increase since 2020.

In the past 5 years, Flywire's cash and equivalents has ranged from $104.05 million in 2020 to $654.61 million in 2023, and is currently $330.30 million as of their latest financial filing in 2025.

Over the last 6 years, Flywire's book value per share changed from 0.00 in 2019 to 6.84 in 2025, a change of 683.9%.

Related Companies

Financial statements for NASDAQ:FLYW last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Flywire (FLYW) Financials

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Flywire (FLYW) Financials

Annual Income Statements for Flywire

Quarterly Income Statements for Flywire

Annual Cash Flow Statements for Flywire

Quarterly Cash Flow Statements for Flywire

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Quarterly Balance Sheets for Flywire

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Quarterly Metrics And Ratios for Flywire

Financials Breakdown Chart

Key Financial Trends

Flywire Financials - Frequently Asked Questions

When does Flywire's financial year end?

How has Flywire's net income changed over the last 6 years?

What is Flywire's operating income?

How has Flywire's revenue changed over the last 6 years?

How much debt does Flywire have?

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How has Flywire's book value per share changed over the last 6 years?

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