Flywire (FLYW) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Business evolution and market performance

• Diversified beyond cross-border education into new verticals, with increased domestic business and enterprise clients, and a greater focus on software, margins, and free cash flow.

• Delivered 17% organic RLAS growth in 2025 despite international student visa headwinds, outperforming initial conservative assumptions for Canada and Australia.

• U.S. and U.K. markets outperformed expectations, while Australia became a growth market and Canada was less impacted than anticipated.

• Restructuring and margin-focused initiatives strengthened the business foundation exiting 2025.

2026 outlook and market assumptions

• U.S. first-year visas expected to decline 30%, Canada down 10%, U.K. and Australia flat; assumptions based on agent feedback and application data.

• Observing a trend of students applying to more destinations, with continued strong demand for international education.

• Diversification in student origin, especially from India, is impacting market dynamics.

Revenue and visa spread analysis

• U.S. revenue less impacted by visa declines due to strong retention of existing student cohorts and growth in domestic business.

• Australia’s narrower spread attributed to larger clients and insurance business tied to student volumes.

• U.K. outperforms visa market due to product strength and unique integrations, while Canada remains volatile but offers share gain opportunities.