Flywire (FLYW) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and FY 2025 results, with revenue reaching $623M (up 27% YoY) and Q4 revenue at $157.5M (up 34% YoY), exceeding guidance and consensus expectations.

• Adjusted EBITDA margin expanded to 20% in FY 2025, with Q4 margin at 16.6% (up 190 bps YoY); adjusted EBITDA up 55% YoY to $120.6M.

• Net income turned positive at $13.5M for FY 2025, up from $3M in 2024 and a loss in prior years; Q4 net income near break-even.

• Client base grew 2.5x since 2021 to ~5,000, with enterprise clients driving growth in Education and Travel; embedded deeply in client workflows, driving durable relationships and sub-1% revenue churn in core verticals.

• Strategic focus on scalable platform innovation, automation, and enterprise growth, with new executive appointments and expanded integrations.

Financial highlights

• FY 2025 revenue: $623M (+27% YoY); Q4 revenue: $157.5M (+34% YoY); Q4 revenue less ancillary services: $152.7M (+35.3% YoY); FX-neutral Q4 growth: 32.6%.

• Adjusted gross profit: $381.6M (63.3% margin) for FY 2025; Q4 adjusted gross profit: $93.7M (61.3% margin).

• Adjusted EBITDA: $120.6M (20.0% margin) for FY 2025; Q4 adjusted EBITDA: $25.4M (16.6% margin).

• Free cash flow for FY 2025: $62.2M, scaling from $5M in 2021.

• Share buybacks totaled ~$120M since program start, with $182M remaining authorized.

Outlook and guidance

• FY 2026 FX-neutral revenue less ancillary services growth expected at 15–21% YoY, including contributions from B2B migrations and Cleveland Clinic ramp.

• Adjusted EBITDA margin guidance for FY 2026 is 22.5% at midpoint, with 150–350 bps expansion; targeting 24–25% for 2027.

• Adjusted gross profit margin expected to decline 200–300 bps in FY 2026 due to payment processing ramp, with normalization in 2027.

• Q1 2026 FX-neutral revenue less ancillary services growth guided at 26–30% YoY, including ~7% from Sertifi.

• GAAP net income expected to grow 3–4x in 2026 versus 2025.