Flywire Corp financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Flywire Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	94.9	132	201	289	403	492	623
Research and development	15	24.5	31.3	50.3	62	66.6	70.2
Selling and marketing	26.6	32.6	51.3	78.5	108	129	157
General and administrative	34	42.7	61.6	82.9	108	126	135
Operating expenses	112	148	214	320	425	499	612
Operating income	-17.5	-15.8	-13.3	-30.2	-21.5	-7.26	11.3
Interest expense	2.46	2.53	2.02	1.21	0.37	0.54	3.53
Interest income		0.1	0	3.24	13.3	21.4	5.64
Other non-operating income	-2.11	-2.46	-12.7	-7.14	17.2	9.12	10.1
Pre-tax income	-19.6	-18.3	-25.9	-37.4	-4.35	1.86	21.4
Income tax	0.55	-7.17	2.16	1.99	4.21	-1.04	7.94
Net income	-20.1	-11.1	-28.1	-39.3	-8.57	2.9	13.5
EBITDA	-13.7	-9.02	-4.26	-17.9	-5.75	10.1	37.4
EPS, basic	-1.25	-0.60	-0.39	-0.36	-0.07	0.02	0.11
EPS, diluted	-1.25	-0.60	-0.39	-0.36	-0.07	0.02	0.11
Shares, basic (weighted)	16.1	18.4	71.2	108	115	124	122
Shares, diluted (weighted)	16.1	18.4	71.2	108	115	129	128

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	86	104	385	349	655	495	330
Short-term investments					0	116	24.7
Receivables		11.6	13	13.7	18.2	23.7	34.8
Other current assets		3.75	9.83	17.5	18.2	22.5	36.5
Total current assets		149	444	451	816	763	602
Property, plant and equipment		5.1	9.44	13.3	15.1	17.2	22.1
Lease right-of-use assets				2.79	3.42	3.38	3.67
Goodwill	12.9	44.7	85.8	97.8	122	150	407
Intangible assets		68.2	93.6	97.6	108	119	189
Long-term investments					0	50.1	0
Other non-current assets		4.92	7.18	14.9	19.1	24	33.3
Total assets		271	640	674	1,080	1,122	1,253
Accounts payable		5.44	10.2	13.3	12.6	15.4	15.3
Accrued liabilities		1.11	3.15	5.84	7.45	49.3	55.7
Deferred revenue		1.23	5.49	5.22	6.97	7.34	20
Total current liabilities		88.4	117	177	274	290	402
Long-term debt		24.4	25.9	0
Lease liabilities						1.82	2.39
Other non-current liabilities		2.13	2.24	2.96	4.43	5.26	3.48
Total liabilities		123	158	192	294	308	418
Total debt		24.4	25.9	0		0
Paid-in capital		17	609	650	959	1,034	1,109
Retained earnings		-97.8	-126	-165	-174	-171	-157
Treasury stock		-0.75	-0.75	-0.75	-0.75	-46.3	-119
Other comprehensive income		-0.21	-0.4	-1.91	1.32	-2.07	2.49
Shareholders' equity	-75.3	-81.8	482	482	786	815	835
Total equity	-75.3	-81.8	482	482	786	815	835
Total liabilities and equity		271	640	674	1,080	1,122	1,253
Shares outstanding		19.9	100	107	121	122	120

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-20.1	-11.1	-28.1	-39.3	-8.57	2.9	13.5
Depreciation and amortization	3.73	6.79	9	12.3	15.8	17.4	26.1
Stock-based compensation	2.95	3.84	18.9	30.3	43.7	64.9	71.8
Deferred income tax	-0.01	-8.54	0.15	-1.71	0.07	-8.79	-1.37
Change in receivables	-0.43	-1.56	-0.59	-0.32	-1.81	-5.23	-6.81
Change in payables	2.25	5.67	11.2	6.76	4.72	0.17	4.73
Cash from operations	4.07	-14.2	17.1	5.43	76.3	98.7	100
Capital expenditures	-3.75	-2.14	-1.05	-1.35	-1.01	-0.92	-1.35
Acquisitions	0	-79.4	-56.1	-17.1	-32.8	-45.2	-325
Cash from investing	-3.75	-81.5	-62.9	-24.7	-38.8	-214	-194
Debt issued	10	4.17	25.9	0	0	0	125
Debt repaid	0	-4.17	-25	-25.9	0	0	-125
Stock issued	0.45	0	0	1.27	2.69	5.61	2.3
Share buybacks	-0.3	0	0
Cash from financing	-3.92	119	328	-24	263	-37.6	-78.4
Exchange rate effect	0.02	-0.26	-1.42	5.02	2.44	-6.41	7.52
Net change in cash	-3.58	23	280	-38.2	303	-159	-165
Free cash flow	0.33	-16.4	16.1	4.07	75.3	97.7	98.8
Interest paid	1.85	2.1	1.6	0.77	0	0	2.59
Income taxes paid					4.2	7.7	11.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	5.5%	Operating income / revenue.
EBITDA margin	8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.7%	Pre-tax income / revenue.
Net margin	4.8%	Net income / revenue.
FCF margin	23.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.3%	Cash from operations / revenue.
Effective tax rate	16.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Return on invested capital (ROIC)	6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.4%	Research and development expense / revenue.
Stock-based pay / revenue	9.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	36.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	269.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	365.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	450.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	1.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	164.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	1.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	189.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	2.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	35.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	47.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.52x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.89x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	29.8%	Total liabilities / total assets.
Interest coverage	16.7x	Operating income / interest expense.
Working capital	$173.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	50.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$231.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	27.0x	Revenue / average property, plant and equipment.
Receivables turnover	18.4x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
FCF conversion	485.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.83	Revenue / diluted weighted shares.
FCF per share	$1.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.36	Cash from operations / diluted weighted shares.
Book value per share	$6.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.91	Tangible book value / shares outstanding.
Cash per share	$2.42	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.12B	Share price x shares outstanding.
Enterprise value	$1.82B	Market cap + total debt - cash - short-term investments.
P/E	62.2x	Market cap / net income. Only when net income is positive.
P/S	2.97x	Market cap / revenue.
P/B	2.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.13x	Market cap / tangible book value, when positive.
P/FCF	12.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	2.55x	Enterprise value / revenue.
EV/EBIT	46.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.8%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).

What was Flywire Corp's revenue in fiscal 2025?

Flywire Corp reported revenue of $623.0M for fiscal 2025, 26.6% higher than the year before.

Was Flywire Corp profitable in fiscal 2025?

Yes. Net income was $13.5M, a net margin of 2.2%.

How much free cash flow did Flywire Corp generate in fiscal 2025?

Cash from operations of $100.2M minus capital expenditures of $1.4M left free cash flow of $98.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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