Flywire Raises Full-Year Outlook After Seasonal Peak

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue reached $250.3 million, up 25.1% year over year, as Flywire lifted full-year FX-neutral revenue-less-ancillary growth to 25-27%.

Flywire Corporation (FLYW), a global payments enablement and software company, reported third-quarter revenue of $250.3 million, up 25.1% from a year earlier, as year-over-year growth slowed from 27.2% in the second quarter and 41.0% in the first.

Revenue less ancillary services, the company’s preferred top-line measure, rose 26.0% to $244.5 million. FX-neutral growth on that measure was also 26.0%. Total payment volume increased 27.7% to $17.8 billion.

GAAP gross profit was $152.7 million, for a 61.0% gross margin. Adjusted gross profit was $155.8 million, and adjusted gross margin was 63.7%. Adjusted EBITDA rose 39.2% to $79.5 million, and the adjusted EBITDA margin expanded about 310 basis points year over year to 32.5%.

Net income was $74.5 million, compared with $29.6 million a year earlier. The company said the quarter included a non-cash income tax benefit of about $39.2 million from the release of a valuation allowance against U.S. deferred tax assets, including $25.2 million from that allowance. It said it does not expect a benefit of that nature or size to recur and that third-quarter net income is not indicative of future results.

Chief Executive Mike Massaro said the quarter showed the sustainability of growth through the seasonal education peak, with expanding adjusted EBITDA margins and more profit and free cash flow than at any point in the company’s history.

The company signed about 180 new clients across 31 countries and all four verticals, after more than 200 new clients across 45 countries in the second quarter. It said go-to-market teams prioritized larger, higher-ARR enterprise relationships. Student Financial Software agreements were signed with three U.S. universities and one U.K. institution. Flywire said more than 1 million payment plans have been activated since inception by students at U.S. institutions using SFS.

Hospitality work included a pilot with Langham Hospitality Group, further expansion in Australia, approval for a 24-property rollout with Kingfisher in EMEA, and 23 Marriott Sign & Pay deals. B2B wins included Liquidity Services Inc. deploying Flywire for domestic and cross-border payments on its $1.5 billion global e-commerce marketplace. Healthcare upsells included a major Integrated Financing deal with Endeavor Health. The company also acquired Canadian customer relationships to move a higher-education portfolio onto Flywire.

Payment-network additions included new local options in China, Japan and Türkiye. Flywire became the global preferred payment partner for Kinetic Software, which manages more than 700,000 student bedrooms. Invoiced was named a Leader in Nucleus Research’s 2026 Accounts Receivable Technology Value Matrix.

CFO Cosmin Pitigoi said the company exceeded guidance on revenue less ancillary services and adjusted EBITDA and is raising its full-year 2026 outlook across revenue growth and adjusted EBITDA margin expansion. He said the quarter marked a step change in the scale of GAAP profitability even after adjusting for the one-time tax benefit.

Based on information available as of November 3, 2026, Flywire now anticipates full-year 2026 FX-neutral revenue less ancillary services growth of 25-27% year over year, a 2-point raise at the midpoint from prior guidance, and adjusted EBITDA margin growth of 300 to 360 basis points year over year, a 30-basis-point raise at the midpoint.

For the fourth quarter, the company anticipates FX-neutral revenue less ancillary services growth of 14-20% year over year and adjusted EBITDA margin growth of 330 to 530 basis points year over year. Pitigoi said the fourth-quarter outlook factored in prudent visa assumptions across the big four education markets and B2B payment trends.

Alex Finkelstein resigned from the board effective October 29, 2026. Flywire said it had previously appointed Sabrina Farmer to the board.