Loading financials from SEC filings…
Specialty business services · Industrials · Fiscal year ends Dec 31
Flywire reported revenue of $623M in the fiscal year ended Dec 2025, up 26.6% from the year before. Operating income was $11M, an operating margin of 1.8%, and net income was $13M. Operating cash flow of $100M less capital expenditure of $1M left free cash flow of $99M.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 201 | 289 | 403 | 492 | 623 |
| Research & development | 31.3 | 50.3 | 62.0 | 66.6 | 70.2 |
| Selling, general & admin | 113 | 161 | 215 | 255 | 292 |
| Operating income | −13.3 | −30.2 | −21.5 | −7.3 | 11.3 |
| Interest expense | 2.0 | 1.2 | 0.4 | 0.5 | 3.5 |
| Pre-tax income | −25.9 | −37.4 | −4.4 | 1.9 | 21.4 |
| Income tax | 2.2 | 2.0 | 4.2 | −1.0 | 7.9 |
| Net income | −28.1 | −39.3 | −8.6 | 2.9 | 13.5 |
| Diluted EPS | −0.39 | −0.36 | −0.07 | 0.02 | 0.11 |
| Diluted shares | 71.2 | 108 | 115 | 129 | 128 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 385 | 349 | 655 | 495 | 330 |
| Receivables | 13.0 | 13.7 | 18.2 | 23.7 | 34.8 |
| Current assets | 444 | 451 | 816 | 763 | 602 |
| Net PP&E | 9.4 | 13.3 | 15.1 | 17.2 | 22.1 |
| Goodwill | 85.8 | 97.8 | 122 | 150 | 407 |
| Total assets | 640 | 674 | 1,080 | 1,122 | 1,253 |
| Payables | 10.2 | 13.3 | 12.6 | 15.4 | 15.3 |
| Deferred revenue | 5.5 | 5.2 | 7.0 | 7.3 | 20.0 |
| Current liabilities | 117 | 177 | 274 | 290 | 402 |
| Long-term debt | 25.9 | 0.0 | – | 0.0 | – |
| Total liabilities | 158 | 192 | 294 | 308 | 418 |
| Shareholders' equity | 482 | 482 | 786 | 815 | 835 |
| Backlog (remaining obligations) | – | – | 16.5 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 17.1 | 5.4 | 76.3 | 98.7 | 100 |
| Capital expenditure | 1.0 | 1.4 | 1.0 | 0.9 | 1.4 |
| Free cash flow | 16.1 | 4.1 | 75.3 | 97.7 | 98.8 |
| Depreciation & amortisation | 9.0 | 12.3 | 15.8 | 17.4 | 26.1 |
| Stock-based compensation | 18.9 | 30.3 | 43.7 | 64.9 | 71.8 |
| Acquisitions | 56.1 | 17.1 | 32.8 | 45.2 | 325 |
| Share buybacks | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 43.9% | 39.3% | 22.1% | 26.6% |
| EPS growth (YoY) | – | – | – | – | 450.0% |
| Operating margin | −6.6% | −10.4% | −5.3% | −1.5% | 1.8% |
| Net margin | −14.0% | −13.6% | −2.1% | 0.6% | 2.2% |
| Return on equityBlank when equity is negative | −5.8% | −8.2% | −1.1% | 0.4% | 1.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.5% | −6.1% | −2.7% | −0.9% | 1.3% |
| Free cash flow margin | 8.0% | 1.4% | 18.7% | 19.9% | 15.9% |
| Cash conversion (CFO ÷ net income) | −0.61x | −0.14x | −8.91x | 34.0x | 7.42x |
| Receivable days | 24 | 17 | 16 | 18 | 20 |
| Interest cover | −6.56x | −25.0x | −57.8x | −13.5x | 3.20x |
| Debt ÷ equity | 0.05x | 0.00x | – | 0.00x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −359 | −349 | – | −495 | – |
| Current ratio | 3.78x | 2.54x | 2.98x | 2.63x | 1.50x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.