Flywire (FLYW) financial statements
Flywire reported revenue of $623M in fiscal 2025, up 36.8% a year over 6 years.
Net income was $13M and the operating margin 1.8%, against -18.4% in 2019.
Free cash flow was $99M.
The diluted share count rose 695% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Flywire's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $95M | $132M | $201M | $289M | $403M | $492M | $623M |
| Research and development | $15M | $25M | $31M | $50M | $62M | $67M | $70M |
| Selling, general and admin | $61M | $75M | $113M | $161M | $215M | $255M | $292M |
| Operating income | -$17M | -$16M | -$13M | -$30M | -$22M | -$7M | $11M |
| Interest expense | $2M | $3M | $2M | $1M | $372,000 | $538,000 | $4M |
| Pre-tax income | -$20M | -$18M | -$26M | -$37M | -$4M | $2M | $21M |
| Income tax | $550,000 | -$7M | $2M | $2M | $4M | -$1M | $8M |
| Net income | -$20M | -$11M | -$28M | -$39M | -$9M | $3M | $13M |
| EPS (diluted) | -$1.25 | -$0.60 | -$0.39 | -$0.36 | -$0.07 | $0.02 | $0.11 |
| Diluted shares | 16M | 18M | 71M | 108M | 115M | 129M | 128M |
| Operating margin | -18.4% | -12.0% | -6.6% | -10.4% | -5.3% | -1.5% | 1.8% |
| Net margin | -21.2% | -8.4% | -14.0% | -13.6% | -2.1% | 0.6% | 2.2% |
Balance sheet
Fiscal years, from Flywire's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $86M | $104M | $385M | $349M | $655M | $611M | $355M |
| Receivables | — | $12M | $13M | $14M | $18M | $24M | $35M |
| Total current assets | — | $149M | $444M | $451M | $816M | $763M | $602M |
| Property, plant and equipment | — | $5M | $9M | $13M | $15M | $17M | $22M |
| Goodwill | $13M | $45M | $86M | $98M | $122M | $150M | $407M |
| Total assets | — | $271M | $640M | $674M | $1.1B | $1.1B | $1.3B |
| Total current liabilities | — | $88M | $117M | $177M | $274M | $290M | $402M |
| Long-term debt | — | $24M | $26M | $0 | — | — | — |
| Total liabilities | — | $123M | $158M | $192M | $294M | $308M | $418M |
| Shareholders' equity | -$75M | -$82M | $482M | $482M | $786M | $815M | $835M |
| Net debt | -$86M | -$80M | -$359M | -$349M | -$655M | -$495M | -$330M |
Cash flow
Fiscal years, from Flywire's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $4M | -$14M | $17M | $5M | $76M | $99M | $100M |
| Capital spending | $4M | $2M | $1M | $1M | $1M | $924,000 | $1M |
| Free cash flow | $325,000 | -$16M | $16M | $4M | $75M | $98M | $99M |
| Stock-based compensation | $3M | $4M | $19M | $30M | $44M | $65M | $72M |
| Share buybacks (net) | -$295,000 | $0 | $0 | — | — | — | — |
| Net borrowing | $10M | $0 | $939,000 | -$26M | $0 | $0 | $0 |
| Free cash flow margin | 0.3% | -12.4% | 8.0% | 1.4% | 18.7% | 19.9% | 15.9% |
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Open FLYW in InvestinglyQuestions
What was Flywire's revenue in 2025?
$623M in fiscal 2025, from its 10-K filing.
How much free cash flow does Flywire generate?
$99M in fiscal 2025 (operating cash flow minus capital spending).
From Flywire's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.