Flywire Reports Second Quarter 2025 Financial Results

Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”), a global payments enablement and software company, today reported financial results for its second quarter ended June 30, 2025.

"Our strong Q2 results and double-digit FX-Neutral revenue growth are a testament to the high-performance culture we've built at Flywire and the value we provide our clients,” said Mike Massaro, CEO of Flywire. “I'm incredibly proud of our team for their skill, creativity, and unwavering commitment to client success, which has enabled us to win new business and increase our market share. We have proven that our solutions are the right fit for the verticals we serve, and we continue to expand our engagement with clients through our 'land and expand' strategy. This success, even amidst global uncertainty and headwinds our clients face, reflects the true character of our FlyMates. Looking ahead, I am excited about the strength of our competitive moat and the pace of innovation in our product roadmap. This can be seen clearly in our results, and the momentum is just beginning."

Second Quarter 2025 Financial Highlights:

GAAP Results

Revenue increased 27.2% to $131.9 million in the Second quarter of 2025, compared to $103.7 million in the Second quarter of 2024. Sertifi positively impacted revenue by $12.3 million in the Second quarter of 2025, adding 12 points of revenue growth year over year.

Gross Profit increased to $75.1 million, resulting in Gross Margin of 57.0%, for the Second quarter of 2025, compared to Gross Profit of $61.9 million and Gross Margin of 59.7% in the Second quarter of 2024.

Net loss was ($12.0) million in the Second quarter of 2025, compared to net loss of ($13.9) million in the Second quarter of 2024.

Key Business Performance highlights:

• Signed nearly 200 new clients across all verticals, excluding the added Sertifi properties and Invoiced software accounts signed.
• Recognized by luxury travel network Virtuoso as a Technology Partner, gaining access to 2,300 preferred suppliers across 100 countries and $35 billion in annual luxury travel sales.
• Scaled the fast-growing Travel vertical, expanding Flywire’s client roster globally and growing Sertifi’s revenue by +35% year-over-year on a pro-forma basis.
• Deepened award-winning education partnership with Ellucian, deploying new integrations into Banner via Ellucian Ethos to streamline implementations for institutions in the U.S., U.K., and globally.
• Collected more than $320 million in past-due tuition at U.S. institutions, preserving enrollment for 161,000+ students through its Student Financial Software (SFS).
• Named to the PCI Security Standards Council 2025-2027 Board of Advisors to help shape global payment security standards.
• Continued product and payment innovation in the UK Higher Education market, unveiling an enhanced solution for financial aid disbursements.
• Named one of the Best Companies to Work for 2025-2026 by US News & World Report.
• Signed a partnership with a leading provider of stablecoin payment infrastructure, to integrate stablecoin payment capabilities into Flywire's global payment network.

Key Operating Metrics and Non-GAAP Results

Total Payment Volume increased 22% to $5.9 billion in the Second quarter of 2025, compared to $4.9 billion in the Second quarter of 2024. Excluding Sertifi, Total Payment Volume increased 17% to $5.7 billion in the Second quarter of 2025, compared to $4.9 billion in the Second quarter of 2024.

Revenue Less Ancillary Services increased 27.7% to $127.5 million in the Second quarter of 2025, compared to $99.9 million in the Second quarter of 2024. On an FX-neutral basis, Revenue Less Ancillary Services increased 25% year-over-year. Excluding Sertifi, Revenue Less Ancillary Services increased 15.4% year over year to $115.2 million or 12.7% year over year on an FX-Neutral basis in the Second quarter of 2025.

Adjusted Gross Profit increased to $77.9 million, up 22.9% compared to $63.4 million in the Second quarter of 2024. Adjusted Gross Margin was 61.1% in the Second quarter of 2025 compared to 63.5% in the Second quarter of 2024.

Adjusted EBITDA increased to $16.6 million in the Second quarter of 2025, compared to $5.8 million in the Second quarter of 2024. Our adjusted EBITDA margins increased over 700 bps year-over-year to 13% in the Second quarter of 2025.

Repurchased 0.6 million shares of our common stock for approximately $5.0 million (including commissions), with approximately $52 million remaining in the share repurchase program as of the end of the Second quarter 2025.

Increased Revolving Credit Facility from $125 million to $300 million with improved terms, expanded banking partnerships.

Share repurchase program has been increased by $150 million from the approximately $50 million that was remaining as of the end of the Second quarter 2025, bringing total authorization for future share repurchases to approximately $200 million.

Guidance

”Second quarter 2025 performance significantly exceeded expectations for both FX Neutral Revenue and Adjusted EBITDA, as we delivered on go-to-market execution, strategic investments and operational efficiency,” said Flywire's CFO, Cosmin Pitigoi. “Acknowledging student visa headwinds in the US, we are maintaining our revenue guidance and raising our adjusted EBITDA margin outlook for the full-year 2025. With ample liquidity supported by an expanded credit line and an increased buyback authorization, we are well-positioned to remain agile in our capital allocation — focusing on disciplined investments that drive long-term shareholder value.”

Based on information available as of August 5, 2025, Flywire anticipates the following results for the third quarter and fiscal year 2025*.