Flywire Revenue Jumps 25% to $250 Million as Boston Payments Firm Raises 2026 Outlook

Key figures: Q3 revenue $250.3 million (+25.1%) · Payment volume $17.8 billion (+27.7%) · Adjusted EBITDA $79.5 million (+39.2%) · Net income $74.5 million, including a one-time tax benefit of about $39.2 million · 2026 growth outlook raised to 25%–27%

Boston payments company Flywire said Tuesday that third-quarter revenue rose 25.1% to $250.3 million, and it raised its full-year outlook. Flywire processes tuition, hospital bills, travel bookings and business invoices across borders. It reported net income of $74.5 million, up from $29.6 million a year earlier, according to its earnings release. About $39.2 million of that profit came from a one-time, non-cash tax benefit that the company says will not recur.

The quarter ended Sept. 30 and covers the busy back-to-school period, when international students pay tuition. Total payment volume, the dollar value of payments Flywire handled, rose 27.7% to $17.8 billion from $13.9 billion.

Raised guidance for 2026

Flywire now expects full-year revenue less ancillary services, its main non-GAAP sales measure, to grow 25% to 27% excluding currency effects. That raises the midpoint by 2 percentage points. It expects the adjusted EBITDA margin to rise 300 to 360 basis points for the year, a midpoint 30 basis points higher than before. For the fourth quarter, it forecast growth of 14% to 20%.

The company said its fourth-quarter outlook includes “prudent visa assumptions across the big 4 education markets.” It also listed U.S. policy on immigration, visas and foreign students among the risks in its safe-harbor statement.

“Q3 showed the sustainability of our growth,” Chief Executive Mike Massaro said in the release. “Through our seasonal education peak, we delivered strong top-line growth with disciplined execution across all four verticals.” Chief Financial Officer Cosmin Pitigoi said that “this quarter marked a step change in scale of our GAAP profitability. This is true even when adjusting for a one-time, non-cash tax benefit.”

What the numbers show

The Boston Report’s calculations from Flywire’s financial tables found:

• Operating income rose 64%, to $52.8 million from $32.3 million. The operating margin widened to 21.1% of revenue from 16.1%. Pretax income, which is not affected by the tax benefit, rose 68% to $52.4 million.
• Payment fees drove the growth. Transaction revenue rose 28.6% to $215.1 million. Platform and other revenue, which includes software, rose 6.7% to $35.2 million.
• Revenue per dollar processed slipped a little. Revenue less ancillary services equaled about 1.37% of payment volume, down from about 1.40% a year earlier. Payment processing costs rose 30%, faster than revenue, and GAAP gross margin fell to 61.0% from 62.3%.
• Cash generation improved. Operating cash flow for the first nine months was $130.4 million, up 37%. Cash rose to $407.2 million from $330.3 million at the end of 2025, even after about $59.6 million in share repurchases this year.
• Nine-month revenue rose 30.2% to $606.2 million. Part of that growth came from acquisitions made in 2025, when Flywire spent $324.9 million on businesses.

Clients and the board

Flywire said it signed about 180 new clients across 31 countries during the quarter. It added that students at U.S. schools have activated more than 1 million payment plans through its Student Financial Software since that product launched. The company now serves about 5,400 clients, not counting those from its Sertifi and Invoiced acquisitions.

Flywire also said Alex Finkelstein of Spark Capital, a director since 2011 who led the venture firm’s first investment in the company, resigned from the board effective Oct. 29. It had previously named Sabrina Farmer, who leads Microsoft’s Commerce Platform, to the board.

Flywire is one of several local companies reporting in a busy Boston earnings season. Vertex Pharmaceuticals also raised its 2026 forecast this week. Restaurant software maker Toast, another Boston payments company, is facing a Federal Trade Commission lawsuit. For more, see our Boston business news page and the latest Boston news.

Sources

• Flywire, “Flywire Reports Third Quarter 2026 Financial Results,” Nov. 3, 2026
• Flywire investor relations (webcast and filings)
• Flywire SEC filings (EDGAR)