Flywire Corporation reported fourth‑quarter and full‑year 2025 results on February 24, 2026, with revenue rising 34.0% year‑over‑year to $157.5 million, a $12.6 million beat over the consensus estimate of $144.9 million. The increase was driven by robust demand across its education, travel, healthcare and B2B verticals, and by the contribution of its Sertifi acquisition, which added $14.2 million in Q4 revenue and lifted the year‑over‑year growth rate by 12 percentage points.
Adjusted EBITDA grew 55% to $120.6 million for the full year, with a margin of 20.0% of revenue less ancillary services. In Q4, adjusted EBITDA increased to $25.4 million, representing a 16.6% margin, up 190 basis points from the prior year. The margin expansion reflects improved pricing power and operational leverage, offsetting the decline in adjusted gross margin caused by mix and ramp dynamics and FX settlement pressure.
Sertifi’s integration accelerated growth in the travel segment, adding $14.2 million in Q4 revenue and contributing 12 percentage points to the overall revenue growth rate. The acquisition also broadened Flywire’s product offering to include a hotel property‑management system, positioning the company to capture a larger share of the hospitality payments market.
Management guided for 2026 FX‑neutral revenue growth of 15‑21% and adjusted EBITDA margin expansion of 150‑350 basis points, signaling confidence in continued demand across all verticals while maintaining disciplined cost control. The guidance is consistent with the company’s strategic focus on enterprise clients and platform scalability.
Headwinds remain, including macroeconomic uncertainty and cautious visa‑issuance assumptions in key education markets, but tailwinds such as strong enterprise client wins and the ongoing impact of the Sertifi acquisition support the company’s growth trajectory.
"Flywire delivered a strong fourth quarter, further validating the strength of our model and execution." – Mike Massaro, CEO
"For 2026, we are guiding to revenue less ancillary services growth of 15% to 21% on a FX neutral basis, alongside 150 to 350 basis points of adjusted EBITDA margin expansion." – Cosmin Pitigoi, CFO
"We delivered Q4 revenue almost 8 points above the midpoint of our guidance while continuing to expand EBITDA margins, outperforming consensus expectations." – Cosmin Pitigoi, CFO
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