FLYW · Flywire Corporation

Flywire Corporation delivered a strong first quarter of 2026, significantly exceeding internal expectations across key metrics. Revenue Less Ancillary Services grew 43% year-over-year to $184.0 million, driven by a 36.5% increase in Total Payment Volume to $11.4 billion. The company highlighted broad-based demand, signing over 200 new clients across all four verticals: Education, Travel, B2B, and Healthcare. Management attributed the outperformance to a better-than-expected January education peak and successful payment ramps in the Travel, Healthcare, and B2B sectors. Operationally, the company demonstrated strong leverage, converting gross profit dollar growth into an 81.8% increase in Adjusted EBITDA, which reached $39.3 million. Adjusted EBITDA margin expanded 452 basis points year-over-year to 21.4%, reflecting the durability and scalability of the business model. GAAP Net Income was $12.5 million, a significant improvement from a net loss of $4.2 million in the prior year period. Following the strong performance, Flywire raised its full-year fiscal 2026 guidance, increasing the midpoint of FX-Neutral Revenue Less Ancillary Services growth by 300 basis points and Adjusted EBITDA margin growth by 25 basis points. Additionally, the company announced an accelerated share repurchase program of up to $50 million, signaling management's confidence in the intrinsic value of the business and representing the largest capital return action in the company's history as a public company.