Flywire’s second quarter was marked by strong performance, driven by broad-based growth across its core verticals and continued client wins in education, travel, and B2B payments. The company’s ability to consolidate complex payment workflows and replace legacy providers resonated with new and existing clients, especially as organizations sought efficiency amid regulatory and macroeconomic uncertainty. CEO Michael Massaro noted that Flywire’s “differentiated software offerings” and “growing market share” have positioned it as critical infrastructure for clients in both established and emerging markets.
Is now the time to buy FLYW? Find out in our full research report (it’s free for active Edge members).
Flywire (FLYW) Q2 CY2026 Highlights:
- Revenue: $163.8 million vs analyst estimates of $156.7 million (28.5% year-on-year growth, 4.5% beat)
- Adjusted EPS: $0.11 vs analyst estimates of $0.12 (in line)
- Adjusted EBITDA: $24.04 million vs analyst estimates of $21.57 million (14.7% margin, 11.4% beat)
- Revenue Guidance for Q3 CY2026 is $231 million at the midpoint, above analyst estimates of $229.1 million
- Operating Margin: -1.7%, up from -7.1% in the same quarter last year
- Billings: $161.6 million at quarter end, up 28.9% year on year
- Market Capitalization: $2.11 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Flywire’s Q2 Earnings Call
- Christopher Svensson (Deutsche Bank) asked about the impact of proposed U.S. visa regulations on education demand. CEO Michael Massaro and CFO Cosmin Pitigoi responded that guidance assumes a prudent 30% visa decline, with ongoing monitoring of policy developments and client data.
- Daniel Perlin (RBC Capital Markets) inquired about the expected business mix as Flywire targets $1 billion in annual revenue. Massaro explained growth will be driven by software expansion in education and continued momentum in travel and B2B segments, with hospitality’s international expansion playing a key role.
- Madison Suhr (Raymond James) focused on the opportunity for cross-sell and net retention in non-core education markets. Massaro and President Rob Orgel described global aspirations for their education suite but noted readiness for full software adoption varies by region, with top 4 markets still prioritized.
- Michael Infante (Morgan Stanley) questioned the impact of domestic versus cross-border volume growth on gross margins. Massaro and Pitigoi explained that while domestic volumes carry lower yields, software attach and renewals are improving economics, and unit economics remain positive due to higher gross profit dollar flow-through.
- Tien-Tsin Huang (JPMorgan) asked about expense visibility and AI implementation costs. Pitigoi stated that digital transformation and AI investments are driving productivity gains and keeping operating expense growth in check, with no negative surprises expected.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will focus on (1) the pace of software adoption and international client signings in education and hospitality, (2) the sustainability of rapid payment processing growth in B2B and healthcare, and (3) the impact of regulatory changes and visa trends on education revenues in key markets. Execution on digital transformation and AI-driven efficiencies will also be critical to tracking Flywire’s margin trajectory.
Flywire currently trades at $17.13, in line with $17.26 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free).
High-Quality Stocks for All Market Conditions
ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time.
Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.
