Key Highlights

  • Third quarter 2026 Revenue was USD 250.3 million, up 25.1% from USD 200.1 million.
  • Adjusted EBITDA reached USD 79.5 million, a 32.5% margin, up from 29.4% a year earlier.
  • Total payment Volume was USD 17.8 billion, up 27.7% from USD 13.9 billion.
  • Cash and cash equivalents stood at USD 407.2 million on September 30, 2026.
  • Full year 2026 FX-neutral revenue less ancillary services growth guidance was raised to 25% to 27%.

What Moved Flywire Before the Open (up USD 1.91, 9.97%)

Flywire (NASDAQ:FLYW) shares were up 9.97% to USD 21.06 in pre-market trading on November 4, 2026, a gain of USD 1.91 from the implied November 3 close of about USD 19.15 (calculated). The move follows the company's third quarter 2026 Earnings release, issued on November 3, 2026, after the regular session ended. Pre-market prices can reverse once the regular session opens.

The Third Quarter in Detail

According to a company press release dated November 3, 2026, revenue for the quarter ended September 30, 2026 was USD 250.3 million, up 25.1% from USD 200.1 million a year earlier. Revenue less ancillary services was USD 244.5 million, up 26.0%, and the same growth rate held on an FX-neutral basis.

Income from operations rose to USD 52.8 million from USD 32.3 million. Net Income was USD 74.5 million against USD 29.6 million, and diluted EPS was USD 0.57 compared with USD 0.23. The company cited a non-cash income tax benefit of about USD 39.2 million tied to the release of a valuation allowance.

Adjusted EBITDA was USD 79.5 million, up 39.2% from USD 57.1 million, with a Margin of 32.5%.

On the earnings call, management said more than half of the revenue beat versus its guidance midpoint came from a strong UK tuition peak, worth about 5 points of growth, and that the company does not expect that level to repeat in the fourth quarter.

Business Background and Recent Updates

Flywire is a global payments enablement and software company. It processes tuition, travel, healthcare and business-to-business payments across currencies, and offers software tied to those flows such as student payment plans and invoice-to-cash tools.

On the call, management said nearly half of revenue now comes from outside core international education, and that its travel Business is larger than U.S. education year to date.

Updated guidance calls for full year 2026 FX-neutral revenue less ancillary services growth of 25% to 27%, and adjusted EBITDA margin expansion of 300 to 360 basis points. For the fourth quarter, the company guided to FX-neutral growth of 14% to 20% and margin expansion of 330 to 530 basis points.

Balance Sheet and Risks

Cash and cash equivalents were USD 407.2 million at September 30, 2026, up from USD 330.3 million at December 31, 2025. The release showed no borrowings line, and management said total Liquidity was USD 534 million including an unfunded USD 300 million Credit facility.

Over nine months the company repurchased about USD 59.6 million of stock. Risks flagged by management include card network pressure in the largest international education markets, especially Australia and the UK, timing shifts in tuition and travel payments, and about USD 4 million of Operating Expense from chargeback reserves linked to two travel client insolvencies.

What to Watch Next

Attention turns to the fourth quarter print, where growth is guided lower than the third quarter, and to how gross margin trends as processing volumes in lower margin categories ramp.