Filing Flows › Flywire (FLYW) › Q2 2026 › vs Q1 2026
Flywire (FLYW) Q2 2026 vs Q1 2026 (quarter over quarter)
Flywire's revenue fell $20.4M (-11%) from $188M in Q1 2026 to $168M in Q2 2026. The biggest changes: Transactions −$19.3M (-12%); Platform and Other Revenues −$1.1M (-3%).
Flywire, Q2 2026: revenue $168M (+27% year over year), operating margin -1.7%, net loss $8.1M, operating cash flow $21.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 12.4% | -8.5% | +20.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Transactions | $136M | $155M | −$19.3M | -12% |
| Platform and Other Revenues | $31.8M | $32.9M | −$1.1M | -3% |
| Revenue | $168M | $188M | −$20.4M | -11% |
| Net loss | $8.1M | −$12.5M | $20.7M | — |
| Costs & expenses | $176M | $192M | −$16.1M | -8% |
| Operating costs | $171M | $177M | −$6.8M | -4% |
| Interest & other, net | $2.5M | −$3.9M | $6.5M | — |
| Income tax | $2.8M | $2.2M | $660K | +30% |
| Research & development | $18.4M | $19.4M | −$1.0M | -5% |
| Sales & marketing | $38.9M | $40.5M | −$1.6M | -4% |
| General & admin | $38.5M | $40.0M | −$1.5M | -4% |
| Other operating costs | $74.7M | $77.5M | −$2.7M | -3% |
| Operating cash sources | $29.2M | −$28.4M | $57.6M | — |
| Depreciation & amortization | $7.3M | $8.0M | −$730K | -9% |
| Share-based compensation | $17.3M | $17.5M | −$227K | -1% |
| Working capital & other | $4.7M | −$53.9M | $58.6M | — |
| Net loss absorbed | $8.1M | −$12.5M | $20.7M | — |
| Operating cash flow | $21.1M | −$15.8M | $37.0M | — |
| Free cash flow (OCF − capex) | $20.8M | −$16.0M | $36.8M | — |
| Capital expenditures | $273K | $139K | $134K | +96% |
Questions
How much did Flywire's revenue grow quarter over quarter in Q2 2026?
Flywire's revenue fell $20.4M (-11%) from $188M in Q1 2026 to $168M in Q2 2026.
What drove Flywire's revenue change in Q2 2026?
Transactions −$19.3M (-12%); Platform and Other Revenues −$1.1M (-3%).