Filing Flows › Flywire (FLYW) › Q4 2025
Flywire (FLYW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Flywire (FLYW) reported revenue of $158M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and -21% from the quarter before. Operating margin was -0.6%, net earnings $33K (0.0% of revenue).
Flywire, Q4 2025: revenue $158M (+34% year over year), operating margin -0.6%, net earnings $33K, operating cash flow $4.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $158M | -21% | +34% |
| Operating profit | −$965K | -103% | — |
| Net earnings | $33K | -100% | — |
| Operating cash flow | $4.9M | -97% | — |
| Free cash flow | $4.5M | -97% | — |
What changed
Revenue was $157.5M in Q4 2025, up 34% year over year and down 21% from the previous quarter. Transactions was the largest line at 80% of revenue.
Operating costs exceeded revenue by $1.0M, an operating margin of -0.6%. Total costs grew 29% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+54%). Net earnings were $33K. The effective tax rate was 89.4%. Non-operating items added $1.3M, 410% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $4.9M, 14806% of net earnings. Non-cash charges added back $7.0M of depreciation and amortization and $18.3M of share-based compensation. Working capital and other items used $20.5M. Capital expenditures of $390K left free cash flow of $4.5M.
Questions
What was Flywire's revenue in the fourth quarter 2025?
Flywire (FLYW) reported revenue of $158M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and -21% from the quarter before.
Was Flywire profitable in the fourth quarter 2025?
Operating loss was $965K (-0.6% of revenue) and net earnings $33K.
Source: Flywire 10-K on SEC EDGAR.