Flywire started 2026 with a sharp year-over-year jump in revenue and profitability, while also lifting its full-year outlook and launching a new share repurchase program.
First-quarter revenue rose 41.0% to $188.1 million from $133.5 million a year earlier. Revenue less ancillary services increased 43.0% to $184.0 million from $128.7 million. Total payment volume climbed 36.5% to $11.4 billion from $8.4 billion.
Gross profit increased to $106.8 million from $80.5 million, though gross margin narrowed to 56.8% from 60.3%. Adjusted gross profit rose 33.9% to $110.5 million from $82.5 million, with adjusted gross margin at 60.1% versus 64.1% a year ago.
Adjusted EBITDA more than doubled, rising 81.8% to $39.3 million from $21.6 million. Adjusted EBITDA margin expanded to 21.4% from 16.9%, a gain of 452 basis points.
Net income was $12.5 million, compared with a net loss of $4.2 million in the prior-year quarter.
On the operating side, Flywire said it signed more than 200 new clients across all verticals. It also repurchased about 0.9 million shares for roughly $10 million during the quarter, leaving about $172 million remaining under its share repurchase program at quarter-end.
The company raised its full-year 2026 guidance. For the year, it now expects fx-neutral revenue less ancillary services growth of 18% to 24% and adjusted EBITDA margin growth of 175 to 375 basis points year over year. That compares with prior guidance that was raised by 300 basis points at the midpoint for revenue less ancillary services growth and by 25 basis points at the midpoint for adjusted EBITDA margin growth.
For the second quarter, Flywire guided to fx-neutral revenue less ancillary services growth of 18% to 24% and adjusted EBITDA margin growth of 0 to 150 basis points year over year.
Flywire also announced an accelerated share repurchase program of up to $50 million. Today the company's shares have moved 0.84% to a price of $14.34. For more information, read the company's full 8-K submission here.
