Official results contrast with rumored margins; net margin stands at 2.7%, with core revenue (ex-ancillary) at $474M.

Flywire Corporation reported total revenue of $492.1M for the fiscal year ended December 31, 2024, according to its official Q4 and FY2024 press release. This figure diverges sharply from widely cited numbers of $421M in revenue and a 16% EBITDA margin, which appear to conflate different reporting periods or derive from non-standard adjustments. The company's actual GAAP EBITDA was near break-even at $0.4M (0.08% of revenue), while adjusted EBITDA reached $35.9M, representing a 7.3% margin. Net income stood at $13.3M, yielding a net margin of 2.7%. These results underscore the importance of distinguishing between GAAP and non-GAAP metrics when evaluating the payments enablement platform.

Revenue Composition: Transaction vs. Platform

Flywire generates revenue through two primary streams: transaction revenue and platform & other revenue. For FY2024, transaction revenue totaled $410.2M, accounting for 83.4% of total revenue. Platform & other revenue contributed $81.9M, or 16.6% of the total.

Revenue ($M) ($M)Source: Orionmano Industries

The company adjusts its reported revenue to exclude certain pass-through costs to arrive at "Revenue Less Ancillary Services," a non-GAAP metric management uses to reflect core business performance. For FY2024, Flywire deducted pass-through costs for printing and mailing ($15.9M) and marketing fees ($2.0M), resulting in core revenue of $474.2M. This figure represents a 17.7% increase over FY2023's $403M total revenue, or approximately 22% year-over-year growth on a straight comparison.

Profitability: EBITDA, Adjusted EBITDA, and Net Income

A significant discrepancy exists between reported GAAP profitability metrics and the figures sometimes cited in third-party analyses. The original claim of 16% EBITDA margin and 7.2% PAT margin does not align with officially filed numbers for FY2024.

GAAP EBITDA for FY2024 was $0.4M, or 0.08% of revenue—effectively break-even. This metric includes depreciation and amortization ($18.5M), interest income ($21.4M), interest expense ($0.5M), and income tax benefit ($1.0M).

Adjusted EBITDA, which excludes stock-based compensation and related taxes ($65.8M), as well as other non-recurring items, reached $35.9M, yielding a 7.3% margin. This represents meaningful improvement from FY2023, when adjusted EBITDA was $12M (3.0% margin), according to Morningstar data cited by Multiples.vc.

Net income for FY2024 was $13.3M, a net margin of 2.7%. Stock-based compensation and related payroll taxes totaled $65.8M, significantly depressing GAAP profitability. The company reported net margins on a Revenue Less Ancillary Services basis of 2.9%.

Revenue ($M) / Margin (%) ($M or %)Source: Orionmano Industries

The $421M revenue figure and 16% EBITDA margin appear to originate from data aggregators using trailing twelve-month (LTM) estimates rather than fiscal-year actuals. Multiples.vc, citing Morningstar, shows FY2024 revenue of $492M and EBITDA margin of 4%—closer to, but still higher than, the 0.08% GAAP EBITDA margin. The same source reports an LTM figure of $658M revenue with 21% EBITDA margin, likely reflecting forward-looking consensus estimates rather than reported results.

Operational Context and Growth Trajectory

Flywire operates with approximately 1,000 employees (according to its annual report filing), yielding revenue per employee of roughly $0.4M and operating expenses per employee of approximately $0.3M in FY2024. These metrics place Flywire in line with mid-stage payments infrastructure firms.

The company's Rule of 40 score—a standard efficiency metric for software companies that sums revenue growth rate and EBITDA margin—stood at 29.3% for FY2024 (22% growth + 7.3% adjusted EBITDA margin). While below the conventional 40% threshold, the trajectory is favorable: FY2023's Rule of 40 score was approximately 25% (22% growth + 3% adjusted EBITDA margin). The improvement is driven entirely by margin expansion rather than acceleration in growth, which held steady at 22%.

Looking ahead, Flywire's FY2025 guidance projects Revenue Less Ancillary Services of $603M, according to the company's Q4 and FY2025 press release released in early 2026. This implies approximately 27% growth on the core revenue basis, a modest acceleration from FY2024's 17.7% core growth rate. Management's continued focus on adjusted EBITDA expansion suggests the company is positioning to approach Rule of 40 thresholds as growth rates moderate toward industry norms.

The reported FY2025 results (released February 2026) show the company achieved revenue less ancillary services of $500.3M through the first three quarters of 2025, with full-year guidance of $603.1M implying Q4 core revenue of approximately $102.8M. FX-neutral core revenue grew 16% year-over-year for the trailing twelve months ended Q3 2025.

For investors and analysts, the key takeaway is clear: the widely circulated $421M revenue and 16% EBITDA margin figures for Flywire's FY2024 are not supported by official filings. The actual numbers—$492.1M revenue, 7.3% adjusted EBITDA margin, and 2.7% net margin—paint a picture of a company in steady margin recovery as it scales its payments platform across education, healthcare, travel, and technology verticals.