Flywire: Updated Segment-by-Segment FY26 Revenue Build

Research evidence excerpt

Flywire: Updated Segment-by-Segment FY26 Revenue Build

Deutsche Bank

Research

Rating Company Date

Hold Flywire 28 May 2026

North America Reuters Bloomberg Rating Hold

United States FLYW.OQ FLYW US Price target (USD) 18.00 Price at 27 May 26 15.81

52-week range 17.73 – 10.00

TMT

Payments, Processors, & IT Valuation & Risks

Services

Updated Segment-by-Segment FY26 Revenue

Build NateResearchSvensson,AnalystCFA

+1-917-547-4768

Increase in FY26 estimates driven 50/50 by 1Q26 beat in Education/Travel vs

Hersh Shintre, CFA faster payment ramps in Healthcare/B2B Research Associate

Following FLYW’s stellar 1Q26 earnings (see our recap note here), we have +1-917-459-1162

updated our FY26 revenue build by segment to account for YTD results and

expectations for the remainder of the year. Compared to our pre-print Paul Tomaszewski

expectations (see our prior revenue build here), roughly half of the increase in Research Associate

+917-419-2598

our FY26 RLAS estimate comes from 1Q26 outperformance in Education (US,

UK, Australia stronger in Jan. before normalizing in Feb./Mar.) and Travel, with

the other half coming from faster than expected processing ramps in

Healthcare (Cleveland Clinic) and B2B (Invoiced). Despite the strong 1Q26

results in Education and Travel, based on our conversations with the company, we

believe the expectations for those 2 segments for the remainder of the year are

unchanged and FLYW simply flowed through the beat in the quarter. FLYW raised

its expectations with regards to the payments ramps in Healthcare and B2B to ~3-

4ppt (from ~1-2ppt prior) which we have factored into our revenue build. We

continue to believe that FLYW’s assumptions around US Education (-30% Y/Y

visa contraction), Australia Education (low-single digit revenue growth), Rest