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FLYW · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Flywire Corporation Voting Common Stock (FLYW) stock moving?
Flywire reported Q3 2026 results on Nov 3 that beat expectations. Revenue rose 25.1% to $250.3M, total payment volume grew 27.7% to $17.8B, and adjusted EBITDA rose 39.2% to $79.5M. Q3 net income of $74.5M was inflated by a $39.2M non-cash tax benefit that management says will not recur. Q4 sales guidance of $179.6M-$189.1M sits above the $179.8M estimate, and the FY2026 sales range was narrowed upward at the low end, though its midpoint of about $759.9M is below the $767.6M consensus. The stock gapped up on Nov 4 from $19.15 to $21.81 (+14%) on 6.24M shares, about three times the prior-day volume, and has since climbed to a $22.35 close on Nov 10. Volume has tapered from the post-earnings peak to roughly 1.9M shares, and the stock closed at its session high. After the report, at least seven brokers raised price targets, including Morgan Stanley to $26, B. Riley to $25, and JP Morgan and Citigroup to $23. Several ratings remain Neutral. The price now sits above the UBS ($21.5) and BTIG ($22) targets, which limits near-term upside on valuation. Net, the fundamental news is constructive, with margin expansion and free cash flow, but the tax-benefit distortion and mixed ratings temper the outlook.
News behind the analysis
- Citigroup Maintains Neutral on Flywire, Raises Price Target to $23Citigroup kept its Neutral rating on Flywire and raised its price target to $23. The move follows the company's third-quarter results.
- Analysts Update Ratings and Price Targets for Flywire Following Q3 ResultsSeveral firms, including BTIG, UBS and B. Riley, adjusted their price targets after the third-quarter report.
- UBS Maintains Neutral on Flywire, Raises Price Target to $21.5UBS kept a Neutral rating on Flywire and lifted its price target to $21.5 after the quarterly results.
- JP Morgan Maintains Neutral on Flywire, Raises Price Target to $23JP Morgan kept a Neutral rating and raised its price target to $23 following the earnings report.
- Morgan Stanley Maintains Overweight on Flywire, Raises Price Target to $26Morgan Stanley kept its Overweight rating and raised its price target to $26, the highest target among the updates in this set.
- B. Riley Securities Reiterates Buy on Flywire, Raises Price Target to $25B. Riley reiterated its Buy rating and raised its price target to $25 after the third-quarter results.
- BTIG Maintains Buy Rating and Raises Price Target for FlywireBTIG reaffirmed its Buy rating and raised its price target from $20 to $22.
- Flywire Reports Third Quarter 2026 Financial ResultsRevenue rose 25.1% to $250.3M and adjusted EBITDA grew 39.2% to $79.5M. Total payment volume increased 27.7% to $17.8B.
- Flywire Raises FY2026 Sales Guidance from $729.751M-$765.937M to $753.875M-$765.937M vs $767.630M EstFlywire raised the low end of its FY2026 sales guidance to $753.9M. The new range still sits slightly below the $767.6M consensus estimate at the midpoint.
About Flywire Corporation Voting Common Stock
Flywire is a Boston-based payments and software company that helps organisations collect large, often cross-border payments, especially tuition from international students. What sets it apart is its focus on specific industries (education, healthcare, travel and B2B), where it pairs payment processing with billing and receivables software built for each one.
How it makes money
Most of its revenue comes from transaction fees on payment volume it processes, which hit about $17.8 billion in Q3 2026. Much of this is from currency conversion on cross-border payments, and the rest comes from software subscriptions and platform fees. Education is the largest segment, followed by travel, healthcare and B2B. Revenue is seasonal and peaks in the third quarter with the fall tuition cycle. Revenue less ancillary services was about $245 million in Q3 2026, up roughly 26% from a year earlier.
What usually moves FLYW
- International student visa policy in the US, UK, Canada and Australia
- Seasonal tuition payment volumes
- Foreign-exchange rates and cross-border volume
- Growth in travel, healthcare and B2B segments
- Margin expansion and share buybacks