Flywire (FLYW) Operating Expenses (2020 - 2026)
Flywire (FLYW) recorded Operating Expenses of $170.52 million in Q2 2026, up 21.0% from $140.9 million a year earlier but down 3.8% from the prior quarter.
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Analysis
Flywire (FLYW) Operating Expenses (2020 - 2026) Analysis & Trends
On a TTM basis, Flywire's Operating Expenses came in at $674.24 million as of Jun 30, 2026, up 23.7% year-over-year; for FY2025, it came in at $611.73 million, up 22.5% from FY2024.
- Annual Operating Expenses has increased for six straight years, with a five-year compound annual growth rate of 32.9% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $499.4 million in FY2024 (+17.6%), $424.61 million in FY2023 (+32.9%), $319.6 million in FY2022 (+49.1%) and $214.41 million in FY2021 (+45.3%).
- Quarterly Operating Expenses has ranged from $56.69 million in Q3 2021 to $177.33 million in Q1 2026 over the past five years.
- On a year-over-year basis, Operating Expenses has increased for 21 consecutive quarters, with growth averaging 20.9% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 11.5% (Q4 2024) and 70.4% (Q4 2021) over the last five years.
- Per Business Quant, the preceding three quarters came in at $177.33 million (Q1 2026), $158.51 million (Q4 2025) and $167.89 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Coinbase Global | 50.59 Bn | 7.40 Bn | - | 1.33 Bn |
| 2 | PayPal Holdings | 46.79 Bn | 5.01 Bn | - | 7.26 Bn |
| 3 | Block | 44.05 Bn | 15.31 Bn | 3.17 Bn | 2.72 Bn |
| 4 | Iren | 31.74 Bn | 19.34 Bn | 103.89 Mn | 128.25 Mn |
| 5 | Corpay | 26.01 Bn | 16.21 Bn | - | 260.40 Mn |
| 6 | Fiserv | 24.47 Bn | 21.17 Bn | 2.90 Bn | 4.28 Bn |
| 7 | Global Payments | 22.51 Bn | 952.73 Mn | 2.03 Bn | 2.98 Bn |
| 8 | Bitmine Immersion Technologies | 15.56 Bn | 12.94 Bn | 40.81 Mn | 52.67 Mn |
| 9 | Guidewire Software | 11.90 Bn | 8.47 Bn | 269.68 Mn | 207.36 Mn |
| 10 | Flywire | 2.10 Bn | 752.23 Mn | - | 170.52 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 170.52 Mn |
| Mar 31, 2026 | 177.33 Mn |
| Dec 31, 2025 | 158.51 Mn |
| Sep 30, 2025 | 167.89 Mn |
| Jun 30, 2025 | 140.90 Mn |
| Mar 31, 2025 | 144.44 Mn |
| Dec 31, 2024 | 123.33 Mn |
| Sep 30, 2024 | 136.55 Mn |
| Jun 30, 2024 | 119.46 Mn |
| Mar 31, 2024 | 120.07 Mn |
| Dec 31, 2023 | 110.57 Mn |
| Sep 30, 2023 | 111.44 Mn |
| Jun 30, 2023 | 101.68 Mn |
| Mar 31, 2023 | 100.93 Mn |
| Dec 31, 2022 | 82.42 Mn |
| Sep 30, 2022 | 91.58 Mn |
| Jun 30, 2022 | 73.93 Mn |
| Mar 31, 2022 | 71.66 Mn |
| Dec 31, 2021 | 61.72 Mn |
| Sep 30, 2021 | 56.69 Mn |
API Access
Flywire Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=FLYW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "FLYW", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=FLYW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();