Slide 1: Q2 2026 Earnings Supplement
Q2 2026 Earnings Supplement August 4, 2026 Exhibit 99.2
Slide 2: Disclosures
Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this presentation, in
Slide 3: Clients Look to Flywire to Solve Payments Complexity
Backed by highly localized, verticalized support Clients Look to Flywire to Solve Payments Complexity Client Delivered in client’s environment One integration Settled in their currency Posted to system of record Disputes handled end-to-end Around-the-clock team with excellent payment and product kno
Slide 4: Our Global Network Today
240+ countries & territories 1,200+ local payment options 140+ currencies reported Optimized intelligent transaction routing ~6,000 geographic corridors Domestic + cross-border payments Scalable global settlement infrastructure Broad local clearing & local payment methods Our Global Network Today We
Slide 5: Generic processors go a mile wide. Flywire goes a mile deep.
Generic processors go a mile wide. Flywire goes a mile deep. Generic Processor Flywire What Flywire Does Tax & FX compliance Handles country-specific FX controls and regulatory docs before fund outflow Tax obligations vary by market - we manage where required (e.g. WHT in India, Brazil) KYC & regula
Slide 6: Capability comparison: Point Solutions, Generic Processor, Flywire
Capability Point Solutions Generic Processor Flywire What Flywire Does Workflows + Payments connected Contracts, approvals, and payments in a single workflow Full agreement management for Hospitality Travel-specific payment types Partial Flexible scheduling of installments Group and split payments:
Slide 7: Spotlight: SFS Delivering Measurable Impact
Spotlight: SFS Delivering Measurable Impact
Slide 8: The complete platform for every student
Due by 05/31/2026 Student Financial Software Billing & Account Presentment eBill 1098-T Sponsored billing eRefunds The complete platform for every student – from enrollment to collections Payments Domestic International Refunds eStore Payment Plans Collections Management Flexible plans Real-time reb
Slide 9: Payment Plan Default Rate Drops from 34% to 2%
CASE STUDY Before Flywire SFS Fall 2024 With Flywire SFS Payment Plan Default Rate Drops from 34% to 2% Initial license of Flywire XB in 2019 > Went live with Flywire SFS in 2025 CASE STUDY The typical default rate on Flywire payment is historically less than 5% 34% default rate Less than 2% default
Slide 10: Turning finance into a strategic driver of the student experience
Replacing a sunset Unit4 module became the catalyst for turning finance into a strategic driver of the student experience “We couldn’t find anything else on the market that came close to it.” Chris Billington Head of Finance Shared Services Measurable Impact With Flywire SFS Consolidating tuition &
Slide 11: Spotlight: Digital Transformation (ADAPT)
Spotlight: Digital Transformation (ADAPT)
Slide 12: Digital Transformation: Project ADAPT
Digital Transformation: Project ADAPT Speed Savings Scale Accelerate time to insight and organizational agility Example: Reduce sales quote generation and deal approval timelines Rationalize the tech stack and focus our human capital Example: Deprecate >30 duplicative systems and footprint Build a s
Slide 13: Re-architecting the Operating Model
People + AI Agents Democratized Certified Data Redesigned end-to-end processes Unified & simplified enterprise systems Workflows reimagined from the ground up to eliminate friction, reduce handoffs, and drive outcomes. Consolidated, modern core systems providing a single source of truth and a scalab
Slide 14: AI is already driving operating leverage across the business
AI is already driving operating leverage across the business Scaling throughput across every function without proportional cost increases Rearchitecting data & operating systems so people & AI agents work side-by-side – structurally lowering the cost of scale AGENT-READY BY DESIGN More ARR per rep w
Slide 15: Our 2026E OPEX can scale efficiently
Our 2026E OPEX can scale efficiently A Multi-year Transformation LOWER SCALING 34% Sales & Relationship Management (Education, Healthcare, Travel, B2B) MODERATE SCALING 29% Marketing Engineering Product Global Payments HIGH SCALING 37% G&A Operations IT Risk & Security Scaling classification reflect
Slide 16: Proven Operating Leverage as the Platform Scales
Proven Operating Leverage as the Platform Scales aEBITDA/Headcount (1) (FTE) Adj. Gross Profit/Headcount (1) (FTE) 2022 2023 2024 2025 2022 2023 2024 2025 EBITDA- centric profitability inflected as we scaled Grew aGP/FTE efficiency Note (1): The average approximate number of FlyMates, including full
Slide 17: GAAP Financial Highlights Q2 2026
$167.7M revenue $(8.1M)* net loss 53.4% gross margin *Q2 2026 includes a $2.9M FX loss compared to a $3.9M FX gain and $1.4M restructuring costs in Q2 2025 GAAP Financial Highlights Q2 2026
Slide 18: Key Operating Metrics (Non-GAAP) Q2 2026
Key Operating Metrics (Non-GAAP) Q2 2026 $8.2B total payment volume +38.2%1 YoY $92.7M adjusted gross profit 19.0%1 YoY, 56.6%2 $24.0M adjusted EBITDA 44.5%1 YoY, 14.6%2 $163.8M revenue less ancillary services +28.5%1 YoY 1. Represents Y-o-Y Growth as compared to Q225 2. Represents Margins as % of R
Slide 19: Q2 Actual Performance vs. Guidance: Strong Beat Across the Board
Q2 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide2 Beat Q2 2026 Q2 2026 Total RLAS1 $164 $156 +$8 Y/Y RLAS Spot Growth (%) 28% 23% ~550 bps Y/Y RLAS FxN Growth (%) 27% 21% ~590 bps aEBITDA1 $24 $21 +$2.5 aEBITDA Margin expansion - YoY ~+160 bps +75 bps +85 bps RLAS varian
Slide 20: Driving Productivity/Leverage Across All Opex Lines
Coding with AI… Increase feature velocity and engineering productivity shortening development timelines Technical support streamlined with AI...issue triage and preliminary solutions managed via AI tools Data architecture investments to drive insights and predictive/ML/AI capabilities Highly scalabl
Slide 21: Selected Customer Wins: Q2 2026
Selected Customer Wins: Q2 2026 Strong New Client Wins & Expansion Across Existing Customers SIGNED SFS ACCOUNTS NEW LIVE ACCOUNTS & MAJOR EXPANSIONS Large Florida University Private Liberal Arts University in Vermont
Slide 22: 2026 & Q3 Financial Outlook
2026 & Q3 Financial Outlook
Slide 23: Q3 2026 Outlook
Q3 2026 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted FX Neutral revenue to GAAP revenue and Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain rec
Slide 24: FY 2026 Outlook
FY 2026 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These i
Slide 25: FY 2026 Guidance Assumptions
FY 2026 Guidance Assumptions EDU Macro Assumptions (Unchanged) Revenue Approx. 1.5% inorganic growth from Sertifi. Approx. 3-4% coming from payment processing ramps. Gross Margins Adjusted Gross Profit margin expected to decline ~350 bps in FY2026 due to payment processing ramp. Excl ramp, GM % decl
Slide 26: Recent Visa/Int'l Student Developments in Big 4 Markets
UK USA CANADA AUSTRALIA Recent Visa/ Int’l Student Developments in Big 4 Markets Stiffer compliance thresholds causing universities to reduce recruitment in “high-risk” student source countries Significantly higher rejection rates & visa processing delays concentrated in South Asia and Africa Int’l
Slide 27: Capital Allocation & Structure
Capital Allocation & Structure
Slide 28: Capital Allocation Strategy Overview
Capital Allocation Strategy Overview Organic Growth Investments Geographic expansion GTM enhancement Deeper software integrations Ecosystem expansions with Strategic Payables & International Agent solutions Strategic Acquisitions Accelerate within existing industry and / or geographies New product c
Slide 29: Maintained strong total liquidity while returning capital
Maintained strong total liquidity while returning capital Cash declined $50M from Q1 to Q2 2026, primarily driven by share repurchases, fulfilling our buyback commitment FCF reflects expected seasonal cash flow patterns and one-time transformation-related cash outflows; excluding these items, FCF wo
Slide 30: Share Buyback (SBB): ~$177M since program start
Share Buyback (SBB): ~$177M since program start Authorized $300M (-) Purchases through 06/30/26 $(177M) Remaining $123M We repurchased 3.1 M shares at an average price of $15.65 in 2Q26 Since program start, 12.1M shares have been repurchased at an average price of $14.68 (US$M) Shares Repurchased 2.
Slide 31: Appendix
Appendix
Slide 32: Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations
Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 33: Revenue Less Ancillary Services Disaggregation by Revenue Type
Revenue Less Ancillary Services Disaggregation by Revenue Type $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 34: FX Neutral Revenue Less Ancillary Services Reconciliation
FX Neutral Revenue Less Ancillary Services Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 35: Net Loss to Adjusted EBITDA Reconciliation
Net Loss to Adjusted EBITDA Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 36: Non-GAAP Operating Expenses Reconciliation
Non-GAAP Operating Expenses Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 37: Net Margin, EBITDA Margin, and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 38: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 39: Corporate Cash Reconciliation
Corporate Cash Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 40: Non-GAAP Definitions
Non-GAAP Definitions Revenue Less Ancillary Services. Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP less (i) pass-through cost for printing and mailing services and (ii) marketing fees. Adjusted Gross Profit and Adjusted Gross Margin. Adjusted
Slide 41: Non-GAAP Definitions
Non-GAAP Definitions Non-GAAP Operating Expenses. Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv)