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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Flywire
Flywire (FLYW) investor relations material
Flywire Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved strong Q4 and FY 2025 results, with revenue reaching $623M (up 27% YoY) and Q4 revenue at $157.5M (up 34% YoY), exceeding guidance and consensus expectations.
Adjusted EBITDA margin expanded to 20% in FY 2025, with Q4 margin at 16.6% (up 190 bps YoY); adjusted EBITDA up 55% YoY to $120.6M.
Net income turned positive at $13.5M for FY 2025, up from $3M in 2024 and a loss in prior years; Q4 net income near break-even.
Client base grew 2.5x since 2021 to ~5,000, with enterprise clients driving growth in Education and Travel; embedded deeply in client workflows, driving durable relationships and sub-1% revenue churn in core verticals.
Strategic focus on scalable platform innovation, automation, and enterprise growth, with new executive appointments and expanded integrations.
Financial highlights
FY 2025 revenue: $623M (+27% YoY); Q4 revenue: $157.5M (+34% YoY); Q4 revenue less ancillary services: $152.7M (+35.3% YoY); FX-neutral Q4 growth: 32.6%.
Adjusted gross profit: $381.6M (63.3% margin) for FY 2025; Q4 adjusted gross profit: $93.7M (61.3% margin).
Adjusted EBITDA: $120.6M (20.0% margin) for FY 2025; Q4 adjusted EBITDA: $25.4M (16.6% margin).
Free cash flow for FY 2025: $62.2M, scaling from $5M in 2021.
Share buybacks totaled ~$120M since program start, with $182M remaining authorized.
Outlook and guidance
FY 2026 FX-neutral revenue less ancillary services growth expected at 15–21% YoY, including contributions from B2B migrations and Cleveland Clinic ramp.
Adjusted EBITDA margin guidance for FY 2026 is 22.5% at midpoint, with 150–350 bps expansion; targeting 24–25% for 2027.
Adjusted gross profit margin expected to decline 200–300 bps in FY 2026 due to payment processing ramp, with normalization in 2027.
Q1 2026 FX-neutral revenue less ancillary services growth guided at 26–30% YoY, including ~7% from Sertifi.
GAAP net income expected to grow 3–4x in 2026 versus 2025.
Sertifi's contribution to Q4 revenue growth?
Reason for Q4 gross margin percentage decline?
What drives the shift to platform revenue share?
Why do payment processing ramps initially pressure gross margin?
How is non-Big 4 education growth achieved?
M&A strategy given private/public market dislocation
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Next Flywire earnings date
Morgan Stanley Technology, Media & Telecom Conference 20265 Mar, 2026
Flywire
Next Flywire earnings date
Morgan Stanley Technology, Media & Telecom Conference 20265 Mar, 2026
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Frequently asked questions
Flywire Corporation provides a payment enablement platform that simplifies the payments process for corporate clients and their users, enabling them to pay wages, benefits, tuition, and tax refunds. The company's Flywire Pay product enables companies to send funds to their employees via direct deposit or mobile app; its Flywire Payout product enables organizations to receive payments made at Walmart and other retailers through the retailer's mobile app. Its software solutions include payroll, benefits, compensation management, talent management, analytics, and tax products. Flywire was founded in 2009 and is based in Boston, Massachusetts.
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