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Side-by-side financial comparison of Flywire Corp (FLYW) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $157.5M, roughly 10.4× Flywire Corp). Toast, Inc. runs the higher net margin — 6.2% vs 0.0%, a 6.2% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 22.0%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $4.5M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 17.5%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
FLYW vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $1.6B |
| Net Profit | $33.0K | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | -0.6% | 5.2% |
| Net Margin | 0.0% | 6.2% |
| Revenue YoY | 34.0% | 22.0% |
| Net Profit YoY | 100.2% | 215.6% |
| EPS (diluted) | $0.01 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $157.5M | $1.6B | ||
| Q3 25 | $200.1M | $1.6B | ||
| Q2 25 | $131.9M | $1.6B | ||
| Q1 25 | $133.5M | $1.3B | ||
| Q4 24 | $117.5M | $1.3B | ||
| Q3 24 | $156.8M | $1.3B | ||
| Q2 24 | $103.7M | $1.2B | ||
| Q1 24 | $114.1M | $1.1B |
| Q4 25 | $33.0K | $101.0M | ||
| Q3 25 | $29.6M | $105.0M | ||
| Q2 25 | $-12.0M | $80.0M | ||
| Q1 25 | $-4.2M | $56.0M | ||
| Q4 24 | $-15.9M | $32.0M | ||
| Q3 24 | $38.9M | $56.0M | ||
| Q2 24 | $-13.9M | $14.0M | ||
| Q1 24 | $-6.2M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | -0.6% | 5.2% | ||
| Q3 25 | 16.1% | 5.1% | ||
| Q2 25 | -6.8% | 5.2% | ||
| Q1 25 | -8.2% | 3.2% | ||
| Q4 24 | -4.9% | 2.5% | ||
| Q3 24 | 12.9% | 2.6% | ||
| Q2 24 | -15.2% | 0.4% | ||
| Q1 24 | -5.2% | -5.2% |
| Q4 25 | 0.0% | 6.2% | ||
| Q3 25 | 14.8% | 6.4% | ||
| Q2 25 | -9.1% | 5.2% | ||
| Q1 25 | -3.1% | 4.2% | ||
| Q4 24 | -13.5% | 2.4% | ||
| Q3 24 | 24.8% | 4.3% | ||
| Q2 24 | -13.4% | 1.1% | ||
| Q1 24 | -5.4% | -7.7% |
| Q4 25 | $0.01 | $0.18 | ||
| Q3 25 | $0.23 | $0.16 | ||
| Q2 25 | $-0.10 | $0.13 | ||
| Q1 25 | $-0.03 | $0.09 | ||
| Q4 24 | $-0.12 | $0.09 | ||
| Q3 24 | $0.30 | $0.07 | ||
| Q2 24 | $-0.11 | $0.02 | ||
| Q1 24 | $-0.05 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $355.0M | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $835.2M | $2.1B |
| Total Assets | $1.3B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | $1.4B | ||
| Q3 25 | $377.3M | $1.4B | ||
| Q2 25 | $274.2M | $1.2B | ||
| Q1 25 | $255.3M | $1.0B | ||
| Q4 24 | $611.1M | $903.0M | ||
| Q3 24 | $681.1M | $761.0M | ||
| Q2 24 | $571.0M | $691.0M | ||
| Q1 24 | $619.0M | $578.0M |
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $835.2M | $2.1B | ||
| Q3 25 | $829.1M | $2.0B | ||
| Q2 25 | $792.4M | $1.8B | ||
| Q1 25 | $784.3M | $1.7B | ||
| Q4 24 | $814.8M | $1.5B | ||
| Q3 24 | $843.2M | $1.4B | ||
| Q2 24 | $802.6M | $1.3B | ||
| Q1 24 | $-797.0M | $1.2B |
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.1B | $2.8B | ||
| Q1 25 | $1.1B | $2.6B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $998.7M | $2.2B | ||
| Q1 24 | $998.7M | $2.1B |
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.9M | $194.0M |
| Free Cash FlowOCF − Capex | $4.5M | $178.0M |
| FCF MarginFCF / Revenue | 2.9% | 10.9% |
| Capex IntensityCapex / Revenue | 0.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 148.06× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $194.0M | ||
| Q3 25 | $150.1M | $165.0M | ||
| Q2 25 | $24.1M | $223.0M | ||
| Q1 25 | $-78.9M | $79.0M | ||
| Q4 24 | $-28.6M | $147.0M | ||
| Q3 24 | $184.6M | $109.0M | ||
| Q2 24 | $-19.3M | $124.0M | ||
| Q1 24 | $-38.1M | $-20.0M |
| Q4 25 | $4.5M | $178.0M | ||
| Q3 25 | $149.9M | $153.0M | ||
| Q2 25 | $23.5M | $208.0M | ||
| Q1 25 | $-79.1M | $69.0M | ||
| Q4 24 | $-28.7M | $134.0M | ||
| Q3 24 | $184.4M | $97.0M | ||
| Q2 24 | $-19.7M | $108.0M | ||
| Q1 24 | $-38.3M | $-33.0M |
| Q4 25 | 2.9% | 10.9% | ||
| Q3 25 | 74.9% | 9.4% | ||
| Q2 25 | 17.8% | 13.4% | ||
| Q1 25 | -59.3% | 5.2% | ||
| Q4 24 | -24.4% | 10.0% | ||
| Q3 24 | 117.6% | 7.4% | ||
| Q2 24 | -19.0% | 8.7% | ||
| Q1 24 | -33.6% | -3.1% |
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.4% | 1.0% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.3% | 1.3% | ||
| Q1 24 | 0.2% | 1.2% |
| Q4 25 | 148.06× | 1.92× | ||
| Q3 25 | 5.07× | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 4.75× | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
