Remitly (NASDAQ: RELY) turns profitable as 2025 revenue climbs 29%
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Remitly Global, Inc. reported a strong finish to 2025 with results above its outlook and its first full year of GAAP profitability. Fourth quarter revenue reached $442.2 million, up 26% year over year, with net income of $41.2 million and Adjusted EBITDA of $88.6 million, up 98%.
For full year 2025, revenue was $1.6 billion, up 29%, net income was $67.9 million compared to a prior-year loss, and Adjusted EBITDA was $272.2 million with a 16.6% margin. Send volume rose to $74.9 billion and active customers grew to 9.3 million, showing broad-based scale gains.
The company generated cash flow from operations of $325.1 million and free cash flow of $283.3 million, up sharply from 2024. For 2026, Remitly targets revenue of $1.94 billion to $1.96 billion and Adjusted EBITDA of $340 million to $360 million, and expects positive GAAP net income for both the first quarter and full year. Co-founder Matt Oppenheimer will transition CEO duties to Sebastian Gunningham while remaining Chairman.
Positive
- None.
Negative
- None.
Insights
Remitly combines strong growth with its first profitable year and upbeat guidance.
Remitly delivered 2025 revenue of
Profitability quality looks solid, with full-year Adjusted EBITDA of
Guidance points to continued expansion, with 2026 revenue targeted at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices and Zip Code)
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1
Item 2.02 Results of Operations and Financial Condition.
On February 18, 2026, Remitly Global, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter and full fiscal year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On February 18, 2026, the Company provided an investor presentation that will be made available on the investor relations section of the Company’s website at https://ir.remitly.com/. The investor presentation is furnished as Exhibit 99.2 hereto and is incorporated by reference herein.
The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | ||||
| 99.1 | Press Release dated February 18, 2026 | ||||
| 99.2 | Investor Presentation dated February 18, 2026 | ||||
| 104 | Cover page interactive data file (embedded with the inline XBRL document) | ||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Remitly Global, Inc. | |||||||||||
Date: February 18, 2026 | By: | /s/ Vikas Mehta | |||||||||
| Vikas Mehta | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
Date: February 18, 2026 | By: | /s/ Luke Tavis | |||||||||
| Luke Tavis | |||||||||||
| Chief Accounting Officer | |||||||||||
| (Principal Accounting Officer) | |||||||||||
3
Remitly Reports Fourth Quarter and Full Year 2025 Results Above Outlook
Reported first full year of GAAP profitability
Record fourth quarter results: revenue of $442.2 million, net income of $41.2 million, and Adjusted EBITDA of $88.6 million
SEATTLE, WA / February 18, 2026 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of financial services that transcend borders, reported results for the fourth quarter and full year ended December 31, 2025.
“We ended 2025 with very strong results, exceeding our guidance for both revenue and Adjusted EBITDA,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “These exceptional results and the strategic accomplishments realized in 2025 create the right moment to accelerate execution with a new leader.”
Mr. Oppenheimer continued, “I am pleased to announce the appointment of Sebastian Gunningham as Remitly’s new Chief Executive Officer. Sebastian has the experience and skills Remitly needs to solidify our path to becoming a generational cross-border financial solutions platform. I will remain Chairman and advise Sebastian through a transition period. 2026 is off to a great start, and I could not be more excited about our future.”
Fourth Quarter 2025 Highlights and Key Operating Data
(All comparisons relative to the fourth quarter of 2024)
•Active customers increased to 9.3 million, from 7.8 million, up 19%.
•Send volume increased to $20.8 billion, from $15.4 billion, up 35%.
•Revenue totaled $442.2 million, compared to $351.9 million, up 26%.
•Net income was $41.2 million, compared to a net loss of $5.7 million.
•Adjusted EBITDA was $88.6 million, compared to $44.7 million, up 98%.
Full Year 2025 Highlights and Key Operating Data
(All comparisons relative to the full year 2024)
•Send volume increased to $74.9 billion, from $54.6 billion, up 37%.
•Revenue totaled $1.6 billion, compared to $1.3 billion, up 29%.
•Net income was $67.9 million, compared to a net loss of $37.0 million.
•Adjusted EBITDA was $272.2 million, compared to $141.2 million, up 93%.
•Cash flow from operations of $325.1 million and free cash flow of $283.3 million, compared to $111.6 million and $93.9 million, respectively.
2026 Financial Outlook
For fiscal year 2026, Remitly currently expects:
•Total revenue in the range of $1.940 billion to $1.960 billion, representing a growth rate of 19% to 20% year over year.
•GAAP net income to be positive for 2026 and for Adjusted EBITDA to be in the range of $340 million to $360 million.
For the first quarter of 2026, Remitly currently expects:
•Total revenue in the range of $436 million to $438 million, representing a growth rate of 21% year over year.
•GAAP net income to be positive for the first quarter of 2026 and for Adjusted EBITDA to be in the range of $82 million to $84 million.
1
Reconciliation of GAAP to Non-GAAP Financial Measures
A reconciliation of accounting principles generally accepted in the United States of America (“GAAP”) to non-GAAP financial measures has been provided in the financial statement tables included in this earnings release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include, but are not limited to, income taxes, stock-based compensation expense, and payroll taxes related to stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.
Note: All percentage changes described within this press release are calculated using amounts in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), for which revenue and active customers are presented in thousands and send volume is presented in millions. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body as compared to the amounts included within the Company’s SEC filings.
2
Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, February 18, 2026, to discuss its fourth quarter and full year 2025 financial results. The live webcast and investor presentation will be accessible on Remitly’s website at https://ir.remitly.com. A webcast replay will be available on our website at https://ir.remitly.com following the live event.
We have used, and intend to continue to use, the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.
Non-GAAP Financial Measures
Some of the financial information and data contained in this earnings release, such as Adjusted EBITDA, free cash flow, and non-GAAP operating expenses, have not been prepared in accordance with GAAP.
We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. We believe that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing our financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Free cash flow is a key measure used by our management to understand the strength of our liquidity and available cash, and we believe that the presentation of this measure is useful because we are focused on growing our free cash flow generation over time. Free cash flow is not intended to represent the total increase or decrease in our cash balance for the period. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with our financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.
We calculate Adjusted EBITDA as net income (loss) adjusted by (i) interest (income) expense, net; (ii) provision for (benefit from) income taxes; (iii) noncash charges of depreciation and amortization; (iv) other (income) expense, net; (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; (vi) noncash stock-based compensation expense, net; (vii) payroll taxes related to stock-based compensation expense, net; and (viii) certain integration, restructuring, and other costs.
We calculate free cash flow as net cash provided by operating activities, adjusted for capitalized expenditures that include purchases of property and equipment and capitalized internal-use software.
We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net; (ii) payroll taxes related to stock-based compensation expense, net; (iii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; as well as (iv) certain integration, restructuring, and other costs.
3
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding future events or our future results of operations and financial position, including our fiscal year and first quarter 2026 financial outlook, including forecasted fiscal year and first quarter 2026 revenue, net income (loss), and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, our objectives for future operations, and our expectations and the potential implications of Mr. Gunningham joining Remitly. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to continue to develop new products and services in a timely manner; our ability to sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal and tax policy, foreign trade, or foreign investment), regional and global conflicts or related government sanctions, or legislative or regulatory developments; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances or obtain new licenses and regulatory clearances; our ability to maintain and expand international operations; our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions; and our stock repurchase program, the timing and number of shares of our common stock to be repurchased, and the potential benefits thereof. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our annual report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC, which will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
4
About Remitly
Remitly is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, Remitly has built one of the world’s leading global money movement platforms, trusted by millions of customers. Remitly continues to evolve beyond a remittance company into a diversified, cross-border financial services provider, serving both consumers and businesses across a growing set of use cases.
Contacts
Media Inquiries:
press@remitly.com
Investor Relations:
ir@remitly.com
5
REMITLY GLOBAL, INC.
Consolidated Statements of Operations
(unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| (in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Revenue | $ | 442,177 | $ | 351,895 | $ | 1,635,147 | $ | 1,263,963 | |||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
Transaction expenses(1) | 137,606 | 118,389 | 549,480 | 431,604 | |||||||||||||||||||
Customer support and operations(1) | 27,193 | 22,008 | 101,226 | 83,918 | |||||||||||||||||||
Marketing(1) | 92,800 | 83,937 | 342,903 | 303,799 | |||||||||||||||||||
Technology and development(1) | 82,139 | 70,611 | 313,907 | 269,817 | |||||||||||||||||||
General and administrative(1) | 56,746 | 54,875 | 225,129 | 195,857 | |||||||||||||||||||
| Depreciation and amortization | 6,878 | 5,814 | 25,034 | 18,054 | |||||||||||||||||||
| Total costs and expenses | 403,362 | 355,634 | 1,557,679 | 1,303,049 | |||||||||||||||||||
| Income (loss) from operations | 38,815 | (3,739) | 77,468 | (39,086) | |||||||||||||||||||
| Interest income | 1,785 | 1,844 | 7,699 | 8,077 | |||||||||||||||||||
| Interest expense | (2,547) | (967) | (7,612) | (3,241) | |||||||||||||||||||
| Other income (expense), net | (1,904) | (2,273) | (5,927) | 3,999 | |||||||||||||||||||
| Income (loss) before provision for income taxes | 36,149 | (5,135) | 71,628 | (30,251) | |||||||||||||||||||
Provision for (benefit from) income taxes | (5,067) | 589 | 3,695 | 6,727 | |||||||||||||||||||
| Net income (loss) | $ | 41,216 | $ | (5,724) | $ | 67,933 | $ | (36,978) | |||||||||||||||
| Net income (loss) per share attributable to common stockholders: | |||||||||||||||||||||||
Basic | $ | 0.20 | $ | (0.03) | $ | 0.33 | $ | (0.19) | |||||||||||||||
| Diluted | $ | 0.19 | $ | (0.03) | $ | 0.31 | $ | (0.19) | |||||||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||||||||||||||||
Basic | 209,643,777 | 199,049,777 | 205,833,196 | 194,646,436 | |||||||||||||||||||
| Diluted | 215,554,792 | 199,049,777 | 217,569,896 | 194,646,436 | |||||||||||||||||||
__________
(1) Exclusive of depreciation and amortization, shown separately.
6
REMITLY GLOBAL, INC.
Consolidated Balance Sheets
(unaudited)
| December 31, | December 31, | ||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 542,426 | $ | 368,097 | |||||||
| Disbursement prefunding | 441,335 | 288,934 | |||||||||
| Customer funds receivable, net | 286,455 | 193,965 | |||||||||
| Prepaid expenses and other current assets | 45,735 | 46,518 | |||||||||
| Total current assets | 1,315,951 | 897,514 | |||||||||
| Property and equipment, net | 61,521 | 31,566 | |||||||||
| Operating lease right-of-use assets | 12,452 | 13,002 | |||||||||
| Goodwill | 54,940 | 54,940 | |||||||||
| Intangible assets, net | 2,125 | 10,463 | |||||||||
| Other noncurrent assets, net | 11,724 | 5,386 | |||||||||
| Total assets | $ | 1,458,713 | $ | 1,012,871 | |||||||
Liabilities and stockholders’ equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 28,450 | $ | 16,159 | |||||||
| Customer liabilities | 219,667 | 188,984 | |||||||||
| Short-term debt | 2,821 | 2,468 | |||||||||
| Accrued expenses and other current liabilities | 141,948 | 116,652 | |||||||||
| Operating lease liabilities | 6,166 | 4,745 | |||||||||
| Total current liabilities | 399,052 | 329,008 | |||||||||
| Operating lease liabilities, noncurrent | 28,135 | 9,073 | |||||||||
| Long-term debt | 155,000 | — | |||||||||
| Other noncurrent liabilities | 7,737 | 9,319 | |||||||||
| Total liabilities | 589,924 | 347,400 | |||||||||
| Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
| Common stock | 21 | 20 | |||||||||
| Additional paid-in capital | 1,325,520 | 1,195,390 | |||||||||
| Accumulated other comprehensive income (loss) | 3,596 | (1,658) | |||||||||
| Accumulated deficit | (460,348) | (528,281) | |||||||||
| Total stockholders’ equity | 868,789 | 665,471 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,458,713 | $ | 1,012,871 | |||||||
7
REMITLY GLOBAL, INC.
Consolidated Statements of Cash Flows
(unaudited)
| Year Ended December 31, | |||||||||||
| (in thousands) | 2025(1) | 2024(1) | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | $ | 67,933 | $ | (36,978) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization, and other | 46,761 | 16,473 | |||||||||
| Stock-based compensation expense, net | 155,114 | 152,137 | |||||||||
| Donation of common stock | 3,336 | 2,587 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Prepaid expenses and other assets | (2,477) | (12,224) | |||||||||
| Operating lease right-of-use assets | 5,467 | 5,981 | |||||||||
| Accounts payable | 10,058 | (20,823) | |||||||||
| Accrued expenses and other liabilities | 23,840 | 10,584 | |||||||||
| Operating lease liabilities | 15,050 | (6,141) | |||||||||
| Net cash provided by operating activities | 325,082 | 111,596 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | (29,431) | (5,998) | |||||||||
| Capitalized internal-use software costs | (12,389) | (11,704) | |||||||||
Net collections (originations) from consumer receivables | (28,114) | (2,184) | |||||||||
| Net cash used in investing activities | (69,934) | (19,886) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from exercise of stock options | 6,662 | 8,667 | |||||||||
Proceeds from issuance of common stock in connection with ESPP | 11,147 | 9,382 | |||||||||
Cash paid for repurchase of common stock | (23,894) | — | |||||||||
| Proceeds from revolving credit facility borrowings | 6,811,000 | 1,453,000 | |||||||||
| Repayments of revolving credit facility borrowings | (6,656,000) | (1,583,000) | |||||||||
| Taxes paid related to net share settlement of equity awards | (26,909) | (5,228) | |||||||||
| Net change in customer funds assets and liabilities | (208,708) | 85,073 | |||||||||
Cash paid for settlement of amounts previously held back for acquisition consideration | — | (10,261) | |||||||||
| Payment of debt issuance costs | (3,078) | — | |||||||||
Net cash used in financing activities | (89,780) | (42,367) | |||||||||
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 9,114 | (4,555) | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | 174,482 | 44,788 | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 369,817 | 325,029 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 544,299 | $ | 369,817 | |||||||
| Reconciliation of cash, cash equivalents, and restricted cash | |||||||||||
| Cash and cash equivalents | $ | 542,426 | $ | 368,097 | |||||||
| Restricted cash included in prepaid expenses and other current assets | 883 | 658 | |||||||||
| Restricted cash included in other noncurrent assets, net | 990 | 1,062 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 544,299 | $ | 369,817 | |||||||
__________
(1) Beginning in the fourth quarter of 2025, the Company changed the presentation of certain cash activity related to customer funds assets and liabilities, which is comprised of disbursement prefunding, customer funds receivable, customer liabilities, and trade settlement liability included within the line item ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. Certain components of this activity were reclassified from cash flows from operating activities to cash flows from financing activities, reflected within the line item ‘Net change in customer funds assets and liabilities.’
8
REMITLY GLOBAL, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
Reconciliation of net income (loss) to Adjusted EBITDA: | |||||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024(2) | 2025 | 2024(2) | |||||||||||||||||||
| Net income (loss) | $ | 41,216 | $ | (5,724) | $ | 67,933 | $ | (36,978) | |||||||||||||||
| Add: | |||||||||||||||||||||||
Interest (income) expense, net | 762 | (877) | (87) | (4,836) | |||||||||||||||||||
Provision for (benefit from) income taxes | (5,067) | 589 | 3,695 | 6,727 | |||||||||||||||||||
| Depreciation and amortization | 6,878 | 5,814 | 25,034 | 18,054 | |||||||||||||||||||
Other (income) expense, net | 1,904 | 2,273 | 5,927 | (4,394) | |||||||||||||||||||
| Donation of common stock | 612 | — | 3,336 | 2,587 | |||||||||||||||||||
| Stock-based compensation expense, net | 41,282 | 41,614 | 155,114 | 152,137 | |||||||||||||||||||
| Payroll taxes related to stock-based compensation expense, net | 758 | 1,047 | 7,059 | 6,439 | |||||||||||||||||||
Integration, restructuring, and other costs(1) | 239 | — | 4,179 | 1,468 | |||||||||||||||||||
| Adjusted EBITDA | $ | 88,584 | $ | 44,736 | $ | 272,190 | $ | 141,204 | |||||||||||||||
__________
(1) Integration, restructuring, and other costs for the three and twelve months ended December 31, 2025, consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the twelve months ended December 31, 2024, consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd.
(2) As previously announced on February 19, 2025, the Company's presentation of Adjusted EBITDA now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period Adjusted EBITDA has been recast to reflect this change.
Reconciliation of cash flow from operations to free cash flow: | |||||||||||
| Twelve Months Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
Net cash provided by operating activities | $ | 325,082 | $ | 111,596 | |||||||
Less: | |||||||||||
Purchases of property and equipment | (29,431) | (5,998) | |||||||||
Capitalized internal-use software costs | (12,389) | (11,704) | |||||||||
Free cash flow | $ | 283,262 | $ | 93,894 | |||||||
9
| Reconciliation of operating expenses to non-GAAP operating expenses: | |||||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024(1) | 2025 | 2024(1) | |||||||||||||||||||
| Customer support and operations | $ | 27,193 | $ | 22,008 | $ | 101,226 | $ | 83,918 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 411 | 268 | 1,575 | 1,158 | |||||||||||||||||||
| Excluding: Payroll taxes related to stock-based compensation expense, net | 3 | 3 | 24 | 22 | |||||||||||||||||||
| Excluding: Integration, restructuring, and other costs | — | — | — | 758 | |||||||||||||||||||
| Non-GAAP customer support and operations | $ | 26,779 | $ | 21,737 | $ | 99,627 | $ | 81,980 | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024(1) | 2025 | 2024(1) | ||||||||||||||||||||
| Marketing | $ | 92,800 | $ | 83,937 | $ | 342,903 | $ | 303,799 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 4,387 | 4,595 | 17,271 | 17,609 | |||||||||||||||||||
| Excluding: Payroll taxes related to stock-based compensation expense, net | 330 | 352 | 1,315 | 1,260 | |||||||||||||||||||
| Excluding: Integration, restructuring, and other costs | — | — | 700 | — | |||||||||||||||||||
| Non-GAAP marketing | $ | 88,083 | $ | 78,990 | $ | 323,617 | $ | 284,930 | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024(1) | 2025 | 2024(1) | ||||||||||||||||||||
| Technology and development | $ | 82,139 | $ | 70,611 | $ | 313,907 | $ | 269,817 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 25,656 | 22,527 | 93,158 | 84,381 | |||||||||||||||||||
| Excluding: Payroll taxes related to stock-based compensation expense, net | 272 | 428 | 3,613 | 3,411 | |||||||||||||||||||
| Excluding: Integration, restructuring, and other costs | — | — | 1,553 | — | |||||||||||||||||||
| Non-GAAP technology and development | $ | 56,211 | $ | 47,656 | $ | 215,583 | $ | 182,025 | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024(1) | 2025 | 2024(1) | ||||||||||||||||||||
| General and administrative | $ | 56,746 | $ | 54,875 | $ | 225,129 | $ | 195,857 | |||||||||||||||
| Excluding: Stock-based compensation expense, net | 10,828 | 14,224 | 43,110 | 48,989 | |||||||||||||||||||
| Excluding: Payroll taxes related to stock-based compensation expense, net | 153 | 264 | 2,107 | 1,746 | |||||||||||||||||||
| Excluding: Donation of common stock | 612 | — | 3,336 | 2,587 | |||||||||||||||||||
| Excluding: Integration, restructuring, and other costs | 239 | — | 1,926 | 710 | |||||||||||||||||||
| Non-GAAP general and administrative | $ | 44,914 | $ | 40,387 | $ | 174,650 | $ | 141,825 | |||||||||||||||
__________
(1) As previously announced on February 19, 2025, the Company's presentation of non-GAAP operating expenses now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period non-GAAP operating expenses have been recast to reflect this change.
10
Investor Presentation Fourth Quarter and Full Year 2025 Earnings February 18, 2026
Feb 2026 / © 2026 Remitly Inc. Disclosures 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future events or our future results of operations and financial position, including our fiscal year and first quarter 2026 financial outlook, including forecasted fiscal year and first quarter 2026 revenue, net income (loss), and Adjusted EBITDA, and our medium-term financial outlook, including forecasted fiscal year 2028 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, and our objectives for future operations. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to: our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services in a timely manner; our ability to sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal and tax policy, foreign trade, or foreign investment), or regional and global conflicts or related government sanctions, or legislative or regulatory developments; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances or obtain new licenses and regulatory clearances; our ability to maintain and expand international operations; our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions; and our stock repurchase program, the timing and number of shares of our common stock to be repurchased, and the potential benefits thereof. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our annual report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC, which will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this presentation speak only as of the date of this presentation and except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. The guidance in this presentation is only effective as of the date given, February 18, 2026, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution of or reference to this deck following February 18, 2026, does not constitute re-affirming guidance by Remitly. Non-GAAP Financial Measure A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix included in this presentation. An explanation of these measures is also included in the Appendix within this presentation under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this presentation because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include, but are not limited to, income taxes, stock-based compensation expense, and payroll taxes related to stock-based compensation expense, net, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.
Feb 2026 / © 2026 Remitly Inc. 4Q Strategic Overview Matt Oppenheimer Co-Founder & CEO 3
Feb 2026 / © 2026 Remitly Inc. 2025 Pivotal Year 4 Strength in core money movement • Continued share gains in key corridors • Expanded focus on high amount send category, with 40%+ volume growth for customers sending $1K+ New product launches • Send Now, Pay Later users: ~120K • Business payments expands TAM by 10x1 Efficiency, operating leverage • First full year of GAAP profitability • Record low in fraud loss rates 1. TAM based on estimates from FxC Intelligence
Feb 2026 / © 2026 Remitly Inc. 2025 Revenue Strong financial performance 2025 Profitability *Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. $1,635m up 29% Y/Y $68m GAAP Net Income $272m Adjusted EBITDA* up 93% Y/Y 17% Adjusted EBITDA Margin*5
Feb 2026 / © 2026 Remitly Inc. 2026 → Focus on key strategic priorities 6 C us to m er s Pr od uc ts Pl a tf or m Remitly Platform → Strengthened by Stablecoins & AI Global Money Movement Wallet & CardLiquidity & Credit Membership & Loyalty BusinessesHigh Amount SendersLow Amount Senders Receivers
Feb 2026 / © 2026 Remitly Inc. Significant value creation → 2020 to 2025 1. Revenue and Transaction expenses, the components of Revenue Less Transaction Expenses (RLTE), are reported in our Consolidated Statements of Operations. Transaction expenses include fees paid to disbursement partners for paying funds to the recipient, provisions for transaction losses, and fees paid to payment processors for funding transactions, along with chargebacks, fraud prevention, fraud management tools, and compliance tools. 9.3m Quarterly Active Customers 5X since 2020 $75b Send Volume 6X since 2020 $1b+ Revenue less Transaction Expenses1 7X since 2020 7
Feb 2026 / © 2026 Remitly Inc. Medium-term outlook →Driving profitable growth 8 Revenue CAGR $2.6b $3.0b 2028 Outlook Scenarios Adjusted EBITDA Margin 20% 22% Adjusted EBITDA $575m $600m 5-10% of total revenue new products- Incremental Adjusted EBITDA margins of ~30% Balanced approach to profitable growthRev CAGR + Adj EBITDA Margin 40%+ - Note: We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings presentation because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA.
Feb 2026 / © 2026 Remitly Inc. Extensive experience in financial services and payments Product-first operator Decades of global leadership and product innovation experience Sebastian Gunningham Incoming CEO 9
Feb 2026 / © 2026 Remitly Inc. 4Q Financial Results Vikas Mehta CFO 10
Feb 2026 / © 2026 Remitly Inc. Revenue ProfitabilityScale 4Q — Strong execution *Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 9.3m 19% Y/Y growth in quarterly active customers $21b 35% Y/Y growth in send volume $442m 26% Y/Y growth in revenue $89m 98% Y/Y growth in Adjusted EBITDA* $41m GAAP Net Income 20% Adjusted EBITDA Margin* 11
Feb 2026 / © 2026 Remitly Inc. 2025 — Delivering profitable growth 12 Revenue ProfitabilityScale 9.3m 19% Y/Y growth in quarterly active customers $75b 37% Y/Y growth in send volume $1,635m 29% Y/Y growth in revenue $272m 93% Y/Y growth in Adjusted EBITDA* $68m GAAP Net Income 17% Adjusted EBITDA Margin* *Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix.
Feb 2026 / © 2026 Remitly Inc. Quarterly Active Customers (in thousands) Revenue less Transaction Expense (in $ millions) Revenue (in $ millions) Send Volume (in billions)Send Volume (in $ billions) Continued momentum across key drivers of revenue growth YoY % Growth 33% 34% 34% 25% 26%YoY % Growth 39% 41% 40% 35% 35% YoY % Growth 32% 29% 24% 21% 19% YoY % Growth 33% 34% 35% 23% 30%13
Feb 2026 / © 2026 Remitly Inc. Strong volume growth among High Amount Senders 14 YoY Growth in Volume • Growth in volumes from high amount senders accelerated in Q4, with mix growing over 350 basis points y/y • High amount senders and very high amount senders are a strategic focus; comprise ~50% of send volume Customer Category Q4 2025 FY 2025 Low Amount Senders 25% 29% High Amount Senders 40% 41% Very High Amount Senders 105% 99% Note: Low amount senders includes customers sending less than $1,000. High amount senders includes customers sending between $1,000 and $10,000. Very high amount senders includes customers sending over $10,000.
Feb 2026 / © 2026 Remitly Inc. Remitly Business Send Now, Pay Later Wallet & Card • 10x TAM1 of core global money movement • >15K businesses on platform • Average transaction size ~2x consumer • ~120K Flex users in Q4 • Unit economics in line with expectations • Revenue nearly doubled sequentially • Key enabler of new product adoption • 60K+ wallets created 1. TAM based on estimates from FxC Intelligence New products revenue contribution expected to more than double in 2026 15
Feb 2026 / © 2026 Remitly Inc. Delivering operating efficiencies across the board 16 1. Revenue and Transaction expenses, the components of Revenue less Transaction Expenses (RLTE), are reported in our Consolidated Statements of Operations. Transaction expenses include fees paid to disbursement partners for paying funds to the recipients, provisions for transaction losses, and fees paid to payment processors for funding transactions, along with chargebacks, fraud prevention, fraud management tools, and compliance tools. 2. Operating expenses are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 4Q 25 Year-over-Year Change Performance Drivers RLTE as a % of Revenue1 RLTE • Lower transaction expenses, reflecting improved network economics • Record low transaction losses as a % of send volume Non-GAAP Operating Expenses as a % of Revenue2 Marketing • Focused approach to customer acquisition around peak holiday period • Brand marketing investments aiding word of mouth and unpaid acquisition CS • Product improvements driving lower contact rates • Increasing automation, including AI-driven virtual assistant T&D • Improved efficiencies while continuing to invest in growth G&A • Benefits of scale driving improved operating leverage • Rigorous discipline on hiring and non-headcount spend132 bps 83 bps 12 bps 252 bps 252 bps
Feb 2026 / © 2026 Remitly Inc. Note: $ and share count in millions. 1. Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, and free cash flow margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 2. Outstanding shares reflect ending shares outstanding for the periods presented. Operating leverage drove strong growth in EBITDA, Net Income, and FCF Net Income Outstanding Shares2 (Annual) Free Cash Flow1 (Annual) Adjusted EBITDA1 FCF Margin (1%) (0%) 6% 7% 17% Adj. EBITDA Margin 13% 16% 16% 15% 20% Net Income Margin (2%) 3% 2% 2% 9% YoY % Growth 9% 5% 9% 6% 5% Operating Cash Flow ($1) $5 $67 $112 $325 17
Feb 2026 / © 2026 Remitly Inc. 1. Dilution is defined as increase in common stock outstanding at the end of each period. 2. Net burn rate is defined as RSU grants less forfeitures and cancellations, divided by common stock outstanding at the beginning of the period. Proactively managing dilution Stock Based Compensation as a % of Revenue Dilution1 Net Burn Rate2 18
Feb 2026 / © 2026 Remitly Inc. Note: We expect to deliver positive GAAP net income in 1Q 2026. We also expect positive GAAP net income for the full year 2026. This guidance is only effective as of the date given, February 18, 2026, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following February 18, 2026, does not constitute re-affirming guidance. We cannot, without unreasonable effort, provide a quantitative reconciliation of forecasted adjusted EBITDA to forecasted GAAP net income due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted adjusted EBITDA. 2026 and 1Q 2026 Outlook 2026 $1.94b - $1.96b 2026 Revenue, 19% to 20% YoY growth $340m - $360m 2026 Adjusted EBITDA 1Q 2026 $436m - $438m 1Q 2026 Revenue, 21% YoY growth $82m - $84m 1Q 2026 Adjusted EBITDA19
Feb 2026 / © 2026 Remitly Inc. The exchange rates are good, which matters because I’m sending a lot. And the money arrives quicker than expected.” Sanjana High Amount Sender customer Sends money from the US to India, US to Canada “ 20
Q & A Feb 2026 / © 2026 Remitly Inc.21
Thank you.
Feb 2026 / © 2026 Remitly Inc. Appendix 23
Feb 2026 / © 2026 Remitly Inc. Non-GAAP Financial Measures 24 Some of the financial information and data contained in this presentation, such as Adjusted EBITDA, non-GAAP operating expenses, and free cash flow, have not been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. We believe that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing our financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Free cash flow is a key measure used by our management to understand the strength of our liquidity and available cash, and we believe that the presentation of this measure is useful because we are focused on growing our free cash flow generation over time. Free cash flow is not intended to represent the total increase or decrease in our cash balance for the period. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with our financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP. We calculate Adjusted EBITDA as net income (loss) adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charges of depreciation and amortization, (iv) other income (expense), net, (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, (vi) noncash stock-based compensation expense, net, (vii) payroll taxes related to stock- based compensation expense, net, and (viii) certain integration, restructuring, and other costs. We calculate free cash flow as net cash provided by operating activities, adjusted for capitalized expenditures that include purchases of property and equipment and capitalized internal-use software. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net; (ii) payroll taxes related to stock-based compensation expense, net; (iii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; as well as (iv) certain integration, restructuring, and other costs. We calculate revenue growth on a constant currency basis by translating current period GAAP revenue from foreign currency denominated subsidiary revenue at an exchange rate consistent with the prior period's average monthly rates, and then comparing it to the prior period reported GAAP revenue. Fluctuations in the United States Dollar compared to foreign currency resulted in an increase to revenue of approximately $4.7 million for the three months ended December 31, 2025, when compared to foreign currency rates in the prior period. On a constant currency basis, revenue would have been up 24% as compared to the same quarter in the prior year.
Feb 2026 / © 2026 Remitly Inc. Reconciliation of net income (loss) to Adjusted EBITDA and calculation of Adjusted EBITDA margin (in thousands, except for percentages) FY 2025 FY 20241 FY 20231 FY 20221 FY 20211 Non-GAAP Reconciliation 25 Net income (loss) $67,933 ($36,978) ($117,840) ($114,019) ($38,756) Add: Interest (income) expense, net (87) (4,836) (5,095) (2,847) 1,116 Provision for income taxes 3,695 6,727 5,902 1,043 1,043 Depreciation and amortization 25,034 18,054 13,118 6,724 5,256 Other (income) expense, net 5,927 (4,394) 2,603 (5,261) (3,125) Donation of common stock 3,336 2,587 4,600 1,972 6,933 Stock-based compensation expense, net 155,114 152,137 136,967 95,293 17,016 Payroll taxes related to stock-based compensation expense, net 7,059 6,439 5,746 4,178 746 Integration, restructuring, and other costs 4,179 1,468 4,197 3,462 - Adjusted EBITDA $272,190 $141,204 $50,198 ($9,455) ($9,771) Revenue $1,635,147 $1,263,963 $944,285 $653,560 $458,605 Adjusted EBITDA margin 16.6% 11.2% 5.3% (1.4%) (2.1%) Note: Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. 1. As previously announced on February 19, 2025, the Company's presentation of Adjusted EBITDA now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period Adjusted EBITDA has been recast to reflect this change.
Feb 2026 / © 2026 Remitly Inc. Reconciliation of net income (loss) to Adjusted EBITDA and calculation of Adjusted EBITDA margin (in thousands, except for percentages) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 20241 Non-GAAP Reconciliation 26 Net income (loss) $41,216 $8,829 $6,536 $11,352 ($5,724) Add: Interest (income) expense, net 762 50 (411) (488) (877) Provision for (benefit from) income taxes (5,067) 3,594 1,578 3,590 589 Depreciation and amortization 6,878 6,434 6,326 5,396 5,814 Other (income) expense, net 1,904 (696) 6,940 (2,221) 2,273 Donation of common stock 612 858 907 959 - Stock-based compensation expense, net 41,282 39,974 38,066 35,792 41,614 Payroll taxes related to stock-based compensation expense, net 758 1,642 1,519 3,140 1,047 Integration, restructuring, and other costs 239 496 2,536 908 - Adjusted EBITDA $88,584 $61,181 $63,997 $58,428 $44,736 Revenue $442,177 $419,494 $411,852 $361,624 $351,895 Adjusted EBITDA margin 20.0% 14.6% 15.5% 16.2% 12.7% Note: Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. 1. As previously announced on February 19, 2025, the Company's presentation of Adjusted EBITDA now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period Adjusted EBITDA has been recast to reflect this change.
Feb 2026 / © 2026 Remitly Inc. Non-GAAP Reconciliation 27 Net cash provided by (used in) operating activities1 $325,082 $111,596 $66,806 $4,607 ($1,184) Less: Purchases of property and equipment (29,431) (5,998) (2,857) (3,679) (1,956) Capitalized internal-use software costs (12,389) (11,704) (6,247) (3,382) (2,578) Free cash flow $283,262 $93,894 $57,702 ($2,454) ($5,718) Revenue $1,635,147 $1,263,963 $944,285 $653,560 $458,605 Free cash flow margin 17.3% 7.4% 6.1% (0.4%) (1.2%) Note: Free cash flow margin is defined as free cash flow divided by revenue. 1. Beginning in the fourth quarter of 2025, the Company changed the presentation of certain cash activity related to customer funds assets and liabilities, which is comprised of disbursement prefunding, customer funds receivable, customer liabilities, and trade settlement liability included within the line item “Accrued expenses and other current liabilities” on the Consolidated Balance Sheets. Certain components of this activity were reclassified from cash flows from operating activities to cash flows from financing activities, reflected within the line item “Net change in customer funds assets and liabilities.” Reconciliation of operating cash flows to free cash flow and calculation of free cash flow margin (in thousands, except for percentages) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021
Feb 2026 / © 2026 Remitly Inc. Reconciliation of operating expenses to non-GAAP operating expenses (in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 20241 Customer support and operations $27,193 $26,386 $25,074 $22,573 $22,008 Excluding: Stock-based compensation expense, net 411 455 453 256 268 Excluding: Payroll taxes related to stock-based compensation expense, net 3 5 8 8 3 Non-GAAP customer support and operations $26,779 $25,926 $24,613 $22,309 $21,737 Marketing $92,800 $91,778 $84,976 $73,349 $83,937 Excluding: Stock-based compensation expense, net 4,387 4,010 4,747 4,127 4,595 Excluding: Payroll taxes related to stock-based compensation expense, net 330 271 258 456 352 Excluding: Integration, restructuring, and other costs - 35 175 490 - Non-GAAP marketing $88,083 $87,462 $79,796 $68,276 $78,990 Technology and development $82,139 $80,421 $77,496 $73,851 $70,611 Excluding: Stock-based compensation expense, net 25,656 24,392 21,873 21,237 22,527 Excluding: Payroll taxes related to stock-based compensation expense, net 272 475 885 1,981 428 Excluding: Integration, restructuring, and other costs - 171 1,382 - - Non-GAAP technology and development $56,211 $55,383 $53,356 $50,633 $47,656 General and administrative $56,746 $55,973 $59,581 $52,829 $54,875 Excluding: Stock-based compensation expense, net 10,828 11,117 10,993 10,172 14,224 Excluding: Payroll taxes related to stock-based compensation expense, net 153 891 368 695 264 Excluding: Donation of common stock 612 858 907 959 - Excluding: Integration, restructuring, and other costs 239 290 979 418 - Non-GAAP general and administrative $44,914 $42,817 $46,334 $40,585 $40,387 Non-GAAP Reconciliation 28 1. As previously announced on February 19, 2025, the Company's presentation of non-GAAP operating expenses now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period non-GAAP operating expenses have been recast to reflect this change.
FAQ
How did Remitly (RELY) perform financially in full year 2025?
Remitly delivered strong 2025 results, with revenue of about $1.6 billion, up 29% year over year. The company achieved its first full year of GAAP profitability, posting net income of $67.9 million and Adjusted EBITDA of $272.2 million with a 16.6% margin.
What were Remitly’s key fourth quarter 2025 results?
In Q4 2025, Remitly generated $442.2 million in revenue, a 26% increase from Q4 2024. Net income reached $41.2 million versus a prior-year loss, while Adjusted EBITDA was $88.6 million, up 98%, resulting in a 20% Adjusted EBITDA margin for the quarter.
What growth did Remitly (RELY) see in customers and send volume in 2025?
Remitly’s active customers grew to 9.3 million, up 19% year over year. Full-year send volume increased to $74.9 billion, a 37% rise from 2024, reflecting expanding usage across both low-amount and high-amount senders in its cross-border money movement business.
What is Remitly’s financial outlook for full year 2026?
For 2026, Remitly expects revenue between $1.94 billion and $1.96 billion, implying 19–20% growth. Management also forecasts Adjusted EBITDA of $340–$360 million and states that GAAP net income is expected to be positive for the full year 2026.
What guidance did Remitly provide for the first quarter of 2026?
For Q1 2026, Remitly projects $436–$438 million in revenue, representing about 21% year-over-year growth. The company targets Adjusted EBITDA of $82–$84 million and expects GAAP net income to be positive for the first quarter of 2026 as well.
Did Remitly (RELY) mention any leadership changes in this update?
Yes. Co-founder and CEO Matt Oppenheimer announced the appointment of Sebastian Gunningham as Remitly’s new Chief Executive Officer. Oppenheimer will remain Chairman and will advise Gunningham through a transition period as the company pursues its long-term growth strategy.
How strong was Remitly’s free cash flow in 2025?
Remitly reported cash flow from operations of $325.1 million and free cash flow of $283.3 million for 2025, up from $93.9 million in 2024. This significant improvement highlights stronger profitability and disciplined capital spending during the year.
Filing Exhibits & Attachments
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Remitly Global, Inc.
NASDAQ:RELY
RELY Rankings
RELY Latest News
RELY Latest SEC Filings
Feb 19, 2026
[144] Remitly Global, Inc. SEC Filing
Feb 18, 2026
[8-K] Remitly Global, Inc. Reports Material Event
Feb 18, 2026
[10-K] Remitly Global, Inc. Files Annual Report
Feb 17, 2026
[144] Remitly Global, Inc. SEC Filing