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Remitly Global, Inc.
Remitly Reports Record First Quarter Results and Raises Full Year 2026 Outlook
Published 3d ago
16 min read

Remitly Reports Record First Quarter Results and Raises Full Year 2026 Outlook

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First quarter send volume up 37% and revenue up 25% year over year
First quarter net income of $49.1 million up 332% and Adjusted EBITDA of $101.6 million up 74% year over year

SEATTLE, May 06, 2026 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of financial services that transcend borders, reported results for the first quarter ended March 31, 2026.

“We delivered an exceptional Q1, achieving record revenue and Adjusted EBITDA,” said Sebastian Gunningham, Chief Executive Officer, Remitly. “Outperformance across key corridors and an increasing pace of product innovation are contributing to strong momentum in the business. The accelerated growth in quarterly active users is evidence of the continued trust and confidence customers place in Remitly. At the same time, disciplined cost management, scale benefits, and AI-driven efficiencies are delivering strong operating leverage.”

First Quarter 2026 Highlights and Key Operating Data
(All comparisons relative to the first quarter of 2025)

  • Active customers increased to 9.6 million, from 8.0 million, up 20%.

  • Send volume increased to $22.1 billion, from $16.2 billion, up 37%.

  • Revenue totaled $452.8 million, compared to $361.6 million, up 25%.

  • Net income was $49.1 million, compared to $11.4 million, up 332%.

  • Adjusted EBITDA was $101.6 million, compared to $58.4 million, up 74%.

2026 Financial Outlook
For fiscal year 2026, Remitly currently expects:

  • Total revenue in the range of $1.960 billion to $1.975 billion, representing a growth rate of 20 to 21% year over year.

  • Year over year growth in net income for 2026 and Adjusted EBITDA to be in the range of $370 million to $385 million.

For the second quarter of 2026, Remitly currently expects:

  • Total revenue in the range of $483 million to $485 million, representing a growth rate of 17% to 18% year over year.

  • Year over year growth in net income for the second quarter of 2026 and Adjusted EBITDA to be in the range of $86 million to $88 million.

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.

Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern Time on Wednesday, May 6, 2026, to discuss its first quarter 2026 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 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 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 restructuring and other costs.

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 second quarter 2026 financial outlook, including forecasted fiscal year and second 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, 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 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 effectively integrate and leverage artificial intelligence and machine learning technologies; our ability to attract, integrate, and retain qualified employees, including key members of our management team; 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 quarterly report on Form 10-Q for the quarter ended March 31, 2026, to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC, which are or 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.

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

 

 

REMITLY GLOBAL, INC.
CondensedConsolidated Statements of Operations
(unaudited)

 

 

 

Three Months Ended March 31,

(in thousands, except share and per share data)

 

2026

 

 

 

2025

 

Revenue

$

452,802

 

 

$

361,624

 

Costs and expenses

 

 

 

Transaction expenses(1)

 

144,940

 

 

 

121,393

 

Customer support and operations(1)

 

26,811

 

 

 

22,573

 

Marketing(1)

 

86,362

 

 

 

73,349

 

Technology and development(1)

 

79,603

 

 

 

73,851

 

General and administrative(1)

 

55,147

 

 

 

52,829

 

Depreciation and amortization

 

6,199

 

 

 

5,396

 

Total costs and expenses

 

399,062

 

 

 

349,391

 

Income from operations

 

53,740

 

 

 

12,233

 

Interest income

 

1,653

 

 

 

1,787

 

Interest expense

 

(2,437

)

 

 

(1,299

)

Other (expense) income, net

 

(881

)

 

 

2,221

 

Income before provision for income taxes

 

52,075

 

 

 

14,942

 

Provision for income taxes

 

3,022

 

 

 

3,590

 

Net income

$

49,053

 

 

$

11,352

 

Net income per share attributable to common stockholders:

 

 

 

Basic

$

0.23

 

 

$

0.06

 

Diluted

$

0.23

 

 

$

0.05

 

Weighted-average shares used in computing net income per share attributable to common stockholders:

 

 

 

Basic

 

211,032,788

 

 

 

201,744,601

 

Diluted

 

217,047,399

 

 

 

218,414,823

 

__________
(1) Exclusive of depreciation and amortization, shown separately.

 

 

 

 

REMITLY GLOBAL, INC.
CondensedConsolidated Balance Sheets
(unaudited)

 

 

 

 

 

March 31,

 

December 31,

(in thousands)

 

2026

 

 

 

2025

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

649,062

 

 

$

542,426

 

Disbursement prefunding

 

244,506

 

 

 

441,335

 

Customer funds receivable, net

 

295,792

 

 

 

286,455

 

Prepaid expenses and other current assets

 

58,325

 

 

 

45,735

 

Total current assets

 

1,247,685

 

 

 

1,315,951

 

Property and equipment, net

 

60,162

 

 

 

61,521

 

Operating lease right-of-use assets

 

9,954

 

 

 

12,452

 

Goodwill

 

54,940

 

 

 

54,940

 

Intangible assets, net

 

1,594

 

 

 

2,125

 

Other noncurrent assets, net

 

11,448

 

 

 

11,724

 

Total assets

$

1,385,783

 

 

$

1,458,713

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

28,784

 

 

$

28,450

 

Customer liabilities

 

264,768

 

 

 

219,667

 

Short-term debt

 

2,844

 

 

 

2,821

 

Accrued expenses and other current liabilities

 

136,285

 

 

 

141,948

 

Operating lease liabilities

 

6,686

 

 

 

6,166

 

Total current liabilities

 

439,367

 

 

 

399,052

 

Operating lease liabilities, noncurrent

 

29,769

 

 

 

28,135

 

Long-term debt

 

 

 

 

155,000

 

Other noncurrent liabilities

 

9,207

 

 

 

7,737

 

Total liabilities

 

478,343

 

 

 

589,924

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Common stock

 

21

 

 

 

21

 

Additional paid-in capital

 

1,316,280

 

 

 

1,325,520

 

Accumulated other comprehensive income

 

2,434

 

 

 

3,596

 

Accumulated deficit

 

(411,295

)

 

 

(460,348

)

Total stockholders’ equity

 

907,440

 

 

 

868,789

 

Total liabilities and stockholders’ equity

$

1,385,783

 

 

$

1,458,713

 


 

 

REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)

 

 

 

Three Months Ended March 31,

(in thousands)

 

2026

 

 

2025(1)

Cash flows from operating activities

 

 

 

Net income

$

49,053

 

 

$

11,352

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation, amortization, and other

 

14,123

 

 

 

7,863

 

Stock-based compensation expense, net

 

27,536

 

 

 

35,792

 

Donation of common stock

 

765

 

 

 

959

 

Changes in operating assets and liabilities:

 

 

 

Prepaid expenses and other assets

 

(12,723

)

 

 

(6,272

)

Operating lease right-of-use assets

 

1,134

 

 

 

2,041

 

Accounts payable

 

4,772

 

 

 

22,182

 

Accrued expenses and other liabilities

 

(4,896

)

 

 

2,800

 

Operating lease liabilities

 

2,128

 

 

 

4,066

 

Net cash provided by operating activities

 

81,892

 

 

 

80,783

 

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(5,987

)

 

 

(10,615

)

Capitalized internal-use software costs

 

(3,199

)

 

 

(2,949

)

Net collections (originations) from consumer receivables

 

(4,559

)

 

 

(3,348

)

Net cash used in investing activities

 

(13,745

)

 

 

(16,912

)

Cash flows from financing activities

 

 

 

Proceeds from exercise of stock options

 

417

 

 

 

2,392

 

Proceeds from issuance of common stock in connection with ESPP

 

6,340

 

 

 

5,768

 

Cash paid for repurchase of common stock

 

(42,499

)

 

 

 

Proceeds from revolving credit facility borrowings

 

2,363,000

 

 

 

1,059,000

 

Repayments of revolving credit facility borrowings

 

(2,518,000

)

 

 

(1,059,000

)

Net change in customer funds assets and liabilities

 

230,803

 

 

 

52,120

 

Taxes paid related to net share settlement of equity awards

 

(952

)

 

 

(1,089

)

Net cash provided by financing activities

 

39,109

 

 

 

59,191

 

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

 

(809

)

 

 

2,728

 

Net increase in cash, cash equivalents, and restricted cash

 

106,447

 

 

 

125,790

 

Cash, cash equivalents, and restricted cash at beginning of period

 

544,299

 

 

 

369,817

 

Cash, cash equivalents, and restricted cash at end of period

$

650,746

 

 

$

495,607

 

Reconciliation of cash, cash equivalents, and restricted cash

 

 

 

Cash and cash equivalents

$

649,062

 

 

$

493,905

 

Restricted cash included in prepaid expenses and other current assets

 

694

 

 

 

632

 

Restricted cash included in other noncurrent assets, net

 

990

 

 

 

1,070

 

Total cash, cash equivalents, and restricted cash

$

650,746

 

 

$

495,607

 

__________
(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.’

 

REMITLY GLOBAL, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

 

Reconciliation of net income (loss) to Adjusted EBITDA:

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2026

 

 

2025

 

Net income

$

49,053

 

$

11,352

 

Add:

 

 

 

Interest (income) expense, net

 

784

 

 

(488

)

Provision for income taxes

 

3,022

 

 

3,590

 

Depreciation and amortization

 

6,199

 

 

5,396

 

Other (income) expense, net

 

881

 

 

(2,221

)

Donation of common stock

 

765

 

 

959

 

Stock-based compensation expense, net

 

27,536

 

 

35,792

 

Payroll taxes related to stock-based compensation expense, net

 

1,772

 

 

3,140

 

Restructuring and other costs(1)

 

11,538

 

 

908

 

Adjusted EBITDA

$

101,550

 

$

58,428

 

__________
(1) Restructuring and other costs for the three months ended March 31, 2026 and March 31, 2025 consisted primarily of non-recurring termination benefits.

 

Reconciliation of cash flow from operations to free cash flow:

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2026

 

 

 

2025

 

Net cash provided by operating activities

$

81,892

 

 

$

80,783

 

Less:

 

 

 

Purchases of property and equipment

 

(5,987

)

 

 

(10,615

)

Capitalized internal-use software costs

 

(3,199

)

 

 

(2,949

)

Free cash flow

$

72,706

 

 

$

67,219

 


 

Reconciliation of operating expenses to non-GAAP operating expenses:

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2026

 

 

2025

Customer support and operations

$

26,811

 

$

22,573

Excluding: Stock-based compensation expense, net

 

309

 

 

256

Excluding: Payroll taxes related to stock-based compensation expense, net

 

5

 

 

8

Excluding: Restructuring and other costs

 

1,644

 

 

Non-GAAP customer support and operations

$

24,853

 

$

22,309

 

 

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

Marketing

$

86,362

 

$

73,349

Excluding: Stock-based compensation expense, net

 

2,173

 

 

4,127

Excluding: Payroll taxes related to stock-based compensation expense, net

 

41

 

 

456

Excluding: Restructuring and other costs

 

1,709

 

 

490

Non-GAAP marketing

$

82,439

 

$

68,276

 

 

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

Technology and development

$

79,603

 

$

73,851

Excluding: Stock-based compensation expense, net

 

17,158

 

 

21,237

Excluding: Payroll taxes related to stock-based compensation expense, net

 

1,268

 

 

1,981

Excluding: Restructuring and other costs

 

3,463

 

 

Non-GAAP technology and development

$

57,714

 

$

50,633

 

 

 

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

General and administrative

$

55,147

 

$

52,829

Excluding: Stock-based compensation expense, net

 

7,896

 

 

10,172

Excluding: Payroll taxes related to stock-based compensation expense, net

 

458

 

 

695

Excluding: Donation of common stock

 

765

 

 

959

Excluding: Restructuring and other costs

 

4,722

 

 

418

Non-GAAP general and administrative

$

41,306

 

$

40,585