Remitly Global (RELY) Q4 2025 earnings summary

Executive summary

• Achieved first full year of GAAP profitability in 2025, with revenue reaching $1.635 billion, up 29% year-over-year, and Adjusted EBITDA of $272 million, both exceeding guidance.

• Net income for 2025 was $68 million, a turnaround from a $37 million loss the prior year.

• Quarterly active customers grew 19% to 9.3 million, and send volume increased 37% to $75 billion.

• Leadership transition: Sebastian Gunningham appointed CEO, with founder Matt Oppenheimer moving to Chairman.

• High and very high amount senders became a strategic focus, now comprising about 50% of send volume.

Financial highlights

• Q4 2025 revenue reached $442 million, up 26% year-over-year; Adjusted EBITDA was $89 million with a 20% margin, and net income was $41 million.

• Free cash flow for 2025 was $283 million, with a margin of 17%, and cash flow from operations was $325 million.

• Revenue less transaction expenses exceeded $1 billion for the year, a 5x increase since 2020.

• Stock-based compensation as a percentage of revenue declined to 8.8–9.5%, with dilution and net burn rate both decreasing.

• Record low fraud loss rates and improved network economics contributed to margin expansion.

Outlook and guidance

• 2026 revenue expected between $1.94–$1.96 billion (19–20% growth); Adjusted EBITDA projected at $340–$360 million (18% margin); positive GAAP net income and strong free cash flow expected each quarter.

• Q1 2026 revenue guidance of $436–$438 million (21% growth), with Adjusted EBITDA of $82–$84 million.

• Medium-term (2028) targets: revenue of $2.6–$3.0 billion and Adjusted EBITDA margin of 20–22%.

• Revenue from new products expected to more than double in 2026.