Remitly — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue totaled $509.8 million, a 22% increase year-over-year compared to $419.5 million in Q3 2025.
• Net income for Q3 2026 was $67.6 million, representing a 665% year-over-year increase from $8.8 million.
• Adjusted EBITDA for Q3 2026 reached $120.8 million, up 97% year-over-year from $61.2 million.
• Send volume increased to $24.4 billion in Q3 2026, a 25% year-over-year increase from $19.5 billion.
• Active customers grew to 10.3 million in Q3 2026, up 17% from 8.9 million in Q3 2025.
• Transaction margin was 68% in Q3 2026, compared to 65% in Q3 2025.
• Free cash flow for the nine months ended September 30, 2026, was $290.6 million, up from $192.8 million in the same period in 2025.
• Cash and cash equivalents stood at $669.1 million as of September 30, 2026, compared to $542.4 million as of December 31, 2025.
• Long-term debt was $0 as of September 30, 2026, down from $155.0 million as of December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 total revenue is expected to be between $1.989 billion and $1.991 billion, representing 22% year-over-year growth.
• Full-year 2026 net income and Adjusted EBITDA are expected to grow year-over-year, with Adjusted EBITDA in the range of $441 million to $443 million.
• Q4 2026 revenue is projected to be between $531 million and $533 million, representing 20% to 21% year-over-year growth.
• Q4 2026 net income and Adjusted EBITDA are projected to grow year-over-year, with Adjusted EBITDA in the range of $104 million to $106 million.

Business Segments and Product Lines:

• The company is evolving from a remittance provider into a global financial services provider for consumers and businesses.
• The company reported shipping new features and products faster than ever, leveraging AI productivity tailwinds.
• The global network now connects over 50 million senders and recipients.
• Operating expenses by category for Q3 2026 included: Transaction expenses ($162.4M), Customer support and operations ($27.8M), Marketing ($104.0M), Technology and development ($80.1M), and General and administrative ($59.4M).

Market and Competitive Landscape:

• Remitly operates in the global money movement market, spanning more than 175 countries.
• The company aims to capture share in the large and diverse global money movement market.

Risks and Challenges:

• Forward-looking statements are subject to risks including geopolitical and macroeconomic conditions, currency fluctuations, inflation, and regulatory changes related to immigration, fiscal policy, foreign trade, or sanctions.
• Risks include the ability to acquire and retain customers, sustain profitability, and effectively integrate AI technologies.
• Uncertainties regarding the ability to maintain money transmission licenses and regulatory clearances are noted.
• The variability of adjusting items such as income taxes and stock-based compensation expense could significantly impact future GAAP financial results.

Management Commentary and Tone:

• CEO Sebastian Gunningham described the quarter as "excellent," highlighting record revenue and a seven-fold increase in net income.
• Management expressed confidence in the expanding value of the global network and the capacity to invest and capture share due to AI productivity.
• The tone indicates a strategic shift toward becoming a diversified cross-border financial services provider.

Other Key Points:

• The Board of Directors increased the share repurchase program authorization from $200 million to $500 million.
• The share repurchase program does not expire and may be suspended, discontinued, or modified at any time without notice.
• The company does not provide a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income due to the variability of adjusting items.
• Remitly will host a webcast on November 4, 2026, at 5:00 p.m. Eastern Time to discuss results.