Remitly Lifts Full-Year Outlook After Record Quarter

The Tip Desk · August 5, 2026 · 2 min read

Revenue reached $495.2 million as the company raised its 2026 Adjusted EBITDA range to $410 million–$415 million.

Remitly Global (RELY), a provider of cross-border financial services, reported record second-quarter revenue of $495.2 million and raised its full-year 2026 outlook after beating the ranges it had issued in May.

The company now expects fiscal 2026 revenue of $1.978 billion to $1.988 billion, or 21% to 22% growth, and Adjusted EBITDA of $410 million to $415 million. That compares with the May outlook of $1.960 billion to $1.975 billion of revenue and $370 million to $385 million of Adjusted EBITDA.

Second-quarter results also exceeded the company’s May guide of $483 million to $485 million in revenue and $86 million to $88 million in Adjusted EBITDA. Adjusted EBITDA was $114.7 million, up 79% from a year earlier, with a 23% margin.

Year-over-year revenue growth slowed to 20% from 25% in the first quarter. Send volume rose 27% to $23.5 billion. Quarterly active customers reached 10.2 million, a company first above 10 million.

GAAP net income was $205.9 million, inclusive of a $140.6 million discrete tax benefit from a U.S. valuation allowance release. Income from operations was $66.7 million.

Transaction margin dollars were $334.0 million and transaction margin was 67%. Free cash flow was $130.1 million.

Transaction margin improved on lower transaction expenses from improved network economics and lower transaction losses as a percentage of send volume. Non-GAAP operating expenses as a share of revenue declined in marketing, customer support, technology and development, and general and administrative, reflecting a hiring pause, automation including an AI-driven virtual assistant, agentic AI in product and engineering, and scale.

High Value Senders, individuals sending $5,000 or more per transaction, posted 37% year-over-year volume growth and a 70-basis-point increase in volume mix. Remitly Business had more than 25,000 active businesses. The Remitly Global Card generated revenue for the first time. Send Now, Pay Later revenue more than doubled year over year.

The company launched the Remitly Global Card in the U.S. and select international markets, expanded the Receivers product to 130 countries, and launched a stablecoin card and wallet in select Latin American markets.

Chief Executive Officer Sebastian Gunningham said the quarter reflected a trusted global network and cost discipline, and that AI-driven operating efficiencies were creating capacity to invest in growth while improving margins.

For the third quarter of 2026, Remitly expects revenue of $505 million to $507 million, or 20% to 21% growth, and Adjusted EBITDA of $92 million to $94 million.

Cash and cash equivalents were $676.4 million at June 30. Long-term debt was zero.