Free cash flow remains volatile, ranging from a $61.1M deficit in 2024Q1 to a $152.6M peak in 2025Q4, heavily influenced by seasonal working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 274.07M | 325.08M | 194.49M | -53.59M | -108.66M | -18.39M | -114.21M | 8.44M | -12.9M | 9.3M | 92.5M | -13.93M | 22.95M | 2.29M | -15.63M | -70.62M | 73.12M | 151.9M | 0 | 502.79M | 547.99M | 3.91B |
| Operating CF Margin % | - | 19.88% | 15.39% | -5.68% | -16.63% | -4.01% | -44.45% | 6.66% | -0.96% | 0.74% | 8.07% | -33.14% | 52.75% | 5.2% | -94.78% | - | - | 23.82% | - | - | - | 2737.09% |
| Operating CF Growth % | 15.72% | 67.15% | 462.91% | 50.68% | -490.81% | 83.9% | -1453.99% | 165.39% | -238.71% | -89.95% | 763.94% | -160.7% | 904.11% | 114.62% | 77.86% | -196.59% | -51.87% | - | -100% | -8.25% | -86% | - |
| Net Income | 105.63M | 67.93M | -36.98M | -117.84M | -114.02M | -38.76M | -32.56M | -51.39M | -121.7M | -102.9M | -6.9M | 5.5M | -10.03M | -7.47M | -12.77M | -13.66M | -23.96M | -9.29M | 327.95M | 353.76M | 429.11M | 26.32M |
| Depreciation & Amortization | 47.56M | 46.76M | 18.05M | 13.12M | 6.72M | 5.26M | 4.06M | 2.66M | 52.7M | 54.8M | 46M | 1.31M | 1.93M | 3.13M | 2.06M | 83K | 192K | 33.43M | 0 | 32.19M | 19.18M | 0 |
| Stock-Based Compensation | 119.32M | 155.11M | 152.14M | 136.97M | 95.29M | 17.02M | 5.26M | 3.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.9M | 3.9M | 2.1M | 5.1M | 5K | 0 | 2.63M | 0 | 0 | 29.54M | 0 | 36.94M | 83.41M | 0 |
| Other Non-Cash Items | 10.79M | 13.39M | 3.04M | 5.31M | 50.84M | 7.38M | 2K | 37K | 94.3M | 44.3M | 4.23M | -42.27M | 35.37M | 1.97M | -36.16M | 267.23M | 450.26M | 63.7M | -263.91M | -45.16M | -689.83M | -3.94B |
| Working Capital Changes | -9.24M | 41.88M | 58.23M | -91.15M | -147.5M | -9.29M | -90.97M | 53.48M | -49.2M | 5.6M | 45.77M | 15.26M | -6.43M | 2.91M | 27.77M | -324.27M | -353.37M | 23.66M | -64.04M | 107.1M | 705.11M | 3.91B |
| Change in Receivables | 16.28M | 0 | 186.36M | -183.42M | -126.94M | -17.28M | -20.03M | -17.41M | -28.2M | -14.1M | 3.7M | -757K | -137K | 466K | 1.78M | 0 | -48.06M | 0 | 0 | 0 | 0 | 3.98B |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.9M | -9.6M | 44.6M | -1M | -98K | -2.5M | -251K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.25M | 0 | -20.82M | 27.56M | 0 | -3.04M | 4.04M | -1.49M | -6.6M | 18.3M | -8.2M | 716K | 983K | -2.43M | 473K | 0 | 0 | -39.12M | 0 | 27.59M | 0 | 0 |
| Cash from Investing | -66.77M | -69.93M | -17.7M | -50.04M | -7.31M | -4.53M | -4.37M | -7.21M | -24.4M | -17.1M | -477.6M | 2.87M | 8.53M | 7.21M | -13.58M | 11.93M | 11.66M | -1.76B | 0 | 404.45M | -476.56M | 0 |
| Capital Expenditures | -24.65M | -29.43M | -6M | -2.86M | -3.68M | -1.96M | -2.06M | -5.05M | -23.8M | -30.8M | -26M | -197K | -281K | -83K | -19K | 0 | 0 | 0 | 0 | 0 | -19.16M | 0 |
| CapEx % of Revenue | 1.43% | 1.8% | 0.47% | 0.3% | 0.56% | 0.43% | 0.8% | 3.99% | 1.77% | 2.46% | 2.27% | 0.47% | 0.65% | 0.19% | 0.12% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -40.93M | -248K | 0 | 0 | 0 | 0 | -23M | -524.7M | 0 | 0 | 0 | -24.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -42.11M | -40.5M | -11.7M | -6.25M | -3.38M | -2.58M | -2.31M | -2.16M | -600K | 36.7M | 73.1M | 3.06M | 5.58M | 7.28M | 13.02M | 14.08M | 11.66M | -1.76B | 0 | 404.45M | -457.39M | 0 |
| Cash from Financing | -57.74M | -89.78M | -127.44M | 126.65M | 14.59M | 238.2M | 122.22M | 117.02M | 36.7M | 35M | 358M | 26.02M | -34.52M | -8.2M | 10.78M | 10.06M | 201K | 1.42B | 0 | 100.88M | 2.5B | 0 |
| Debt Issued (Net) | -155M | 155M | -130M | 112.93M | -384K | -76.94M | 35M | 6.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -35.74M | -50.8M | 18.05M | 0 | -99K | 308.17M | 84.83M | 109.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -51.7M | -50.8M | 0 | 0 | -99K | 0 | 0 | -20.02M | -24.9M | -27.2M | -35.7M | -62.87M | -47.88M | -53.7M | -52.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 133M | -193.98M | -15.49M | 13.72M | 15.07M | 6.97M | 2.38M | 1.03M | 36.7M | 35M | 358M | 26.02M | -34.52M | -8.2M | 10.78M | 10.06M | 201K | 1.42B | 0 | 100.88M | 2.5B | 0 |
| Net Change in Cash | 155.23M | 174.48M | 44.79M | 24.3M | -102.58M | 215.24M | 4.55M | 118.57M | 100K | -15.8M | -27.1M | 14.95M | -3.04M | 1.3M | -18.44M | -285.23M | 21.54M | -7M | 0 | 69.32M | 599.27M | 3.91B |
| Free Cash Flow | 252.37M | 295.65M | 176.78M | -62.69M | -112.33M | -22.93M | -118.58M | 1.23M | -36.7M | -21.5M | 66.5M | -14.13M | 22.67M | 2.2M | -15.65M | -70.62M | 73.12M | 151.9M | 0 | 502.79M | 528.83M | 3.91B |
| FCF Margin % | 14.62% | 18.08% | 13.99% | -6.64% | -17.19% | -5% | -46.15% | 0.97% | -2.73% | -1.72% | 5.8% | -33.6% | 52.11% | 5.01% | -94.9% | - | - | 23.82% | - | - | - | 2737.09% |
| FCF Growth % | -29.31% | 67.24% | 381.98% | 44.19% | -390.01% | 80.67% | -9772.02% | 103.34% | -70.7% | -132.33% | 570.66% | -162.32% | 929.19% | 114.07% | 77.84% | -196.59% | -51.87% | - | -100% | -4.92% | -86.49% | - |
| FCF per Share | 1.16 | 1.36 | 0.91 | -0.35 | -0.67 | -0.38 | -0.78 | 0.06 | -1.27 | -0.74 | 2.28 | -0.20 | 0.31 | 0.02 | -0.14 | -0.61 | 0.63 | 0.93 | - | 3.06 | 3.22 | 23.85 |
| FCF Conversion (FCF/Net Income) | 2.39x | 4.79x | -5.26x | 0.45x | 0.95x | 0.47x | 3.51x | -0.16x | 0.11x | -0.09x | -2.92x | -4.42x | -2.29x | -0.58x | 1.67x | 5.17x | -17.41x | -2.06x | - | 0.59x | 2.00x | 38.30x |
| Interest Paid | 1.82M | 0 | 2.55M | 1.65M | 906K | 934K | 1.06M | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -614K | 0 | 3.16M | 5.3M | 0 | 756K | 421K | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and immigration policy shifts
According to reported financial data, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios swinging from 0.16 in 2025Q3 to 11.71 in 2025Q1, suggesting that accounting accruals and timing differences significantly distort the company's true cash-generating performance on a quarterly basis.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for liquidity at this stage of the company's lifecycle. Investors should monitor whether these fluctuations are driven by sustainable working capital management or merely the lumpy recognition of transaction-related liabilities.
Based on historical cash flow statements, Remitly's free cash flow trajectory has been inconsistent, ranging from a deficit of $61.1M in 2024Q1 to a peak of $152.6M in 2025Q4, highlighting the sensitivity of cash generation to seasonal volume spikes and the timing of operational expenditures.
While the recent trend shows an improvement in FCF margins, the lack of a stable, linear growth path suggests that the business model is still maturing. The reliance on periodic cash inflows to offset earlier periods of negative FCF warrants further investigation into the underlying stability of the core remittance business.
As reported in recent filings, working capital changes have been a primary driver of cash flow, with a notable $98.2M inflow in 2024Q3 followed by a $61.5M outflow in 2025Q3, indicating that the company's cash position is highly sensitive to the timing of settlement cycles and payables.
These significant swings suggest that Remitly's cash flow is heavily influenced by the mechanics of its disbursement network rather than just operational profitability. Analysts should be cautious of interpreting these working capital movements as permanent improvements in cash efficiency, as they appear prone to reversal.
Based on the provided financial statements, stock-based compensation remains a material non-cash expense, peaking at $81.3M in 2025Q4, which effectively masks the true economic cost of talent acquisition and potentially inflates the reported cash flow figures relative to the company's actual operational efficiency.
The consistent use of SBC as a primary compensation tool suggests that the company is prioritizing cash preservation at the expense of shareholder dilution. Investors should adjust their valuation models to account for this persistent dilution, as it represents a real cost that is often overlooked in headline cash flow metrics.
Quick answers to the most common questions about buying RELY stock.
Remitly Global, Inc. (RELY) generated $325.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Remitly Global, Inc. (RELY) generated $295.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Remitly Global, Inc. (RELY) spent $29.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Remitly Global, Inc. (RELY) spent $50.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.