Free cash flow inflected to $209.3M (42.3% margin) in 2026Q2 from $1.5M in 2025Q3, with cumulative OCF of $818.0M exceeding cumulative net income of $286.9M, though working capital swings and SBC of $62.0M warrant monitoring.
Remitly Global, Inc. (RELY) cash flow statement — 21-year operating, investing & financing cash flows
| 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 | 449.39M | 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 % | 457.11% | 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 | 305.01M | 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 | 82.35M | 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 | 210.79M | 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 | -143.86M | 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 | -55.61M | 3.34M | 3.04M | 5.31M | 2.33M | 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 | 1.66M | 51.94M | 58.23M | -91.15M | -98.98M | -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 | 55.88M | 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 | 32.45M | 10.06M | -20.82M | 27.56M | 5.54M | -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 | -71.43M | -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 | -16.17M | -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 | 0.89% | 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 | -55.26M | -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 | -107.41M | -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) | -307.37M | 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) | -95.3M | -50.8M | 18.05M | 20.42M | -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 | -116.86M | -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 | 295.26M | -193.98M | -15.49M | -6.7M | 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 | 267.04M | 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 | 436.17M | 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 % | 24.1% | 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 % | 29.1% | 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 | 1.97 | 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) | 1.43x | 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 | 4.32M | 5.48M | 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 | 1.58M | 0 | 3.16M | 5.3M | 2.28M | 756K | 421K | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
SBC dilution and tax volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Tax Benefit
In 2026Q2, operating cash flow of $216.5M closely tracked net income of $205.9M, but the prior quarter's OCF/NI of 1.67 suggests volatility; SBC of $62.0M remains a persistent non-cash charge.
The cash conversion ratio (OCF/NI) swung from 0.16 in 2025Q3 to 3.63 in 2025Q4, indicating that net income is not a reliable predictor of cash generation. The 2026Q2 ratio of 1.05 appears stable, but the $205.9M net income includes a likely one-time tax benefit, as operating income was only $66.7M. Investors should monitor whether operating cash flow can sustain this level without such non-operating boosts.
FCF Inflection Points to Scalability
Free cash flow surged to $209.3M in 2026Q2, a 42.3% margin, up from $1.5M in 2025Q3, according to reported figures, signaling a structural shift toward cash generation.
The FCF margin improved from negative in 2024Q1 to consistently positive in recent quarters, with 2026Q2 reaching 42.3%. This trajectory suggests that the business model is scaling efficiently, as revenue growth decelerates but cash conversion accelerates. However, the 2025Q3 dip to 0.4% margin highlights quarter-to-quarter volatility, likely due to working capital swings.
Asset-Light Model with Minimal Capex
Capital expenditures averaged under 2% of revenue over the past year, with 2026Q2 CapEx/Rev at 1.4%, indicating a highly asset-light business model.
CapEx has been consistently low, ranging from $0.03M to $14.0M per quarter, which is typical for a software platform. This suggests that growth does not require heavy capital investment, allowing most operating cash flow to convert to free cash flow. The minimal capex also implies that depreciation is low, but the company may need to invest in infrastructure as it scales.
Working Capital Volatility Drives Cash Swings
Working capital changes swung from -$73.7M in 2024Q1 to +$98.2M in 2024Q3, per financial statements, causing significant quarterly cash flow variability.
The working capital line item is highly volatile, with positive contributions in some quarters (e.g., $79.4M in 2025Q1) and negative in others (e.g., -$61.5M in 2025Q3). This appears to be driven by timing of customer collections and payables, which is common in payment processing. Investors should expect lumpy cash flows, but the overall trend is positive as the company scales.
Buybacks Begin as Cash Accumulates
Share repurchases totaled $65.2M in 2026Q2, the largest in the period, while dividends remain zero, according to reported cash flow data, signaling a shift toward shareholder returns.
After no buybacks in 2024 and early 2025, the company initiated repurchases in 2025Q3 and accelerated them in 2026Q2. This suggests management confidence in cash generation, but the $65.2M buyback is modest relative to the $209.3M FCF. The lack of dividends indicates a preference for reinvestment or buybacks, but investors should monitor whether this is a one-time action or a sustained policy.
Cumulative Cash Outpaces Reported Earnings
Over the last ten quarters, cumulative operating cash flow of $818.0M exceeds cumulative net income of $286.9M, per the cash flow statement, indicating strong cash generation relative to accrual earnings.
The cumulative gap of $531.1M is largely due to non-cash charges like SBC and D&A, which totaled $367.0M and $111.4M, respectively. This suggests that reported earnings understate the company's cash-generating ability, but the heavy SBC dilution warrants caution. The divergence also reflects working capital benefits, which may not be sustainable.
What Could Invalidate the Base Case
Despite strong cash generation, the reliance on a one-time tax benefit and heavy SBC dilution may mask underlying earnings quality, as per the income statement.
The 2026Q2 net income of $205.9M far exceeds operating income of $66.7M, implying a significant non-operating gain or tax benefit that inflates reported EPS. Additionally, SBC of $62.0M in the same quarter represents a substantial non-cash expense that, while added back to operating cash flow, dilutes shareholders. Investors should monitor whether operating cash flow can sustain its level without such non-operating boosts and whether SBC will continue to grow.