Revenue growth has normalized to 25.2% as of 2026Q1, while operating margins have successfully pivoted from negative territory to 14.4% through improved scale.
| 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 |
|---|
| Sales/Revenue | 1.73B | 1.64B | 1.26B | 944.28M | 653.56M | 458.61M | 256.96M | 126.57M | 1.35B | 1.25B | 1.15B | 42.05M | 43.51M | 43.93M | 16.5M | 0 | 0 | 637.73M | 0 | 0 | 0 | 143M |
| Revenue Growth % | 27.27% | 29.37% | 33.85% | 44.48% | 42.51% | 78.48% | 103.02% | -90.6% | 7.74% | 9.09% | 2624.63% | -3.37% | -0.96% | 166.34% | - | - | -100% | - | - | - | -100% | - |
| Cost of Goods Sold | 704.64M | 700.77M | 515.52M | 411.63M | 326.93M | 237.13M | 135.84M | 73.3M | 1.29B | 1.18B | 1.07B | 25.7M | 23.43M | 22.71M | 9.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 42.86% | 40.79% | 43.59% | 50.02% | 51.71% | 52.87% | 57.92% | 95.61% | 94.66% | 93.46% | 61.13% | 53.84% | 51.7% | 60.53% | - | - | - | - | - | - | - |
| Gross Profit | 1.02B | 934.37M | 748.44M | 532.65M | 326.63M | 221.47M | 121.11M | 53.26M | 59.1M | 66.7M | 74.9M | 16.34M | 20.08M | 21.22M | 6.51M | 0 | 0 | 637.73M | 0 | 0 | 0 | 143M |
| Gross Margin % | 59.18% | 57.14% | 59.21% | 56.41% | 49.98% | 48.29% | 47.13% | 42.08% | 4.39% | 5.34% | 6.54% | 38.87% | 46.16% | 48.3% | 39.47% | - | - | 100% | - | - | - | 100% |
| Gross Profit Growth % | - | 24.84% | 40.51% | 63.08% | 47.48% | 82.86% | 127.38% | -9.87% | -11.39% | -10.95% | 358.24% | -18.62% | -5.35% | 225.96% | - | - | -100% | - | - | - | -100% | - |
| Operating Expenses | 890.93M | 852.73M | 787.53M | 646.85M | 447.66M | 261.2M | 150.3M | 103.87M | 54.7M | 63.4M | 58M | 47.69M | 48.98M | 46.35M | 32.55M | -32.86M | -28.64M | 647.01M | -367.57M | -357.16M | -219.13M | 40.81M |
| OpEx % of Revenue | - | 52.15% | 62.31% | 68.5% | 68.5% | 56.95% | 58.49% | 82.06% | 4.06% | 5.07% | 5.06% | 113.42% | 112.57% | 105.51% | 197.33% | - | - | 101.46% | - | - | - | 28.54% |
| Selling, General & Admin | 441.85M | 568.03M | 499.66M | 413.79M | 302.22M | 191.85M | 105.46M | 69.2M | 52.3M | 61M | 56M | 18.85M | 17.74M | 17.13M | 5.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 34.74% | 39.53% | 43.82% | 46.24% | 41.83% | 41.04% | 54.67% | 3.88% | 4.88% | 4.89% | 44.84% | 40.76% | 38.99% | 31.61% | - | - | - | - | - | - | - |
| Research & Development | 240.06M | 313.91M | 269.82M | 219.94M | 138.72M | 64.09M | 40.78M | 32.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 19.2% | 21.35% | 23.29% | 21.23% | 13.98% | 15.87% | 25.29% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -29.21M | 18.05M | 13.12M | 6.72M | 5.26M | 4.06M | 2.66M | 2.4M | 2.4M | 2M | 28.84M | 31.24M | 29.22M | 27.34M | -32.86M | -28.64M | 647.01M | -367.57M | -357.16M | -219.13M | 40.81M |
| Operating Income | 130.75M | 81.65M | -39.09M | -114.19M | -121.04M | -39.72M | -29.18M | -50.6M | -129.3M | -68.8M | 17.4M | 1.73M | -5.93M | -2.72M | -11.52M | -32.86M | -28.64M | 54.99M | 327.95M | 308.41M | 584.51M | 102.19M |
| Operating Margin % | 7.57% | 4.99% | -3.09% | -12.09% | -18.52% | -8.66% | -11.36% | -39.98% | -9.6% | -5.51% | 1.52% | 4.11% | -13.62% | -6.2% | -69.84% | - | - | 8.62% | - | - | - | 71.46% |
| Operating Income Growth % | - | 308.89% | 65.77% | 5.65% | -204.71% | -36.11% | 42.33% | 60.86% | -87.94% | -495.4% | 906.94% | 129.15% | -117.62% | 76.35% | 64.94% | -14.75% | -152.08% | -83.23% | 6.34% | -47.24% | 472.01% | - |
| EBITDA | 160.96M | 106.68M | -21.03M | -101.08M | -114.31M | -34.47M | -25.12M | -47.94M | -76.6M | -14M | 63.4M | 3.04M | -4M | 409K | -9.46M | -32.78M | -28.45M | 88.42M | 447.66M | 340.59M | 603.69M | 97.83M |
| EBITDA Margin % | 9.32% | 6.52% | -1.66% | -10.7% | -17.49% | -7.52% | -9.78% | -37.88% | -5.69% | -1.12% | 5.53% | 7.23% | -9.2% | 0.93% | -57.32% | - | - | 13.87% | - | - | - | 68.41% |
| EBITDA Growth % | 1150.49% | 607.23% | 79.19% | 11.58% | -231.67% | -37.19% | 47.6% | 37.41% | -447.14% | -122.08% | 1986.9% | 175.91% | -1078.48% | 104.33% | 71.16% | -15.23% | -132.17% | -80.25% | 31.43% | -43.58% | 517.1% | - |
| D&A (Non-Cash Add-back) | 30.21M | 25.03M | 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 | 119.71M | 32.19M | 19.18M | -4.36M |
| EBIT | 117.51M | 79.24M | -27.01M | -109.59M | -111.67M | -36.46M | -30.21M | -49.52M | -128.4M | -69.1M | -7.4M | -626K | -5.93M | 777K | -8.09M | -32.86M | -13.55M | 54.99M | 889.65M | 804.24M | 584.51M | 178.06M |
| Net Interest Income | -1.19M | 87K | 4.84M | 5.09M | 2.85M | -1.12M | -916K | -497K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.57M | 7.7M | 8.08M | 7.45M | 4.15M | 140K | 273K | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.75M | 7.61M | 3.24M | 2.35M | 1.3M | 1.26M | 1.19M | 1.61M | 200K | 34.7M | 33.4M | 905K | 3.94M | 4.16M | 3.88M | -19.35M | -4.67M | 64.28M | 340.7M | 202.56M | 155.4M | 4.36M |
| Other Income/Expense | -21.99M | -10.02M | 8.84M | 2.26M | 8.06M | 2.01M | -2.22M | -531K | 700K | -35M | -58.2M | -3.26M | -3.94M | -663K | -453K | 19.35M | 19.76M | -64.28M | 221M | 293.26M | -155.4M | 71.51M |
| Pretax Income | 108.76M | 71.63M | -30.25M | -111.94M | -112.98M | -37.71M | -31.4M | -51.13M | -128.6M | -103.8M | -40.8M | -1.53M | -9.87M | -3.39M | -11.97M | -13.51M | -8.88M | -9.29M | 548.94M | 601.67M | 429.11M | 173.7M |
| Pretax Margin % | 6.3% | 4.38% | -2.39% | -11.85% | -17.29% | -8.22% | -12.22% | -40.4% | -9.55% | -8.31% | -3.56% | -3.64% | -22.69% | -7.71% | -72.59% | - | - | -1.46% | - | - | - | 121.47% |
| Income Tax | 3.13M | 3.69M | 6.73M | 5.9M | 1.04M | 1.04M | 1.16M | 259K | -7.8M | -600K | -9.1M | -4.68M | 163K | 580K | -2.63M | 150K | -4.67M | 64.28M | -221M | -247.91M | 155.4M | 71.51M |
| Effective Tax Rate % | 2.88% | 5.16% | -22.24% | -5.27% | -0.92% | -2.77% | -3.7% | -0.51% | 6.07% | 0.58% | 22.3% | 305.68% | -1.65% | -17.12% | 21.95% | -1.11% | 52.68% | -692.2% | -40.26% | -41.2% | 36.21% | 41.17% |
| Net Income | 105.63M | 67.93M | -36.98M | -117.84M | -114.02M | -38.76M | -32.56M | -51.39M | -120.8M | -103.2M | -31.7M | 3.15M | -10.03M | -3.97M | -9.35M | -13.66M | -4.2M | -73.56M | 769.94M | 849.58M | 273.72M | 102.19M |
| Net Margin % | 6.12% | 4.15% | -2.93% | -12.48% | -17.45% | -8.45% | -12.67% | -40.6% | -8.97% | -8.26% | -2.77% | 7.49% | -23.06% | -9.03% | -56.65% | - | - | -11.54% | - | - | - | 71.46% |
| Net Income Growth % | 2423.67% | 283.71% | 68.62% | -3.35% | -194.2% | -19.01% | 36.64% | 57.46% | -17.05% | -225.55% | -1106.67% | 131.38% | -152.94% | 57.55% | 31.58% | -225.19% | 94.29% | -109.55% | -9.37% | 210.39% | 167.86% | - |
| Net Income (Continuing) | 105.63M | 67.93M | -36.98M | -117.84M | -114.02M | -38.76M | -32.56M | -51.39M | -120.8M | -103.2M | -31.7M | 3.15M | -10.03M | -3.97M | -9.35M | -13.66M | -4.2M | -73.56M | 769.94M | 849.58M | 273.72M | 102.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.49 | 0.31 | -0.19 | -0.65 | -0.68 | -0.64 | -0.20 | -0.42 | -4.17 | -3.57 | -1.09 | 0.04 | -0.14 | -0.03 | -0.08 | -0.12 | -0.04 | -0.45 | 4.69 | 5.18 | 1.67 | 0.62 |
| EPS Growth % | 1632.5% | 263.16% | 70.77% | 4.41% | -6.25% | -220% | 52.38% | 89.93% | -16.81% | -227.52% | -2594.28% | 131.21% | -309.36% | 57.57% | 32.83% | -231.49% | 91.96% | -109.59% | -9.46% | 210.18% | 169.35% | - |
| EPS (Basic) | - | 0.33 | -0.19 | -0.65 | -0.68 | -0.64 | -0.21 | -0.42 | -4.17 | -3.57 | -1.09 | 0.04 | -0.14 | -0.06 | -0.08 | -0.12 | -0.04 | -0.45 | 4.69 | 5.18 | 1.67 | 0.62 |
| Diluted Shares Outstanding | 217.05M | 217.57M | 194.65M | 180.82M | 167.77M | 60.73M | 152.03M | 21.29M | 28.97M | 28.95M | 29.2M | 72.11M | 72.11M | 116.12M | 115.88M | 115.88M | 115.88M | 164.11M | 164.11M | 164.11M | 164.11M | 164.11M |
| Basic Shares Outstanding | 211.03M | 205.83M | 194.65M | 180.82M | 167.77M | 60.73M | 162.65M | 17.22M | 28.97M | 28.95M | 29.2M | 70.94M | 70.94M | 70.94M | 115.88M | 115.88M | 115.88M | 164.11M | 164.11M | 164.11M | 164.11M | 164.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and immigration policy shifts
As reported in recent financial statements, Remitly's year-over-year revenue growth has decelerated from the 39.3% observed in 2024Q3 to 25.2% by 2026Q1, suggesting that the company is transitioning from a hyper-growth phase toward a more sustainable, albeit slower, expansion trajectory within the competitive cross-border remittance market.
The moderation in top-line growth indicates that the initial surge of digital adoption may be encountering market saturation or increased competitive intensity. Investors should monitor whether this deceleration reflects a deliberate shift toward higher-quality, lower-CAC cohorts or if it signals a weakening in the underlying demand for the platform's core remittance services.
Based on reported figures, Remitly has maintained a consistent gross margin profile hovering near 59%, which, according to historical data, demonstrates a resilient pricing power that significantly outperforms legacy incumbents like Western Union, whose margins remain constrained by the high overhead of physical agent networks.
The stability of these margins suggests that the company's digital-first disbursement network is successfully insulating it from the margin compression typically seen in commoditized payment services. This performance warrants further investigation into whether the company can continue to optimize its disbursement costs as it scales into new, potentially lower-margin international corridors.
According to recent SEC filings, Remitly's operating margin improved from a negative 11.7% in 2023Q4 to a positive 14.4% by 2026Q1, indicating that the company is finally achieving the necessary scale to decouple its operating expenses from its rapid revenue expansion.
This shift suggests that the heavy investments in technology and customer acquisition are beginning to yield efficiencies, allowing for a more profitable conversion of gross profit into operating income. Analysts should watch for continued discipline in SG&A spending to confirm that this operating leverage is structural rather than a temporary result of reduced marketing intensity.
As noted in the provided income statement data, Remitly's net income has historically been volatile, with significant fluctuations in stock-based compensation expenses, which reached $81.3M in 2025Q4, potentially obscuring the true underlying cash-generating capability of the business for the average retail investor.
The lumpy nature of these non-cash charges suggests that reported EPS may not always reflect the operational reality of the business. Investors should focus on adjusted profitability metrics to better understand the core earnings power, as the reliance on equity-based incentives remains a material factor in the company's compensation structure.
Quick answers to the most common questions about buying RELY stock.
For fiscal year 2025, Remitly Global, Inc. (RELY) reported total revenue of $1.64B. This represents a 1043.5% increase compared to $143.0M in 2002.
Remitly Global, Inc. (RELY) is profitable, generating $67.9M in net income for the fiscal year ending 2025 with a net profit margin of 4.2%.
Remitly Global, Inc. (RELY) reported an operating income of $81.6M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Remitly Global, Inc. (RELY) generated $934.4M in gross profit for the year, representing a gross profit margin of 57.1%. This demonstrates the company's core pricing power and production efficiency.