Remitly Global, Inc.

Q2 revenue was $495 million, up 20% year over year and $11 million above the midpoint of guidance. Adjusted EBITDA was $115 million, above the midpoint of guidance, at a 23% margin. Send volume grew 27% to $23.5 billion, quarterly active customers grew 20% year over year to 10.2 million, take rate was 2.11%, transaction margin dollars grew 25% to $334 million, and transaction margins were 67% (up 35 basis points year over year). Free cash flow was over $130 million, and net income was $206 million, including a $140.6 million release of tax valuation allowance. For Q3 2026, management expects revenue of $505 million to $507 million, adjusted EBITDA of $92 million to $94 million, and adjusted EBITDA margin of about 18% to 19%. For full-year 2026, revenue is expected to be $1.978 billion to $1.988 billion, adjusted EBITDA $410 million to $415 million, and transaction margins broadly in line with 2025 on a normalized basis.

Sebastian J. Gunningham framed the quarter as proof that Remitly’s strategy is working: affordable, fast, trusted money movement, plus growing products beyond send. He emphasized the company’s improving operating rhythm, saying the business is gaining momentum across network, risk, compliance, and product launches, while AI is helping speed development and lower costs. His tone was upbeat and confident, but he repeatedly stressed that the company is still early in several growth bets and will keep testing before scaling.

Vikas Mehta focused on the financial execution: revenue of $495 million, adjusted EBITDA of $115 million, and free cash flow over $130 million. He said transaction margin dollars grew 25% to $334 million, transaction margins were 67%, transaction expenses were $161 million, and provision for transaction losses was $24.5 million, or 10.4 basis points of send volume. On costs, he cited marketing spend of $96.5 million, customer support and operations of $26.2 million, technology and development of $55.5 million, and G&A of $41 million, noting G&A declined 11% year over year. He also pointed to buybacks of $21 million in Q2 and almost 4 million shares repurchased year to date, and said share repurchases remain an attractive use of capital.

Analysts pressed on where management is most excited across Global Card, USDC, AI, and core business momentum; Sebastian said the answer is the combination of all of them, not one single initiative. Questions also focused on high-value sender marketing, where Vikas said spend will be gradual and thoughtful, with early learning in FY2026 and more expansion in FY2027. On AI, management said benefits are showing up across transaction losses, customer support, technology and development, and G&A. On the receiver opportunity and growth accelerators, management called the opportunity compelling but early, and said these newer businesses are being built for long-term scale rather than short-term contribution.