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what it is
Remitly helps people send money across borders from their phones, usually in minutes instead of a trip to a store counter.
how it gets paid
FY2025 revenue was about $1.64B. Economics come mainly from transfer-related fees and foreign-exchange spread on cross-border sends — not a clean retail-style line-item split in the headline filing table.
why it's growing
Revenue grew about 29% vs. prior year (from roughly $1.26B in FY2024 to roughly $1.64B in FY2025). Send volume grew about 37% vs. prior year per the company.
what just happened
On Feb 18, 2026 Remitly reported Q4 2025 revenue of about $442M (+26% vs. prior year) and diluted EPS of about $0.19. FY2025 diluted EPS was about $0.31 versus a diluted loss of about $(0.19) in FY2024.
At a glance
B+ balance sheet — decent shape, but not bulletproof
~42x trailing p/e — still paying up for growth
$0.31 FY2025 diluted EPS (GAAP, actual)
~$(0.19) FY2024 diluted EPS (GAAP, actual)
~4.7% FY2025 GAAP operating margin
xvary composite: 49/100 — below average
What they do
Remitly helps people send money across borders from their phones, usually in minutes instead of a trip to a store counter.
Remitly wins on reach and convenience. Its app works across more than 170 countries and 5,200 corridors, so your family abroad can get cash, bank deposits, or mobile money without you juggling multiple providers. Network coverage → more payout options → so what: once your route works reliably, switching feels like volunteering for a failed transfer.
How they make money
$1.6B
annual revenue · their business grew +29.4% last year
send fees
$0.88B
foreign exchange spread
$0.48B
express delivery option
$0.16B
remitly one membership
$0.08B
The products that matter
cross-border money transfers
Core Remittance
FY2025 · ~$1.64B revenue
The core app is still digital remittances — fees and FX on cross-border volume. FY2025 send volume was about $74.9B, up about 37% vs. prior year per the company.
core engine
membership and add-on services
Remitly One
membership & add-on services
Remitly One bundles benefits for repeat senders. If Remitly is more than a transaction button, retention and upsell should show up in customer activity and revenue per active user over time.
growth layer
new product expansion
Flex
aligned with FY2026 revenue guide
Flex is Remitly’s “send now, pay later” style option for eligible customers. Management guided FY2026 revenue to about $1.94B–$1.96B (about 19–20% growth) — new products help the mix if core corridors ever slow.
execution watch
Key numbers
~29%
revenue growth
FY2025 revenue grew about 29% on a GAAP basis. Fast growth matters because FY2025 GAAP operating margin is still only about 4.7%.
~4.7%
FY2025 GAAP operating margin
Income from operations was about $77.5M on about $1.64B revenue — proof of operating leverage, but still thin versus the marketing and tech spend underneath.
~$155M
long-term debt
Dec 31, 2025 long-term debt was about $155M (with a small short-term debt line) — up from zero a year earlier — plus noncurrent lease liabilities. Funding is not “zero leverage” anymore.
~42x
trailing p/e
At ~$13 and FY2025 diluted EPS of ~$0.31, trailing P/E is on the order of low-40s — a growth multiple where small misses still hurt.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt ~$155M long-term debt (Dec 31, 2025)
B+ — solid liquidity profile for a payments company, but watch leverage and customer-fund balances alongside GAAP profitability.
Total return vs. market
Return history isn't available for RELY right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY 2025 reported
Q4 2025 revenue ~$442M · diluted EPS ~$0.19 · first full year of GAAP profit on ~$1.64B sales.
FY2025 net income was about $67.9M versus a net loss of about $37.0M in FY2024. Q4 2025 GAAP operating margin was roughly high-single digits (~8.8%) — materially above the full-year GAAP operating margin (~4.7%). Adjusted EBITDA was about $272M FY2025; management reaffirmed FY2026 guidance including revenue of about $1.94B–$1.96B and positive GAAP net income.
~$442M
Q4 revenue
~$0.19
Q4 diluted EPS
~9%
Q4 GAAP op. mgn
the number that mattered
FY2025 diluted EPS of about $0.31 closes the “only losses” chapter — the next debate is whether margins can hold as marketing and product investment keep scaling with growth.
source: Remitly Q4 and FY2025 results (press release / Form 8-K, Feb 18, 2026)
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What could go wrong
the #1 risk is ceo transition risk at a company priced for clean execution.
high
ceo handoff has no room for sloppiness
Sebastian Gunningham became CEO on Feb 18, 2026 (with co-founder Matt Oppenheimer remaining chairman). A leadership transition is easier to absorb at a value multiple — Remitly still trades like a growth compounder, so execution through the handoff gets less slack.
valuation risk meets execution risk in the same place.
med
marketing efficiency is the margin story
Marketing and technology spend still scale with the business — FY2026 revenue guidance is about 19–20% growth, not 30%+. If customer acquisition gets more expensive, Q4-style operating margins may not fully translate into the full year.
GAAP net margin was only about 4.2% in FY2025 — there is limited room for wasted spend before the new profitability narrative cracks.
med
4% market share cuts both ways
the bull case is obvious: low share means runway. the bear case is just as obvious: if competitors or banks defend the corridor business harder than expected, remitly stays a good product with a smaller profit pool than the stock implies.
you need share gains, not just industry growth.
low
trust failures matter more here than in most apps
money-transfer products live or die on reliability. reported cases of delayed or missing beneficiary funds may be isolated, but in a trust-based category even rare failures carry outsized reputational damage.
payments users forgive high fees before they forgive missing money.
This is a ~$13 stock inside a ~$12–$25 twelve-month range, with FY2025 GAAP net margin only about 4.2% and a trailing multiple still pricing continued execution. If growth slows toward the guided ~20% before margins widen, the rating can compress before the product breaks.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
first quarter under the new ceo
The first few quarters after the CEO change matter more than usual. You want FY2026 revenue guidance to stay near $1.94B–$1.96B and you want to see whether Q4-level GAAP operating leverage can persist — or whether full-year margins stay closer to ~5%.
margin check
does Q4-style operating leverage stick
Q4 2025 GAAP operating margin was roughly high-single digits; FY2025 was about 4.7%. Gross margin (as reported by data providers) is often quoted near ~59% — the question is how much survives marketing and tech spend if growth normalizes.
share gains
4% share needs to move up
low share is the runway argument. if that number stays stuck while growth slows toward the 20% guide, the market will start treating this as a good app rather than a compounding platform.
ownership signal
whether new buying survives the transition
Institutional ownership can shift quickly around a CEO transition. Use 13F season for holder churn — the operating metrics matter more than any single quarter’s buyer headline.
Analyst rankings
profitability setup
improving
Q4 2025 GAAP operating margin was roughly high-single digits versus about 4.7% for FY2025 — the debate is whether that step-up repeats or mean-reverts.
valuation setup
premium
Even after GAAP profitability, the multiple still embeds continued growth and margin expansion — not a deep-value bank comp.
coverage quality
thin
formal rank and target data are limited in the current feed, so you should lean more on the operating numbers than on tidy consensus labels.
source: institutional data
Institutional activity
institutional ownership data for RELY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13.11
current price
n/a
target midpoint · n/a from current
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