Remitly (RELY) Q4 2025 Earnings Call Transcript

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DATE

Wednesday, Feb. 18, 2026, at 5 p.m. ET

CALL PARTICIPANTS

• Co-Founder and Chief Executive Officer — Matthew B. Oppenheimer
• Incoming Chief Executive Officer — Sebastian Gunningham
• Chief Financial Officer — Vikas Mehta
• Vice President of Investor Relations — David Beckel

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TAKEAWAYS

• Revenue -- $1.6 billion for full year, representing 29% growth; Q4 revenue of $442 million, up 26%.
• Adjusted EBITDA -- $272 million for the year, with Q4 adjusted EBITDA of $89 million and a Q4 margin of 20%.
• GAAP Profitability -- First full year of GAAP net income at $68 million, compared to prior year net loss of $37 million.
• Free Cash Flow -- $283 million in 2025, more than triple the previous year.
• Quarterly Active Customers (QAU) -- Nearly 9.6 million at year-end; up 19% year over year.
• Send Volume -- $75 billion annual spend; $21 billion in Q4, up 35% year over year.
• Send Volume per QAU -- Exceeded $2,200, up 13% year over year.
• Take Rate -- 2.13% for Q4, described as in line with expectations, mainly influenced by mix shifts.
• High Amount and Very High Amount Senders -- High amount senders’ volume grew 14%; very high amount senders’ volume grew 105%, both year over year.
• Revenue from New Products -- New products contributed just over 1% of revenue; expected to more than double their revenue contribution in 2026.
• Remitly Business (SMB Product) -- 15,000+ business customers onboarded, average transaction size roughly double that of core consumers.
• Flex (Send Now, Pay Later) -- around 120,000 users at year end; revenue from Flex nearly doubled QOQ in Q4.
• RLTE (Revenue Less Transaction Expenses) -- $305 million for Q4, up 30%; RLTE margin at 69%, rising 252 basis points year over year.
• Transaction Expenses -- $138 million in Q4, or 31% of revenue; provision for transaction losses at $15 million or 7.3 basis points of send volume, a record low.
• Marketing Efficiency -- Q4 marketing expense was $88 million, or 19.9% of revenue, down more than 250 basis points year over year; marketing spend per active customer fell 6.5% to $9.49.
• AI-Driven Efficiency -- AI-powered fraud prevention drove lower transaction losses and improved operational metrics; 65%+ transactions disbursed in under 20 seconds.
• Stock-Based Compensation -- For 2025, 9.5% of revenue, a reduction of approximately 250 basis points; Q4 amount was $41.3 million, 0.8% lower year over year.
• Dilution and Share Repurchase -- Dilution fell to 5%, a 140 basis point improvement; $23.9 million in share repurchases during 2025.
• 2026 Guidance: Revenue -- Projected between $1.94 billion and $1.96 billion (19%-20% growth), Q1 revenue guidance $436 million to $438 million (21% growth).
• 2026 Guidance: Adjusted EBITDA -- Expected full-year adjusted EBITDA of $340 million-$360 million (margin ~18%), Q1 EBITDA of $82 million-$84 million (margin ~19%).
• Management Transition -- Sebastian Gunningham named CEO, with Matthew B. Oppenheimer transitioning to chairman while remaining involved in strategy and policy.
• Geographic Expansion -- Outbound service launched in Japan, ongoing scaling in UAE, planned entry into Saudi Arabia and potentially Brazil (pending regulatory approval).

SUMMARY

Remitly Global (NASDAQ:RELY) reported a transition to sustained GAAP profitability alongside accelerated revenue and free cash flow growth, underpinning guidance for continued margin improvement and top-line expansion in 2026. A targeted shift toward high amount senders and business clients yielded record send volumes per customer and a mix shift that raised both average transaction size and high-value segment penetration. AI-driven initiatives delivered quantifiable reductions in transaction losses and operational friction, supporting pronounced marketing and expense leverage, with RLTE and adjusted EBITDA margins at all-time highs. The introduction of new product lines—including membership, wallet, credit, and Flex—registered initial adoption, positioning these segments to account for a larger share of 2026 revenue, while ongoing global expansion, especially into new sending geographies, was emphasized as a strategic focus for management’s next phase of growth.

• Management confirmed new products’ revenue is forecast to more than double in 2026, led by Flex, Remitly Business, and the forthcoming Remitly Credit offering.
• Guidance for 2026 anticipates operating expense investment to ramp throughout the year as product launches and marketing are accelerated, potentially moderating sequential margin progression.
• Geographic diversification and cohort analysis provided management with strong forward revenue visibility, with 2025 cohorts forming the majority of projected 2026 revenue.
• Remitly One, the membership program, is expected to drive wallet and card adoption and further customer engagement, particularly as its benefits expand globally in 2026.

INDUSTRY GLOSSARY

• QAU (Quarterly Active Users): Customers who complete at least one transaction in a given quarter.
• RLTE (Revenue Less Transaction Expenses): Net revenue from operations after subtracting direct transaction-related costs, a key profitability and efficiency measure for payment platforms.
• Send Now, Pay Later (Flex): A Remitly product enabling customers to send funds before they have received their income, aimed at high-frequency remittance users with timing mismatches.
• Take Rate: The percentage of gross send volume captured as revenue by the platform, heavily influenced by customer mix and transaction mechanics.
• Very High Amount Senders: Customer segment defined as sending over $10,000 per transaction.
• High Amount Senders: Customer segment defined as sending between $1,000 and $10,000 per transaction.
• Remitly Business: A money movement product targeting small and medium-sized businesses for cross-border payments.
• Remitly One: The company's membership program aggregating liquidity, wallet, and card services to drive daily customer engagement and reward usage.

Full Conference Call Transcript

Operator: Good day, and thank you for standing by. Welcome to the Remitly Global, Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Beckel, Vice President of Investor Relations. Please go ahead.

David Beckel: Good afternoon, and thank you for joining us for Remitly Global, Inc.'s fourth quarter and full year 2025 earnings call. Joining me on the call today are Matthew B. Oppenheimer, Co-Founder and Chief Executive Officer of Remitly Global, Inc., Sebastian Gunningham, incoming CEO of Remitly Global, Inc., and Vikas Mehta, Chief Financial Officer. Results and additional management commentary are available in the earnings release and presentation slides, which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website.

Before we start, I would like to remind you that we will be making forward-looking statements within the meaning of the federal securities laws including, but not limited to, statements regarding Remitly Global, Inc.'s future financial results, and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statement. Please refer to the earnings release and SEC filings for more information regarding the risk factors that may affect results.

Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today and Remitly Global, Inc. assumes no obligation to update or revise them whether as a result of new developments or otherwise except as required by law. The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses, adjusted EBITDA, and free cash flow in this call. These metrics exclude items such as stock-based compensation, payroll taxes related to stock-based compensation, Pledge 1% contribution, integration, restructuring, and other costs, and other income and expense.

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP metric, please see the earnings press release and the appendix to the earnings presentation available on the IR section of our website. Now I will turn the call over to Matthew to begin.

Matthew B. Oppenheimer: Thank you, Dave, and thank you everyone for joining us today for our fourth quarter earnings call. Today's call is an important and especially exciting one for me, as we announce the appointment of and welcome Sebastian Gunningham as Remitly Global, Inc.'s new CEO. He could have not timed joining Remitly Global, Inc. any better.

We ended this strategically important year with incredible results, growing revenue by 29% and reaching adjusted EBITDA of $272,000,000 in 2025, exceeding our guidance for both. This very strong finish to the year and our outlook for next year reflect the strength of our product platform, team and strategy and is the result of fifteen years of hard work guided by a simple vision. It is sending money and receiving money across borders should be reliable, fast, and fair. Prior to founding Remitly Global, Inc., I lived and worked on three continents, and saw how painful and uncertain basic financial flows could be for people who move money across borders.

That experience was the seed for our now broader vision: transform lives with trusted financial services that transcend borders. I am reminded of the importance of that vision every time I connect with customers. Like Sunjina, a customer since 2019 who joined Remitly Global, Inc. through word-of-mouth during graduate school. She used Remitly Global, Inc. initially to support her parents, since then, she has lived in multiple countries, sending larger and larger amounts over time. And recently used Remitly Global, Inc. to transfer $60,000 in one transaction to a tax obligation. She is what we call a high amount sender, a customer category that grew send volumes more than 40% year over year in 2025.

She says she prefers Remitly Global, Inc. relative to banks and other competitors because of our competitive exchange rates, and the speed of transfers. That vision, our unrelenting commitment to delivering positive and trusted customer outcomes, and the power of our scaled platform have resulted in substantial growth over the years. Since just 2020, quarterly active users have grown by nearly five times and revenue has expanded more than six fold. I would like you to think about that for a moment. Just five years ago, Remitly Global, Inc. was around $250,000,000 in revenue. Serving close to 2,000,000 customers. We are now over $1,600,000,000 in revenue, serving more than 9,000,000 customers.

That momentum in our core money movement business continues, and with less than 4% share of the consumer TAM alone, there is significant headroom to expand further. Beyond money movement, our portfolio of new products provides an opportunity to grow and diversify revenue by creating stronger relationships with customers we serve. In my comments, I will share three key updates. First, I will reflect on our achievements in 2025. Second, I will share how this past year's accomplishments inform our strategic priorities for 2026.

And finally, I will provide additional color on my decision to transition to the chairman role, how I will stay engaged in that capacity, and explain why Sebastian is the right leader for the company going forward. I will then turn the call over to Sebastian to more formally introduce himself. Starting with the reflection on the past year. 2025, put simply, was a phenomenal year for Remitly Global, Inc. Strategically and financially, it was one of the most pivotal years in Remitly Global, Inc.'s history, culminating in an Investor Day and the issuance of our medium-term outlook in which we expect to generate up to $3,000,000,000 of revenue and $600,000,000 of adjusted EBITDA by 2028.

Equally importantly, it created the right moment to accelerate execution with a new leader. Our exceptional performance in 2025 was underpinned by three things. First, strength in our core money movement product. Second, early contributions from new products which enable our long-term vision of becoming a leading and trusted provider of financial services that transcend borders. And third, efficiency gains and operating leverage, which drove record levels of adjusted EBITDA, GAAP profits, and free cash flow. Starting with core money movement. 2025 marked another year of rapid customer growth. We ended the year with more than 9,000,000 quarterly active users, close to $75,000,000,000 of annual spend volume, and more than $1,600,000,000 of revenue.

Growth of 29% year over year continuing our track record of significant share gain amid what is one of the more challenging political and macroeconomic environments in recent memory. This growth was driven by an expansion of our reach with new customer categories like high amount senders, the strength of our platform, which allowed us to test, iterate, gather market intelligence, and leverage learnings faster than ever, and our continued focus on improving the customer experience. Our relentless attention to trust, reliability, speed, and simplicity and delight drove further increases in retention rates and customer lifetime value. Our platform also enabled meaningful progress in the launch and adoption of new products.

This past year, we launched our Send Now, Pay Later product, Flex. Flex is our first product outside of global money movement to surpass 100,000 users, reflecting its strong appeal with a large portion of our customers, and that bridges timing mismatches between earnings and the transfer needs among our customer population. We ended the year with around 120,000 total Flex users, and saw solid double-digit quarter-on-quarter growth in users each quarter throughout the year. We also launched a product focused on businesses, Remitly Business, a global money movement product that allows small and medium-sized businesses to pay international contractors, vendors, and employees.

The focus for our Remitly Business this past year was on developing and testing features that appeal first to micro businesses while at the same time managing a product roadmap that enables us to scale quickly to address the roughly $20,000,000,000,000 global money movement opportunity for small and medium-sized business customers. Early traction for our Remitly Business is strong, as we ended the year with more than 15,000 business customers on the platform. The third major new product launch last year was our membership program, Remitly One, which ties all our new product offerings—liquidity, wallet, and card—into a unified experience that rewards engagement and builds daily habits.

Early adopters have shown strong demand for the Send Now, Pay Later feature as we continue to extend the availability and features of our wallet and card and refine other rewards and benefits. In 2025, we also delivered record levels of efficiency, profitability, and cash generation, significantly outperforming our expectations. Just one year ago, the business had a negative net income of $37,000,000. And today has net income of $68,000,000 with $41,000,000 of that coming in the fourth quarter alone. Momentum in profitability is being driven by several reinforcing forces. First, AI-enabled operating enhancements are fundamentally improving both efficiency and velocity.

For example, a recently upgraded fraud model leveraging AI and integrated data across our platform helped drive record low transaction losses as a percentage of send volume, and lower sideline rates in Q4, contributing roughly $10,000,000 of incremental RLTE dollars versus our forecast. And in product development, we have reduced developer time for product enhancements by combining processes that involve many data sources and human judgments into agent-automated workflows, freeing up developer and engineering time for more strategic higher-impact projects. Second, scale continues to strengthen our flywheel, driving improved unit economics across transaction expenses and other major expense categories. Third, optimization in treasury operations aided by AI models and stablecoin have driven continuous improvements to our FX cost.

These factors, together with a disciplined approach to hiring, contributed to an expansion of adjusted EBITDA margin of more than 500 basis points year over year, enabled full-year GAAP profitability for the first time in our history, and drove a tripling of free cash flow. We will carry this momentum from 2025 into 2026 as we progress towards the three-year financial goals we laid out at Investor Day of up to $3,000,000,000 in revenue and $600,000,000 in adjusted EBITDA. Slide six presented at our Investor Day is the strategic blueprint we will use to drive improvements in our platform and products while ensuring we remain laser-focused on meeting the most critical cross-border financial needs of a growing group of customers.

I will touch on key priorities for each. Starting with our platform. Affirmatively, we see AI as a tremendous tailwind for improving our platform, and an enabler of our strategic and financial goals. In 2026, we will further expand the use of agentic AI systems company-wide to amplify productivity, streamline operations, lower fraud risk, improve customer satisfaction, and speed product development and decision-making. We will expand our use of stablecoins by enabling broader access to USDC, further embedding stablecoin in treasury operations to generate incremental working capital efficiencies and lower transaction costs. Moving to products and specifically our new products—credit and liquidity, wallet, membership, and our money movement products targeting businesses.

In 2026, we will continue to test and optimize while moving to full-scale launch for a number of our new products in key geographies. We expect, in total, to more than double revenue from new products this year. Vikas will provide more detail about specific growth initiatives for the upcoming year in his commentary. Finally, I will discuss our priorities for growing the customer categories we outlined at Investor Day. In 2026, we will continue to expand our presence with high amount senders, or those that send more than $1,000 per transaction, a large, important, and underserved customer category. Our unit economics optimized for lower transaction amounts give us a huge competitive advantage as we extend to higher send thresholds.

In 2025, we saw volumes from high amount senders grow 15 percentage points faster than low amount senders. And we expect another year of strong growth in high amount send volumes as we further extend send limits. 2026 is also expected to be an important year for geographical expansion. We continue to scale in the UAE, launched outbound service in Japan early in Q1, and plan to enable sending from the Kingdom of Saudi Arabia and potentially Brazil subject to regulatory approval. I could not be more excited about Remitly Global, Inc.'s prospects in 2026 and beyond.

Our growth today reflects the cumulative benefits of core strengths developed over the last fifteen years: trust, a proprietary global money movement network, and the compounding advantages of scale. We built a digital-first platform that dramatically lowered the cost and friction of cross-border transfers, helping to significantly reduce the industry cost of sending a transfer and saving customers billions of dollars as a result. We turned a largely cash-based, slow remittance process into a near-instant experience for millions of people, resulting in real, tangible improvements in people's lives. Looking ahead, the work to drive positive business outcomes and the achievement of our medium-term financial targets is clear and interdependent.

We will further accelerate product velocity so we can convert product proofs into broad adoption. We will continue to institutionalize operational excellence with tighter cadences, repeatable playbooks, and a relentless focus on execution quality. We will manage costs thoughtfully, as we have done by strategically reducing headcount and reallocating resources to high-impact growth areas. And we will treat AI as a structural lever, using models to speed product delivery, improve underwriting and risk controls, reduce fraud risk, automate audit and compliance, and make marketing measurably more effective.

Doing these things together at scale and with continued focus on capital discipline is what moves us from a global payments company to a company that offers a wider range of financial services that transcend borders. One capable of transforming lives for individuals and businesses with cross-border financial services needs. And with the foundation and plans in place, I am excited to hand the reins over to a new leader who will dramatically accelerate the delivery of new products and the realization of our vision. The transition has been and will continue to be done with a lot of intentionality. I went to the Board a while back to start discussing succession planning.

I did not know if it would take a quarter or several years to find my successor, but I had the conviction that now was the time to find an incredible successor. The company is doing exceptionally well. The vision is clear. And with the right leader, we can meaningfully accelerate delivery while I continue as chairman. The Board and I ran a deliberate, exhaustive process to identify that leader, defining a success profile, completing thorough interviews, and running independent pre-hire diligence and assessment. Sebastian Gunningham emerged as the leader who is an exceptional fit for what we need in our next phase.

Originally from Argentina, and with extensive professional experience in Latin America, he appreciates better than most the need for timely and reliable cross-border payment solutions and a stable currency. He also has great exposure to founder-led companies and cultures at the most senior levels, reporting directly to Larry Ellison at Oracle, and Jeff Bezos at Amazon. With this experience, he brings a rare combination of product rigor and operational discipline. He grew Amazon's marketplace business into a multi-hundred-billion-dollar GMV business. And he has led growth companies as CEO at various stages. Finally, he has broad experience in financial services, running Amazon Payments during his tenure at Amazon, and more recently, Chair of Santander Consumer Finance.

Simply put, he is uniquely suited for Remitly Global, Inc. as a product-led technology executive and strong operator with incredibly unique experience at both very large and growth-stage technology and financial services companies. As I have gotten to know Sebastian, it became clear that he is exactly what Remitly Global, Inc. needs right now. And I am so excited for you to get to know him going forward. I will remain an active adviser for Sebastian and the chairman of Remitly Global, Inc. My top priority is to work with Sebastian on an organized and thoughtful transition as he ramps up as CEO in the coming months. Sebastian and I are highly complementary.

He will relentlessly drive product velocity and operational cadence. I will provide a founder's perspective, support strategic external relationships, and ensure continuity of our long-term vision. We will operate in a tight partnership. On a personal note, I think this more as stepping up than stepping away. I will continue to be the largest individual shareholder with no plans to sell for the foreseeable future. And I will remain deeply engaged as chairman. Not as an operator of the business where I will defer to Sebastian. I also plan to devote more time to systematic problems where Remitly Global, Inc.'s experience and scale can help.

For example, remittance policy that supports safe digital adoption and regional work in fast-changing sending hubs like the Middle East where an onshore presence, policy engagement, and other macro issues are important to our customers. These are longer-term cross-industry initiatives that I will pursue from a strategic vantage point and where our platform and AI capabilities provide practical levers to affect change. Let me close by reaffirming the one sentence that guided everything we do and that remains unchanged. Transform lives with trusted financial services that transcend borders. That is the North Star for every product decision and every operational choice.

The platform, the product, and the team are now in place to deliver that ambition at a much larger scale. The work ahead is to increase velocity and execution quality so more customers benefit faster. With that, I will now hand it over to Sebastian for a short introduction.

Sebastian Gunningham: Thank you, Matthew. First, I want to congratulate Matthew and the entire Remitly Global, Inc. team on an exceptional 2025. Ending the year with 29% revenue growth and $272,000,000 in adjusted EBITDA is a testament to the strength of the platform we have built over the last fifteen years. It is a privilege to join a company executing with such consistency and discipline of results.

Second, I have been asked what attracted me to Remitly Global, Inc. The answer is a combination of mission, opportunity, and timing. Let me start with the mission. Remitly Global, Inc. serves a global community that has been historically underserved and overcharged. After getting to know Matthew, it became clear that this mission is an authentic reflection of the firm. This makes the work of serving this community meaningful and it makes the impact real. Next, the opportunity. Global remittances is a monster category with room for multiple strong players. Remitly Global, Inc. has around 4% of the consumer payments segment alone.

There is plenty of space for growth as money movement around the world is only going to get bigger and more important. Then the product. Customers love the Remitly Global, Inc. product. High trust and repeat usage prove that Remitly Global, Inc. is a product value store. That trust built across more than 5,300 global corridors is a moat that does not reset overnight. The unit economics also work, as you are seeing in these latest results. This is a business with scale advantages that will continue to accrue into the future. And finally, timing. AI is a big tailwind for this business. For me personally, the timing is very good.

I have a data and science background and have been deep in the evolution of AI. I believe AI will be transformative and I also believe incumbents with established business models and happy customers are going to be huge beneficiaries of AI. I am going to aggressively lead that journey at Remitly Global, Inc. Putting all these points together, it became a very compelling reason to say yes to leading Remitly Global, Inc. I have also been asked how I would brand myself as I step into this role. My career has been defined by building and launching products at some of the best companies in the world, leading large-scale engineering and business teams, and operating within complex organizations.

I have also spent the last five years working deep in banking and payments. Paired with my data science background, and being deeply attuned to the ways AI is transforming the space, I am a product-first operator, someone who believes in combining rigorous operational discipline with the speed of technological innovation. Let me close with this reflection. Remitly Global, Inc. operates in a fast-growing, ever-evolving, and over $22,000,000,000,000 annual TAM. In this environment, in my opinion, there is only one durable advantage that matters. Build the best product. In digital financial services, the product is the business. That will be my focus and the way we keep growing our customer base, delivering a great service, and driving our revenue.

I look forward to interacting with all our analysts and shareholders and to working closely with Matthew and the Board to deliver on the ambitious long-term vision we have laid out for Remitly Global, Inc. Thank you so much, Sebastian. I am so incredibly excited that you are here. Your focus on building the best product combined with disciplined execution is going to result in really exciting results for our company and customers. And it reinforces the strategy we laid out at Investor Day and strengthens our confidence in delivering on our ambition of $3,000,000,000 in revenue and $600,000,000 in adjusted EBITDA by 2028.

With that, I will now turn the call over to Vikas to walk through our financial and operating highlights from the quarter.

Vikas Mehta: Matthew, thank you for your leadership. Sebastian, welcome to Remitly Global, Inc. Good afternoon, everyone. As we shared at Investor Day, we are focused on profitable growth, strong free cash flow, and managed dilution to drive long-term shareholder value. Q4 and full-year results clearly demonstrated our ability to do that. We delivered a very strong quarter and full year. Record revenue, adjusted EBITDA. Fourth quarter was $442,000,000 revenue, up 26% year over year. Adjusted EBITDA was $89,000,000, resulting in an adjusted EBITDA margin of 20%, our highest quarterly adjusted EBITDA margin ever.

Outperformance this quarter was driven by three primary factors: the revenue growth aided by a strong December holiday period with efficiently managed marketing spend, lower-than-expected transaction losses reflecting the benefits of our new AI-driven fraud detection and prevention model, and rigorous management of operating expenses. For the full year, we once again delivered profitable growth. Revenue was $1,635,000,000, up 29%, and adjusted EBITDA was $272,000,000, resulting in an adjusted EBITDA margin of nearly 17%, an increase of more than 500 basis points year over year, as you can see on Slide 12. Importantly, we delivered our first full year of GAAP profitability with $68,000,000 of net income.

We delivered these results by carefully managing both top line and bottom line throughout the year, with revenue ending up more than $60,000,000 above and adjusted EBITDA more than $80,000,000 above the midpoint of our initial 2025 guidance. I will begin with an overview of our fourth quarter results, and then share our outlook for the full year 2026. Let me first unpack revenue growth drivers for Q4. Send volume grew 35% to $21,000,000,000, consistent with the prior quarter's pace. Supporting the strong volume growth, send volume per active customer increased to over $2,200, a 13% year-over-year growth to reach its highest level both on an absolute and percentage growth basis.

This was driven by growth in both transactions per active customer and record growth in average transaction size, as we continue to win share and gain traction with high amount senders and business customers. Quarterly active customers increased 19% year over year to nearly 9,600,000, in line with expectations. Our retention remains strong, reflecting the benefits of investments in the core product to improve speed, reliability, and overall customer experience. As expected, volume and revenue exceeded QAU growth and we saw a greater mix of send volume from high amount senders. Before I dive into our performance, let me define our three customer tiers by send volume. Low amount senders are those that send under $1,000 per transaction.

High amount senders are customers that send between $1,000 and $10,000 per transaction. And very high amount senders are customers that send over $10,000 per transaction. We saw a continued shift in mix in Q4 toward volumes from high amount senders and very high amount senders. High amount senders’ volume grew 14% year over year, and very high amount senders’ volume grew 105% year over year, as shown on Slide 14. Growth in volume from high amount senders and very high amount senders accelerated in Q4, increasing our mix of spend volume from these tiers by over 350 basis points year over year.

These two customer tiers are a strategic focus for us, and as we noted at Investor Day, they comprise nearly 50% of spend volume. This quarter, our take rate was 2.13%, in line with expectations. Growth in volumes from high amount senders was one of the main contributors to year-over-year changes in take rate both for the quarter and the fiscal year. Since take rate is heavily influenced by mix, it is not a great metric for analyzing our underlying business performance. We believe that RLTE dollar growth or RLTE per active customer, which I will highlight shortly, are more indicative of results than take rate for analyzing our performance.

Now let me dive deeper into our revenue performance from a geographic and new products perspective. From a send perspective, US revenue grew 28% driven by continued share gain. Rest of world revenue grew 26% year over year, accelerating sequentially and showcasing the geographic diversification of our business. Notably, in Q4, we saw strong adoption of our product in the UAE, with more than 150% quarter-over-quarter growth in new customers. On the receive side, revenue from transactions to regions outside of India, the Philippines, and Mexico grew faster than overall revenue growth and now comprises over half of our revenue mix.

Before moving to a review of profitability, I will discuss progress with new product areas, focusing on Remitly Business, Send Now, Pay Later, wallet and card, and our membership program. As Matthew noted, we are seeing strong indications of product-market fit for each. Our goal over the next three years is to scale these products to drive adoption within our existing customer base and leverage new products as a means of attracting first-time users to the Remitly Global, Inc. platform. As noted at our Investor Day, we expect these new products to contribute by 2028, 5% to 10% of total revenue.

In 2025, new products contributed a little more than 1% to our revenue, and we expect new products’ revenue contribution to more than double in 2026. Revenue from new products includes Flex, Remitly Business, Wallet and Card, and Remitly One. With that overview, let me share a few highlights as it pertains to our new products. Starting with Remitly Business. Remitly Business is our global money movement product to the 80,000,000 small and medium businesses with cross-border financial needs. Remitly Business addresses an opportunity more than 10 times the size of our core consumer payments business. As Matthew noted, our early focus with this product has been micro businesses.

This sub-component of the $20,000,000,000,000 business TAM wants a low-friction, repeatable payment workflow that can be easily integrated into the systems small businesses use, all with the same level of trust our core consumers enjoy. We have seen strong traction for Remitly Business in the months it has been offered, with over 15,000 businesses on the platform. Average transaction sizes for business customers are roughly twice those of our core customer category. Remitly Business is currently available to businesses in the US, Canada, and the UK, with plans to expand in the EU in 2026. In 2026, we also plan to add features that appeal to larger businesses with more advanced cross-border payment needs, like recurring and bundled payments.

Moving on to Send Now, Pay Later. We continue to see strong product-market fit for Flex, with active users reaching around 120,000 and revenue nearly doubling sequentially in Q4. Unit economics for Flex in Q4 are encouraging and in line with expectations. Our data reveals that Flex customers send more than non-Flex members, and loss rates are trending in line with expectations. In 2026, we will leverage learnings from early cohorts to continue to expand. As we shared at Investor Day, this spring we will also launch Remitly Credit, a recourse line of credit that will offer customers access to higher funding limits and provide customers a means of establishing a credit history.

Finally, wallet and card are foundational elements of our broader financial services offering and are expected to be a key enabler of the adoption and utility for our new products, allowing customers and businesses to store, pay, and spend money. We have seen encouraging early traction with over 60,000 wallets created to date despite a controlled product rollout. Flex advance, wallet and card, and upcoming Remitly Credit comprise the core set of features for Remitly One, our flagship membership product.

While members have shown a strong interest in Flex benefits, we expect to unlock wallet and card's global availability, launch Remitly Credit, and grow other benefits and rewards as we expand penetration of Remitly One among our customer base throughout 2026. Turning to our focus on driving growth on Slide 16. As I noted earlier, the revenue less transaction expenses, or RLTE, is a useful indicator of our business model's long-term success. RLTE dollars grew 30% to $305,000,000, reflecting strong customer activity, improved partner economics, routing optimization, and economies of scale. RLTE as a percentage of revenue this quarter was 69%, a record high, improving 252 basis points year over year.

We remain focused on long-term RLTE dollar growth as we continue to attract new customers, innovate with new use cases, and scale. Transaction expenses this quarter were $138,000,000 and as a percentage of revenue were 31%. Excluding provision for transaction losses, other transaction expenses were $123,000,000, improving 200 basis points year over year as a percentage of revenue as we continue to benefit from the improved network economics. The mix of digital-to-fee transactions increased year over year by more than 300 basis points, continuing a trend that has been positive for our business and customers. Provision for transaction losses was $15,000,000, or 7.3 basis points as a percentage of send volume, a record low and better than our expectation.

As noted, improved performance this quarter is due in part to a recently deployed AI-driven fraud prevention and detection model. With that, let me walk you through the specific non-GAAP expense categories. Notably, we delivered leverage across all expense categories in Q4. Marketing investments remain disciplined and growth-focused. We spent $88,000,000 on marketing in Q4, up 11.5% year over year. As a percentage of revenue, marketing expense was 19.9%, improving more than 250 basis points year over year. Marketing spend per active customer was $9.49, down 6.5% year over year.

This outcome was driven by a more focused and intentional approach to investing in customer acquisition around peak holiday periods, aided by ongoing incrementality testing which allowed us to more efficiently meet our targets by optimizing spend across geographies. We were able to deliver these marketing efficiencies while supporting growth in high amount senders and business customers. Notable campaigns in Q4 included a focus in the US on capturing and driving offline-to-online conversion through our WhatsApp send product and a campaign featuring awareness of the 1% remittance tax on cash remittances. Our lifetime value to customer acquisition cost ratio was about six times while our payback period remained under twelve months.

As a reminder, our marketing investments drive returns for many years beyond our initial investment, given our growing base of repeat users. Customer support and operations expense was $27,000,000, and as a percentage of revenue was 6.1%, improving 12 basis points year over year and continuing a trend that we have seen over the past couple of years. AI-based assistants are driving lower agent contact rates with early customer satisfaction scores indicating AI-led interactions can perform as well or better than human agents. Technology and development expense was $56,000,000 and as a percentage of revenue was 12.7%, improving by 83 basis points year over year.

Technology and development expense grew 18% year over year, reflecting our ability to more efficiently manage technology spend while delivering robust product innovation. Across product and engineering, agentic AI is accelerating development velocity through code generation and testing, enabling rapid design lockup, enhancing customer service, supporting transaction completion, streamlining document verification, and powering natural language query. In Q4, we further increased our leading metrics across speed and reliability. Over 65% of transactions were disbursed in under twenty seconds, increasing seven points from Q3. More than 97% of transactions were completed with a 99.9% uptime. G&A expense was $45,000,000, an improvement of 130 basis points as a percentage of revenue year over year, reflecting continued leverage across the business.

Overall, we continue to maintain rigorous discipline on hiring and non-headcount spend while investing in compliance, geographic expansion, and AI tools. As Matthew noted, we are investing in AI across the organization with AI now an important element of performance objectives company-wide. We expect to generate operational efficiencies and top-line benefits from these investments to increase productivity and more targeted, efficient customer acquisition. Strong revenue growth combined with efficiency and discipline led to record adjusted EBITDA of $89,000,000. We also delivered a record GAAP net income quarter with $41,000,000 of GAAP net income, a significant improvement compared to a $6,000,000 net loss in 2024.

As we noted at Investor Day, the North Star is to drive free cash flow while managing dilution. 2025 showcased our ability to drive meaningful growth in free cash flow while prudently managing dilution. Free cash flow was $283,000,000 in 2025, which more than tripled from the prior year. Outstanding shares grew only 5% year over year, resulting in substantial growth in free cash flow relative to growth in our share count. This quarter, we adjusted our presentation of cash flows, making it simpler for investors to calculate and model by removing the impact of pass-through customer funding activity. I will now discuss dilution management on Slide 18. In 2025, we made progress across each of the metrics we track.

Stock-based compensation as a percentage of revenue was 9.5% for the full year, approximately 250 basis points lower than in 2024. In Q4, stock-based compensation was $41,300,000, 0.8% lower year over year, the first year-over-year decline in quarterly stock-based compensation in the company's history. Dilution declined to 5%, a 140 basis point year-over-year improvement, supported in part by the $23,900,000 worth of share repurchases in 2025 under our $200,000,000 authorization. And the net burn rate fell to 2.9% in 2025, improving 200 basis points year over year. With that, I will move to our outlook. For Q1 2026 we expect revenue of $436,000,000 to $438,000,000, or 21% growth.

First quarter revenue guidance reflects a strong start to the year, continuing the momentum we have observed exiting 2025, favorable seasonality, as well as early customer acquisition benefits associated with the recent 1% tax on cash remittances. Breaking down our revenue growth expectation, consistent with recent trends, we anticipate send volume growth to exceed revenue growth, and revenue growth to outpace quarterly active customer growth, driven by continued momentum among high amount senders and businesses. Send volume per active customer is expected to grow in the mid- to high-single-digit range, supported by the shift in mix towards high amount senders and businesses as we continue to make strategic investments and expand engagement with these customer categories.

For the full year, we expect revenue between $1,941,000,000 and $1,960,000,000, reflecting a growth rate of 19% to 20%. I will provide more context on our outlook for the year. The majority of our revenue in 2026 comes from prior year cohorts, giving us strong visibility into the following year. As noted, we expect revenue from new products to more than double in 2026. New products’ growth will be driven primarily by Flex remittance volume, membership fees, and growth in business remittance volumes. Now let us pivot to profitability and expense guidance. Starting with RLTE. We expect Q1 and full-year RLTE margin to be broadly in line with 2025 levels, adjusting for normalized transaction loss rates.

As always, transaction loss rates may fluctuate quarter to quarter, and we remain disciplined about optimizing customer lifetime value while vigorously managing risk across our platform. Shifting to marketing. We expect continued marketing efficiencies in 2026 as we prioritize high-ROI marketing opportunities in our core remittance business while continuing to invest in marketing for new products and customer categories. For Q1, we expect marketing spend per QAU to be roughly flat year over year. Putting this all together, we expect Q1 adjusted EBITDA to be between $82,000,000 and $84,000,000, translating to an adjusted EBITDA margin of around 19%.

For the full year, we expect adjusted EBITDA to be between $340,000,000 and $360,000,000, representing an adjusted EBITDA margin of around 18% as product and marketing investments supporting new products are expected to build throughout the year. The improvement in adjusted EBITDA margin year over year reflects continued operating leverage supported by the proven use of AI to improve operating efficiency and actions taken this quarter to better align our global resources with our most significant growth opportunities. We expect to generate positive GAAP net income each quarter this year, and strong year-over-year growth in GAAP net income and free cash flow. In terms of cash flow priorities, after organic investments, our top priority will remain the repurchase of shares.

At current stock prices, we believe the repurchase of shares provides a strong return on capital and we expect to increase the quarterly pacing of our buyback activity in 2026. To summarize, in Q4, we delivered very strong results across our key financial metrics, achieving 26% revenue growth and 20% adjusted EBITDA margin. We also delivered record GAAP profitability and strong free cash flow, underscoring the power and scalability of our business model. Thank you. Matthew, for your inspiring leadership all these years. With very strong momentum exiting 2025, and Sebastian's leadership going forward, we are excited about the future. With that, Matthew, Sebastian, and I will open up the call for your questions.

Operator: As a reminder, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please limit your questions to one so we can accommodate as many questions as possible. Please standby while we compile the Q&A roster. Our first question comes from Tien-Tsin Huang with JPMorgan. Your line is open.

Tien-Tsin Huang: Great. Yes. I just want to add my thanks to Matthew as well. Learned a lot from you, Matthew, and what you have built, so hopefully we will be able to stay connected here.

My question maybe just for Sebastian since we have you, and I am sure we will learn more, and I appreciate your intro and yourself. But just given your background, which is really interesting, would love to hear a little bit more on how your prior experience prepares or informs your decision to join and lead Remitly Global, Inc., given that it is a smaller consumer platform different than some of the larger enterprise businesses that you led. So just love to hear your thoughts on that.

Sebastian Gunningham: So, thank you for the question. Some of my prior experiences include, you know, leading product organizations and engineering organizations in some of the best companies in the world.

Some of those were big. Some of those were smaller. I have run large complex businesses in many continents. I have been a CEO a number of times. And specific to payments and the Remitly Global, Inc. business, I did run the payments business at Amazon, as I mentioned, both on the consumer side and on the merchant side. Those were not always big. But they did scale. And this included all the money-in and the money-out channels for the Amazon business. And then finally, over the last few years, I have played both a Board role and a product role at Santander, helping its very successful global digital transformations in its core business and its payments business.

So I think the sum of all these experiences positions me well to lead Remitly Global, Inc. in this next chapter of scaling.

Tien-Tsin Huang: Great.

Matthew B. Oppenheimer: And the only thing that I will add, Tien-Tsin, is a huge thank you to you. I have known you for a decade. An amazing analyst and appreciate all the thoughtful questions and coverage. I am incredibly excited for Sebastian to be here. I wish you could see me because I have a huge smile on my face sitting next to him here in Seattle. I lost my voice as you can potentially hear, so I am speaking a bit more slowly and calmly. But the feeling I have is peace, calm, optimism about this change.

And you will hear more from Sebastian and Vikas today, which is great. And just super excited about what is to come.

Tien-Tsin Huang: Thank you.

Operator: Our next question comes from Ramsey Clark El-Assal with Cantor Fitzgerald. Your line is open.

Ramsey Clark El-Assal: Hi, thanks for taking my question. And I will also add Matthew, it has been terrific interacting with you all these years, and welcome to you, Sebastian. Matthew, I am going to spare your voice and actually ask Vikas a question. What are you seeing out there in terms of kind of macro impacts to the business? I am thinking things like FX or immigration policy or any other external factors.

I guess the more nuanced question is, did you grow through any headwinds? Or are these macro factors that are in the headlines just not impacting your business?

Vikas Mehta: Thank you for the question. And I would start with the fact that we had an exceptional year and a quarter as we ended the year with record revenue, record EBITDA, and EBITDA margin. And a lot of that was because of really strong execution especially in the December holiday period. You know, we saw a significant outperformance even compared to our internal expectations. And as we noted, it was along with driving marketing efficiencies at the same time.

So a lot of it was really strong execution, understanding the customer needs, and really having a product and a marketing message that resonated with our customers. As we look forward, you know, we shared our guide and the drivers of the guide. I would say first of all, you know, building on a strong FY 2025 gives us a lot of predictability coming into the year. We see that our customer is very resilient, even in sort of geopolitical volatile background, which again strengthens our confidence with regards to the guidance. One additional factor which is a tailwind at least in the beginning of the year is the 1% remittance tax that is applicable for cash remittances.

So we definitely see a strong start to the year because of that. But overall, you know, the diversification that we have across customer and new products, the new product momentum that we have seen thus far, all of this gives us great confidence in the guidance we have put forward.

Operator: Our next question comes from Aditya Uttavarappu with Bank of America. Your line is open.

Aditya Uttavarappu: Hi. Just wanted to say Matthew, congratulations on the run at Remitly Global, Inc., and Sebastian, welcome. I have a couple of questions, actually, for Vikas as well.

When I look at the 2026 guidance, you talked about the 19% to 20% growth on revenues for the full year, with Q1 actually being at 21%. So could you just talk a bit more about the cadence of revenues through the year? Is Q1 faster than the full-year outlook because of the 1% remittance tax giving some tailwind? When you have actually easier comps in H2, you should actually maybe see some degree of conservatism there, given maybe macro uncertainty. Just some color on quarterly cadence. And then also related to the outlook for 2026, the implied margin is close to about 18% to 19%.

So curious what is driving maybe that sort of margin in the year being lower than Q4?

Vikas Mehta: Aditi, first of all, thank you for the question, and thank you for initiating coverage on Remitly Global, Inc. I would start with your second part of the question, and then I will go to the first part. So as you noted, we, you know, exited 2025 with a very strong Q4, and you know, a record EBITDA margin of 20%. There were a few reasons for that outperformance. And I would say the three key ones being a strong holiday period along with marketing efficiencies, which pretty much drove one-third of that beat to guidance.

The second important factor was record low transaction loss. It was at 7.3 basis points, which, you know, again, was very, very strong, especially given the new AI model that we have been able to deploy. And the final one was expense management. So as we look at, you know, 2026, you know, we think about, for example, the transaction loss. You know, it tends to be volatile, and we, in our guidance and our forecast, we look at the normal historical range, which is 9 to 13 bps. And we take that as, call it, the baseline.

Outside of that, you know, we really feel that with strong execution, again, we are going to continue to drive margin expansion compared to the full year FY 2025. At the same time, we view the organic opportunity ahead of us as huge. And as we have spoken about earlier, you know, the new product momentum has been good. So we want to invest behind that trend that we are seeing. So overall, we feel, you know, it is a very balanced profitability plus growth equation we are striking here.

Shifting to your question on the revenue drivers and the seasonality thereof, the first point I would make is that, you know, H1 versus H2 is a similar thing that we saw last year, where, you know, the growth rates moderate in the second half. It is a little bit of, you know, the larger the business gets, you know, it tends to follow that curve. The second thing I would say is, as you noted, you know, Q1, we benefit from the remittance tax. And there is a little bit of shift in the Ramadan timing also, you know, moving a few weeks ahead compared to last year. And both those give us stronger confidence with regards to Q1.

So overall, you know, really looking forward to an exciting 2026. And as I said, you know, a strong foundation from 2025 gives us great momentum going in.

Aditya Uttavarappu: Thank you.

Operator: Our next question comes from William Alfred Nance with Goldman Sachs. Your line is open.

William Alfred Nance: Thanks for taking the question. And, Matthew, it has been a pleasure working with you. I guess one maybe for Sebastian. I think in the prepared remarks, Matthew called out, you know, the ability to accelerate product innovation and execution and some operational benefits.

You know, given your history, you know, when you look at the business kind of exiting the year in the mid-twenties on revenue, margins expanding nicely, where do you feel like you can have the most impact in some of those things that Matthew mentioned at the top of the script? What do you expect to be your main areas of focus as we kind of hand over the reins? Appreciate you taking the question.

Sebastian Gunningham: Yeah. Thanks for the question. I start as CEO tomorrow, so I do not want to get ahead of myself here. I think I will just make a couple of comments. I think, you know, these are very large markets.

We are, you know, we have got a lot of traction in the consumer markets. We see, as Vikas and Matthew have said, an opportunity in the business market. And even within the business market, there are many, many sub-segments. I think product, you know, having the right product for each of these segments is super important. So I think that overall, any velocity in product development is going to give us all kinds of opportunities in these large markets that we have to address. So a little bit early for me to have a strong opinion, but very excited about what we can do in these markets.

William Alfred Nance: Thank you.

Operator: Our next question comes from Chris Kennedy with William Blair. Your line is open.

Chris Kennedy: Yes. Good afternoon. Thanks for taking the question and congratulations to both Matthew and Sebastian. Just a follow-up. Sebastian, you mentioned your history with data science and your enthusiasm around AI. Can you just provide more color as to what the opportunity is at Remitly Global, Inc.?

Sebastian Gunningham: So maybe I will stay away from specifics. I will make a few general comments. I think, you know, there are a number of buckets of AI. There is the customer-facing part of AI. There is the internal efficiencies-facing part of AI. There is the software factory part of AI. And we, you know, we have all been following this.

I think for, as I said, for an incumbent like Remitly Global, Inc., with a very strong business model, right unit economics, and a customer that loves the product—and this probably does not only apply for Remitly Global, Inc.—I think that the right AI adoption just gives us a lot of tailwinds into the next few years. So that would be my general statement. I am very optimistic with what I have seen so far. I think it is going to be a very strong multiplier for the company over time.

Chris Kennedy: Thank you.

Operator: Our next question comes from Alexander Wexler Markgraff with KBCM. Your line is open.

Alexander Wexler Markgraff: Thanks for taking the question. And Matthew, Sebastian, congrats to both of you.

I guess just—I do not know if these are for Matthew or Vikas—but just a couple of questions on new products. I would be curious to understand what sort of observable benefits you have seen from Flex and One on wallet share? And then just sort of curious on willingness to pay. Anything you have learned in these early days around willingness to pay for those from customers? Thanks.

Vikas Mehta: Yeah. Thanks, Alex. I will take this one. You know, we have been very impressed with what we have seen thus far from Flex. You know, first of all, it opens up a whole new category with Send Now, Pay Later. You know?

And as we, you know, talked at Investor Day, if you look at our customers and segment them or categorize them, you will have the low amount senders, high amount senders, businesses, and receivers. And as you look at low amount senders, there is a clear mismatch between the timing of earnings and when they need to make payments. In addition to that, specifically for our customer, sometimes there is also a mismatch between their credit history versus their credit worthiness. And this is where if we can fill that gap and void in a meaningful way for the customer, along with driving really positive unit economics and creating shareholder value.

And what we have seen thus far is pretty promising. 120,000 users, revenue almost doubling quarter over quarter. And along with that, clearly maintaining unit economics as well as, you know, having the provisions very much in line with our expectations. The last point I will make on that is we have also seen, you know, very interesting insight that the Flex users, especially members, tend to send more than the non-Flex users slash members. And that clearly shows that not only are we creating a new category, we are actually creating a path where, you know, higher volumes are sent. And we are reducing some of the friction that was existing earlier.

So overall, you know, excited about Flex as well as Send Now, Pay Later in general.

Alexander Wexler Markgraff: Thank you.

Operator: And our final question comes from Darrin Peller with Wolfe Research. Your line is open.

Darrin Peller: Hey. Thanks, guys. Matthew and Sebastian, congrats to both of you guys. Just want to touch back on the quarter. I am just curious about the back end—if you look at post 38%, it was obviously a very strong upside surprise. And so when we think about the new opportunity you are seeing in terms of the higher spenders and maybe just reminding us what other scenarios, what other results drove the upside.

Would love to hear what you are seeing in terms of your strategy around higher spenders and what is really driving that and maybe other factors you saw in the quarter driving the upside.

Matthew B. Oppenheimer: Thanks. Thanks, Darrin. You know, a clearly strong trend that we are seeing is that the high amount senders are, you know, sending more. And the product improvements that we are doing—raising the send limits, having the right marketing campaigns—are resonating as well. And this shows in the numbers. We had a record send per QAU both from a dollar—about $2,200—as well as growth at 13%.

And, you know, if you peel that further, in fact, we provided a slide that takes out low amount senders, high amount senders, and we added one more tier to call out very high amount senders, which is, you know, people who send more than $10,000 per transaction. And we are seeing really high growth rates with, you know, north of mid-teens percent on the high amount senders and north of 100% send volume growth for the very high amount senders. And, again, as we say, we are just getting started there. And with more product innovations and, you know, a more front-footed marketing campaign in that space, we will continue to drive higher market share gains.

And we feel very excited about that in 2026 and beyond. Great. In the end, I will just wrap with a couple thoughts. Our ambitions at Remitly Global, Inc. have never been higher. And if you look at our vision of transform lives with trusted financial services that transcend borders, that is our anchor. And as we think about this transition, as we think about Sebastian coming on, we think about his product-led leadership, operational excellence, that is going to be a huge, huge accelerant to help us accomplish the vision and financials that we laid out at Investor Day.

And to wrap, as, you know, my last earnings call as CEO, I just want to say an enormous thanks to our investors, to our analysts, to all of our thousands of team members, and to our millions of customers around the globe. This business is already making an enormous impact, and it is because of you, and we are very much, more than ever, just getting started.

Darrin Peller: Thank you.

Operator: This concludes the question-and-answer session and conference call. Thanks for participating. You may now disconnect.

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