Executive Summary

Q3 2025 revenue was $419.5M, up 25% year over year; adjusted EBITDA was $61.2M (15% margin), and GAAP net income was $8.8M, exceeding Q3 guidance midpoints by ~$7M on both revenue and adjusted EBITDA .
Wall Street consensus: revenue beat ($419.5M vs $413.7M*), and Primary EPS (normalized) modestly beat (0.1812 vs 0.177*); management raised FY 2025 revenue guidance to $1.619–$1.621B and FY adjusted EBITDA to $234–$236M . Values with asterisk retrieved from S&P Global.
Operational momentum: send volume +35% to $19.5B; quarterly active customers +21% to ~8.9M; strong traction in high-amount senders (+40% YoY send volume) and Remitly Business (active businesses ~10,000; send volume nearly doubled sequentially) .
Near-term catalysts: increased FY guidance, Q4 outlook ($426–$428M revenue; $50–$52M adjusted EBITDA), and Investor Day on Dec 9, 2025; medium-term tailwinds include the 1% tax on cash remittances starting Jan 1, 2026, favoring digital channels .

What Went Well and What Went Wrong

What Went Well

Trust and reliability metrics strengthened: 99.99% uptime, >94% of transactions disbursed in under an hour, >97% completed without customer support contact; underscores product reliability and cost leverage from AI-driven operations .
New customer categories and product momentum: Remitly Business expanded to UK and Canada, active businesses ~10,000, average transaction sizes ~2x consumer, send volume nearly doubled sequentially; high-amount senders saw +40% YoY send volume and +200 bps mix shift for $1K+ transfers .
Flex (send-now-pay-later) scaling: >100,000 active users; revenue nearly doubled sequentially; ~90% of $20.8M receivables current with immaterial charge-offs since inception, indicating prudent underwriting and capital efficiency .

Quote (CEO): “We deliver trust by mastering complexity on the inside so we can deliver radical simplicity on the outside.”

What Went Wrong

Take rate compression amid customer mix/pricing investments, offset by RLTE dollar growth (+23.4% YoY to $272.8M) as management focuses investors on RLTE over gross take rate; implies some near-term margin trade-offs in certain corridors/customer segments .
Rest of world revenue growth decelerated sequentially (toughest comp: Q3 2024 +58% YoY), highlighting base effects and corridor-specific dynamics despite ongoing outperformance in Mexico receive .
2026 preliminary outlook “high teens” revenue growth acknowledges immigration headwinds in key send countries (U.S., Canada), tempering near-term contribution from new products and tax tailwinds .

Financial Results

Core P&L and Operating Metrics (Quarterly)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$361.6	$411.9	$419.5
Adjusted EBITDA ($USD Millions)	$58.4	$64.0	$61.2
Adjusted EBITDA Margin (%)	16.2%	15.5%	14.6%
GAAP Net Income ($USD Millions)	$11.4	$6.5	$8.8
Send Volume ($USD Billions)	$16.2	$18.5	$19.5
Quarterly Active Customers (Millions)	~8.0	~8.5	~8.9
RLTE ($USD Millions)	$240	$268	$273

Notes: Adjusted EBITDA and margin are non-GAAP measures per company definitions .

Q3 2025 KPI Detail

KPI	Q3 2025
Day Rate (%)	2.15%
Transaction Expenses ($USD Millions)	$146.7
Provision for Transaction Losses ($USD Millions; bps of send volume)	$25.0; 12.8 bps
Marketing Spend (GAAP) ($USD Millions)	$91.8
Marketing (Non-GAAP) ($USD Millions)	$87.5
Technology & Development (GAAP) ($USD Millions)	$80.4
G&A (GAAP) ($USD Millions)	$56.0

Geographic and Category Highlights (YoY Growth)

Category	Q3 2025 YoY
U.S. send-side revenue growth	+28%
Rest of world send-side revenue growth	+20% (decelerating given tough prior-year comp)
Receive revenue outside India/Philippines/Mexico	+31%
Mexico receive corridor	Outpaced overall revenue; share gains with localized innovation (e.g., QR-code cash pickup)
High-amount senders (> $1K) send volume growth	+40%; +200 bps mix shift
Remitly Business	~10,000 active businesses; send volume nearly doubled sequentially

Results vs Wall Street Consensus (S&P Global)

Metric	Q3 2025 Consensus	Q3 2025 Actual	Delta
Revenue ($USD)	$413,725,830*	$419,494,000	+$5,768,170 (beat)
Primary EPS (Normalized) ($)	0.177*	0.1812*	+0.004 (beat)

Footnote: *Values retrieved from S&P Global. Company reported GAAP diluted EPS of $0.04 in Q3 2025; S&P “Primary EPS” reflects normalized EPS and is not directly comparable to GAAP diluted EPS .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Billions)	FY 2025	$1.610–$1.620	$1.619–$1.621	Raised
Adjusted EBITDA ($USD Millions)	FY 2025	$225–$230	$234–$236	Raised
Revenue ($USD Millions)	Q4 2025	—	$426–$428	Initiated
Adjusted EBITDA ($USD Millions)	Q4 2025	—	$50–$52	Initiated
GAAP Net Income	Q4 2025	—	Positive expected	Initiated

Note: Company expects positive GAAP net income for Q4 and full-year 2025 .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
AI/technology initiatives	Agentic AI driving lower cost-to-serve and higher conversion; WhatsApp onboarding; strong reliability metrics (93% <1 hr; 95% no support)	99.99% uptime; >94% disbursed <1 hr; >97% completed without support; AI virtual assistant reduces contact rates	Strengthening operational leverage
Stablecoins	Strategy preview; treasury efficiencies; planned wallet USDC; payout via Bridge (Stripe)	Tokenized USD liquidity for near real-time treasury; USDC wallet in U.S.; payout rails in Nigeria/Argentina	Scaling across treasury and customer rails
Remitly One / Flex	Product announced; Remitly One membership, Wallet, Card; Flex “send now, pay later”	Flex >100k active users; revenue nearly doubled sequentially; ~90% receivables current; immaterial charge-offs	Rapid adoption with prudent credit performance
Remitly Business	Large TAM expansion (2T→22T); strong retention/LTV; launch momentum	Expanded to UK/Canada; ~10k active businesses; average transaction ~2x consumer; send volume nearly doubled sequentially	Accelerating with market expansion
Macro/regulatory	Resilience in remittances; FX management	Preliminary 2026 growth “high teens” with immigration headwinds; expected tailwind from 1% tax on cash remittances starting Jan 1, 2026	Mixed: near-term headwinds vs policy tailwind

Management Commentary

CEO on trust and platform reliability: “We deliver trust by mastering complexity on the inside so we can deliver radical simplicity on the outside… 99.99% uptime… over 94%… under an hour… over 97%… without customer support contact.”
CEO on customer categories: “Raised send limits… up to $100,000 per transfer… +40% YoY send volume growth for customers sending more than $1,000… +200 bps mix shift.”
CFO on focus metric: “RLTE dollars grew 23.4% to $272.8 million… RLTE, as a percentage of revenue… 65%… focusing on long-term RLTE dollar growth.”
CEO on stablecoins and treasury: “Tokenized portions of our U.S. dollar liquidity to move funds across markets in near real time… integrated stablecoins into our payout network… in Nigeria and Argentina.”
CEO on 2026 policy tailwind: “The One Big Beautiful Bill… imposes a 1% tax on cash… exempts digitally funded transactions… significantly amplifies the advantage of our digital-first model.”

Q&A Highlights

2026 outlook: Management guided to “high teens” revenue growth, citing immigration headwinds and early-stage contributions from new products and remittance tax tailwind; prioritizes balanced growth and margin expansion .
Incremental margins and investment mix: Balanced capital deployment to drive productivity gains and efficiencies while investing in future bets (AI, stablecoins, products) .
Take rate vs RLTE: Management emphasized RLTE dollars as the “North Star” due to mix/pricing effects; acknowledged experimental price investments for high-amount senders .
Flex credit quality: ~90% of receivables current; negligible >90-days past due balances; immaterial charge-offs since inception; charge-offs beyond 120 days; cohort aging encouraging .
Business vs high-dollar economics: Business average transaction sizes ~2x consumer; sequential send volume nearly doubled; KYB and risk checks improved approvals and reduced friction .

Estimates Context

Revenue beat: $419.5M actual vs $413.7M* consensus; consistent with beat vs Q3 guidance midpoint .
Primary EPS (normalized) modestly beat: 0.1812 actual vs 0.177* consensus; note company’s GAAP diluted EPS was $0.04, reflecting different definitions vs SPGI normalized EPS .
EBITDA/Adjusted EBITDA: SPGI’s EBITDA consensus may reflect GAAP EBITDA; company reports non-GAAP adjusted EBITDA of $61.2M. Use caution comparing these metrics; investor communication anchors on adjusted EBITDA .

Footnote: *Values retrieved from S&P Global.

Key Takeaways for Investors

Durable growth with profitability: Q3 delivered 25% revenue growth and 15% adjusted EBITDA margin, beating guidance; RLTE growth underscores scalability even with customer mix shifts .
Structural share gains: High-amount senders and Remitly Business are expanding TAM and transaction sizes, supporting send-per-customer growth and long-term margin leverage .
Product-led engagement: Flex and Remitly One deepen relationships and diversify revenue (fees, membership, interchange) with disciplined credit risk management .
Digital-first advantage into 2026: The 1% tax on cash remittances should accelerate digital migration, benefiting Remitly’s model; monitor immigration policy headwinds in U.S./Canada .
Q4 setup: Revenue $426–$428M and adjusted EBITDA $50–$52M; expect slightly higher transaction expenses as % of revenue and continued ROI-focused marketing investments .
Focus metric: Track RLTE dollars and adjusted EBITDA margins rather than gross take rate given corridor/pricing mix; continued AI/stablecoin efficiencies should support opex leverage .
Near-term action: Raised FY guidance and upcoming Investor Day (Dec 9) are potential stock catalysts; watch disclosures on Flex unit economics, Business scaling, and 2026 formal guide .

Remitly Global, Inc. (RELY)·Q3 2025 Earnings Summary