Online money transfer platform Remitly (NASDAQ: RELY) reported Q2 CY2026 results exceeding the market’s revenue expectations, with sales up 20.2% year on year to $495.2 million. The company expects next quarter’s revenue to be around $506 million, close to analysts’ estimates. Its GAAP profit of $0.93 per share was significantly above analysts’ consensus estimates.
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Remitly (RELY) Q2 CY2026 Highlights:
- Revenue: $495.2 million vs analyst estimates of $486.5 million (20.2% year-on-year growth, 1.8% beat)
- EPS (GAAP): $0.93 vs analyst estimates of $0.12 (significant beat)
- Adjusted EBITDA: $114.7 million vs analyst estimates of $88.1 million (23.2% margin, 30.2% beat)
- The company slightly lifted its revenue guidance for the full year to $1.98 billion at the midpoint from $1.97 billion
- EBITDA guidance for the full year is $412.5 million at the midpoint, above analyst estimates of $383.1 million
- Operating Margin: 13.5%, up from 3.6% in the same quarter last year
- Free Cash Flow Margin: 26.3%, up from 16.8% in the previous quarter
- Active Customers: 10.2 million, up 1.7 million year on year
- Market Capitalization: $5.19 billion
“We delivered another excellent quarter, achieving record revenue, Adjusted EBITDA, and net income, while surpassing 10 million quarterly active customers for the first time in our company's history, a direct reflection of the trust and confidence customers place in Remitly,” said Sebastian Gunningham, Chief Executive Officer.
Company Overview
With Amazon founder Jeff Bezos as an early investor, Remitly (NASDAQ: RELY) is an online platform that enables consumers to safely and quickly send money globally.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can have short-term success, but a top-tier one grows for years. Luckily, Remitly’s sales grew at an incredible 31.4% compounded annual growth rate over the last three years. Its growth surpassed the average consumer internet company and shows its offerings resonate with customers, a great starting point for our analysis.
This quarter, Remitly reported robust year-on-year revenue growth of 20.2%, and its $495.2 million of revenue topped Wall Street estimates by 1.8%. Company management is currently guiding for a 20.6% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 19% over the next 12 months, a deceleration versus the last three years. Despite the slowdown, this projection is commendable and indicates the market is baking in success for its products and services.
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Active Customers
Customer Growth
As a fintech company, Remitly generates revenue growth by increasing both the number of users on its platform and the number of transactions they execute.
Over the last two years, Remitly’s active customers, a key performance metric for the company, increased by 25.8% annually to 10.2 million in the latest quarter. This growth rate is among the fastest of any consumer internet business and indicates its offerings have significant traction. 
In Q2, Remitly added 1.7 million active customers, leading to 20% year-on-year growth. The quarterly print was lower than its two-year result, suggesting its new initiatives aren’t accelerating customer growth just yet.
Revenue Per Customer
Average revenue per customer (ARPC) is a critical metric to track because it measures how much the company earns in fees from each user. ARPC also gives us unique insights into the average transaction size on Remitly’s platform and the company’s take rate, or “cut”, on each transaction.
Remitly’s ARPC growth has been mediocre over the last two years, averaging 3.5%. This isn’t great, but the increase in active customers is more relevant for assessing long-term business potential. We’ll monitor the situation closely; if Remitly tries boosting ARPC by taking a more aggressive approach to monetization, it’s unclear whether customers can continue growing at the current pace. 
This quarter, Remitly’s ARPC clocked in at $48.54. It was flat year on year, worse than the change in its active customers.
Key Takeaways from Remitly’s Q2 Results
We were impressed by how significantly Remitly blew past analysts’ EBITDA expectations this quarter on a slight revenue beat. We were also glad its full-year EBITDA guidance trumped Wall Street’s estimates. Overall, we think this was a very solid quarter with some key areas of upside. The stock traded up 7% to $25.75 immediately after reporting.
Sure, Remitly had a solid quarter, but if we look at the bigger picture, is this stock a buy? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
