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Specialty business services · Industrials · Fiscal year ends Dec 31
Remitly Global reported revenue of $1.6B in the fiscal year ended Dec 2025, up 29.4% from the year before. Operating income was $77M, an operating margin of 4.7%, and net income was $68M. Operating cash flow of $325M less capital expenditure of $29M left free cash flow of $296M. It held more cash than debt (net cash $385M).
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 459 | 654 | 944 | 1,264 | 1,635 |
| Research & development | 64.1 | 139 | 220 | 270 | 314 |
| Operating income | −39.7 | −121 | −114 | −39.1 | 77.5 |
| Interest expense | 1.3 | 1.3 | 2.4 | 3.2 | 7.6 |
| Pre-tax income | −37.7 | −113 | −112 | −30.3 | 71.6 |
| Income tax | 1.0 | 1.0 | 5.9 | 6.7 | 3.7 |
| Net income | −38.8 | −114 | −118 | −37.0 | 67.9 |
| Diluted EPS | −0.64 | −0.68 | −0.65 | −0.19 | 0.31 |
| Diluted shares | 60.7 | 168 | 181 | 195 | 218 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 403 | 301 | 324 | 368 | 542 |
| Current assets | 608 | 669 | 932 | 898 | 1,316 |
| Net PP&E | 9.2 | 11.5 | 16.0 | 31.6 | 61.5 |
| Goodwill | – | 0.0 | 54.9 | 54.9 | 54.9 |
| Total assets | 626 | 696 | 1,036 | 1,013 | 1,459 |
| Payables | 1.2 | 6.8 | 35.1 | 16.2 | 28.5 |
| Deferred revenue | 1.2 | 1.1 | 1.1 | – | – |
| Current liabilities | 142 | 209 | 367 | 329 | 399 |
| Short-term debt | – | 0.0 | 2.5 | 2.5 | 2.8 |
| Long-term debt | – | 0.0 | 130 | 0.0 | 155 |
| Total liabilities | 145 | 216 | 507 | 347 | 590 |
| Shareholders' equity | 480 | 480 | 529 | 665 | 869 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −18.4 | −109 | 66.8 | 112 | 325 |
| Capital expenditure | 2.0 | 3.7 | 2.9 | 6.0 | 29.4 |
| Free cash flow | −20.3 | −112 | 63.9 | 106 | 296 |
| Depreciation & amortisation | 5.3 | 6.7 | 13.1 | 18.1 | 25.0 |
| Stock-based compensation | 17.0 | 95.3 | 137 | 152 | 155 |
| Acquisitions | 0.0 | 0.2 | 40.9 | 0.0 | 0.0 |
| Share buybacks | 0.0 | – | 0.0 | 0.0 | 23.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 42.5% | 44.5% | 33.9% | 29.4% |
| Operating margin | −8.7% | −18.5% | −12.1% | −3.1% | 4.7% |
| Net margin | −8.5% | −17.4% | −12.5% | −2.9% | 4.2% |
| Return on equityBlank when equity is negative | −8.1% | −23.7% | −22.3% | −5.6% | 7.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.2% | −24.9% | −17.1% | −5.7% | 7.3% |
| Free cash flow margin | −4.4% | −17.2% | 6.8% | 8.4% | 18.1% |
| Cash conversion (CFO ÷ net income) | 0.47x | 0.95x | −0.57x | −3.02x | 4.79x |
| Interest cover | −31.6x | −93.0x | −48.6x | −12.1x | 10.2x |
| Debt ÷ equity | – | 0.00x | 0.25x | 0.00x | 0.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −301 | −191 | −366 | −385 |
| Current ratio | 4.29x | 3.20x | 2.54x | 2.73x | 3.30x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.