Highlights

  • Remitly shows 2,119.88% one-year basic EPS growth, a P/E of 17.78 and PEG of 0.00.
  • Second quarter net income was $205,908 thousand, after releasing its full U.S. valuation allowance.
  • Second quarter revenue was $495,156 thousand, up 20%; send volume was $23.5 billion, up 27%.
  • Remitly repurchased 3.9 million shares for $65.6 million; $110.5 million remains authorized.

Remitly (NASDAQ:RELY) reported second quarter 2026 net income of $205,908 thousand, and the undervalued growth stock figures read 2,119.88% one-year growth in basic earnings per share, a trailing twelve-month P/E of 17.78 and an expected-basis PEG of 0.00, with shares trading at USD 24.24 on October 28, 2026, up 0.12%. On the company's side, the cross-border financial services provider began restructuring plans in the first quarter of 2026, released its full U.S. valuation allowance in the second quarter, and reported second quarter revenue of $495,156 thousand in early August.

Remitly Global is headquartered in Seattle, Washington, and incorporated in Delaware. It describes itself as a provider of financial services that cross borders, with a footprint spanning more than 175 countries. Its global money movement product represents the substantial majority of revenue, earned through transaction fees and foreign exchange spreads. Its largest receive countries by send volume include India, Mexico and the Philippines, and it also serves high-amount senders, businesses and receivers.

Growth: Second Quarter Earnings, Revenue and Send Volume

Net income was $205,908 thousand in the second quarter against $6,536 thousand a year earlier, and $254,961 thousand for the six months against $17,888 thousand. Basic earnings per share were $0.98 against $0.03, and diluted earnings per share were $0.93 against $0.03. A benefit from income taxes of $141,264 thousand, against a provision of $1,578 thousand, reflected primarily the release of the full U.S. valuation allowance.

Revenue rose 20% to $495,156 thousand from $411,852 thousand, and 23% to $947,958 thousand for the six months. The company attributed the increase primarily to a 20% rise in active customers, retention of existing customers, higher send volume from high-amount senders and a mix shift toward digital disbursements. Send volume rose 27% to $23.5 billion, and active customers were approximately 10.2 million.

Adjusted EBITDA, a non-GAAP measure, was $114,742 thousand against $63,997 thousand.

Valuation: P/E of 17.78, PEG of 0.00 and Cash Flow

The P/E ratio of 17.78 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 is on an expected basis. Net cash provided by operating activities was $216.5 million for the six months, an increase of $81.0 million. Total stockholders' equity was $1,126,848 thousand at June 30, 2026.

On the second quarter 2026 earnings call, the chief financial officer said share repurchases reflect conviction in the company's long-term growth opportunities, and the chief executive officer said management is balancing reinvestment in profitable growth with buybacks within limits set by the board.

Capital Returns, Credit Facility and Liquidity

The board approved a share repurchase program of up to $200.0 million in July 2025, with no expiration date. In the six months ended June 30, 2026, Remitly repurchased and retired 3.9 million shares for $65.6 million, and $110.5 million remained available. The program may be suspended, discontinued or modified at any time.

Cash and cash equivalents were $676.4 million at June 30, 2026, against $542.4 million at December 31, 2025. The 2025 Revolving Credit Facility carries commitments of up to $550.0 million and matures June 24, 2030. It had no outstanding borrowings at June 30, 2026, against $155.0 million at December 31, 2025, and unused capacity of $474.7 million. During the six months the company borrowed $5.8 billion and repaid $6.0 billion. It said its cash and facility funds will meet working capital needs for at least the next twelve months.

Disclosed Risks and Outlook

Restructuring charges, primarily severance, were $4.2 million for the quarter and $15.8 million for the six months, including lease exit costs for facilities in Israel and Ireland, and the initiatives are expected to be completed by December 31, 2026. Marketing expenses rose 23% to $104,388 thousand. Remitly said it must hold eligible liquid assets in certain jurisdictions equal to undisbursed customer balances, and that results are subject to seasonality. Management said any liability from legal proceedings would not have a material adverse effect.

On the call, management said high-value sender volume growth was softer in June on fluctuations in the Indian rupee and short-term foreign currency measures announced by the Reserve Bank of India, and expects Indian corridor trends to normalize over the year.

Management guided third quarter 2026 revenue of $505 million to $507 million and Adjusted EBITDA of $92 million to $94 million. For full-year 2026, it expects revenue of $1.978 billion to $1.988 billion and Adjusted EBITDA of $410 million to $415 million.