Remitly Global, Inc.RELY
Remitly Global, Inc. Stock Compensation Disclosure
Stock-Based Compensation
Shares Available for Issuance
As of December 31, 2025, 17,226,859 and 7,997,937 awards remained available for issuance under the 2021 Plan and the ESPP, respectively.
Stock Options
The following is a summary of the Company’s stock option activity during the year ended December 31, 2025:
| Stock Options | |||||||||||||||||||||||
(in thousands, except share and per share data) | Number of Options Outstanding | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value(1) | |||||||||||||||||||
Balances as of January 1, 2025 | 8,240,251 | $ | 4.58 | 4.78 | $ | 148,247 | |||||||||||||||||
| Exercised | (3,539,841) | 2.71 | 60,809 | ||||||||||||||||||||
| Forfeited | (12,440) | 7.43 | |||||||||||||||||||||
Balances as of December 31, 2025 | 4,687,970 | 5.98 | 4.43 | 36,639 | |||||||||||||||||||
Vested and exercisable as of December 31, 2025 | 4,687,970 | 5.98 | 4.43 | 36,639 | |||||||||||||||||||
Vested and expected to vest as of December 31, 2025 | 4,687,970 | $ | 5.98 | 4.43 | $ | 36,639 | |||||||||||||||||
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(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.
No stock options were granted during the years ended December 31, 2025, 2024, or 2023.
The following is a summary of the Company’s stock option activity during the years ended December 31, 2025, 2024, and 2023:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Aggregate grant-date fair value of options vested | $ | 4,053 | $ | 14,125 | $ | 9,406 | |||||||||||
Aggregate intrinsic value of options exercised | 60,809 | 32,263 | 69,472 | ||||||||||||||
Restricted Stock Units (“RSUs”)
RSU activity during the year ended December 31, 2025 was as follows:
| Number of Shares | Weighted-Average Grant-Date Fair Value Per Share | ||||||||||
Unvested at January 1, 2025 | 23,886,131 | $ | 15.81 | ||||||||
| Granted | 8,989,792 | 19.46 | |||||||||
| Vested | (8,415,296) | 15.27 | |||||||||
| Cancelled/forfeited | (3,189,487) | 16.33 | |||||||||
Unvested at December 31, 2025 | 21,271,140 | $ | 17.48 | ||||||||
The following is a summary of the Company’s RSU activity during the years ended December 31, 2025, 2024, and 2023:
| Years Ended December 31, | |||||||||||||||||
(in thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
Weighted-average grant-date fair value per share of RSUs granted | $ | 19.46 | $ | 16.45 | $ | 17.48 | |||||||||||
| Aggregate grant-date fair value of RSUs vested | 128,502 | 125,307 | 113,024 | ||||||||||||||
Employee Stock Purchase Plan (“ESPP”)
A new 24-month ESPP offering period commenced on March 1, 2025. Beginning in September 2025, the Company implemented a new offering structure under which a new 12-month ESPP offering period commences on March 1 and September 1 of each fiscal year with the first 12-month ESPP offering period commencing on September 1, 2025. The ESPP plan includes a rollover feature for the purchase price if the Company's stock price at the end of the purchase period is less than the Company's stock price on the first day of the offering period. If this rollover feature is triggered, a new offering period begins. This feature was triggered on February 29, 2024 and August 30, 2024, resulting in incremental stock-based compensation expense of $1.7 million and $4.5 million, respectively. The rollover feature had an immaterial impact for all other periods presented. The incremental stock-based compensation expense is recognized over each new offering period.
The fair value of the ESPP offerings, including those described above, were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant-date fair value inputs for new offerings which commenced during the years ended December 31, 2025, 2024, and 2023, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Risk-free interest rates | 3.79% to 4.26% | 3.84% to 5.20% | 4.81% to 5.40% | ||||||||||||||
Expected term | 0.5 to 2.0 years | 0.5 to 2.0 years | 0.5 to 2.0 years | ||||||||||||||
| Volatility | 43.8% to 49.1% | 39.3% to 61.3% | 47.8% to 65.2% | ||||||||||||||
| Dividend rate | — | % | — | % | — | % | |||||||||||
Stock-Based Compensation Expense
Stock-based compensation expense for stock options, RSUs, and the ESPP included within the Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 6. Property and Equipment, was as follows for the years ended December 31, 2025, 2024, and 2023:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Customer support and operations | $ | 1,575 | $ | 1,158 | $ | 1,404 | |||||||||||
| Marketing | 17,271 | 17,609 | 16,165 | ||||||||||||||
| Technology and development | 93,158 | 84,381 | 74,967 | ||||||||||||||
| General and administrative | 43,110 | 48,989 | 44,431 | ||||||||||||||
| Total | $ | 155,114 | $ | 152,137 | $ | 136,967 | |||||||||||
As of December 31, 2025, the total unamortized compensation cost related to all non-vested equity awards, including options and RSUs, was $279.0 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.4 years. As of December 31, 2025, the total unrecognized compensation expense related to the ESPP was $4.4 million, which is expected to be amortized over the next 0.7 years.
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.