Riskified Q2 2026 earnings: Revenue growth accelerates to 22%

Riskified (NYSE: RSKD) reported Q2 2026 revenue of $98.7 million, up 22% from $81.1 million a year earlier, while its GAAP net loss remained $0.07 per share. Adjusted EBITDA and free cash flow increased, but GAAP gross margin contracted by three percentage points. Released on August 12, 2026, the results cover the three months ended June 30.

Core financial results

Revenue growth accelerated from 7% in Q1 to 22% in Q2, which Riskified described as its fastest pace in more than four years. The company attributed the acceleration to new merchant additions and upselling, while GMV reviewed through its platform increased 13% to $41.3 billion.

Gross profit grew more slowly than revenue, reflecting a lower gross margin. Nevertheless, the GAAP net loss narrowed, and adjusted EBITDA increased 84%.

Riskified defines GMV as the total value of orders reviewed by its platform, including orders it did not approve. Revenue is based on approved GMV multiplied by the associated risk-adjusted fee, so GMV does not directly equal completed merchant sales or company revenue.

Business and platform performance

New merchant acquisition was a significant contributor to the quarter. Riskified added customers across all four regions, with five of its ten largest new logos headquartered outside the United States and the group spanning five business categories. Competitive win rates remained above 75%, according to the company.

Alternative payment activity also expanded. The dollar value of ACH transactions processed by Riskified was approximately 19 times the Q2 2025 level, and management said ACH had become a meaningful and growing part of new business. The company did not disclose ACH revenue or its share of total transaction volume.

Riskified also reported increasing use of its identity intelligence capabilities beyond checkout. Its AI assistant, ARIA, has been embedded across the broader platform to help fraud and risk teams investigate activity and respond to emerging trends, although no direct financial contribution was provided.

The World Cup and NBA Finals drove elevated transaction volumes in the Tickets and Digital Finance categories. Because Riskified did not quantify the resulting revenue contribution, it is unclear how much of the quarter’s acceleration came from these event-related volumes.

Profitability, cash flow and balance sheet

Revenue grew 22%, but GAAP gross profit increased only 13%, resulting in the three-point decline in GAAP gross margin to 46%. Non-GAAP gross margin also fell, reaching 46% compared with 50% a year earlier. The release did not identify a specific cause for the quarterly margin contraction.

Despite that pressure, adjusted EBITDA margin increased to 4% from 3%, while the GAAP net loss margin improved to 9% from 14%. Operating cash flow rose to $13.3 million from $5.6 million, supporting the increase in free cash flow to $12.9 million.

Riskified ended the quarter with approximately $223.6 million in cash, deposits and investments and no debt. During Q2, it spent $63.9 million to repurchase approximately 13.7 million shares. Total shares outstanding have declined by 26% since the repurchase program began, although the company did not characterize the buybacks as an indication of valuation.

Full-year 2026 guidance

Riskified raised its full-year revenue and adjusted EBITDA guidance for the second time in 2026. Management attributed the increase to the flow-through of Q2 results and additional business momentum.

Management said performance within these ranges will depend on the timing and ramp-up of new merchant launches and upsells, merchant retention, and the broader macroeconomic environment. Adjusted EBITDA guidance is a forward-looking non-GAAP measure for which the company did not provide a GAAP reconciliation because certain excluded items cannot be predicted without unreasonable effort.

Risks investors should monitor

• Gross margin pressure: Both GAAP and non-GAAP gross margins declined despite faster revenue growth. Riskified also identifies large-scale fraud attacks and security incidents as factors that can affect its cost-to-book ratio and gross margin.
• Merchant launch and retention execution: The raised outlook depends partly on when new merchants go live, how quickly their volumes ramp, the pace of customer upsells and Riskified’s ability to retain existing merchants.
• Merchant volume and macroeconomic exposure: Revenue is directionally related to the GMV reviewed and approved through the platform. Weaker transaction activity among merchants could therefore affect growth.
• Unquantified contribution from newer growth areas: ACH, identity intelligence and ARIA showed operational traction, but Riskified did not disclose their revenue contribution, making their financial impact and durability difficult to measure.

Conclusion

Riskified’s Q2 2026 results showed a clear acceleration in revenue, supported by new merchants, upsells and expanding payment and platform use cases. Adjusted profitability and cash generation improved even as gross margins declined, making margin stabilization an important counterpoint to the stronger growth. The next key measures will be merchant go-live timing, retention, transaction volumes and execution against the higher full-year guidance.