Riskified Ltd. Q2 2026 Earnings Call Summary

Moby Intelligence

Wed, August 12, 2026 at 11:57 PM GMT+3 3 min read

RSKD +2.06%

Riskified Ltd. Q2 2026 Earnings Call Summary - Moby

Strategic Performance Drivers

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Management attributed the strongest revenue growth in four years to an increasingly complex fraud landscape, where agentic tools are accelerating the velocity and sophistication of bad actors.
The company is successfully pivoting from point solutions to a unified platform approach, as merchants express a clear preference for integrated identity, checkout, and dispute intelligence.
Growth was significantly driven by the Digital Finance category, which grew 180% year-over-year due to rapid onboarding of new merchants in event contracts and gaming.
The platform's expansion into non-card payment methods, specifically ACH, has created a 'trust layer' that allows merchants to use low-cost funding instruments with reduced risk.
Management highlighted a 50% year-over-year increase in their multi-product merchant base, validating the strategy that integrated signals across the transaction lifecycle improve overall defense.
Competitive win rates remained above 75%, which management cites as evidence of platform differentiation against alternative point solutions.
A dense global sports calendar, including the World Cup and NBA finals, provided a temporary but significant volume boost to both the ticketing and digital finance verticals.

Outlook and Strategic Assumptions

The full-year revenue and adjusted EBITDA guidance was raised for the second time this year, reflecting increased visibility and strong early execution in the second half.
Management expects third-quarter revenue growth to accelerate further to approximately 27%, supported by the ramp-up of new merchant go-lives.
The Digital Finance category is projected to significantly exceed the company's average growth rate for the remainder of 2026.
Gross margins are expected to improve over time as new merchant cohorts, which typically start at lower margins due to initial risk profiles, mature and benefit from machine learning optimizations.
The company expects to exceed $40 million in positive free cash flow for 2026 while maintaining a disciplined approach to capital allocation and share repurchases.

Operational Context and Risk Factors

Operating expenses were impacted by the continued appreciation of the Israeli shekel; on a constant currency basis, OpEx would have been $4.1 million lower.
The company reduced its total shares outstanding by 8% in the quarter and 26% since the inception of its buyback program, signaling a commitment to returning capital.
Management noted that while fraud sophistication is rising, they remain confident in maintaining Chargeback-to-Value (CPV) ratios through their global data network and AI assistant, ARIA.
The transition of customer service toward conversational AI agents is creating new demand for real-time risk scoring within support workflows.

Q&A Session Highlights

Impact of AI and agentic tools on pipeline inflection

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Eido Gal noted a convergence where platform expansion and rising fraud sophistication 'clicked' this quarter, leading to faster conversion of the pipeline into new business.
He emphasized that the current environment is driving merchants to seek solutions that can handle higher velocity and more complex fraud MOs than individual merchants can manage alone.

Divergence between GMV growth and revenue take rates

Aglika Dotcheva explained that the higher take rate this quarter was an 'output' of the higher risk profile associated with new business in the Digital Finance category.
She cautioned that while GMV and revenue growth may continue to diverge, the spread might be slightly lower in the future as the merchant mix stabilizes.

Strategic rationale for the Marqeta partnership

The partnership allows Riskified to share risk data with issuers to improve post-authorization approval rates by several percentage points.
Management views this primarily as a competitive differentiator that increases merchant win rates and retention rather than a direct revenue-share play.

Identity intelligence applications beyond traditional fraud blocking

Management is seeing demand for using risk data to improve the 'good customer' experience, such as enabling instant refunds or white-glove service for low-risk identities.
This shift is opening conversations with new stakeholders within merchant organizations beyond the traditional fraud department.