Revolve Group Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Revolve Group (NYSE: RVLV) reported fourth quarter and full year 2025 results showing continued growth and improving cash generation. Q4 net sales were $324.4M (+10% YoY) and Q4 net income was $18.6M (+58% YoY). Full year 2025 net sales were $1.226B (+8%), with Adjusted EBITDA of $93.8M (+35%) and free cash flow of $46.2M (+157%). The company reiterated 2026 guidance ranges and flagged gross margin sensitivity to tariffs and mitigation timing.
Management highlighted active customer gains and early 2026 net sales growth of ~16% through Feb 18, 2026.
Positive
- Adjusted EBITDA +35% YoY to $93.8M for FY 2025
- Free cash flow +157% YoY to $46.2M for FY 2025
- Net cash provided by operations +123% YoY to $59.4M for FY 2025
- Q4 net income +58% YoY to $18.6M
- FY net income +25% YoY to $61.1M
Negative
- Gross margin sensitivity to tariffs and timing of mitigating activities
- Inventory +10% YoY to $251.8M, indicating higher stock levels
Market Reaction – RVLV
Following this news, RVLV has gained 2.32%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $26.50. This price movement has added approximately $42M to the company's valuation. Trading volume is elevated at 2.7x the average, suggesting notable buying interest.
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Key Figures
Market Reality Check
Peers on Argus
RVLV traded lower pre-release while key internet retail peers like TDUP, JMIA and NEGG were also down modestly. Momentum scanner only flagged RERE moving down, suggesting a stock-specific setup rather than a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | -6.2% | Reported Q3 2025 growth in sales, margins and profitability with higher cash. |
| Aug 05 | Q2 2025 earnings | Positive | -4.4% | Strong Q2 2025 sales and EBITDA with active customers and cash balance up. |
| May 06 | Q1 2025 earnings | Positive | -9.9% | Q1 2025 showed 10% sales growth and higher EBITDA with solid cash flow. |
| Feb 25 | Q4 2024 earnings | Positive | -5.0% | Q4 2024 delivered double-digit sales growth and sharply higher net income. |
| Nov 05 | Q3 2024 earnings | Positive | +27.9% | Q3 2024 showed strong sales growth and a surge in net income and EBITDA. |
Earnings releases have generally been fundamentally positive but often followed by negative next-day moves, with only Q3 2024 showing a strong positive price alignment.
Over the last five earnings cycles from Nov 2024 through Nov 2025, Revolve has repeatedly reported net sales growth, margin expansion and rising active customers. Despite this, four of the five earnings days saw negative 24-hour price reactions, with only Q3 2024 producing a sharp gain of 27.9%. The current Q4/FY25 release continues the pattern of revenue, net income and Adjusted EBITDA growth, extending the company’s track record of profitable expansion.
Historical Comparison
Past five earnings releases averaged a 0.48% next-day move despite consistently positive fundamentals. Today’s Q4/FY25 report extends the theme of revenue and margin growth within that pattern.
From Q3 2024 through Q3 2025, Revolve has shown steady net sales growth, rising active customers and improving profitability, leading into today’s full-year 2025 results with higher margins and earnings.
Market Pulse Summary
This announcement highlights continued scaling for Revolve, with Q4 2025 net sales of $324.4M, full-year revenue of $1.23B, and FY 2025 net income up 25% to $61.1M. Active customers grew to 2.841M and the company ended 2025 with $303.2M in cash and no debt. Investors may focus on 2026 margin guidance, the modest decline in average order value, inventory growth, and how management balances investment spending with profitability.
Key Terms
adjusted EBITDA financial
free cash flow financial
gross margin financial
effective tax rate financial
AI-generated analysis. Not financial advice.
"We finished the year with an outstanding fourth quarter, highlighted by double-digit top-line growth, a
"We are thrilled with our momentum in delivering strong growth and profitability, which has continued in early 2026, and we are even more excited about what lies ahead," said co-founder and co-CEO Michael Mente. "We are confident that our culture of innovation and technology DNA will allow us to remain a leader in the continued wave of AI innovation, driving higher conversion and efficiency. We are in a unique and opportunistic time, and with our strong financial position, powerful brand and momentum in the business, we intend to invest significantly and thoughtfully to take our brands to new heights."
Fourth Quarter 2025 Financial Summary
Three Months Ended December 31, | ||||||||||
2025 | 2024 | YoY Change | ||||||||
(in thousands, except percentages) | ||||||||||
Net sales | $ | 324,371 | $ | 293,728 | 10 % | |||||
Gross profit | $ | 172,920 | $ | 154,298 | 12 % | |||||
Gross margin | 53.3 | % | 52.5 | % | ||||||
Net income | $ | 18,550 | $ | 11,770 | 58 % | |||||
Adjusted EBITDA (non-GAAP financial measure) | $ | 26,263 | $ | 18,272 | 44 % | |||||
Net cash (used in) provided by operating activities | $ | (10,187) | $ | 3,918 | NM | |||||
Free cash flow (non-GAAP financial measure) | $ | (12,854) | $ | 1,831 | NM | |||||
NM - not meaningful |
Fourth Quarter 2025 Operational Metrics
Three Months Ended December 31, | ||||||||||
2025 | 2024 | YoY Change | ||||||||
(in thousands, except average order value and percentages) | ||||||||||
Active customers | 2,841 | 2,668 | 6 % | |||||||
Total orders placed | 2,445 | 2,172 | 13 % | |||||||
Average order value | $ | 296 | $ | 301 | (2 %) | |||||
Additional Fourth Quarter 2025 Metrics and Results Commentary
- Trailing 12-month active customers increased by 94,000 during the fourth quarter of 2025, our highest quarterly growth in more than three years. Active customers increased
6% year-over-year to 2,841,000 as of December 31, 2025. - Total net sales were
$324.4 million 10% year-over-year, and a sequential improvement from the4% increase year-over-year reported in the third quarter of 2025. - The slight decrease in average order value referenced above was primarily due to a shift in product mix, highlighted by an exceptional
43% increase in beauty sales year-over-year that have much lower order values, particularly for first time customers. - Gross profit was
$172.9 million 12% year-over-year. - Gross margin was
53.3% , a year-over-year increase of 78 basis points that was primarily driven by margin expansion in the FWRD segment. - We achieved meaningful year-over-year efficiencies in our operating expenses, driven primarily by efficiencies in our marketing and general and administrative expenses as a percentage of net sales year-over-year compared to the prior-year period, partially offset by a slight increase in selling and distribution expenses as a percentage of net sales year-over-year.
- Net income was
$18.6 million 58% , primarily due to strong growth in net sales, gross margin expansion and leverage on operating expenses year-over-year. - Adjusted EBITDA was
$26.3 million 44% . - Diluted earnings per share (EPS) was
$0.26 53% .
Additional Fourth Quarter 2025 Net Sales Commentary
Net sales increased by a double-digit rate year-over-year across segments and geographies.
- REVOLVE segment net sales were
$276.6 million 10% . - FWRD segment net sales were
$47.8 million 14% . - Domestic net sales were
$260.1 million 10% . - International net sales were
$64.2 million 13% .
Additional trend information regarding Revolve Group's fourth quarter and full year 2025 financial results and operating metrics is available in the Q4 and FY 2025 Financial Highlights presentation available on our investor relations website at https://investors.revolve.com.
Results Since the End of Fourth Quarter 2025
During the first seven weeks of 2026 (January 1, 2026 to February 18, 2026), net sales increased by approximately
2026 Business Outlook
Based on information available to us as of February 24, 2026, we are providing the following guidance for the first quarter and full year ending December 31, 2026.
Our outlook takes into account our assessment of the current macroeconomic environment and related cost pressures and potential headwinds to consumer spending, including, but not limited to, tariffs, inflationary pressures, supply chain disruptions and foreign currency volatility. Importantly, our outlook for gross margin is based on the current level of tariffs as of February 24, 2026 and our estimate of the impact of mitigating activities that we are currently undertaking or will undertake. However, actual gross margin will be particularly susceptible to variability based on the timing and level of tariffs that will ultimately be in effect during relevant periods, as well as the potential impact from mitigating activities that we are undertaking or may undertake.
FY 2026 Outlook | |
Gross margin | |
Fulfillment expenses | |
Selling and distribution expenses | |
Marketing expenses | |
General and administrative expenses | |
Effective tax rate | |
First Quarter 2026 Outlook | |
Gross margin | |
Fulfillment expenses | |
Selling and distribution expenses | |
Marketing expenses | |
General and administrative expenses |
Full Year 2025 Financial Summary
Year Ended December 31, | ||||||||||
2025 | 2024 | YoY Change | ||||||||
(in thousands, except percentages) | ||||||||||
Net sales | $ | 1,225,682 | $ | 1,129,911 | 8 % | |||||
Gross profit | $ | 655,784 | $ | 593,273 | 11 % | |||||
Gross margin | 53.5 | % | 52.5 | % | ||||||
Net income | $ | 61,146 | $ | 48,771 | 25 % | |||||
Adjusted EBITDA (non-GAAP financial measure) | $ | 93,796 | $ | 69,516 | 35 % | |||||
Net cash provided by operating activities | $ | 59,396 | $ | 26,692 | 123 % | |||||
Free cash flow (non-GAAP financial measure) | $ | 46,184 | $ | 18,005 | 157 % | |||||
Full Year 2025 Operational Metrics
Year Ended December 31, | ||||||||||
2025 | 2024 | YoY Change | ||||||||
(in thousands, except average order value and percentages) | ||||||||||
Active customers | 2,841 | 2,668 | 6 % | |||||||
Total orders placed | 9,477 | 8,867 | 7 % | |||||||
Average order value | $ | 299 | $ | 302 | (1 %) | |||||
Additional Full Year 2025 Metrics and Results Commentary
- Total net sales were
$1.23 billion 8% . - Gross profit was
$655.8 million 11% . - Gross margin was
53.5% , a year-over-year increase of 100 basis points. - Net income was
$61.1 million 25% , primarily reflecting the increase in net sales, gross margin expansion and leverage on operating expenses year-over-year. - Adjusted EBITDA was
$93.8 million 35% . - Diluted EPS was
$0.86 25% .
Additional Full Year 2025 Net Sales Commentary
- REVOLVE segment net sales were
$1.05 billion 9% . - FWRD segment net sales were
$171.6 million 8% . - Domestic net sales were
$972.4 million 8% . - International net sales were
$253.3 million 12% .
Cash Flow and Balance Sheet Commentary
- Net cash provided by operating activities was
$59.4 million $46.2 million 123% and157% , respectively. The increase in both cash flow measures primarily reflects higher net income and favorable movements in working capital year-over-year. - Stock repurchases were
$2.0 million $18.86 $55.6 million $100 million - Balance sheet: Cash and cash equivalents (including restricted cash) as of December 31, 2025 grew to
$303.2 million $46.6 million 18% , from$256.6 million - Inventory as of December 31, 2025 was
$251.8 million $22.6 million 10% , from the inventory balance of$229.2 million 10% year-over-year growth in net sales during the fourth quarter of 2025.
Conference Call Information
Revolve Group management will host a call today at 4:30 pm ET / 1:30 pm PT to discuss today's results in more detail. To participate, please dial (888) 596-4144 within
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the
Use of Non-GAAP Financial Measures and Other Operating Metrics
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
We use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting, and analyzing future periods.
For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, please see the tables captioned "Reconciliation of Non-GAAP Financial Measures" included at the end of this release. We encourage reviewing the reconciliation in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items.
Definitions of our non-GAAP financial measures and other operating metrics are presented below.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that we calculate as net income before other income, net; taxes; and depreciation and amortization; adjusted to exclude the effects of equity-based compensation expense, certain transaction costs and certain non-routine items. Adjusted EBITDA is a key measure used by management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of equity-based compensation, excludes an item that we do not consider to be indicative of our core operating performance.
Free Cash Flow
Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used in purchases of property and equipment, and purchases of rental product, net of proceeds from the sale of rental product. We view free cash flow as an important indicator of our liquidity because it measures the amount of cash we generate. Free cash flow also reflects changes in working capital.
Active Customers
We define an active customer as a unique customer account from which a purchase was made across our platform at least once in the preceding 12-month period. In any particular period, we determine our number of active customers by counting the total number of customers who have made at least one purchase in the preceding 12-month period, measured from the last date of such period. We view the number of active customers as a key indicator of our growth, the reach of our sites, the value proposition and consumer awareness of our brand, the continued use of our sites by our customers and their desire to purchase our products.
Total Orders Placed
We define total orders placed as the total number of orders placed by our customers, prior to product returns, across our platform in any given period. We view total orders placed as a key indicator of the velocity of our business and an indication of the desirability of our products and sites to our customers. Total orders placed, together with average order value, is an indicator of the net sales we expect to recognize in a given period.
Average Order Value
We define average order value as the sum of the total gross sales from our sites in a given period, prior to product returns, divided by the total orders placed in that period. We believe our high average order value demonstrates the premium nature of our product assortment. Average order value varies depending on the site through which we sell merchandise, the mix of product categories sold, the number of units in each order, the percentage of sales at full price, and for sales at less than full price, the level of markdowns.
About Revolve Group, Inc.
Revolve Group, Inc. (NYSE: RVLV) is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver an engaging customer experience from a vast yet curated offering of apparel, footwear, accessories, beauty and home products. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and more than 1,000 emerging, established and owned brands.
We were founded in 2003 by our co-CEOs, Michael Mente and Mike Karanikolas. We sell merchandise through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, accessories and beauty products from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. For more information, visit www.revolve.com.
Contacts:
Investors:
Erik Randerson, CFA
562.677.9513
IR@revolve.com
Media:
Karlo Otto
revolveus@karlaotto.com
REVOLVE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net sales | $ | 324,371 | $ | 293,728 | $ | 1,225,682 | $ | 1,129,911 | ||||||||
Cost of sales | 151,451 | 139,430 | 569,898 | 536,638 | ||||||||||||
Gross profit | 172,920 | 154,298 | 655,784 | 593,273 | ||||||||||||
Operating expenses: | ||||||||||||||||
Fulfillment | 10,484 | 9,456 | 39,509 | 37,389 | ||||||||||||
Selling and distribution | 54,168 | 48,359 | 209,623 | 195,169 | ||||||||||||
Marketing | 45,457 | 43,326 | 175,397 | 167,230 | ||||||||||||
General and administrative | 42,230 | 41,756 | 156,992 | 142,068 | ||||||||||||
Total operating expenses | 152,339 | 142,897 | 581,521 | 541,856 | ||||||||||||
Income from operations | 20,581 | 11,401 | 74,263 | 51,417 | ||||||||||||
Other income, net | (2,750) | (3,246) | (8,040) | (13,030) | ||||||||||||
Income before income taxes | 23,331 | 14,647 | 82,303 | 64,447 | ||||||||||||
Provision for income taxes | 4,781 | 2,877 | 21,157 | 15,676 | ||||||||||||
Net income | 18,550 | 11,770 | 61,146 | 48,771 | ||||||||||||
Less: Net loss attributable to non-controlling interest | — | 566 | 563 | 786 | ||||||||||||
Net income attributable to Revolve Group, Inc. stockholders | $ | 18,550 | $ | 12,336 | $ | 61,709 | $ | 49,557 | ||||||||
Earnings per share of Class A and Class B | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.17 | $ | 0.87 | $ | 0.70 | ||||||||
Diluted | $ | 0.26 | $ | 0.17 | $ | 0.86 | $ | 0.69 | ||||||||
Weighted average number of shares of Class A and | ||||||||||||||||
Basic | 71,345 | 70,975 | 71,297 | 70,846 | ||||||||||||
Diluted | 72,160 | 72,135 | 72,087 | 71,677 | ||||||||||||
REVOLVE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data)
| ||||||||
December 31, | ||||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 292,256 | $ | 256,600 | ||||
Restricted cash | 10,943 | — | ||||||
Accounts receivable, net | 16,561 | 10,338 | ||||||
Inventory | 251,844 | 229,244 | ||||||
Income taxes receivable | 1,717 | 1,195 | ||||||
Prepaid expenses and other current assets | 73,706 | 63,711 | ||||||
Total current assets | 647,027 | 561,088 | ||||||
Property and equipment (net of accumulated depreciation of | 15,371 | 8,937 | ||||||
Right-of-use lease assets | 28,832 | 36,259 | ||||||
Intangible assets, net | 2,410 | 2,294 | ||||||
Goodwill | 2,042 | 2,042 | ||||||
Other assets | 29,560 | 18,067 | ||||||
Deferred income taxes, net | 39,759 | 36,860 | ||||||
Total assets | $ | 765,001 | $ | 665,547 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 56,409 | $ | 45,098 | ||||
Income taxes payable | 1,357 | 4 | ||||||
Accrued expenses | 44,297 | 38,524 | ||||||
Returns reserve | 76,985 | 69,661 | ||||||
Current lease liabilities | 10,534 | 9,066 | ||||||
Other current liabilities | 40,963 | 33,744 | ||||||
Total current liabilities | 230,545 | 196,097 | ||||||
Non-current lease liabilities | 21,921 | 31,665 | ||||||
Total liabilities | 252,466 | 227,762 | ||||||
Stockholders' equity: | ||||||||
Class A common stock, | 41 | 40 | ||||||
Class B common stock, | 30 | 32 | ||||||
Additional paid-in capital | 144,249 | 133,046 | ||||||
Retained earnings | 368,215 | 305,070 | ||||||
Non-controlling interest | — | (403) | ||||||
Total stockholders' equity | 512,535 | 437,785 | ||||||
Total liabilities and stockholders' equity | $ | 765,001 | $ | 665,547 | ||||
REVOLVE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
| ||||||||
Year Ended December 31, | ||||||||
2025 | 2024 | |||||||
Operating activities: | ||||||||
Net income | $ | 61,146 | $ | 48,771 | ||||
Adjustments to reconcile net income to net cash provided by operating | ||||||||
Depreciation and amortization | 4,601 | 4,429 | ||||||
Rental product depreciation | 1,792 | 736 | ||||||
Gain on sale of rental product | (294) | — | ||||||
Equity-based compensation | 10,566 | 10,028 | ||||||
Loss on disposal of subsidiary | 2,425 | — | ||||||
Deferred income taxes, net | (2,899) | (6,855) | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (6,223) | 2,067 | ||||||
Inventories | (23,552) | (24,791) | ||||||
Income taxes receivable | (522) | 430 | ||||||
Prepaid expenses and other current assets | (9,983) | 1,812 | ||||||
Other assets | (11,389) | (13,593) | ||||||
Accounts payable | 11,846 | (2,723) | ||||||
Income taxes payable | 1,353 | 4 | ||||||
Accrued expenses | 5,930 | (2,190) | ||||||
Returns reserve | 7,324 | 5,881 | ||||||
Right-of-use lease assets and current and non-current lease liabilities | (684) | (77) | ||||||
Other current liabilities | 7,959 | 2,763 | ||||||
Net cash provided by operating activities | 59,396 | 26,692 | ||||||
Investing activities: | ||||||||
Purchases of property and equipment | (11,405) | (5,649) | ||||||
Purchases of rental product | (3,573) | (3,038) | ||||||
Proceeds from sale of rental product | 1,766 | — | ||||||
Cash divested upon disposal of subsidiary | (1,657) | — | ||||||
Cash paid for acquisition | — | (427) | ||||||
Net cash used in investing activities | (14,869) | (9,114) | ||||||
Financing activities: | ||||||||
Proceeds from the exercise of stock options, net | 637 | 6,415 | ||||||
Repurchases of Class A common stock | (2,024) | (11,778) | ||||||
Net cash (used in) provided by financing activities | (1,387) | (5,363) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 3,459 | (1,064) | ||||||
Net increase in cash and cash equivalents | 46,599 | 11,151 | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 256,600 | 245,449 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 303,199 | $ | 256,600 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Income taxes, net of refund | $ | 22,770 | $ | 22,203 | ||||
Operating leases | $ | 12,927 | $ | 9,305 | ||||
Supplemental disclosure of non-cash activities: | ||||||||
Lease assets obtained in exchange for new operating lease liabilities | $ | 6,096 | $ | 7,180 | ||||
REVOLVE GROUP, INC. AND SUBSIDIARIES SEGMENT INFORMATION (Unaudited) | ||||||||||||||||
The following table summarizes our net sales, cost of sales and gross profit for each of our reportable segments (in thousands): | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
Net sales | 2025 | 2024 | 2025 | 2024 | ||||||||||||
REVOLVE | $ | 276,580 | $ | 251,972 | $ | 1,054,042 | $ | 970,517 | ||||||||
FWRD | 47,791 | 41,756 | 171,640 | 159,394 | ||||||||||||
Total | $ | 324,371 | $ | 293,728 | $ | 1,225,682 | $ | 1,129,911 | ||||||||
Cost of sales | ||||||||||||||||
REVOLVE | $ | 125,916 | $ | 114,416 | $ | 471,547 | $ | 435,918 | ||||||||
FWRD | 25,535 | 25,014 | 98,351 | 100,720 | ||||||||||||
Total | $ | 151,451 | $ | 139,430 | $ | 569,898 | $ | 536,638 | ||||||||
Gross profit | ||||||||||||||||
REVOLVE | $ | 150,664 | $ | 137,556 | $ | 582,495 | $ | 534,599 | ||||||||
FWRD | 22,256 | 16,742 | 73,289 | 58,674 | ||||||||||||
Total | $ | 172,920 | $ | 154,298 | $ | 655,784 | $ | 593,273 | ||||||||
The following table lists net sales by geographic area (in thousands):
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
$ | 260,129 | $ | 236,644 | $ | 972,419 | $ | 903,484 | |||||||||
Rest of the world | 64,242 | 57,084 | 253,263 | 226,427 | ||||||||||||
Total | $ | 324,371 | $ | 293,728 | $ | 1,225,682 | $ | 1,129,911 | ||||||||
REVOLVE GROUP, INC. AND SUBSIDIARIES KEY OPERATING AND FINANCIAL METRICS (Unaudited)
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(in thousands, except average order value and percentages) | ||||||||||||||||
Gross margin | 53.3 | % | 52.5 | % | 53.5 | % | 52.5 | % | ||||||||
Adjusted EBITDA | $ | 26,263 | $ | 18,272 | $ | 93,796 | $ | 69,516 | ||||||||
Free cash flow | $ | (12,854) | $ | 1,831 | $ | 46,184 | $ | 18,005 | ||||||||
Active customers | 2,841 | 2,543 | 2,841 | 2,668 | ||||||||||||
Total orders placed | 2,445 | 2,022 | 9,477 | 8,867 | ||||||||||||
Average order value | $ | 296 | $ | 303 | $ | 299 | $ | 302 | ||||||||
REVOLVE GROUP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) | ||||||||||||||||
A reconciliation of non-GAAP Adjusted EBITDA to net income for the three months and year ended December 31, 2025 and 2024 is as follows: | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | 18,550 | $ | 11,770 | $ | 61,146 | $ | 48,771 | ||||||||
Excluding: | ||||||||||||||||
Other income, net | (2,750) | (3,246) | $ | (8,040) | (13,030) | |||||||||||
Provision for income taxes | 4,781 | 2,877 | $ | 21,157 | 15,676 | |||||||||||
Depreciation and amortization | 1,206 | 928 | $ | 4,601 | 4,429 | |||||||||||
Equity-based compensation | 3,152 | 3,277 | $ | 10,566 | 10,028 | |||||||||||
Transaction costs (1) | 1,324 | 700 | $ | 2,224 | 1,194 | |||||||||||
Non-routine items (2) | — | 1,966 | $ | 2,142 | 2,448 | |||||||||||
Adjusted EBITDA | $ | 26,263 | $ | 18,272 | $ | 93,796 | $ | 69,516 | ||||||||
(1) | Includes legal and professional service fees related to potential and consummated strategic acquisitions and investments. |
(2) | Non-routine items for the year ended December 31, 2025 primarily represent an accrual for certain pending legal matters. Non-routine items in the three months and year ended December 31, 2024 included a |
A reconciliation of non-GAAP free cash flow to net cash provided by operating activities for the three months and year ended December 31, 2025
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(in thousands) | ||||||||||||||||
Net cash (used in) provided by | $ | (10,187) | $ | 3,918 | $ | 59,396 | $ | 26,692 | ||||||||
Purchases of property and equipment | (3,099) | (1,830) | (11,405) | (5,649) | ||||||||||||
Purchases of rental product, net of proceeds from | 432 | (257) | (1,807) | (3,038) | ||||||||||||
Free cash flow | $ | (12,854) | $ | 1,831 | $ | 46,184 | $ | 18,005 | ||||||||
Net cash used in investing activities | $ | (2,667) | $ | (2,087) | $ | (14,869) | $ | (9,114) | ||||||||
Net cash provided by (used in) financing activities | $ | 496 | $ | 5,623 | $ | (1,387) | $ | (5,363) | ||||||||
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SOURCE Revolve Group, Inc.
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