Revolve Group (NYSE: RVLV) boosts 2025 profit, cash flow and margins

Rhea-AI Filing Summary

Revolve Group, Inc. reported strong growth for Q4 and full year 2025. Fourth-quarter net sales rose 10% to $324.4M, with gross margin improving to 53.3%. Net income jumped 58% to $18.6M and Adjusted EBITDA increased 44% to $26.3M, though Q4 free cash flow was negative.

For full year 2025, net sales grew 8% to $1.23B, gross margin expanded to 53.5%, and net income rose 25% to $61.1M. Adjusted EBITDA climbed 35% to $93.8M while free cash flow surged 157% to $46.2M. Active customers reached 2.84 million, up 6%. Management highlighted early 2026 net sales growth of about 16% year-over-year and issued 2026 guidance calling for gross margin between 53.7% and 54.2%, with continued investment in marketing, technology and brand expansion.

Positive

• Profitable growth with margin expansion: 2025 net sales rose 8% to $1.23B while gross margin increased 100 bps to 53.5%, driving a 25% increase in net income to $61.1M and a 35% rise in Adjusted EBITDA to $93.8M.
• Stronger cash generation and balance sheet: 2025 free cash flow grew 157% to $46.2M and operating cash flow more than doubled to $59.4M, lifting cash and restricted cash to $303.2M with no debt outstanding.

Negative

• None.

Insights

Equity research analyst

Revolve delivers profitable growth with margin expansion and strong cash generation.

Revolve Group ended 2025 with accelerating top-line momentum and expanding profitability. Q4 net sales grew 10% to $324.4M, while gross margin improved to 53.3%, helping net income rise 58% to $18.6M and Adjusted EBITDA 44% to $26.3M.

For 2025, revenue increased 8% to $1.23B, but profit grew faster: net income up 25% to $61.1M and Adjusted EBITDA up 35% to $93.8M. Free cash flow of $46.2M more than doubled, supporting cash and restricted cash of $303.2M and a debt-free balance sheet.

Management cites early 2026 net sales growth of about 16% and guides 2026 gross margin to 53.7–54.2%, while planning significant investments in marketing, technology and brand initiatives. Actual outcomes will depend on macro conditions, tariffs, consumer demand and the effectiveness of these investments over the 2026 fiscal year.

false000174661800017466182026-02-242026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

REVOLVE GROUP, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-38927	46-1640160
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
12889 Moore Street Cerritos, California		90703
(Address of Principal Executive Offices)		(Zip Code)

(562) 677-9480

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:		Trading Symbol(s):		Name of each exchange on which registered:
Class A Common Stock, par value $0.001 per share		RVLV		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 24, 2026, Revolve Group, Inc. issued a press release announcing its financial results for its fourth quarter and fiscal year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information included in Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated February 24, 2026
104	Cover page interactive data file (embedded with the inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		REVOLVE GROUP, INC.
Date: February 24, 2026		By:	/s/ JESSE TIMMERMANS
			Jesse Timmermans
			Chief Financial Officer

3

Exhibit 99.1

Revolve Group Announces Fourth Quarter and Full Year 2025 Financial Results

Los Angeles, CA – February 24, 2026 - Revolve Group, Inc. (NYSE: RVLV), the next-generation fashion retailer for Millennial and Generation Z consumers, today announced financial results for the fourth quarter and full year ended December 31, 2025.

“We finished the year with an outstanding fourth quarter, highlighted by double-digit top-line growth, a 58% increase in net income and a 44% increase in Adjusted EBITDA year-over-year,” said co-founder and co-CEO Mike Karanikolas. “We achieved these strong financial results while continuing to invest in many initiatives that we are very excited about, and which we believe set us up well for continued profitable growth and market share gains in 2026 and beyond.”

“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, an increase of 10% year-over-year, and a sequential improvement from the 4% 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, an increase of 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, a year-over-year increase of 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, a year-over-year increase of 44%.

•Diluted earnings per share (EPS) was $0.26, a year-over-year increase of 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, a year-over-year increase of 10%.

•FWRD segment net sales were $47.8 million, a year-over-year increase of 14%.

•Domestic net sales were $260.1 million, a year-over-year increase of 10%.

•International net sales were $64.2 million, a year-over-year increase of 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 16% year-over-year compared to the same period in 2025. Of note, our prior-year revenue comparison in January 2025 was softer than normal due to the Los Angeles wildfires that temporarily impacted demand in our largest region of California and during which time we paused social media activity (our revenue trends subsequently normalized in February 2025).

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	53.7% to 54.2%
Fulfillment expenses	3.2% to 3.4% of net sales
Selling and distribution expenses	17.1% to 17.3% of net sales
Marketing expenses	15.3% to 15.8% of net sales
General and administrative expenses	$161 million to $164 million
Effective tax rate	24% to 26%
	First Quarter 2026 Outlook
Gross margin	52.8% to 53.3%
Fulfillment expenses	3.2% of net sales
Selling and distribution expenses	17.1% of net sales
Marketing expenses	15.7% of net sales
General and administrative expenses	$40.5 million

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, a year-over-year increase of 8%.

•Gross profit was $655.8 million, a year-over-year increase of 11%.

•Gross margin was 53.5%, a year-over-year increase of 100 basis points.

•Net income was $61.1 million, a year-over-year increase of 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, a year-over-year increase of 35%.

•Diluted EPS was $0.86, a year-over-year increase of 25%.

Additional Full Year 2025 Net Sales Commentary

•REVOLVE segment net sales were $1.05 billion, a year-over-year increase of 9%.

•FWRD segment net sales were $171.6 million, a year-over-year increase of 8%.

•Domestic net sales were $972.4 million, a year-over-year increase of 8%.

•International net sales were $253.3 million, a year-over-year increase of 12%.

Cash Flow and Balance Sheet Commentary

•Net cash provided by operating activities was $59.4 million and free cash flow was $46.2 million for the year ended December 31, 2025, an increase of 123% and 157%, 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 for the year ended December 31, 2025, exclusive of broker fees and excise taxes. We repurchased 107,195 shares of our Class A common stock during the full year 2025, at an average cost of $18.86 per share. $55.6 million remained available under our $100 million stock repurchase program as of December 31, 2025.

•Balance sheet: Cash and cash equivalents (including restricted cash) as of December 31, 2025 grew to $303.2 million, an increase of $46.6 million, or 18%, from $256.6 million as of December 31, 2024. Our balance sheet as of December 31, 2025 remains debt free.

•Inventory as of December 31, 2025 was $251.8 million, an increase of $22.6 million, or 10%, from the inventory balance of $229.2 million as of December 31, 2024. The increase in inventory balance year-over-year is consistent with our 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 the United States or (646) 968-2525 outside the United States approximately 10 minutes before the scheduled start of the call. The conference ID for the call is 2756104. The conference call will also be accessible, live via audio broadcast, on the Investor Relations section of the Revolve Group website at investors.revolve.com. A replay of the conference call will be available online at investors.revolve.com. In addition, an audio replay of the call will be available for one week following the call and can be accessed by dialing (800) 770-2030 within the United States or (609) 800-9909 outside the United States. The replay conference ID is 2756104.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding our growth prospects, market share gains, business initiatives and innovation, and our outlook for the first quarter and full year of 2026. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “w ill” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to changing economic conditions and their impact on consumer demand and our business; the effects of tariffs and our efforts to mitigate such effects; demand for our products; the investment in long-term initiatives such as international expansion, development of owned brands, AI technology and our physical retail stores; supply chain challenges; inflationary

pressures; wars and conflicts; other geopolitical tensions; our fluctuating operating results; seasonality in our business; our ability to acquire products on reasonable terms; our e-commerce business model; our ability to attract customers in a cost effective manner; our ability to source goods in a cost effective manner; the strength of our brand; competition; fraud; system interruptions; our ability to fulfill orders; the impact of public health crises on our business, operations and financial results; the effect of claims, lawsuits, government investigations, other legal or regulatory proceedings or commercial or contractual disputes; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission, or SEC, including, without limitation, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and our Annual Report on Form 10K for the year ended December 31, 2025, which we expect to file with the SEC on February 24, 2026. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

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 United States of America (GAAP), we reference in this press release and the accompanying tables the following non-GAAP financial measures: Adjusted EBITDA and free cash flow.

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    common stock:
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 Class B common stock outstanding:
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 $26,245 and $22,230    as of December 31, 2025 and December 31, 2024, respectively)			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, $0.001 par value; 1,000,000,000 shares    authorized as of December 31, 2025 and December 31, 2024;    40,861,973 and 39,699,150 shares issued and outstanding as of December 31, 2025    and December 31, 2024, respectively.			41				40
Class B common stock, $0.001 par value; 125,000,000 shares authorized    as of December 31, 2025 and December 31, 2024; 30,509,949 and    31,501,330 shares issued and outstanding as of December 31, 2025 and    December 31, 2024, respectively.			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    activities:
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
United States		$	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 $2.0 million non-routine loss related to a shipment theft incident, which was recovered in full through our insurance in 2025. Non-routine items for the year ended December 31, 2024 also included a $0.5 million charge for a settled matter related to non-routine import and export fees.

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 and 2024 is as follows:

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
		(in thousands)
Net cash (used in) provided by    operating activities		$	(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 the sale of rental product			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	)

FAQ

How did Revolve Group (RVLV) perform financially in Q4 2025?

Revolve Group delivered solid Q4 2025 results, with net sales of $324.4 million, up 10% year-over-year. Gross margin improved to 53.3%, net income rose 58% to $18.6 million, and Adjusted EBITDA increased 44% to $26.3 million, reflecting better profitability.

What were Revolve Group’s full year 2025 results?

For 2025, Revolve generated $1.23 billion in net sales, up 8% year-over-year. Gross profit reached $655.8 million with a 53.5% margin, while net income rose 25% to $61.1 million and Adjusted EBITDA increased 35% to $93.8 million.

How strong was Revolve Group’s cash flow and balance sheet in 2025?

Revolve’s 2025 net cash from operating activities was $59.4 million, up 123% year-over-year, and free cash flow was $46.2 million, up 157%. Cash and restricted cash totaled $303.2 million at year-end 2025, and the company reported a debt-free balance sheet.

What customer and order trends did Revolve Group (RVLV) show in 2025?

Revolve’s active customers reached 2.841 million at December 31, 2025, a 6% increase year-over-year. Total orders placed grew 7% to 9.477 million. Average order value was slightly lower at $299, influenced by strong growth in lower-ticket beauty products.

What guidance did Revolve Group provide for 2026 margins and expenses?

For full year 2026, Revolve guides gross margin to 53.7–54.2%, fulfillment expenses at 3.2–3.4% of net sales, selling and distribution at 17.1–17.3%, marketing at 15.3–15.8%, and general and administrative expenses between $161 million and $164 million.

How is 2026 starting for Revolve Group in terms of sales growth?

During the first seven weeks of 2026, from January 1 to February 18, Revolve’s net sales increased by approximately 16% year-over-year. Management notes the prior-year comparison was softer in January 2025 due to Los Angeles wildfires affecting demand and social media activity.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 856.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 28.9 KB