Revolve Group Announces Third Quarter 2025 Financial Results

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Revolve Group, Inc. (NYSE: RVLV), the next-generation fashion retailer for Millennial and Generation Z consumers, today announced financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Summary Three Months Ended September30, 2025 2024 YoY Change (in thousands, except percentages)Net sales $ 295,631 $ 283,146 4%Gross profit $ 161,516 $ 144,867 11%Gross margin 54.6 % 51.2 %Net income $ 21,179 $ 10,751 97%Adjusted EBITDA (non-GAAP financial measure) $ 25,347 $ 17,503 45%Net cash provided by operating activities $ 11,818 $ 9,052 31%Free cash flow (non-GAAP financial measure) $ 6,627 $ 6,171 7%Operational Metrics Three Months Ended September30, 2025 2024 YoY Change (in thousands, except average order value and percentages)Active customers (trailing 12 months) 2,747 2,628 5%Total orders placed 2,300 2,200 5%Average order value $ 306 $ 303 1%

“We had a very solid third quarter, highlighted by exceptional gross margin performance that drove an 11% increase in gross profit year-over-year and a 45% increase in Adjusted EBITDA to $25 million, our highest ever for a third quarter,” said co-founder and co-CEO Mike Karanikolas. “Particularly in the current tariff environment, I am extremely pleased by our nearly 350 basis point increase in gross margin year-over-year that further validates the competitive advantage of our data-driven merchandising and puts us on track to expand our gross margin and Adjusted EBITDA margin in the full year 2025 for the second straight year.”

“At a time when the dynamic operating environment has forced key competitors to dial back investment, our healthy cash flow and rock-solid balance sheet, highlighted by a cash balance of $315 million, enables us to continue to invest in exciting long-term initiatives such as international expansion, development of new owned brands, further leveraging AI technology, and the physical retail opportunity that we believe positions us to accelerate our market share capture and achieve profitable growth for years to come,” said co-founder and co-CEO Michael Mente.

Additional Third Quarter 2025 Metrics and Results Commentary

— Trailing 12-month active customers grew to 2,747,000 as of September 30, 2025, an increase of 5% year-over-year.

— Net sales were $295.6 million, a year-over-year increase of 4%.

— Gross profit was $161.5 million, a year-over-year increase of 11%.

— Gross margin was 54.6%, an increase of 347 basis points year-over-year. The increase primarily reflects shallower markdowns within the markdown sales, a higher mix of full price sales year-over-year and increased margins on these sales, and a higher mix of Owned Brand net sales that carry higher margins than third-party brands.

— Fulfillment costs were $9.8 million, or 3.3% of net sales, compared to $9.3 million, or 3.3% of net sales, in the third quarter of 2024.

— Selling and distribution costs were $51.7 million, or 17.5% of net sales, compared to $47.9 million, or 16.9% of net sales, in the third quarter of 2024. The reduced efficiency year-over-year as a percentage of net sales primarily reflects a higher proportion of returned purchases and higher shipping rates year-over-year, partially offset by an increase in average order value.

— Marketing costs were $40.4 million, or 13.7% of net sales, compared to $39.5 million, or 14.0% of net sales, in the third quarter of 2024. The increased efficiency year-over-year as a percentage of net sales reflects increased efficiencies in our marketing investments across both performance marketing and brand marketing.

— General and administrative costs were $38.6 million, or 13.0% of net sales, compared to $33.9 million, or 12.0% of net sales, in the third quarter of 2024. The decreased efficiency year-over-year as a percentage of net sales primarily reflects our increased investment in strategic growth initiatives and a $1.0 million increase in non-routine costs year-over-year.

— Net income was $21.2 million, a year-over-year increase of 97%, and included an insurance recovery of $4.5 million ($3.4 million, net of taxes) within other income, net.

— Adjusted EBITDA was $25.3 million, a year-over-year increase of 45%, that primarily reflects a year-over-year increase in net sales and gross profit combined with increased year-over-year efficiency in our marketing investments, partially offset by increased general and administrative expenses and reduced efficiency in selling and distribution costs year-over-year.

— Diluted earnings per share (EPS) was $0.29, a year-over-year increase of 93% from $0.15 in the third quarter of 2024. EPS for the third quarter of 2025 included the insurance recovery mentioned above equivalent to approximately $0.05 per diluted share.

Additional Net Sales Commentary

— REVOLVE segment net sales were $254.6 million, a year-over-year increase of 5%.

— FWRD segment net sales were $41.0 million, a year-over-year increase of 3%.

— Domestic net sales were $231.4 million, a year-over-year increase of 4%.

— International net sales were $64.2 million, a year-over-year increase of 6%.

Cash Flow and Balance Sheet

— Net cash provided by operating activities was $11.8 million for the quarter and $69.6 million for the nine months ended September 30, 2025, a year-over-year increase of 31% and 206%, respectively, compared to the three and nine months ended September 30, 2024.

— Free cash flow was $6.6 million for the quarter, a year-over-year increase of 7%, primarily due to increased net income year-over-year, partially offset by increased capital expenditures related to the build out of our retail store in Los Angeles. For the nine months ended September 30, 2025, free cash flow was $59.0 million, an increase of 265% year-over-year that primarily reflects increased net income and favorable movements in working capital, partially offset by increased capital expenditures year-over-year.

— Stock repurchases were $0.3 million for the third quarter ended September 30, 2025, exclusive of broker fees andexcise taxes. We repurchased 14,612 shares of our Class A common stock during the third quarter at an average cost of $19.36 per share. $55.6 million remained available under our $100 million stock repurchase program as of September 30, 2025.

— Cash and cash equivalents: The cash flow generation has further strengthened our balance sheet and liquidity. Cash and cash equivalents as of September 30, 2025 were $315.4 million, an increase of $4.7 million, or 2%, from $310.7 million as of June 30, 2025, and an increase of $62.6 million, or 25%, from $252.8 million as of September 30, 2024. Our balance sheet as of September 30, 2025 remains debt free.

— Inventory as of September 30, 2025 was $238.8 million, a decrease of $1.2 million, or 1%, year-over-year, from the inventory balance of $240.0 million as of September 30, 2024.

Additional trend information regarding Revolve Group's third quarter of 2025 financial results and operating metrics is available in the Q3 2025 Financial Highlights presentation available on our investor relations website: https://investors.revolve.com/events-and-presentations

Results Since the End of the Third Quarter of 2025

Net sales in October 2025 increased by a mid-single digit percentage year-over-year.

2025 Business Outlook

Based on information available to us as of November 4, 2025, we are providing the following guidance for the fourth quarter and full year ending December 31, 2025.

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 November 4, 2025 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.

Updated FY 2025 Outlook Prior FY 2025 OutlookGross margin 53.5% 52.1% to 52.6%Fulfillment expenses 3.2% of net sales 3.1% to 3.2% of net salesSelling and distribution expenses 17.3% of net sales 17.2% to 17.5% of net salesMarketing expenses 14.6% of net sales 14.8% to 15.0% of net salesGeneral and administrative expenses $153.5 million $152 million to $154 millionEffective tax rate 27% to 28% 28% to 29% Fourth Quarter 2025 OutlookGross margin 53.1% to 53.6%Fulfillment expenses 3.3% of net salesSelling and distribution expenses 17.6% of net salesMarketing expenses 15.0% of net salesGeneral and administrative expenses $38.7 million

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 and business initiatives, and our outlook for the fourth quarter and full year of 2025. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” 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 in Ukraine/Russia, Israel/Gaza and the Middle East; 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 Annual Report on Form 10-K for the year ended December 31, 2024 and our subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2025, which we expect to file with the SEC on November 4, 2025. 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, MichaelMente 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:

Karla Otto revolveus@karlaotto.com

REVOLVE GROUP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(In thousands, except per share data) Three Months Ended September30, Nine Months Ended September30, 2025 2024 2025 2024Net sales $ 295,631 $ 283,146 $ 901,311 $ 836,183Cost of sales 134,115 138,279 418,447 397,208Gross profit 161,516 144,867 482,864 438,975Operating expenses:Fulfillment 9,839 9,268 29,025 27,933Selling and distribution 51,705 47,930 155,455 146,810Marketing 40,429 39,510 129,940 123,850General and administrative 38,552 33,906 114,762 100,366Total operating expenses 140,525 130,614 429,182 398,959Income from operations 20,991 14,253 53,682 40,016Other income, net (7,310) (192) (5,290) (9,784)Income before income taxes 28,301 14,445 58,972 49,800Provision for income taxes 7,122 3,694 16,376 12,799Net income 21,179 10,751 42,596 37,001Less: Net loss attributable to non-controlling interest – 220 563 220Net income attributable to Revolve Group, Inc. stockholders $ 21,179 $ 10,971 $ 43,159 $ 37,221Earnings per share of Class A and Class Bcommon stock:Basic $ 0.30 $ 0.16 $ 0.61 $ 0.53Diluted $ 0.29 $ 0.15 $ 0.60 $ 0.52Weighted average number of shares of Class A andClass B common stock outstanding:Basic 71,302 70,673 71,282 70,802Diluted 72,003 71,523 72,062 71,524REVOLVE GROUP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands, except share and per share data) September30, December 31, 2025 2024AssetsCurrent assets:Cash and cash equivalents $ 315,427 $ 256,600Accounts receivable, net 21,108 10,338Inventory 238,833 229,244Income taxes receivable – 1,195Prepaid expenses and other current assets 62,755 63,711Total current assets 638,123 561,088Property and equipment (net of accumulated depreciation of $25,109 and $22,230 as of 13,578 8,937September 30, 2025 and December 31, 2024, respectively)Right-of-use lease assets 30,983 36,259Intangible assets, net 2,309 2,294Goodwill 2,042 2,042Other assets 27,362 18,067Deferred income taxes 36,860 36,860Total assets $ 751,257 $ 665,547Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable $ 61,992 $ 45,098Income taxes payable 2,349 4Accrued expenses 42,871 38,524Returns reserve 71,722 69,661Current lease liabilities 10,223 9,066Other current liabilities 46,825 33,744Total current liabilities 235,982 196,097Non-current lease liabilities 25,068 31,665Total liabilities 261,050 227,762Stockholders' equity:Class A common stock, $0.001 par value; 1,000,000,000 shares authorized as of 40 40September 30, 2025 and December 31, 2024; 40,415,438 and 39,699,150 sharesissued and outstanding as of September 30, 2025 and December 31, 2024,respectivelyClass B common stock, $0.001 par value; 125,000,000 shares authorized as of 31 32September 30, 2025 and December 31, 2024; 30,918,796 and 31,501,330 sharesissued and outstanding as of September 30, 2025 and December 31, 2024,respectivelyAdditional paid-in capital 140,601 133,046Retained earnings 349,535 305,070Non-controlling interest – (403)Total stockholders' equity 490,207 437,785Total liabilities and stockholders' equity $ 751,257 $ 665,547REVOLVE GROUP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) Nine Months Ended September30, 2025 2024Operating activities:Net income $ 42,596 $ 37,001Adjustments to reconcile net income to net cash provided by operatingactivities:Depreciation and amortization 3,395 3,501Rental product depreciation 1,324 416Gain on sale of rental product (222) -Equity-based compensation 7,414 6,751Loss on disposal of subsidiary 2,425 -Bargain purchase gain – (1,883)Changes in operating assets and liabilities:Accounts receivable (10,770) 878Inventories (10,541) (33,704)Income taxes receivable 1,195 (2,433)Prepaid expenses and other current assets 968 (11,006)Other assets (8,362) (459)Accounts payable 17,429 12,567Income taxes payable 2,345 674Accrued expenses 4,504 (2,506)Returns reserve 2,061 12,407Right-of-use lease assets and current and non-current lease liabilities 1 (592)Other current liabilities 13,821 1,162Net cash provided by operating activities 69,583 22,774Investing activities:Purchases of property and equipment (8,306) (3,819)Purchases of rental product (3,569) (2,781)Proceeds from sale of rental product 1,330 -Cash divested upon disposal of subsidiary (1,657) -Cash paid for acquisition – (427)Net cash used in investing activities (12,202) (7,027)Financing activities:Proceeds from the exercise of stock options, net of 141 890tax withholdings on share-based payment awardsRepurchases of Class A common stock (2,024) (11,876)Net cash used in financing activities (1,883) (10,986)Effect of exchange rate changes on cash and cash equivalents 3,329 2,631Net increase in cash and cash equivalents 58,827 7,392Cash and cash equivalents, beginning of period 256,600 245,449Cash and cash equivalents, end of period $ 315,427 $ 252,841Supplemental disclosure of cash flow information:Cash paid during the period for:Income taxes, net of refund $ 12,981 $ 14,339Operating leases $ 9,201 $ 7,185Supplemental disclosure of non-cash activities:Lease assets obtained in exchange for new operating lease liabilities $ 6,096 $ 7,180REVOLVE GROUP, INC. AND SUBSIDIARIESSEGMENT 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 September30, Nine Months Ended September30,Net sales 2025 2024 2025 2024REVOLVE $ 254,646 $ 243,421 $ 777,462 $ 718,545FWRD 40,985 39,725 123,849 117,638Total $ 295,631 $ 283,146 $ 901,311 $ 836,183Cost of salesREVOLVE $ 111,540 $ 111,945 $ 345,631 $ 321,502FWRD 22,575 26,334 72,816 75,706Total $ 134,115 $ 138,279 $ 418,447 $ 397,208Gross profitREVOLVE $ 143,106 $ 131,476 $ 431,831 $ 397,043FWRD 18,410 13,391 51,033 41,932Total $ 161,516 $ 144,867 $ 482,864 $ 438,975The following table lists net sales by geographic area (in thousands): Three Months Ended September30, Nine Months Ended September30, 2025 2024 2025 2024United States $ 231,424 $ 222,650 $ 712,290 $ 666,840Rest of the world 64,207 60,496 189,021 169,343Total $ 295,631 $ 283,146 $ 901,311 $ 836,183REVOLVE GROUP, INC. AND SUBSIDIARIESKEY OPERATING AND FINANCIAL METRICS(Unaudited) Three Months Ended September30, Nine Months Ended September30, 2025 2024 2025 2024 (in thousands, except average order value and percentages)Gross margin 54.6 % 51.2 % 53.6 % 52.5 %Adjusted EBITDA $ 25,347 $ 17,503 $ 67,533 $ 51,244Free cash flow $ 6,627 $ 6,171 $ 59,038 $ 16,174Active customers 2,747 2,628 2,747 2,628Total orders placed 2,300 2,200 7,032 6,694Average order value $ 306 $ 303 $ 300 $ 303REVOLVE GROUP, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(Unaudited)A reconciliation of non-GAAP Adjusted EBITDA to net income for the three and nine months ended September 30, 2025 and 2024 is as follows: Three Months Ended September30, Nine Months Ended September30, 2025 2024 2025 2024 (in thousands)Net income $ 21,179 $ 10,751 $ 42,596 $ 37,001Excluding:Other income, net (7,310) (192) (5,290) (9,784)Provision for income taxes 7,122 3,694 16,376 12,799Depreciation and amortization 1,007 983 3,395 3,501Equity-based compensation 2,357 2,098 7,414 6,751Transaction costs(1) – 169 900 494Non-routine items(2) 992 – 2,142 482Adjusted EBITDA $ 25,347 $ 17,503 $ 67,533 $ 51,244(1) Includes legal and professional service fees related to potential and consummated strategic acquisitions and investments.(2) Non-routine items in the three and nine months ended September 30, 2025 primarily represent an accrual for certain pending legal matters. Non-routine items in the nine months ended September 30, 2024 represent an accrual and a charge for a previously disclosed and 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 and nine months ended September 30, 2025 and 2024 is as follows: Three Months Ended September30, Nine Months Ended September30, 2025 2024 2025 2024 (in thousands)Net cash provided by operating activities $ 11,818 $ 9,052 $ 69,583 $ 22,774Purchases of property and equipment (4,320) (1,037) (8,306) (3,819)Purchases of rental product, net of proceeds from the sale of rental product (871) (1,844) (2,239) (2,781)Free cash flow $ 6,627 $ 6,171 $ 59,038 $ 16,174Net cash used in investing activities $ (5,191) $ (2,881) $ (12,202) $ (7,027)Net cash provided by (used in) financing activities $ 215 $ (936) $ (1,883) $ (10,986)

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