Revolve Group, Inc. · NYSE:RVLV
Revolve — Q3 2025 Earnings Presentation
17 slides from Revolve's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights November 4, 2025
Slide 2: Note on Forward-Looking Statements
PAGE 2 Note on Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “conte
Slide 3: Q3 2025 Summary
PAGE Q3 2025 SUMMARY 3 NET SALES GROSS MARGIN NET INCOME ADJUSTED EBITDA(1) ($MM) ($MM) ($MM) Highest net sales growth on a 2-year Focus on full price sales and shallower Includes $4.5M gain in Other 8.6% Adj. EBITDA Margin(1) basis in more than two years, illustrating markdowns led to a gross profi
Slide 4: Net Sales by Segment and Geography
PAGE NET SALES BY SEGMENT AND GEOGRAPHY 4 NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q3 2025 ($MM) ($MM) +5% YoY +4% YoY 86% $243.4 $254.6 14% $222.7 $231.4 81% REVOLVE FWRD +3% YoY +6% YoY $60.5 $64.2 $39.7 $41.0 22% 78% REVOLVE FWRD U.S. INTERNATIONAL U.S
Slide 5: Segment Results Over Time
PAGE SEGMENT RESULTS OVER TIME 5 SEGMENT NET SALES SEGMENT GROSS PROFIT ($MM) ($MM) +5% YoY +3% YoY +9% YoY +37% YoY 11% CAGR 14% CAGR 80% $250 (6 years) (6 years) $240 $150 86.00% $254.6 $230 70% $140 $243.4 $220 $210 % of segment net sales $130 76.00% $222.1 $217.7 $200 57% $120 $190 55% 56% 56% 5
Slide 6: Operating Metrics Highlights
PAGE OPERATING METRICS HIGHLIGHTS 6 ACTIVE CUSTOMERS(1) TOTAL ORDERS PLACED(1) AVERAGE ORDER VALUE(1) (TRAILING 12 MONTHS, in 000s) (000s) 2,747 2,510 2,628 $320 $299 $303 $306 2,249 2,133 2,200 2,300 $275 $276 1,678 1,830 1,951 $232 1,438 1,504 1,194 1,141 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3
Slide 7: Cost and Margin Structure
PAGE COST AND MARGIN STRUCTURE 7 GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 14.4% 15.9% 8.3% 7.9% 9.4% 8.9% 6.6% 8.6% 5.5% 5.0% 7.1% 6.2% 3.7% 0.1% Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 AS A % OF NET SALES Q3 25 Q3
Slide 8: Earnings Per Share
PAGE EARNINGS PER SHARE 8 THE EPS MATH (000s, except per share figures and percentages) Q3 25 Q3 24 YoY Q3 DILUTED EPS Income from operations $20,991 $14,253 +47% Other income, net 7,310(1) 192 +3,707% Income before income taxes $28,301(1) $14,445 +96% (1) $0.29 Provision for income taxes (7,122) (3
Slide 9: 9 Months YTD P&L Highlights
PAGE 9 MONTHS YTD P&L HIGHLIGHTS 9 NET SALES GROSS MARGIN INCOME FROM ADJUSTED EBITDA(1) ($MM) OPERATIONS ($MM) ($MM) +8% YoY +108 BPs YoY +34% YoY +32% YoY $901.3 $67.5 $836.2 $53.7 $51.2 53.6% 52.5% $40.0 9 MOS 2024 9 MOS 2025 9 MOS 2024 9 MOS 2025 9 MOS 2024 9 MOS 2025 9 MOS 2024 9 MOS 2025 Note:
Slide 10: Cash Flow Highlights
PAGE CASH FLOW HIGHLIGHTS 10 NET CASH PROVIDED BY FREE CASH FLOW(1) OPERATING ACTIVITIES ($MM) ($MM) +31% YoY in Q3 2025 +7% YoY in Q3 2025 +206% YoY for the 9 Month Period +265% YoY for the 9 Months (87% of Adj. EBITDA) $74.4 $76.2 $69.6 $66.6 $68.4 $59.0 $47.2 $44.1 $31.8 $34.5 $30.5 $22.8 $20.4 $
Slide 11: Build Up of Free Cash Flow in 9 Months YTD 2025
PAGE BUILD UP OF FREE CASH FLOW IN 9 MONTHS YTD 2025 11 $37.4 $59.0 $ Millions $42.6 ($10.5) ($8.3) ($2.2) (1) Net Income Increase in Inventory Capital Expenditures Purchases of Rental Decrease of Other Free Cash Flow Product, Net of Proceeds Working Capital and from the Sale of Rental Other Product
Slide 12: Stock Repurchase and Balance Sheet Highlights
PAGE STOCK REPURCHASE AND BALANCE SHEET HIGHLIGHTS 12 STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS, NET(2) ($MM) ($MM) +$63M or +25% YoY +$5M, $44M in stock repurchases since Aug 2023 or +2% QoQ ~6X in Past 6 Years $315.4 $310.7 $315.4 Repurchased 14,612 shares of Class A common stock
Slide 13: Balance Sheet Highlights
PAGE BALANCE SHEET HIGHLIGHTS 13 INVENTORY YoY SALES GROWTH % MINUS YoY INVENTORY GROWTH % ($MM) Inventory Decreased (1%) YoY Continued Positive Spread Between YoY Sales Growth and YoY Inventory Growth in Q3 2025 $240 $239 $239 $221 $213 $203 15% 5% 4% 5% 1% 1% $142 (4%) $104 (7%) (9%) (11%) (8%) $7
Slide 14: Appendix: Definitions and Reconciliations
PAGE PAGE 14 14 1 APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 15: Upcoming Investor Conferences
PAGE UPCOMING INVESTOR CONFERENCES 15 MORGAN STANLEY GLOBAL CONSUMER AND RETAIL CONFERENCE • DECEMBER 3, 2025 BARCLAYS EAT, SLEEP, PLAY, SHOP CONFERENCE • DECEMBER 4, 2025 RAYMOND JAMES TMT AND CONSUMER CONFERENCE • DECEMBER 9, 2025 ROTH DEER VALLEY CONFERENCE • DECEMBER 11, 2025 KEYBANC CAPITAL MAR
Slide 16: GAAP to Non-GAAP Reconciliation
PAGE GAAP TO NON-GAAP RECONCILIATION 16 ADJUSTED EBITDA ($MM) (1) Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 NET INCOME $9.6 $19.4 $16.7 $12.0 $3.2 $10.8 $21.2 (+) OTHER EXPENSE (INCOME), NET 0.0 0.3 (0.2) (1.4) (4.0) (0.2) (7.3) (+) PROVISION FOR INCOME TAXES 3.3 2.1 2.7 4.2 1.1 3.7 7.
Slide 17: Metrics Definitions
PAGE METRICS DEFINITIONS 17 Non-GAAP Financial Measures 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