Revolve Group, Inc. · NYSE:RVLV
Revolve — Q2 2025 Earnings Presentation
16 slides from Revolve's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights August 5, 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: Q2 2025 Summary
PAGE Q2 2025 SUMMARY 3 NET SALES INCOME FROM OPERATIONS NET INCOME ADJUSTED EBITDA(1) ($MM) ($MM) ($MM) ($MM) YoY decline is primarily due to an unfavorable YoY comparison in Other 7.4% Adj. EBITDA Margin(1) +9% YoY Income / Expense and a much higher +16 BPs YoY effective tax rate YoY Highest margin
Slide 4: Year-over-Year Bridge to Show Changes in Other Income / Expense in Q2 2025
PAGE YEAR-OVER-YEAR BRIDGE TO SHOW CHANGES IN OTHER INCOME / EXPENSE IN Q2 2025 4 Other Income / Expense affects YoY comparison for GAAP Net Income and EPS, yet has no impact on Adjusted EBITDA $6 $4.3 $4 $2 ($1.9) Millions $0 ($2.4 ) ($2) ($2.8) ($0.1) ($2.9) ($4) Q2 2024 Bargain Purchase Gain Char
Slide 5: Net Sales by Segment and Geography
PAGE NET SALES BY SEGMENT AND GEOGRAPHY 5 NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q2 2025 ($MM) ($MM) +9% YoY $268.4 +7% YoY 87% $245.5 13% $241.6 $225.1 81% REVOLVE FWRD +10% YoY +17% YoY $57.4 $67.3 $36.9 $40.6 22% 78% REVOLVE FWRD U.S. INTERNATIONAL U
Slide 6: Segment Results Over Time
PAGE SEGMENT RESULTS OVER TIME 6 SEGMENT NET SALES SEGMENT GROSS PROFIT ($MM) ($MM) +9% YoY +10% YoY +9% YoY +16% YoY 11% CAGR 15% CAGR 80% $250 (6 years) (6 years) $240 $150 86% $268.4 $230 $140 70% $244.7 $245.5 $220 % of segment net sales $235.1 $210 $130 76% $200 58% 57% 58% $120 56% 56% 60% 56%
Slide 7: Operating Metrics Highlights
PAGE OPERATING METRICS HIGHLIGHTS 7 ACTIVE CUSTOMERS(1) TOTAL ORDERS PLACED(1) AVERAGE ORDER VALUE(1) (TRAILING 12 MONTHS, in 000s) (000s) 2,743 2,458 2,577 2,424 $303 $301 $306 $300 2,165 2,243 2,268 2,271 $275 1,769 $255 1,554 1,359 1,533 1,294 1,163 $204 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2
Slide 8: Cost and Margin Structure
PAGE COST AND MARGIN STRUCTURE 8 GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 14.6% 15.5% 13.2% 14.4% 11.7% 11.0% 9.3% 6.6% 7.2% 7.4% 5.8% 5.8% 3.8% 2.7% Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 AS A % OF NET SALES Q2 2
Slide 9: Earnings Per Share
PAGE EARNINGS PER SHARE 9 THE EPS MATH (000s, except per share figures and percentages) Q2 25 Q2 24 YoY Q2 DILUTED EPS Income from operations $18,003(2) $16,435 +10% Other (expense) income, net (2,913) 4,271 NM $0.42 Income before income taxes $15,090(1) $20,706 (27%) $0.22 $0.21 $0.20 $0.14 Provisi
Slide 10: Cash Flow Highlights
PAGE CASH FLOW HIGHLIGHTS 10 NET CASH PROVIDED BY FREE CASH FLOW(1) OPERATING ACTIVITIES ($MM) ($MM) More than 4X YoY More than 5X YoY Highest Q2 and 1H operating cash flow in 4 years Free Cash Flow > 120% of Adj. EBITDA for 6 Mos YTD in 2025 $65.3 $66.6 $60.5 $61.9 $57.8 $52.4 $34.7 $32.6 $22.7 $24
Slide 11: Build Up of Free Cash Flow in 1H 2025
PAGE BUILD UP OF FREE CASH FLOW IN 1H 2025 11 $29.1 $52.4 ($4.0 ) ($1.4 ) $ Millions $7.3 $21.4 (1) Net Income Decrease in Inventory Decrease of Other Capital Expenditures Purchases of Rental Free Cash Flow Working Capital and Product Other Note: 1. See the Appendix for a definition of free cash flo
Slide 12: Stock Repurchase and Balance Sheet Highlights
PAGE STOCK REPURCHASE AND BALANCE SHEET HIGHLIGHTS 12 STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS, NET(2) ($MM) ($MM) +$66M or +27% YoY +$10M, $44M in stock repurchases since Aug 2023 or +3% QoQ ~7X in Past 6 Years $310.7 $310.7 Repurchased 92,583 shares of Class A $300.8 common stoc
Slide 13: Balance Sheet Highlights
PAGE BALANCE SHEET HIGHLIGHTS 13 INVENTORY YoY SALES GROWTH % MINUS YoY INVENTORY GROWTH % ($MM) Inventory Decreased (6%) YoY Further Improvement in Comparison Between YoY Sales Growth and YoY Inventory Growth in Q2 2025 $234 $221 $214 $221 $209 $205 15% 5% 4% 1% 1% $119 (4%) $103 (7%) (9%) (11%) (8
Slide 14: Appendix: Definitions and Reconciliations
PAGE PAGE 14 14 1 APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 15: Upcoming Investor Conferences
PAGE UPCOMING INVESTOR CONFERENCES 15 PIPER SANDLER GROWTH FRONTIERS CONFERENCE • SEPTEMBER 10, 2025
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION PAGE 16 ADJUSTED EBITDA ($MM) (1) Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 NET INCOME $12.7 $14.2 $31.5 $16.3 $7.3 $15.4 $10.0 (+) OTHER EXPENSE (INCOME), NET 0.4 0.2 0.3 (1.8) (2.4) (4.3) 2.9 (+) PROVISION FOR INCOME TAXES 4.5 4.4 1.1 4.8 2.4 5.3 5.1 (