Revolve Group, Inc. · NYSE:RVLV
Revolve — Q4 2025 Earnings Presentation
22 slides from Revolve's earnings presentation, Feb 24, 2026
Slide 1: Q4 and FY 2025 Financial Highlights
REVOLVE Q4 and FY 2025 Financial Highlights February 24, 2026
Slide 2: Note on Forward-Looking Statements
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,” “contemplate,
Slide 3: Q4 2025 Summary
Q4 2025 Summary NET SALES GROSS MARGIN ($M) $324.4 $293.7 $257.8 52.0% 52.5% 53.3% +10% YoY +78 BPs YoY 6 pts higher than Q3 Gross profit $ 2025 growth YoY, +12% YoY despite tougher comp Q4 23 Q4 24 Q4 25 Q4 23 Q4 24 Q4 25 NET INCOME ADJUSTED EBITDA(1) ($M) ($M) +44% YoY $18.6 $26.3 $11.8 $18.3 $8.5
Slide 4: Net Sales by Segment and Geography
Net Sales by Segment and Geography NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q4 2025 ($M) ($M) +10% YoY +10% YoY $276.6 $252.0 $260.1 15% 85% $236.6 REVOLVE FWRD +14% YoY +13% YoY $57.1 $64.2 $41.8 $47.8 80% 20% REVOLVE FWRD U.S. INTERNATIONAL U.S. INTERNA
Slide 5: Segment Results Over Time
Segment Results Over Time SEGMENT NET SALES SEGMENT GROSS PROFIT ($M) ($M) +10% YoY +14% YoY +10% YoY +33% YoY 14% 6-Year CAGR 14% 6-Year CAGR 80% 90.00% $250 $276.6 $150 $240 $230 $140 $252.0 70% $220 $210 % of segment net sales $130 80.00% $217.1 $220.0 $200 $190 58% 57% 60% $120 55% 54% 55% 55% 5
Slide 6: Operating Metrics Highlights
Operating Metrics Highlights ACTIVE CUSTOMERS(1) TOTAL ORDERS PLACED(1) AVERAGE ORDER VALUE(1) (TRAILING 12 MONTHS, in 000s) (000s) 2,841 2,543 2,668 2,445 $306 $303 $301 $296 2,340 $292 2,172 $282 1,840 1,954 2,022 $256 1,755 1,488 1,472 1,092 1,023 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q4 19 Q
Slide 7: Cost and Margin Structure
Cost and Margin Structure GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 14.3% 13.3% 11.8% 13.3% 9.3% 8.1% 7.2% 4.1% 6.3% 5.5% 6.2% 3.9% 3.3% 0.9% Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 AS A % OF NET SALES Q4 25 Q4 24 CHANGE OBSERVATIONS The incre
Slide 8: Earnings Per Share
Earnings Per Share THE EPS MATH (000s, except per share figures and percentages) Q4 25 Q4 24 YoY Q4 DILUTED EPS Income before income taxes $23,331 $14,647 +59% Provision for income taxes (4,781) (2,877) +66% $0.39 Effective tax rate 20.5% 19.6% +1 Point Net income (GAAP) $18,550 $11,770 +58% $0.26 $
Slide 9: Full Year 2025 Results, Balance Sheet and Cash Flow Highlights
REVOLVE Full Year 2025 Results, Balance Sheet and Cash Flow Highlights
Slide 10: Full Year P&L Highlights
Full Year P&L Highlights NET SALES NET INCOME ADJUSTED EBITDA ($M) ($M) ($M) +8% YoY +25% YoY +35% YoY 13% 6-Year CAGR 9% 6-Year CAGR 9% 6-Year CAGR $1,226 $1,101 $1,069 $1,130 $891 $115 $100 $90 $94 $601 $581 $69 $70 $57 $59 $61 $56 $49 $43 $36 $28 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021
Slide 11: Full Year Metrics Disclosure
Full Year Metrics Disclosure(1) OWNED BRAND NET SALES AS % NET SALES AT FULL PRICE(2) AVERAGE ORDER VALUE (AOV) OF REVOLVE SEGMENT NET SALES BY SEGMENT 87% 85% 82% 81% $640 79% 79% 77% 36% 27% 22% $299 $279 20% 20% 20% 18% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 REVOLVE
Slide 12: Cash Flow Highlights
Cash Flow Highlights NET CASH PROVIDED BY OPERATING ACTIVITIES FREE CASH FLOW(1) ($M) ($M) +123% YoY +157% YoY 4% 6-Year CAGR 5% 6-Year CAGR $74 $71 $62 $60 $59 $46 $46 $43 $39 $34 $27 $23 $18 $18 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Slide 13: Build Up of Free Cash Flow in Full Year 2025
Build Up of Free Cash Flow in Full Year 2025 $61.1 $21.9 $46.2 $ in M ($23.6 ) ($11.4 ) ($1.8 ) Net Income Increase in Capital Purchases of Rental Decrease of Other Free Cash Flow Inventory Expenditures Product, Working Capital Net of Proceeds from And Other Sale of Rental Product 13
Slide 14: Stock Repurchase and Balance Sheet Highlights
Stock Repurchase and Balance Sheet Highlights STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS(2) ($M) ($M) + $46.6 M or +18% YoY ($12.2M), or (4%) QoQ >4X in Past 6 Years $315.4 $303.2 $303.2 $256.6 $55.6 $245.4 $234.7 Remaining $218.5 $42.4 $2.0 $146.0 $44.4 $65.4 Utilized 2023 AND 2024
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights INVENTORY YoY SALES GROWTH MINUS YoY INVENTORY GROWTH % ($M) Inventory Increased 10% YoY Sales Growth Aligned with $252 $252 YoY Inventory Growth in Q4 25 $239 $229 $215 $204 15% $171 5% 4% 5% 1% 1% 1% $104 $95 (4%) (7%) (8%) (9%) (11%) (18%) Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4
Slide 16: Full Year Segment Results
Full Year Segment Results SEGMENT NET SALES SEGMENT GROSS PROFIT ($M) ($M) +9% YoY +8% YoY +9% YoY +25% YoY $1,200.0 80% 1200 160% 1190 1180 1170 12% 6-Year CAGR 15% 6-Year CAGR 1160 1150 1140 1130 1120 1110 $1,100.0 1100 1090 1080 1070 1060 70% 1050 140% 1040 1030 $1,054 $1,000.0 1020 1010 1000 990
Slide 17: Appendix: Definitions and Reconciliations
REVOLVE APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 18: Upcoming Investor Conferences
Upcoming Investor Conferences RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE • MARCH 2, 2026 STIFEL CONSUMER SUMMIT • MARCH 5-6, 2026 BOFA SECURITIES CONSUMER AND RETAIL CONFERENCE • MARCH 9, 2026 UBS GLOBAL CONSUMER AND RETAIL CONFERENCE • MARCH 11, 2026 18
Slide 19: Non-GAAP to GAAP Reconciliation – Q4
Non-GAAP to GAAP Reconciliation – Q4 ADJUSTED EBITDA ($M) (1) Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 NET INCOME $8.4 $19.0 $29.4 $7.9 $3.5 $11.8 $18.6 (+) OTHER EXPENSE (INCOME), NET 0.3 0.7 0.2 0.3 (2.7) (3.2) (2.8) (+) PROVISION FOR (BENEFIT FROM) 2.0 (3.0) 2.3 2.5 1.4 2.9 4.8 INC
Slide 20: Non-GAAP to GAAP Reconciliation – Full Year
Non-GAAP to GAAP Reconciliation – Full Year ADJUSTED EBITDA ($M) (1) 2019 2020 2021 2022 2023 2024 2025 NET INCOME $35.7 $56.8 $99.8 $58.7 $28.1 $48.8 $61.1 (+) OTHER EXPENSE (INCOME), NET 0.9 1.0 0.6 (3.5) (15.6) (13.0) (8.0) (+) PROVISION FOR INCOME TAXES 11.5 3.3 4.9 17.9 9.6 15.7 21.2 (+) DEPREC
Slide 21: Non-GAAP to GAAP Reconciliation – Full Year
Non-GAAP to GAAP Reconciliation – Full Year FREE CASH FLOW ($M) (1) 2019 2020 2021 2022 2023 2024 2025 NET CASH PROVIDED BY OPERATING $46.1 $73.8 $62.3 $23.4 $43.3 $26.7 $59.4 ACTIVITIES PURCHASES OF PROPERTY AND EQUIPMENT (12.5) (2.3) (2.2) (5.2) (4.2) (5.6) (11.4) PURCHASES OF RENTAL PRODUCT, NET
Slide 22: Metrics Definitions
Metrics Definitions 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 and cert