Slide 1: Q2 2026 Financial Highlights
REVOLVE Q2 2026 Financial Highlights August 4, 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: Q2 2026 Summary
Q2 2026 Summary NET SALES GROSS MARGIN ($M) +254 BPs YoY $347.4 $309.0 Q2 2026 includes an increase of $282.5 56.6% 54.0% 54.1% 162 basis points from IEEPA tariff +12% YoY refunds received during the quarter. Third consecutive quarter of double-digit growth YoY Excluding tariff refunds, gross margin
Slide 4: Net Sales by Segment and Geography
Net Sales by Segment and Geography NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q2 2026 ($M) ($M) +13% YoY $302.5 +11% YoY $268.4 $269.1 $347.4M $245.5 87% TOTAL 13% $241.6 $225.1 REVOLVE FWRD +16% YoY +11% YoY $67.3 $78.4 $57.4 $36.9 $40.6 $44.9 $347.4M 23%
Slide 5: Segment Results Over Time
Segment Results Over Time SEGMENT NET SALES SEGMENT GROSS PROFIT ($M) ($M) +13% YoY +11% YoY +18% YoY +15% YoY Q2 2026 includes $5.169M tariff Q2 2026 includes $0.465M tariff 11% 7-Year CAGR 14% 7-Year CAGR refund benefit (+171 bps to margin) refund benefit (+104 bps to margin) 70.0% $250 $150 $302.
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) 3,041 2,458 2,577 2,743 2,701 $303 $301 $306 $300 $299 2,165 2,243 2,268 2,271 2,424 $275 1,769 $255 1,533 1,554 1,359 1,294 1,163 $204 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2
Slide 7: Cost and Margin Structure
Cost and Margin Structure GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 7.2% 7.4% 7.7% 5.8% 5.8% 6.4% 2.7% 3.8% Q2 2023 Q2 2024 Q2 2025 Q2 2026 Q2 2023 Q2 2024 Q2 2025 Q2 2026 AS A % OF NET SALES Q2 26 Q2 25 CHANGE OBSERVATIONS Gross margin was positively impacted by an increase of 162 basi
Slide 8: Earnings Per Share
Earnings Per Share THE EPS MATH (000s, except per share figures and percentages) Q2 2026 Q2 2025 YoY Q2 DILUTED EPS(1) Income from operations $22,100 $18,003 +23% Equity earnings in unconsolidated subsidiaries 499 ---- ---- Other income (expense), net 2,265 (2,913) NM Income before income taxes $24,
Slide 9: Cash Flow Highlights
Cash Flow Highlights NET CASH PROVIDED BY FREE CASH FLOW(1) OPERATING ACTIVITIES ($M) ($M) Consistently Positive Cash Flow Generation 1H 2026 FCF is >70% of 1H 2026 Adj. EBITDA $65.3 $66.6 $60.5 $61.9 $57.8 $52.4 $41.2 $34.7 $32.6 $34.0 $22.7 $24.4 $21.9 $13.7 $12.9 $10.0 1H 1H 1H 1H 1H 1H 1H 1H 1H
Slide 10: Stock Repurchase and Balance Sheet Highlights
Stock Repurchase and Balance Sheet Highlights STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS, NET(2) ($M) ($M) +$1M YoY ($24M), $54M in stock repurchases since Aug 2023 or (7%) QoQ Repurchased 497,675 shares of Class A and $14.5M minority investments in 2026 common stock during Q2 2026
Slide 11: Build Up of Free Cash Flow in 1H 2026
($M) Build Up of Free Cash Flow in 1H 2026 $32.4 + $32.7 $34.0 ($23.9 ) ($7.8) +$0.6 Net Income Increase in Inventory Capital Expenditures Purchases of Rental Decrease of Other Free Cash Flow Product, Working Capital Net of Proceeds from And Other Sale of Rental Product 11
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights INVENTORY YoY SALES GROWTH MINUS YoY INVENTORY GROWTH % ($M) The YoY comparison is skewed by tariff-related inventory Inventory Increased 25% YoY delays in Q2 2025 $276 $276 On a two-year stacked basis (vs. Q2 2024), net sales growth outpaced inventory growth by ~5 points. $
Slide 13: Upcoming Investor Conference
REVOLVE UPCOMING INVESTOR CONFERENCE September 15, 2026 Piper Sandler Growth Frontiers Conference
Slide 14: Appendix: Definitions and Reconciliations
REVOLVE APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ADJUSTED EBITDA ($M) (1) Q2 2023 Q2 2024 Q2 2025 Q2 2026 NET INCOME $7.3 $15.4 $10.0 $18.6 (+) OTHER (INCOME) EXPENSE, NET (2.4) (4.3) 2.9 (2.3) (+) PROVISION FOR INCOME TAXES 2.4 5.3 5.1 6.2 (+) DEPRECIATION AND AMORTIZATION 1.2 1.2 1.4 1.7 (+) EQUITY-BASED COMPENSAT
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 1H 1H 1H 1H 1H 1H 1H 1H FREE CASH FLOW ($M) (1) 2019 2020 2021 2022 2023 2024 2025 2026 NET CASH PROVIDED BY OPERATING ACTIVITIES $22.7 $61.9 $66.6 $24.4 $34.7 $13.7 $57.8 $41.2 PURCHASES OF PROPERTY AND EQUIPMENT (9.8) (1.4) (1.3) (2.5) (2.1) (2.8) (4.0) (7.8) PURCHA
Slide 17: 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