Slide 1: Q1 2026 Financial Highlights
REVOLVE QI 2026 Financial Highlights May 5, 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: Recent Business Developments
Recent Business Developments We introduced REVOLVE Los Angeles, our We launched Grow-Good Beauty hair care We entered into a lease for our third retail first-ever namesake label, supported by products in partnership with Grammy award store, located in Miami, one of our strongest impactful and multi-
Slide 4: Q1 2026 Summary
Q1 2026 Summary NET SALES GROSS MARGIN ($M) $342.9 $296.7 $270.6 52.3% 52.0% 52.7% +16% YoY +68 BPs YoY > 5 points higher than Gross profit $ Q4 2025 growth YoY +17% YoY Q1 24 Q1 25 Q1 26 Q1 24 Q1 25 Q1 26 NET INCOME ADJUSTED EBITDA(1) ($M) ($M) $13.8 $19.3 $21.1 $10.9 $11.4 $13.3 +21% YoY +9% YoY Q
Slide 5: Net Sales by Segment and Geography
Net Sales by Segment and Geography NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q1 2026 ($M) ($M) +15% YoY $293.2 +15% YoY $274.0 $254.4 14% 86% $229.6 $239.2 $219.1 REVOLVE FWRD +17% YoY +20% YoY $68.9 $51.4 $57.5 $41.0 $42.3 $49.6 80% 20% REVOLVE FWRD U.S.
Slide 6: Segment Results Over Time
Segment Results Over Time SEGMENT NET SALES SEGMENT GROSS PROFIT ($M) ($M) +15% YoY +17% YoY +15% YoY +36% YoY 13% 7-Year CAGR 19% 7-Year CAGR 70.0% $250 $150 $293.2 $240 % of segment net sales $230 $140 $220 60.0% $254.4 56.2% 55.6% $130 $210 55.3% 54.6% 54.4% $237.7 $231.7 $200 53.2% $120 $229.6 $
Slide 7: Operating Metrics Highlights
Operating Metrics Highlights ACTIVE CUSTOMERS(1) TOTAL ORDERS PLACED(1) AVERAGE ORDER VALUE(1) (TRAILING 12 MONTHS, in 000s) (000s) 2,926 2,703 2,581 2,424 2,551 $288 $288 $299 $295 $298 2,041 2,156 2,278 2,223 2,308 $259 $259 $256 1,528 1,477 1,262 1,135 1,172 1,282 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1
Slide 8: Cost and Margin Structure
Cost and Margin Structure GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 5.4% 6.5% 6.1% 4.4% 3.4% 5.0% 4.6% 4.9% Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2023 Q1 2024 Q1 2025 Q1 2026 AS A % OF NET SALES Q1 26 Q1 25 CHANGE OBSERVATIONS The increase primarily reflects margin expansion in the FWRD se
Slide 9: Earnings Per Share
Earnings Per Share THE EPS MATH (000s, except per share figures and percentages) Q1 26 Q1 25 YoY Q1 DILUTED EPS Income before income taxes $18,467 $15,581 +19% Provision for income taxes (4,709) (4,175) +13% Effective tax rate 25% 27% (1.3) Points Net income $13,758 $11,406 +21% Less: Net loss attri
Slide 10: Cash Flow Highlights
Cash Flow Highlights NET CASH PROVIDED BY FREE CASH FLOW(1) CASH & CASH EQUIVALENTS, NET(2) OPERATING ACTIVITIES ($M) ($M) ($M) +9% YoY +5% YoY >4.5X in Past +$33M, 6 Years or +11% QoQ 18% 7-Year CAGR 22% 7-Year CAGR $335.8 $335.8 $300.8 $303.2 $283.3 $270.6 $273.4 $52.7 $53.8 $47.7 $48.8 $49.4 $45.
Slide 11: Build Up of Free Cash Flow in Q1 2026
Build Up of Free Cash Flow in Q1 2026 +$28.9 +$0.4 ($5.0) $44.9 ($M) +$6.8 $13.8 Net Income Decrease in Inventory Decrease of Other Purchases of Rental Capital Expenditures Free Cash Flow Working Capital Product, And Other Net of Proceeds from Sale of Rental Product 11
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights INVENTORY YoY SALES GROWTH MINUS YoY INVENTORY GROWTH % ($M) Inventory Increased 15% YoY Sales Growth Aligned with $252 YoY Inventory Growth in Q1 2026 $245 $245 $214 $202 $190 $179 15% 5% 4% 5% 1% 1% 1% 1% $97 $101 $100 (4%) (7%) (8%) (9%) (11%) (18%) Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q
Slide 13: Upcoming Investor Conferences
REVOLVE UPCOMING INVESTOR CONFERENCES June 2, 2026 TD Cowen Future of the Consumer Conference June 3, 2026 William Blair Growth Stock Conference June 10, 2026 Evercore Consumer and Retail Conference
Slide 14: Appendix: Definitions and Reconciliations
REVOLVE APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ADJUSTED EBITDA ($M) (1) Q1 2023 Q1 2024 Q1 2025 Q1 2026 NET INCOME $14.2 $10.9 $11.4 13.8 (+) OTHER EXPENSE (INCOME), NET (6.6) (5.3) (0.9) (2.7) (+) PROVISION FOR (BENEFIT FROM) INCOME TAXES 4.7 3.8 4.2 4.7 (+) DEPRECIATION AND AMORTIZATION 1.2 1.3 1.0 1.3 (+) EQUIT
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 FREE CASH FLOW ($M) (1) 2019 2020 2021 2022 2023 2024 2025 2026 NET CASH PROVIDED BY OPERATING ACTIVITIES $15.9 $8.1 $33.2 $53.8 $48.8 $38.4 $45.1 $49.4 PURCHASES OF PROPERTY AND EQUIPMENT (5.0) (0.6) (0.7) (1.1) (1.1) (1.7) (1.8) (5.0) PURCHAS
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