# Revolve Group, Inc. (RVLV) Informational only - not investment advice. CIK: 0001746618 SIC: 5961 Retail-Catalog & Mail-Order Houses SIC breadcrumb: [Retail Trade](/division/G/) > [Miscellaneous Retail](/major-group/59/) > [SIC 5961 Retail-Catalog & Mail-Order Houses](/industry/5961/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1746618 Filing source: https://www.sec.gov/Archives/edgar/data/1746618/000119312526071307/rvlv-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001193125-26-071307 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001746618.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,225,682,000 USD | 2025 | verified | | Net income | 61,709,000 USD | 2025 | verified | | Assets | 765,001,000 USD | 2025 | verified | | Free cash flow | 47,991,000 USD | 2025 | computed | | Net margin | 5.03% | 2025 | computed | | Operating margin | 6.06% | 2025 | computed | | Revenue YoY | +8.48% | 2025 | computed | | ROE | 12.04% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | RVLV | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 5.0% | 1.2% | 82 | 12 | | Operating margin | 6.1% | 1.7% | 73 | 12 | | Revenue growth | 8.5% | 6.5% | 64 | 12 | | FCF margin | 3.9% | 3.5% | 73 | 12 | | ROE | 12.0% | 9.5% | 60 | 11 | | ROA | 8.1% | 1.5% | 82 | 12 | | Liabilities / equity | 0.49 | 1.48 | 10 | 11 | | Current ratio | 2.81 | 1.21 | 91 | 12 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5961 Retail-Catalog & Mail-Order Houses, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1225682000 | USD | 2025 | 2026-02-25 | | Net income | 61709000 | USD | 2025 | 2026-02-25 | | Assets | 765001000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001746618.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 399,597,000 | 498,739,000 | 600,993,000 | 580,649,000 | 891,390,000 | 1,101,416,000 | 1,068,719,000 | 1,129,911,000 | 1,225,682,000 | | Net income | 5,347,000 | 30,685,000 | 35,667,000 | 56,790,000 | 99,840,000 | 58,697,000 | 28,147,000 | 49,557,000 | 61,709,000 | | Operating income | 20,522,000 | 41,798,000 | 48,098,000 | 61,066,000 | 105,291,000 | 73,140,000 | 22,134,000 | 51,417,000 | 74,263,000 | | Gross profit | 193,690,000 | 265,306,000 | 321,953,000 | 305,280,000 | 489,823,000 | 592,323,000 | 554,199,000 | 593,273,000 | 655,784,000 | | Diluted EPS | 0.08 | 0.44 | -0.09 | 0.79 | 1.34 | 0.79 | 0.38 | 0.69 | 0.86 | | Operating cash flow | 16,479,000 | 26,655,000 | 46,057,000 | 73,773,000 | 62,313,000 | 23,436,000 | 43,342,000 | 26,692,000 | 59,396,000 | | Capital expenditures | 2,262,000 | 3,045,000 | 12,455,000 | 2,324,000 | 2,195,000 | 5,167,000 | 4,198,000 | 5,649,000 | 11,405,000 | | Share buybacks | | | 40,816,000 | | | | 30,913,000 | 11,778,000 | 2,024,000 | | Assets | | 162,074,000 | 232,290,000 | 305,752,000 | 480,413,000 | 579,318,000 | 608,886,000 | 665,547,000 | 765,001,000 | | Liabilities | | | | 105,688,000 | 163,399,000 | 199,745,000 | 223,746,000 | 227,762,000 | 252,466,000 | | Stockholders' equity | | | | | 317,014,000 | 379,573,000 | 385,140,000 | 437,785,000 | 512,535,000 | | Cash and cash equivalents | | 16,369,000 | 65,418,000 | 146,013,000 | 218,455,000 | 234,724,000 | 245,449,000 | 256,600,000 | 292,256,000 | | Free cash flow | 14,217,000 | 23,610,000 | 33,602,000 | 71,449,000 | 60,118,000 | 18,269,000 | 39,144,000 | 21,043,000 | 47,991,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 1.34% | 6.15% | 5.93% | 9.78% | 11.20% | 5.33% | 2.63% | 4.39% | 5.03% | | Operating margin | 5.14% | 8.38% | 8.00% | 10.52% | 11.81% | 6.64% | 2.07% | 4.55% | 6.06% | | Return on equity | | | | | 31.49% | 15.46% | 7.31% | 11.32% | 12.04% | | Return on assets | | 18.93% | 15.35% | 18.57% | 20.78% | 10.13% | 4.62% | 7.45% | 8.07% | | Liabilities / equity | | | | | 0.52 | 0.53 | 0.58 | 0.52 | 0.49 | | Current ratio | | 1.69 | 1.96 | 2.62 | 2.75 | 2.86 | 2.79 | 2.86 | 2.81 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001746618.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.16 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.19 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.10 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 257,603,000 | 3,178,000 | 0.04 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 257,778,000 | 3,494,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 270,581,000 | 10,873,000 | 0.15 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 282,456,000 | 15,377,000 | 0.21 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 283,146,000 | 10,971,000 | 0.15 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 293,728,000 | 12,336,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 296,709,000 | 11,819,000 | 0.16 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 308,971,000 | 10,161,000 | 0.14 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 295,631,000 | 21,179,000 | 0.29 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 324,371,000 | 18,550,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 342,880,000 | 14,352,000 | 0.20 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 347,405,000 | 18,559,000 | 0.26 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from RVLV's latest 10-K: [/company/RVLV/business/](/company/RVLV/business/). ## Risk Factors Verbatim Item 1A Risk Factors from RVLV's latest 10-K: [/company/RVLV/risk-factors/](/company/RVLV/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1746618/000119312526332938/rvlv-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-04 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Special Note Regarding Forward-Looking Information This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, net sales or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate,” “predict” or any other similar words. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission, or the SEC. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: • economic conditions and their impact on consumer demand and our business, operating results and financial condition; • the effect of tariffs imposed by the U.S. or foreign governments or a global trade war; • geopolitical tensions, wars, and their impact on global economic conditions, supply chains and consumer demand; • our ability to effectively manage or sustain our growth and to effectively expand our operations; • our ability to retain our existing customers and acquire new customers; • our ability to sustain and expand our gross margin and Adjusted EBITDA margin, a non-GAAP financial measure; • our ability to respond to changing consumer demand, spending habits and customer preferences, and our ability to accurately and effectively engage in predictive analytics; • our ability to retain existing vendors and brands and to attract new vendors and brands; • our ability to obtain and maintain differentiated high-quality products from appropriate brands in sufficient quantities from vendors; • our ability to obtain and maintain sufficient inventory at prices that will keep our business model profitable, and of a quality that will continue to retain existing customers and attract new customers; • our ability to expand our product offerings, including our owned brands; • our reliance on overseas suppliers and manufacturing partners, particularly in China; • our ability to expand our operations and physical store presence in an efficient and cost-effective manner; • our ability to maintain and enhance our brand; • our ability to optimize, operate, manage and expand our network infrastructure and our fulfillment center and delivery channels; • the growth of the market for premium lifestyle and luxury products, and the online market for premium lifestyle and luxury products in particular; • our ability to accurately forecast demand for our products and our results of operations; 24 • the effect of claims, lawsuits, government investigations, other legal or regulatory proceedings or commercial or contractual disputes; and • the effect of natural disasters, such as wildfires and earthquakes, or other catastrophic events. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in this report, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our condensed consolidated financial statements and the related notes thereto. Forward-looking statements in this report speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference speak only as of the date of those documents. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In this report, “we,” “our,” “us,” “Company” and “Revolve” refer to Revolve Group, Inc., and where appropriate its subsidiaries. Overview REVOLVE is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver exceptional service and an engaging customer experience with a vast yet curated offering totaling over 140,000 apparel and footwear styles, as well as beauty and accessories. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and over 1,600 emerging, established and owned brands. Through more than 20 years of investment in technology, data analytics and innovative marketing and merchandising strategies, we have built a powerful platform and brand that we believe is connecting with the next generation of consumers and is redefining fashion retail. We sell merchandise primarily through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, beauty and accessories from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. REVOLVE has historically been focused on the discovery of trend-driven, ready-to-wear styles, while FWRD has been more heavily weighted toward the statement pieces in our customers’ wardrobe, such as shoes and handbags. We believe that FWRD provides our customer with a unique destination for luxury products as our customers’ spending power increases and their desire for fashion and inspiration remains central to their self-expression. We believe our product mix reflects the desires of the next-generation consumer and we optimize this mix through the selection of established brands that resonate with our consumer, the identification and incubation of emerging brands and the continued development of owned brands. The focus on emerging and owned brands minimizes our assortment overlap with other retailers, supporting marketing efficiency, conversion and sales at full price. 25 We have invested in our robust and scalable internally-developed technology platform to meet the specific needs of our business and to support our customers’ experience. We use proprietary algorithms and more than 20 years of data to efficiently manage our merchandising, marketing, product development, sourcing and pricing decisions. Our platform works seamlessly across devices and analyzes browsing and purchasing patterns and preferences to help us make purchasing decisions, which when combined with the small initial orders for new products, allows us to manage inventory and fashion risk. We have also invested in our creative capabilities to produce high-quality visual merchandising that caters to our customers by focusing on style with a distinct point of view rather than on individual products. The combination of our online sales platform and our in-house creative photography allows us to showcase brands in a distinctive and compelling manner. We use social channels and cultural events designed to deliver authentic and aspirational, yet attainable, experiences to attract and retain next-generation consumers, and these efforts have historically led to higher earned media value than competitors. We complement our social media efforts through a variety of brand marketing campaigns and events, which generate a constant flow of authentic and inspiring content. Our social media and brand marketing strategy is combined with robust and sophisticated digital performance marketing activities and our proprietary brand ambassador program. Once we have attracted potential new customers to our sites, our goal is to convert them into active customers and then encourage repeat purchases. We acquire and retain customers through a variety of free and paid marketing channels, including paid search/product listing ads, affiliate marketing, our brand ambassador program, paid social, retargeting, organic search, personalized email and SMS marketing, and mobile “push” communications through our mobile applications. We have developed an efficient logistics infrastructure, which allows us to provide free shipping and returns to our customers in the United States. We support our logistics network with proprietary algorithms to optimize inventory allocation, reduce shipping and fulfillment expenses and deliver merchandise quickly and efficiently to our customers. We continue to modify and expand our fulfillment network to support our growth and the demand for our products. To date, we have successfully expanded internationally with limited investment and physical presence. Our ongoing initiative to elevate the international service levels and customer experience has been a key contributor to our growth. We also offer REVOLVE products on international marketplaces such as Tmall Global and RED in China and Nykaa Fashion in India, to expand our distribution reach in these key geographies. We intend to continue to invest in and develop international markets while maintaining our focus on the core U.S. market. Key Operating and Financial Metrics We use the following metrics to assess the progress of our business, make decisions on where to allocate capital, time and technology investments, and assess the near-term and longer-term performance of our business. [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1746618/000119312526071307/rvlv-20251231.htm Complete FY 2025 MD&A: /company/RVLV/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in or implied by these forward-looking statements as a result of several factors, including those discussed in the sections titled “Risk Factors” and “Forward-Looking Statements.” For discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for year ended 2024, which was filed with the SEC on February 25, 2025. Overview REVOLVE is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver exceptional service and an engaging customer experience with a vast yet curated offering totaling over 140,000 apparel and footwear styles, as well as beauty and accessories. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and over 1,600 emerging, established and owned brands. Through more than 20 years of investment in technology, data analytics and innovative marketing and merchandising strategies, we have built a powerful platform and brand that we believe is connecting with the next generation of consumers and is redefining fashion retail. We sell merchandise through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, beauty and accessories from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. REVOLVE has historically been focused on the discovery of trend-driven, ready-to-wear styles, while FWRD has been more heavily weighted toward the statement pieces in our customers’ wardrobe, such as shoes and handbags. We believe that FWRD provides our customer with a unique destination for luxury products as our customers’ spending power increases and their desire for fashion and inspiration remains central to their self-expression. We believe our product mix reflects the desires of the next-generation consumer and we optimize this mix through the selection of established brands that resonate with our consumer, the identification and incubation of emerging brands and the continued development of owned brands. The focus on emerging and owned brands minimizes our assortment overlap with other retailers, supporting marketing efficiency, conversion and sales at full price. We have invested in our robust and scalable internally-developed technology platform to meet the specific needs of our business and to support our customers’ experience. We use proprietary algorithms and more than 20 years of data to efficiently manage our merchandising, marketing, product development, sourcing and pricing decisions. Our platform works seamlessly across devices and analyzes browsing and purchasing patterns and preferences to help us make purchasing decisions, which when combined with the small initial orders for new products, allows us to manage inventory and fashion risk. We have also invested in our creative capabilities to produce high-quality visual merchandising that caters to our customers by focusing on style with a distinct point of view rather than on individual products. The combination of our online sales platform and our in-house creative photography allows us to showcase brands in a distinctive and compelling manner. We use social channels and cultural events designed to deliver authentic and aspirational, yet attainable, experiences to attract and retain next-generation consumers, and these efforts have historically led to higher earned media value than competitors. We complement our social media efforts through a variety of brand marketing campaigns and events, which generate a constant flow of authentic and inspiring content. Our social media and brand marketing strategy is combined with robust and sophisticated digital performance marketing activities and our proprietary brand ambassador program. Once we have attracted potential new customers to our sites, our goal is to 57 convert them into active customers and then encourage repeat purchases. We acquire and retain customers through paid search/product listing ads, affiliate marketing, our brand ambassador program, paid social, retargeting, personalized email and SMS marketing and mobile “push” communications through our mobile applications. We have developed an efficient logistics infrastructure, which allows us to provide free shipping and returns to our customers in the United States. We support our logistics network with proprietary algorithms to optimize inventory allocation, reduce shipping and fulfillment expenses and deliver merchandise quickly and efficiently to our customers, which allows us to ship over 97% of orders on the same day if placed before 3:00 p.m. Eastern Time. We continue to modify and expand our fulfillment network to support our growth and the demand for our products. To date, we have successfully expanded internationally with limited investment and physical presence. Our ongoing initiative to elevate the international service levels and customer experience has been a key contributor to our growth. We also offer REVOLVE products on international marketplaces such as Tmall Global, RED and Douyin in China and Nykaa Fashion in India, to expand our distribution reach in these key geographies. For 2025 and 2024, we generated $253.3 million and $226.4 million, respectively, in net sales shipped to customers internationally, or 20.7% and 20.0% of total net sales, respectively. We intend to continue to invest in and develop international markets while maintaining our focus on the core U.S. market. Key Operating and Financial Metrics We use the following metrics to assess the progress of our business, make decisions on where to allocate capital, time and technology investments and assess the near-term and longer-term performance of our business. [[GREPCENT_TABLE]] [["","","Year Ended December 31,"],["","","2025","","","2024","","","2023"],["","","(in thousands, except average order value and percentages)"],["Gross margin","","","53.5","%","","","52.5","%","","","51.9","%"],["Adjusted EBITDA","","$","93,796","","","$","69,516","","","$","43,409"],["Free cash flow","","$","46,184","","","$","18,005","","","$","39,144"],["Active customers","","","2,841","","","","2,668","","","","2,543"],["Total orders placed","","","9,477","","","","8,867","","","","8,701"],["Average order value","","$","299","","","$","302","","","$","297"]] [[/GREPCENT_TABLE]] Adjusted EBITDA and free cash flow are non-GAAP measures. See the sections captioned “—Adjusted EBITDA” and “—Free Cash Flow” below for information regarding our use of Adjusted EBITDA and free cash flow and their reconciliation to net income and net cash provided by operating activities, respectively. Gross Margin Gross profit is equal to our net sales less cost of sales. Gross profit as a percentage of our net sales is referred to as gross margin. Cost of sales consists of our purchase price of merchandise sold to customers and includes import duties and other taxes, inbound freight costs, receiving costs, defective merchandise returned from customers, inventory valuation adjustments, and other miscellaneous shrinkage. Gross margin is impacted by the mix of brands and categories of styles that we sell on our sites. Gross margin on sales of owned brands is typically higher than that for third-party brands. Gross margin is also affected by the percentage of sales through the REVOLVE segment, which consists primarily of emerging third-party, established third-party and owned brands, compared to our FWRD segment, which consists primarily of established third-party brands. Merchandise mix will vary from period to period and if we do not accurately forecast demand, our growth, margins and inventory levels may be adversely affected. We review our inventory levels on an ongoing basis to identify slow-moving merchandise and use product markdowns to efficiently sell these products. We have maintained a high percentage of sales that occur at full price, which we believe reflects our data-driven merchandising strategy, customer acceptance of our merchandise and the 58 sense of urgency we create through frequent product introductions in limited quantities. Gross margin is impacted by the mix of sales at full price and markdowns, as well as the level of markdowns. Gross margin is also impacted by inbound freight costs and the level of tariffs and duties placed on imported products. In the near-term, given the significant increase in tariff rates on imported products from April 2, 2025 through February 20, 2026, particularly from China, our gross margin may be adversely impacted by the effects of tariffs, though any long-term impact remains unclear. See the section titled “—Factors Affecting Our Performance—Overall Economic Trends.” Certain of our competitors and other retailers report cost of sales differently than we do. As a result, the reporting of our gross profit and gross margin may not be comparable to other companies. Adjusted EBITDA To provide investors with additional information regarding our financial results, we have disclosed in the table above and elsewhere in this report Adjusted EBITDA, 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 certain non-routine items. We have provided below a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items. We have included Adjusted EBITDA in this report because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of equity-based compensation, excludes an item that we do not consider to be indicative of our core operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; • Adjusted EBI [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/RVLV/mda/fy2025/ All MD&A years: /company/RVLV/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/RVLV/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026748 (https://www.sec.gov/Archives/edgar/data/1746618/000095017025026748/rvlv-20241231.htm) - [FY 2023 MD&A](/company/RVLV/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021244 (https://www.sec.gov/Archives/edgar/data/1746618/000095017024021244/rvlv-20231231.htm) - [FY 2022 MD&A](/company/RVLV/mda/fy2022/): filed 2023-02-23; accession 0000950170-23-004138 (https://www.sec.gov/Archives/edgar/data/1746618/000095017023004138/rvlv-20221231.htm) - [FY 2021 MD&A](/company/RVLV/mda/fy2021/): filed 2022-02-28; accession 0000950170-22-002309 (https://www.sec.gov/Archives/edgar/data/1746618/000095017022002309/rvlv-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5961 Retail-Catalog & Mail-Order Houses) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/RVLV.md · JSON record: /company/RVLV.json · verified financials: /company/RVLV/financials.json / /company/RVLV/financials.csv · machine TOC for the whole site: /llms.txt