Company Overview - Revolve Group, Inc. is a next-generation fashion retailer targeting Millennial and Generation Z consumers, offering a curated selection of apparel, footwear, accessories, beauty, and home products [3][4] - The company operates through two segments: REVOLVE, which features premium brands, and FWRD, which focuses on luxury brands [4] Upcoming Event - Revolve Group will present at the Piper Sandler Growth Frontiers Conference on September 10, 2025, at 3 pm ET / Noon PT [1] - A live webcast of the presentation will be available on the company's investor relations website, with a replay option for a limited time [2]

-投资动态- 近日，味之素株式会社宣布战略投资澳大利亚植物蛋白企业v2food，并协同其收购的美国品牌Daring Foods，共同构建全球可持续蛋白产业版图。 v2food独有的"v2 RepliTech™"技术可优化植物蛋白口感，其与CSIRO的合作进一步强化了研发实力。此外，v2food宣布将收购美国植物基鸡肉品牌 Daring Foods，并利用其在美国的零售网络和品牌认知度，借此向美国消费者推广 v2food 的产品系列。（品牌官方） 小编评： 味之素战略投资澳大利亚植物肉制造商v2food -品牌动态- 小编评： 可以看到，这次少数股权投资中，安踏无需重资金开店即可分享红利，降低扩张风险；同时保留未来增持股权或利于收购Musinsa更多股份的期权。 近日，中国运动服饰巨头安踏集团与韩国潮流电商平台Musinsa在7月初已签署协议，双方将在中国成立合资公司。 安踏与Musinsa在这家合资公司的持股比例分别为40%和60%，Musinsa保留经营权，双方计划于今年下半年在中国开设线下门店，出售包括Musinsa Standard在内的多家韩国时尚品牌。（WWD） 京东计划开设 5 家折扣店 近日，京 ...

Revolve Group (RVLV 1.76%), an online fashion retailer known for its youth-driven strategy and influencer partnerships, released its second quarter fiscal 2025 results on August 5, 2025. GAAP revenue was $308.97 million, exceeding GAAP expectations by $11.3 million. GAAP earnings per share were $0.14, edging past the GAAP analyst forecast of $0.13. However, this represented a decrease from the prior year's GAAP diluted EPS of $0.21. Overall, The quarter showed solid top-line growth and notably improved non- ...

Core Viewpoint - Revolve Group (RVLV) reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, but down from $0.21 per share a year ago, indicating a +16.67% earnings surprise [1] Financial Performance - The company achieved revenues of $308.97 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.36% and up from $282.46 million year-over-year [2] - Over the last four quarters, Revolve Group has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Performance - Revolve Group shares have declined approximately 39.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $294.07 million, and for the current fiscal year, it is $0.41 on revenues of $1.19 billion [7] - The estimate revisions trend for Revolve Group was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Textile - Apparel industry, to which Revolve Group belongs, is currently ranked in the bottom 19% of over 250 Zacks industries, suggesting potential challenges ahead [8] - G-III Apparel Group, another company in the same industry, is expected to report a significant decline in earnings, with a consensus EPS estimate of $0.10, reflecting a year-over-year change of -80.8% [9]

Financial Data and Key Metrics Changes - Net sales increased by 9% year over year, reaching $309 million for the first time in quarterly revenue [29][30] - Adjusted EBITDA rose by 12% year over year, with an adjusted EBITDA margin of 7.4%, the highest in three years [35] - Free cash flow for the first six months of 2025 was $52 million, nearly three times the full-year free cash flow achieved in 2024 [5][36] - Cash and cash equivalents grew to an all-time high of $311 million, a 27% increase year over year [10][37] Business Line Data and Key Metrics Changes - Revolve segment net sales increased by 9% year over year, while FORWARD segment net sales increased by 10% [30] - Domestic net sales grew by 7%, and international net sales increased by 17% year over year [30] - The return rate decreased by more than 1.5 points year over year, contributing to improved profitability [9] Market Data and Key Metrics Changes - International markets showed strong growth, particularly in China, where sales more than doubled over the past two years [12] - The company reported a 17% increase in international net sales, with nearly all regions experiencing double-digit growth [11][30] - The luxury market overall declined year over year, but the company gained market share [7] Company Strategy and Development Direction - The company is focused on expanding brand awareness, growing the customer base, and enhancing connections with the next generation of consumers [10] - Continued investment in owned brands is a priority, as they generate higher margins compared to third-party brands [24] - The company is exploring physical retail opportunities, with plans to open a new store in Los Angeles by the fourth quarter [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current volatile environment, citing strong cash flow and a solid balance sheet [44] - The company anticipates that tariff mitigation efforts will improve gross margins over the long term [39] - Management noted that while the tariff landscape remains uncertain, recent improvements in tariff mitigation have been promising [39] Other Important Information - The company has successfully implemented AI-driven enhancements to improve the shopping experience and operational efficiency [14][15] - Marketing investments represented 15.2% of net sales, remaining flat year over year [32] - The effective tax rate increased to 33.7% due to certain discrete tax items [34] Q&A Session Summary Question: Can you elaborate on the tariff mitigation efforts and their long-term benefits? - Management indicated that partnerships with brands have been strengthened due to tariff pressures, which should yield long-term benefits [46][47] Question: How should pricing be adjusted in response to tariffs? - Price increases are expected to be mid-single digits in Q3, with adjustments made in line with market trends [49][50] Question: What are the trends in U.S. versus international sales? - International sales showed strong double-digit growth, particularly in China, while U.S. sales increased by 7% [53][57] Question: What is the impact of tariffs on gross margin? - Tariffs had a negative impact in Q2, but this was offset by improvements in markdown margins and owned brand sales [65][66] Question: What progress has been made in reducing return rates? - Management is optimistic about reducing return rates further, although tougher comparisons are expected in the second half of the year [68][69] Question: What advancements have been made in AI initiatives? - The company has made significant progress in AI enhancements, including improvements in search algorithms and customer service technologies [70][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-38927 Washington, D.C. 20549 Form 10-Q (Mark One) Securities registered pursuant to Section 12(b) of the Act: (Exact name of registrant as specified in its charter) Delaw ...

Financial Performance - Net sales increased by 9% year-over-year, from $282.5 million in Q2 2024 to $309.0 million in Q2 2025[11] - Adjusted EBITDA increased by 12% year-over-year, from $20.5 million in Q2 2024 to $22.9 million in Q2 2025[11] - Adjusted EBITDA margin increased by 16 basis points year-over-year, reaching 7.4% in Q2 2025, the highest margin in 3 years[11] - Net income decreased by 35% year-over-year, from $15.4 million in Q2 2024 to $10.0 million in Q2 2025, primarily due to unfavorable other income/expense comparison and a higher effective tax rate[11] Segment and Geographic Performance - REVOLVE segment net sales increased by 9% year-over-year, from $245.5 million in Q2 2024 to $268.4 million in Q2 2025[16] - FWRD segment net sales increased by 10% year-over-year, from $36.9 million in Q2 2024 to $40.6 million in Q2 2025[16] - U S net sales increased by 7% year-over-year, from $225.1 million in Q2 2024 to $241.6 million in Q2 2025[16] - International net sales increased by 17% year-over-year, from $57.4 million in Q2 2024 to $67.3 million in Q2 2025[16] Operating Metrics - Active customers increased by 7% year-over-year[21] - Total orders placed increased by 6% year-over-year[21] - Average order value decreased by 2% year-over-year, from $306 in Q2 2024 to $300 in Q2 2025[21] Balance Sheet and Cash Flow - Free cash flow for the first half of 2025 was $52.4 million[31] - Cash and cash equivalents increased by $66 million or 27% year-over-year to $310.7 million[36] - The company repurchased 92,583 shares of Class A common stock during Q2 2025 at an average cost of $18.78 per share[36]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Co-Founder and Co-CEO Commentary](index=1&type=section&id=Co-Founder%20and%20Co-CEO%20Commentary) Revolve Group's Co-CEOs highlight strong Q2 2025 performance with year-over-year growth in net sales and operating income, record adjusted EBITDA margin, and robust operating cash flow, while investing in long-term growth initiatives - The company achieved **9% year-over-year growth in net sales** and **10% in operating income** for Q2 2025, with adjusted EBITDA margin reaching a three-year high and operating cash flow a four-year high for the period[2](index=2&type=chunk) - The company sustained profitable growth and market share gains while investing in long-term drivers such as AI enhancements, new private label development, retail exploration, and category expansion[2](index=2&type=chunk) [Second Quarter 2025 Financial Summary](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Summary) Revolve Group reported Q2 2025 net sales of **$309 million** (up 9%), gross profit of **$167.1 million** (up 9%), and adjusted EBITDA of **$22.9 million** (up 12%), despite a 35% net income decrease to **$10 million**, with operating cash flow significantly improving to **$12.6 million** Key Financial Summary | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net Sales | $308,971 | $282,456 | 9% | | Gross Profit | $167,062 | $152,606 | 9% | | Gross Margin | 54.1% | 54.0% | - | | Net Income | $10,011 | $15,377 | (35%) | | Adjusted EBITDA | $22,887 | $20,474 | 12% | | Net Cash Provided by Operating Activities | $12,620 | $(24,669) | NM | | Free Cash Flow | $9,607 | $(26,653) | NM | [Operational Metrics](index=1&type=section&id=Operational%20Metrics) As of June 30, 2025, Revolve Group's active customers (last 12 months) increased by 6% to **2.743 million**, total orders grew 7% to **2.424 million**, while average order value slightly decreased by 2% to **$300** Key Operational Metrics | Metric | Q2 2025 (Thousands) | Q2 2024 (Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Active Customers (Last 12 Months) | 2,743 | 2,577 | 6% | | Total Orders | 2,424 | 2,271 | 7% | | Average Order Value | $300 | $306 | (2%) | [Detailed Second Quarter 2025 Results](index=2&type=section&id=Detailed%20Second%20Quarter%202025%20Results) [Additional Second Quarter 2025 Metrics and Results Commentary](index=2&type=section&id=Additional%20Second%20Quarter%202025%20Metrics%20and%20Results%20Commentary) In Q2 2025, net sales and gross profit both increased by 9% year-over-year, with gross margin slightly up to 54.1% due to higher private label sales, while fulfillment and sales & distribution costs as a percentage of net sales decreased, indicating improved efficiency; however, net income and diluted EPS declined primarily due to other income shifting to other expenses (including foreign exchange losses and subsidiary disposal costs) and a higher effective tax rate, with both REVOLVE and FWRD segments showing net sales growth and international net sales growing faster than domestic - Gross margin was **54.1%**, an increase of 4 basis points year-over-year, primarily reflecting a higher mix of private label net sales, partially offset by a lower mix of full-price sales[7](index=7&type=chunk) - Net income was **$10 million**, down from **$15.4 million** in Q2 2024, mainly due to a significant year-over-year decrease in other income and a higher effective tax rate[7](index=7&type=chunk) Detailed Q2 2025 Performance Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Sales | $309.0 Million | $282.5 Million | 9% | | Gross Profit | $167.1 Million | $152.6 Million | 9% | | Gross Margin | 54.1% | 54.0% | +0.1% | | Fulfillment Costs (% Net Sales) | 3.2% | 3.3% | -0.1% | | Sales & Distribution Costs (% Net Sales) | 17.4% | 17.9% | -0.5% | | Operating Income | $18.0 Million | $16.4 Million | 10% | | Other Expense (Income), Net | $2.9 Million (Expense) | $(4.3 Million) (Income) | -$7.2 Million (Shift to Expense) | | Effective Tax Rate | 33.7% | 25.7% | +8.0% | | Diluted EPS | $0.14 | $0.21 | (33%) | | REVOLVE Segment Net Sales | $268.4 Million | $245.5 Million | 9% | | FWRD Segment Net Sales | $40.6 Million | $36.9 Million | 10% | | Domestic Net Sales | $241.6 Million | $225.1 Million | 7% | | International Net Sales | $67.3 Million | $57.4 Million | 17% | [Cash Flow and Balance Sheet](index=2&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) In Q2 2025, net cash provided by operating activities was **$12.6 million**, with a six-month cumulative total of **$57.8 million**, representing a significant 321% year-over-year increase; free cash flow also improved substantially to **$9.6 million** for the quarter and **$52.4 million** for six months, while cash and cash equivalents increased 27% year-over-year to **$310.7 million** as of June 30, 2025, with the company remaining debt-free, and inventory decreased 6% to **$221 million** Cash Flow Summary | Metric | Q2 2025 (USD Thousands) | Q2 2024 (USD Thousands) | YoY Change (Q2) | Six Months 2025 (USD Thousands) | Six Months 2024 (USD Thousands) | YoY Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $12,620 | $(24,669) | NM | $57,765 | $13,722 | 321% | | Free Cash Flow | $9,607 | $(26,653) | NM | $52,411 | $10,003 | 424% | - As of June 30, 2025, cash and cash equivalents totaled **$310.7 million**, a **27% increase** from **$244.7 million** as of June 30, 2024, with the company's balance sheet remaining debt-free[14](index=14&type=chunk) - As of June 30, 2025, inventory was **$221.0 million**, a **6% decrease** year-over-year[14](index=14&type=chunk) [Stock Repurchases](index=3&type=section&id=Stock%20Repurchases) Revolve Group repurchased **$1.7 million** worth of Class A common stock, totaling 92,583 shares at an average cost of **$18.78 per share**, during Q2 2025, with **$55.9 million** remaining available under its **$100 million** stock repurchase program as of June 30, 2025 - In Q2 2025, the company repurchased **$1.7 million** of Class A common stock, totaling 92,583 shares at an average cost of **$18.78 per share**[8](index=8&type=chunk) - As of June 30, 2025, **$55.9 million** remained available under the company's **$100 million** stock repurchase program[8](index=8&type=chunk) [Business Outlook & Recent Performance](index=3&type=section&id=Business%20Outlook%20%26%20Recent%20Performance) [Results Since the End of the Second Quarter of 2025](index=3&type=section&id=Results%20Since%20the%20End%20of%20the%20Second%20Quarter%20of%202025) Net sales for July 2025 increased by approximately 7% year-over-year, indicating continued business growth post-Q2 - Net sales for July 2025 increased by approximately **7%** year-over-year[9](index=9&type=chunk) [2025 Business Outlook](index=3&type=section&id=2025%20Business%20Outlook) Revolve Group provides updated full-year and Q3 2025 guidance, considering current macroeconomic conditions, cost pressures, and potential headwinds to consumer spending, including tariffs, inflation, supply chain disruptions, and foreign exchange fluctuations, with the updated full-year 2025 gross margin outlook raised to **52.1% to 52.6%** from the previous **50.0% to 52.0%** - The outlook considers current macroeconomic conditions, cost pressures, and potential headwinds to consumer spending, including tariffs, inflationary pressures, supply chain disruptions, and foreign exchange fluctuations[11](index=11&type=chunk) 2025 Business Outlook Metrics | Metric | Updated FY 2025 Outlook | Prior FY 2025 Outlook | Q3 2025 Outlook | | :--- | :--- | :--- | :--- | | Gross Margin | 52.1% to 52.6% | 50.0% to 52.0% | 51.2% to 51.7% | | Fulfillment Expenses | 3.1% to 3.2% of Net Sales | 3.0% to 3.2% of Net Sales | 3.2% of Net Sales | | Sales & Distribution Expenses | 17.2% to 17.5% of Net Sales | 17.2% to 17.5% of Net Sales | 17.5% of Net Sales | | Marketing Expenses | 14.8% to 15.0% of Net Sales | 14.9% to 15.1% of Net Sales | 14.5% of Net Sales | | General & Administrative Expenses | $152 Million to $154 Million | $154 Million to $157 Million | $38.5 Million | | Effective Tax Rate | 28% to 29% | 27% to 28% | - | [Corporate Information & Disclosures](index=3&type=section&id=Corporate%20Information%20%26%20Disclosures) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Revolve Group management will host a conference call on August 5, 2025, at 4:30 PM ET/1:30 PM PT to discuss these results, with details including dial-in numbers, conference ID, and audio webcast/replay information available on the investor relations website - Revolve Group management will host a conference call on **August 5, 2025, at 4:30 PM ET/1:30 PM PT** to discuss these results[13](index=13&type=chunk) - The conference call will be audio webcast live and available for replay on the investor relations website investors.revolve.com[13](index=13&type=chunk)[15](index=15&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, concerning the company's growth prospects, market share expansion, business initiatives, and outlook for Q3 and full-year 2025, which are based on current expectations but involve risks and uncertainties that could cause actual results to differ materially, including economic conditions, tariffs, supply chain challenges, inflationary pressures, and geopolitical tensions, with no obligation for the company to update any forward-looking statements - All statements in this press release other than statements of historical or current fact are forward-looking statements, including but not limited to those regarding growth prospects, market share expansion, business initiatives, and the outlook for Q3 and full-year 2025[16](index=16&type=chunk) - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including economic conditions, the impact of tariffs, supply chain challenges, inflationary pressures, war and conflict, and other risks disclosed in SEC filings[16](index=16&type=chunk) [Use of Non-GAAP Financial Measures and Other Operating Metrics](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures%20and%20Other%20Operating%20Metrics) The company uses non-GAAP financial measures such as Adjusted EBITDA and Free Cash Flow in its press release and accompanying tables to supplement consolidated financial statements prepared in accordance with GAAP; management believes these non-GAAP measures provide meaningful supplemental information about the company's performance and liquidity by excluding certain expenses that may not be indicative of core operating performance, but they should not be considered a substitute for GAAP financial information, and the company provides reconciliations of these non-GAAP measures to the most directly comparable GAAP measures - The company refers to non-GAAP financial measures such as Adjusted EBITDA and Free Cash Flow in the press release[17](index=17&type=chunk) - The company uses these non-GAAP financial measures to evaluate operating performance, plan future operations, and make strategic decisions regarding capital allocation, providing meaningful supplemental information by excluding certain expenses that may not be indicative of core operating performance[19](index=19&type=chunk) - Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included at the end of this press release[20](index=20&type=chunk) [Definitions of Non-GAAP Financial Measures and Other Operating Metrics](index=5&type=section&id=Definitions%20of%20Non-GAAP%20Financial%20Measures%20and%20Other%20Operating%20Metrics) This section defines Revolve Group's non-GAAP financial and operating metrics, where Adjusted EBITDA is net income adjusted for other (income) expense, taxes, depreciation, amortization, stock-based compensation, specific transaction costs, and non-recurring items, and Free Cash Flow is net cash provided by operating activities less purchases of property and equipment and capitalized software, while operational metrics like active customers, total orders, and average order value are defined as key indicators of company growth, business velocity, and product appeal - Adjusted EBITDA is a non-GAAP financial measure calculated as net income adjusted for other (income) expense, taxes, depreciation and amortization, stock-based compensation expense, certain transaction costs, and non-recurring items[22](index=22&type=chunk) - Free Cash Flow is a non-GAAP financial measure calculated as net cash provided by operating activities less purchases of property and equipment and capitalized software[23](index=23&type=chunk) - Active customers are defined as unique customer accounts that have made at least one purchase in the past 12 months; total orders are the total number of orders placed by customers in a given period; and average order value is total website sales divided by total orders in a given period[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) [About Revolve Group, Inc.](index=5&type=section&id=About%20Revolve%20Group%2C%20Inc.) Revolve Group, Inc. (NYSE: RVLV) is a next-generation fashion retailer for Millennial and Gen Z consumers, offering a curated assortment of apparel, footwear, accessories, beauty, and home products through its two complementary segments, REVOLVE and FWRD, leveraging its dynamic platform to connect millions of consumers, thousands of global fashion influencers, and over 1,000 emerging, established, and owned brands - Revolve Group, Inc. is a next-generation fashion retailer for Millennial and Gen Z consumers[27](index=27&type=chunk) - The company sells merchandise through two complementary segments, REVOLVE and FWRD, with REVOLVE offering premium apparel, footwear, accessories, and beauty products from emerging, established, and owned brands, and FWRD offering a curated assortment of luxury brands[28](index=28&type=chunk)[29](index=29&type=chunk) [Contacts](index=6&type=section&id=Contacts) This section provides Revolve Group's investor relations and media contact information, including names, phone numbers, and email addresses - Investor Contact: Erik Randerson, CFA, Phone: 562.677.9513, Email: IR@revolve.com[30](index=30&type=chunk) - Media Contact: Jennifer Walker, Email: revolve@walkerdrawas.com[30](index=30&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [CONDENSED CONSOLIDATED STATEMENTS OF INCOME](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) The condensed consolidated statements of income present Revolve Group's financial performance for the three and six months ended June 30, 2025, and 2024, showing Q2 2025 net sales of **$309 million** and gross profit of **$167.1 million**, but net income decreased to **$10 million** and diluted EPS to **$0.14**, primarily due to increased other expenses and a higher effective tax rate Condensed Consolidated Statements of Income | Metric (USD Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $308,971 | $282,456 | $605,680 | $553,037 | | Cost of Goods Sold | $141,909 | $129,850 | $284,332 | $258,929 | | Gross Profit | $167,062 | $152,606 | $321,348 | $294,108 | | Total Operating Expenses | $149,059 | $136,171 | $288,657 | $268,345 | | Operating Income | $18,003 | $16,435 | $32,691 | $25,763 | | Other Expense (Income), Net | $2,913 | $(4,271) | $2,020 | $(9,592) | | Net Income | $10,011 | $15,377 | $21,417 | $26,250 | | Diluted Earnings Per Share | $0.14 | $0.21 | $0.30 | $0.37 | [CONDENSED CONSOLIDATED BALANCE SHEETS](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Revolve Group's condensed consolidated balance sheets show total assets of **$722.9 million**, an increase from **$665.5 million** as of December 31, 2024, with cash and cash equivalents rising to **$310.7 million** and inventory slightly decreasing to **$221 million**, while total liabilities increased to **$254.3 million**, mainly due to higher accounts payable and return reserves, and total stockholders' equity grew to **$468.6 million** Condensed Consolidated Balance Sheets | Metric (USD Thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $722,922 | $665,547 | | Cash and Cash Equivalents | $310,716 | $256,600 | | Inventory | $221,011 | $229,244 | | Total Current Assets | $614,179 | $561,088 | | Total Liabilities | $254,335 | $227,762 | | Total Stockholders' Equity | $468,587 | $437,785 | [CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash provided by operating activities significantly increased to **$57.8 million** from **$13.7 million** in the prior year, driven by working capital changes, while net cash used in investing activities rose to **$7 million**, and net cash used in financing activities decreased to **$2.1 million**, resulting in a net increase in cash and cash equivalents of **$54.1 million** and an ending balance of **$310.7 million** Condensed Consolidated Statements of Cash Flows | Metric (USD Thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Income | $21,417 | $26,250 | | Net Cash Provided by Operating Activities | $57,765 | $13,722 | | Net Cash Used in Investing Activities | $(7,011) | $(4,146) | | Net Cash Used in Financing Activities | $(2,098) | $(10,050) | | Net Increase in Cash and Cash Equivalents | $54,116 | $(712) | | Cash and Cash Equivalents at End of Period | $310,716 | $244,737 | [SEGMENT INFORMATION](index=10&type=section&id=SEGMENT%20INFORMATION) In Q2 2025, both REVOLVE and FWRD segments reported net sales growth, with REVOLVE segment net sales increasing 9% to **$268.4 million** and FWRD segment net sales growing 10% to **$40.6 million**, leading to corresponding gross profit increases; geographically, domestic net sales grew 7% to **$241.6 million**, while international net sales increased 17% to **$67.3 million** Segment Net Sales and Gross Profit | Segment (USD Thousands) | Q2 2025 Net Sales | Q2 2024 Net Sales | Q2 2025 Gross Profit | Q2 2024 Gross Profit | | :--- | :--- | :--- | :--- | :--- | | REVOLVE | $268,421 | $245,535 | $149,940 | $137,895 | | FWRD | $40,550 | $36,921 | $17,122 | $14,711 | | Total | $308,971 | $282,456 | $167,062 | $152,606 | Geographical Net Sales | Geographical Region (USD Thousands) | Q2 2025 Net Sales | Q2 2024 Net Sales | Six Months 2025 Net Sales | Six Months 2024 Net Sales | | :--- | :--- | :--- | :--- | :--- | | United States | $241,623 | $225,057 | $480,866 | $444,190 | | Rest of World | $67,348 | $57,399 | $124,814 | $108,847 | | Total | $308,971 | $282,456 | $605,680 | $553,037 | [KEY OPERATING AND FINANCIAL METRICS](index=11&type=section&id=KEY%20OPERATING%20AND%20FINANCIAL%20METRICS) This section summarizes Revolve Group's key operating and financial metrics for the three and six months ended June 30, 2025, and 2024, including gross margin, adjusted EBITDA, free cash flow, active customers, total orders, and average order value, demonstrating strong growth in adjusted EBITDA and free cash flow, alongside increases in active customers and total orders Key Operating and Financial Metrics | Metric (Thousands, except AOV and Percentages) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Gross Margin | 54.1% | 54.0% | 53.1% | 53.2% | | Adjusted EBITDA | $22,887 | $20,474 | $42,186 | $33,741 | | Free Cash Flow | $9,607 | $(26,653) | $52,411 | $10,003 | | Active Customers | 2,743 | 2,577 | 2,743 | 2,577 | | Total Orders | 2,424 | 2,271 | 4,732 | 4,494 | | Average Order Value | $300 | $306 | $298 | $302 | [RECONCILIATION OF NON-GAAP FINANCIAL MEASURES](index=12&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20FINANCIAL%20MEASURES) This section provides detailed reconciliations of non-GAAP Adjusted EBITDA to net income and non-GAAP Free Cash Flow to net cash provided by operating activities for the three and six months ended June 30, 2025, and 2024, listing specific adjustments such as other expense, taxes, depreciation, stock-based compensation, transaction costs, and non-recurring items for Adjusted EBITDA, and purchases of property and equipment and capitalized software for Free Cash Flow Reconciliation of Adjusted EBITDA | Adjusted EBITDA Reconciliation (USD Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $10,011 | $15,377 | $21,417 | $26,250 | | Other Expense (Income), Net | $2,913 | $(4,271) | $2,020 | $(9,592) | | Provision for Income Taxes | $5,079 | $5,329 | $9,254 | $9,105 | | Depreciation and Amortization | $1,370 | $1,175 | $2,388 | $2,518 | | Stock-Based Compensation Expense | $2,304 | $2,094 | $5,057 | $4,653 | | Transaction Costs | $60 | $325 | $900 | $325 | | Non-Recurring Items | $1,150 | $445 | $1,150 | $482 | | Adjusted EBITDA | $22,887 | $20,474 | $42,186 | $33,741 | Reconciliation of Free Cash Flow | Free Cash Flow Reconciliation (USD Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by (Used in) Operating Activities | $12,620 | $(24,669) | $57,765 | $13,722 | | Purchases of Property and Equipment | $(2,207) | $(1,047) | $(3,986) | $(2,782) | | Purchases of Capitalized Software | $(806) | $(937) | $(1,368) | $(937) | | Free Cash Flow | $9,607 | $(26,653) | $52,411 | $10,003 |

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Revolve Group despite higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The earnings report is expected on August 5, with a consensus EPS estimate of $0.12, reflecting a -42.9% year-over-year change, while revenues are projected at $295.37 million, a 4.6% increase from the previous year [3][4]. Estimate Revisions - The consensus EPS estimate has been revised 20.59% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP for Revolve Group is +7.53%, suggesting a likelihood of beating the consensus EPS estimate, supported by a Zacks Rank of 2 [12]. Historical Performance - In the last reported quarter, Revolve Group exceeded the expected EPS of $0.13 by delivering $0.16, resulting in a +23.08% surprise. The company has beaten consensus EPS estimates in the last four quarters [13][14]. Industry Comparison - Columbia Sportswear, another player in the textile-apparel industry, is expected to report a loss of $0.28 per share, a -40% year-over-year change, with revenues projected at $589.48 million, a 3.4% increase [18].

Core Viewpoint - Revolve Group (RVLV) is seen as a strong investment opportunity due to significant revisions in earnings estimates, indicating a positive earnings outlook that may continue to drive stock price growth [1][10]. Earnings Estimates - Analysts are increasingly optimistic about Revolve Group's earnings prospects, leading to higher estimates that are expected to positively impact the stock price [2]. - For the current quarter, the earnings estimate is $0.12 per share, reflecting a decrease of 42.9% from the previous year, but the Zacks Consensus Estimate has increased by 20.59% over the last 30 days due to one upward revision [6]. - For the full year, the expected earnings are $0.41 per share, which is a year-over-year decline of 40.6%. However, the consensus estimate has risen by 6.32% recently, with two estimates moving higher and no negative revisions [7][8]. Zacks Rank - Revolve Group currently holds a Zacks Rank 2 (Buy), supported by favorable estimate revisions. This ranking is part of a system that has historically shown strong performance, with Zacks 1 stocks averaging a 25% annual return since 2008 [3][9]. - The Zacks Rank system indicates that stocks rated 1 (Strong Buy) and 2 (Buy) tend to outperform the S&P 500 significantly [9]. Stock Performance - The stock has gained 9.1% over the past four weeks, reflecting investor confidence driven by solid estimate revisions and positive earnings growth prospects [10].