Financial Performance - Revenue for Q3 2025 was $296.7 million, a decrease of 10% compared to Q3 2024[3] - Net earnings for Q3 2025 were $35.2 million, down 70% from $10.6 million in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $39.7 million, up from $35.4 million in Q3 2024, reflecting a 12% increase[4] - Operating income increased to $21.8 million, up 179% from $7.8 million in Q3 2024[4] - Basic earnings per share for the three months ended September 30, 2025, was $0.24, compared to $0.71 in the same period of 2024, indicating a decrease of 66.0%[24] - Total revenue for the three months ended September 30, 2025, was $265.6 million, a decrease of 10% compared to $296.7 million in the same period of 2024[31] - Net earnings attributable to Angi Inc. shareholders for the three months ended September 30, 2025, were $10.6 million, compared to $35.2 million in 2024[33] Revenue Breakdown - Proprietary Service Requests grew by 11% year-over-year, while Network Service Requests declined by 67%[4] - Proprietary Leads increased by 16% year-over-year, whereas Network Leads fell by 81%[12] - Domestic revenue for the nine months ended September 30, 2025, was $691.3 million, down 15% from $816.9 million in 2024[31] - International revenue for the three months ended September 30, 2025, was $32.4 million, a 2% increase from $31.8 million in 2024[31] Expenses and Liabilities - Total expenses for the nine months ended September 30, 2025, were $689,609, down from $803,691 in 2024, reflecting a decrease of 14.2%[30] - Total current assets decreased to $407,363 as of September 30, 2025, from $495,085 at the end of 2024, a decline of 17.7%[26] - Total liabilities decreased to $215,235 as of September 30, 2025, compared to $231,678 at the end of 2024, a reduction of 7.1%[26] - Cash and cash equivalents at the end of the period were $340,689, down from $416,434 at the end of 2024, a decrease of 18.2%[26] Shareholder Actions - The company repurchased 1.3 million shares for $20.1 million between August 4, 2025, and October 31, 2025[4] - Future capital allocation strategies and potential share repurchases are being considered to enhance shareholder value[59] Market and Growth Insights - The Company anticipates continued growth in the home services market, driven by the ongoing migration of services online and effective marketing strategies[59] - The Company is focused on expanding its pre-priced offerings while maintaining a balanced mix of service requests and directory services[59] - Ongoing investments in technology and consumer data protection are critical to sustaining growth and maintaining trust with users[59] Operational Metrics - Average Monthly Active Pros decreased by 17% year-over-year to 131,000 in Q3 2025[13] - Average Monthly Active Pros increased, reflecting a growing network of service professionals available to consumers[56] - Revenue per Lead was calculated by dividing Domestic Revenue by the number of Leads, providing a clear metric for performance evaluation[57] - The introduction of new metrics in Q1 2025, including Proprietary Channels and Average Monthly Active Pros, aims to provide clearer insights into performance[51] - The Company recorded a notable number of Service Requests, which include pre-priced offerings and connections with Pros, indicating strong consumer engagement[53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ 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: 001-38938 Stoke Therapeutics, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other ju ...

Revenue Performance - Total net revenue for the three months ended September 30, 2025, was $74.7 million, an increase of 11.9% compared to $66.7 million in the same period of 2024[137]. - Products revenue for the nine months ended September 30, 2025, was $118.3 million, representing a 22.6% increase from $96.5 million in the same period of 2024[138]. - Services revenue for the three months ended September 30, 2025, was $31.6 million, a 5.7% increase from $29.9 million in the same period of 2024[137]. - For the nine months ended September 30, 2025, total net revenue increased by $22.7 million, or 12%, to $210.2 million compared to the same period in 2024[149]. - Products revenue for the nine months ended September 30, 2025, increased by $21.8 million, or 23%, to $118.3 million, primarily due to demand from service provider customers in the Americas and EMEA regions[150]. - Services revenue for the nine months ended September 30, 2025, increased by $0.9 million, or 1%, to $91.9 million, driven by demand from enterprise customers in the Americas and EMEA regions[150]. Profitability and Margins - Gross profit for the three months ended September 30, 2025, was $59.9 million, with a gross margin of 80.1%, compared to $53.7 million and 80.5% in the same period of 2024[137]. - For the three months ended September 30, 2025, total gross profit was $59.9 million with a gross margin of 80.1%, compared to $53.7 million and 80.5% in the same period of 2024, reflecting a decrease of 0.4% in gross margin[162]. - Products gross profit increased by $5.7 million, or 19.4%, to $35.0 million, while services gross profit increased by $0.5 million, or 2.0%, to $24.8 million for the same period[162]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $46.9 million, representing 62.7% of total revenue, compared to $43.2 million and 64.8% in the same period of 2024[137]. - Operating expenses for the three months ended September 30, 2025, totaled $46.9 million, an increase of $3.6 million, or 8.4%, compared to $43.2 million in 2024[166]. - Research and development expenses rose by $2.6 million, or 16.8%, to $18.4 million for the three months ended September 30, 2025, driven by increased personnel costs[171]. Cash Flow and Liquidity - Cash provided by operating activities was $62.2 million during the nine months ended September 30, 2025, compared to $64.8 million in the same period of 2024[134]. - Cash provided by operating activities was $62.2 million for the nine months ended September 30, 2025, consisting of net income of $32.3 million and non-cash charges of $28.3 million[190]. - As of September 30, 2025, the company had $86.6 million in cash and cash equivalents and $284.3 million in marketable securities[134]. - The company repurchased 3.3 million shares for a total cost of $62.0 million under the 2024 and 2025 stock repurchase programs during the nine months ended September 30, 2025[185]. - The company anticipates continuing to pay quarterly cash dividends of $0.06 per share, totaling $4.3 million for the three months ended September 30, 2025[186]. Regional Performance - The Americas region accounted for 65% of total revenue for the three months ended September 30, 2025, up from 51% in the same period of 2024[132]. - The Americas region generated $48.8 million, or 65% of total revenue, for the three months ended September 30, 2025, representing a 43% increase compared to the same period in 2024[146]. - The APJ region contributed $16.7 million, or 22% of total revenue, for the three months ended September 30, 2025, reflecting a 27% decrease compared to the same period in 2024[147]. Investments and Acquisitions - The company acquired ThreatX Protect in February 2025, enhancing its cybersecurity portfolio with WAAP protection[128]. - The company plans to continue investing in growth priorities, including cybersecurity and artificial intelligence technologies, with an expected increase in research and development expenses[172]. Marketable Securities and Investments - As of September 30, 2025, the investment portfolio included marketable securities with an aggregate amortized cost basis of $283.7 million and a fair value of $284.3 million[205]. - The fair value of marketable securities as of September 30, 2025, was $284.3 million, with hypothetical fair values varying based on interest rate shifts[206].

Financial Performance - Net sales for Q3 2025 decreased by $1.4 million, or 1.7%, compared to Q3 2024, with comparable store sales down 1.4% due to decreased traffic[3][6] - Gross margin for Q3 2025 was 62.9%, down from 66.5% in Q3 2024, primarily due to increased product costs and delivery expenses[3][7] - The company reported a net loss of $1.6 million for Q3 2025, compared to a net income of $41,000 in Q3 2024[3][12] - Adjusted EBITDA for Q3 2025 was $2.0 million, a decrease from $5.0 million in Q3 2024, representing 2.5% of net sales[3][12] - Net sales for Q3 2025 were $83,064,000, a decrease of 1.7% compared to $84,505,000 in Q3 2024[27] - Gross profit for Q3 2025 was $52,279,000, down 6.9% from $56,228,000 in Q3 2024, resulting in a gross margin rate of 62.9%[27] - Net loss for Q3 2025 was $1,614,000, compared to a net income of $41,000 in Q3 2024, leading to a loss per share of $0.04[27] - Adjusted EBITDA margin rate for Q3 2025 was 2.5%, down from 6.0% in Q3 2024[27] - Operating cash flow for the nine months ended September 30, 2025, was $11,257,000, compared to $28,511,000 for the same period in 2024[28] Expenses and Liabilities - Selling, general, and administrative expenses decreased by $1.7 million, or 3.1%, from $56.0 million in Q3 2024 to $54.2 million in Q3 2025[3][8] - Total liabilities decreased to $192,882,000 as of September 30, 2025, from $196,691,000 at the end of 2024[26] Cash and Assets - As of September 30, 2025, the company had $24.1 million in cash and no debt outstanding[3][10] - Cash and cash equivalents at the end of Q3 2025 were $24,145,000, up from $20,957,000 at the end of 2024[26] - Total current assets increased to $124,939,000 as of September 30, 2025, from $119,822,000 at the end of 2024[26] Operational Metrics - The number of stores open at the end of Q3 2025 remained at 140, unchanged from the previous year[3][4] - The pretax return on capital employed was (2.2%) for the trailing twelve months as of Q3 2025, compared to 4.8% for the same period in 2024[3][16] - The company reported a decrease in inventories to $87,240,000 as of September 30, 2025, from $86,267,000 at the end of 2024[26] Future Outlook - The company remains optimistic about future demand, citing potential catalysts from declining interest rates despite current challenges in the home improvement market[3][4] - The company anticipates potential risks affecting future performance, including market conditions and operational challenges[25] - The company plans to delist its shares from Nasdaq and suspend its duty to file periodic reports with the SEC following a proposed reverse stock split[3][11]

Revenue and Subscription Growth - Total subscription fees increased to $30.9 million for Q3 2025, up from $26.2 million in Q3 2024, and $103.6 million for the nine months ended September 30, 2025, compared to $78.6 million in the same period of 2024[114]. - Revenue for the three months ended September 30, 2025, was $56.3 million, a decrease of 8% from $61.0 million in the same period of 2024; however, revenue for the nine months increased by 6% to $194.0 million from $183.4 million[161]. - Subscription revenue increased by $4.7 million in Q3 2025 due to timing of revenue recognition with a strategic customer, while visit revenue decreased by $5.5 million due to the sale of APC[162]. - Revenue growth is attributed to increased acceptance of digital care and successful product launches, with a focus on health plans, health systems, and provider networks[144]. Visit and Service Fees - AMG-related visit fees decreased to $21.2 million for Q3 2025 from $27.5 million in Q3 2024, and $70.6 million for the nine months ended September 30, 2025, down from $87.3 million in the same period of 2024[125]. - Total visits using the enterprise software were 3.6 million in the nine months ended September 30, 2025, compared to 4.5 million in the same period of 2024, with AMG providers accounting for 27% of total visits in 2025[132]. - Fees from services and Carepoint devices were $4.2 million for Q3 2025, down from $7.3 million in Q3 2024, and $19.8 million for the nine months ended September 30, 2025, compared to $17.5 million in the same period of 2024[129]. Financial Performance and Losses - Adjusted EBITDA for Q3 2025 was $(12,669) thousand, an improvement from $(31,013) thousand in Q3 2024, while for the nine months ended September 30, 2025, it was $(29,581) thousand compared to $(111,617) thousand in the same period of 2024[140]. - The net loss for Q3 2025 was $(31,911) thousand, a decrease from $(44,041) thousand in Q3 2024, and for the nine months ended September 30, 2025, the net loss was $(69,798) thousand compared to $(168,069) thousand in 2024[140]. - Loss from operations improved to $(29.3) million in Q3 2025, a 38% reduction from $(47.4) million in Q3 2024; for the nine months, the loss was $(80.1) million, down 54% from $(174.8) million[161]. - The company reported a net loss of $(31.9) million for Q3 2025, a 28% improvement from $(44.0) million in Q3 2024; for the nine months, the net loss was $(69.8) million, down 58% from $(168.1) million[161]. Cost Management and Expenses - Total costs and operating expenses for Q3 2025 were $85.6 million, down 21% from $108.4 million in Q3 2024; for the nine months, expenses decreased by 23% to $274.1 million from $358.1 million[161]. - Research and development expenses decreased by 6% to $18.6 million in Q3 2025, and by 12% to $58.9 million for the nine months, primarily due to headcount reductions[166][167]. - Sales and marketing expenses saw a significant decrease of 46% to $9.1 million in Q3 2025, and a 44% decrease to $34.2 million for the nine months, attributed to a 49% headcount reduction[168][169]. - General and administrative expenses decreased by 14% to $21.7 million in Q3 2025, and by 24% to $66.1 million for the nine months, driven by a 36% reduction in headcount[170][171]. Cash Flow and Financial Position - Cash used in operating activities was $(48.6) million for the nine months ended September 30, 2025, compared to $(113.9) million in the same period of 2024[180][186]. - As of September 30, 2025, the company had cash and cash equivalents of $200.9 million, down from $228.3 million at the end of 2024, with no debt reported[181][182]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $0.8 million, compared to $1.4 million for the same period in 2024, both from employee stock purchase plan proceeds[189]. - The company held no investments as of September 30, 2025, and December 31, 2024, with cash and cash equivalents primarily invested in money markets[195]. Strategic Initiatives and Future Outlook - The company anticipates that future revenues will be driven by the growing adoption of digital and hybrid care, alongside maintaining and growing market share[131]. - The company divested the APC Business to streamline service offerings and focus on the Converge platform, which aligns with profitability and growth goals[158]. - The company expects research and development expenses to decrease over the next year and remain flat in future periods, with a focus on optimizing the cost structure[150]. - Sales and marketing expenses are anticipated to decrease in the current year and remain flat in future periods, reflecting a strategic focus on client engagement and market opportunities[153]. - General and administrative expenses are expected to decrease in the current year and remain relatively flat in future periods due to cost-saving measures implemented in 2024[155]. Regulatory and Market Environment - The regulatory environment remains a critical factor, with ongoing changes to Medicare and Medicaid programs enhancing access to digital care services[134]. - Visit volumes typically rise during the flu season, indicating a seasonal trend in service demand[135]. - The company does not believe that a 100 basis point change in interest rates would materially affect its financial condition or results of operations[196]. - A substantial majority of the company's revenue has been denominated in U.S. dollars, with limited exposure to foreign currency risk as of September 30, 2025[198]. - The company does not believe inflation had a material effect on its business in the last two years, but significant inflationary pressures could harm its financial condition[199].

Financial Performance - Total net revenues for Q3 2025 reached $9,267 million, an 18% increase from $7,866 million in Q3 2024[100] - Gross profit for Q3 2025 was $2,720 million, reflecting a 20% growth compared to $2,269 million in Q3 2024[100] - Net income for Q3 2025 was $95 million, a 48% increase from $64 million in Q3 2024, with a net income margin of 1.0%[100] - Net retail sales for Q3 2025 were $7,081 million, a 15% increase from $6,140 million in Q3 2024[105] - Net other revenue for Q3 2025 was $2,186 million, a 27% increase from $1,726 million in Q3 2024[105] - Adjusted EBITDA for Q3 2025 was $413 million, up 20% from $343 million in Q3 2024[100] - Operating income for Q3 2025 was $162 million, a 49% increase from $109 million in Q3 2024[105] - Product Commerce net revenues increased to $7,980 million for Q3 2025, a 16% increase from $6,891 million in Q3 2024[110] - Developing Offerings net revenues rose to $1,287 million for Q3 2025, reflecting a 32% increase from $975 million in Q3 2024[110] - Free cash flow for Q3 2025 was $442 million, compared to a loss of $42 million in Q3 2024[100] Customer Metrics - Product Commerce Active Customers increased to 24.7 million in Q3 2025, a 10% rise from 22.5 million in Q3 2024[102] - The company experienced a 7% growth in total net revenues per Product Commerce Active Customer, driven by increased customer engagement[110] Expenses and Costs - Cost of sales increased by $950 million or 17% for Q3 2025, while the cost of sales as a percentage of revenue decreased to 70.6% from 71.2% in Q3 2024[113] - The increase in operating, general and administrative expenses for Q3 2025 was primarily due to higher infrastructure and technology costs, with expenses as a percentage of revenue slightly increasing to 27.6%[115] Tax and Income Adjustments - The effective tax rate decreased from 51.5% to 42.4% in Q3 2025 compared to Q3 2024, primarily due to changes in U.S. taxes on foreign income[119] - Developing Offerings adjusted EBITDA showed a loss of $292 million in Q3 2025, a 130% increase in loss compared to $127 million in Q3 2024[122] Cash Flow and Equity - Free cash flow for the nine months ended September 30, 2025, was $805 million, up from $553 million in the same period of 2024[130] - Net income for the nine months ended September 30, 2025, was $240 million, a significant improvement from a net loss of $65 million in 2024[131] - The company had total cash, cash equivalents, and restricted cash of $7.3 billion as of September 30, 2025[133] - Stockholders' equity increased to $4.7 billion as of September 30, 2025, compared to $4.1 billion at the end of 2024[135] Investment and Growth Strategy - The company plans to invest significantly in its growth strategy, particularly in the Developing Offerings segment, with expected future expenditures exceeding several billion dollars[135] - A stock repurchase program was authorized for up to $1 billion, with $81 million spent to repurchase 2.8 million shares during the three and nine months ended September 30, 2025[136] - The company entered into various new construction contracts with remaining capital expenditure commitments of $365 million as of September 30, 2025[135] Debt and Borrowing - Aggregate outstanding borrowings under all other credit facilities totaled $953 million as of September 30, 2025[148] - Coupang, Inc. entered into a three-year term loan agreement in September 2025 with aggregate borrowings of $449 million at an average fixed interest rate of 3.80%[150] - The company had an outstanding balance of $669 million on credit facilities with variable interest rates as of September 30, 2025[157] Currency and Interest Rate Risk - A hypothetical 10% adverse change in average exchange rates would have resulted in a decline in total net revenues of approximately $808 million for the three months ended September 30, 2025[160] - The company is exposed to fluctuations in the exchange rates of various currencies against the USD, predominantly the KRW[158] - Coupang, Inc. does not currently use derivatives to hedge foreign currency risk but may consider it in the future[161] - The company evaluates and approves credit standards to manage credit risk related to cash and cash equivalents held with financial institutions[162] - Coupang, Inc. aims to align costs with revenue denominated in the same currency but is not always able to do so due to geographic spread[159] - The company’s interest rate risk arises primarily from variable rate debt and undrawn revolving credit agreements[156] Acquisition and Settlement - The acquisition of Farfetch in January 2024 included a settlement agreement that terminated guaranteed minimum royalty payments totaling $264 million[95] - Coupang, Inc. fully redeemed $392 million of principal amount outstanding on the Farfetch Term Loans in July 2025[151]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from _______to______ Commission File Number: 001-36555 MARA HOLDINGS, INC. (Exact name of registrant as specified in charter) Nevada 01-0949984 (State or other ju ...

Financial Performance - Net sales increased by 11.0% to $684.4 million compared to the prior-year period[4] - Net income increased by 6.3% to $58.2 million for the second quarter fiscal 2026[8] - Adjusted EBITDA increased by 12.3% to $83.4 million, with an adjusted EBITDA margin of 12.2%[8] - Net sales for the three months ended September 27, 2025, were $684,429 thousand, a 10.9% increase from $616,877 thousand for the same period in 2024[26] - Gross profit for the six months ended September 27, 2025, was $377,762 thousand, up 14.3% from $330,548 thousand in the prior year[26] - Operating income increased to $153,336 thousand for the six months ended September 27, 2025, representing a 25.6% rise compared to $122,066 thousand for the same period in 2024[26] - Net income attributable to Champion Homes, Inc. for the three months ended September 27, 2025, was $58,199 thousand, a 6.7% increase from $54,734 thousand in the same quarter of 2024[26] - Adjusted EBITDA for the six months ended September 27, 2025, was $177,529 thousand, reflecting an 18.9% increase from $149,209 thousand in the prior year[30] - Basic net income per share for the three months ended September 27, 2025, was $1.03, up from $0.95 in the same quarter of 2024[26] Sales and Market Activity - The number of U.S. homes sold increased by 3.4% to 6,575, driven by sales through the company-owned retail channel and the acquisition of Iseman Homes[4] - Average selling price (ASP) per U.S. home sold increased by 6.8% to $98,700 due to changes in product mix and increased prices[4] - Backlog increased by 3.5% to $313.2 million from the sequential first quarter of fiscal 2026[5] Cash and Shareholder Activities - Cash and cash equivalents as of September 27, 2025, were $618.7 million, an increase of $13.7 million in the current quarter[9] - The company repurchased $50 million of shares under the share repurchase program, with a refreshed authorization for potential future repurchases of $150 million[9] - The company made payments for the repurchase of common stock totaling $100,000 thousand during the six months ended September 27, 2025[28] - Cash and cash equivalents at the end of the period were $618,740 thousand, an increase from $570,231 thousand at the end of the same period in 2024[28] Expenses - Selling, general, and administrative expenses (SG&A) increased to $113.1 million, representing 16.5% of net sales[7] Cash Flow - Cash flows from operating activities for the six months ended September 27, 2025, were $151,178 thousand, compared to $144,442 thousand for the same period in 2024[28] - The company reported a net cash increase of $8,402 thousand for the six months ended September 27, 2025, compared to a net increase of $75,168 thousand in the prior year[28]

Financial Performance - Net sales for the three months ended September 30, 2025, increased by $221 million, or 4.0%, to $5,737.4 million compared to $5,516.6 million in the same period of 2024[110] - Gross profit for the three months ended September 30, 2025, increased by $55 million, or 4.6%, to $1,255.5 million, with a gross profit margin of 21.9%[111] - Operating income for the three months ended September 30, 2025, decreased by $38 million, or 8.0%, to $443.3 million, resulting in an operating income margin of 7.7%[112] - Net income for the three months ended September 30, 2025, decreased by $25.4 million, or 8.0%, to $291.0 million, with a net income per diluted share of $2.21[109] - For the nine months ended September 30, 2025, net sales increased by $1,100 million, or 7.0%, to $16,913.1 million compared to $15,812.7 million in the same period of 2024[114] - Gross profit for the nine months ended September 30, 2025, increased by $172 million, or 5.0%, to $3,619.0 million, with a gross profit margin of 21.4%[115] Expenses and Cash Flow - Selling and administrative expenses for the nine months ended September 30, 2025, increased by $190 million, or 8.6%, to $2,394.1 million[116] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $771.4 million, down from $932.0 million in the same period of 2024[106] - Adjusted free cash flow for the nine months ended September 30, 2025, was $668.0 million, compared to $764.1 million in the same period of 2024[106] - Free cash flow for the nine months ended September 30, 2025, was $692.2 million, down from $838.0 million in 2024[156] - Net cash provided by operating activities decreased by $160.6 million to $771.4 million for the nine months ended September 30, 2025, compared to $932.0 million in 2024[164][166] Debt and Financing - Net debt as of September 30, 2025, was $5,175.9 million, an increase from $4,872.3 million as of September 30, 2024[106] - Total unsecured indebtedness as of September 30, 2025, was $5.6 billion, with compliance to covenants under credit agreements[159] - The company repaid $211 million of the 4.125% Senior Notes due 2025 during the second quarter of 2025[159] - The company has entered into inventory financing agreements to enhance working capital without incurring interest expenses[161] - The company repurchased 2.9 million shares of common stock for $500 million during the nine months ended September 30, 2025[162] Segment Performance - Corporate segment net sales increased by $94.2 million, or 4.4%, primarily due to higher sales of netcomm products, software, and desktops[126] - Small Business segment net sales rose by $54.1 million, or 14.2%, driven by increased sales of notebooks/mobile devices, software, and desktops[128] - Public segment net sales increased by $14 million, or 0.6%, mainly due to growth in government and healthcare services, offset by a decline in education hardware sales[131] - Corporate segment gross profit increased by $11.2 million, or 2.2%, despite a decrease in gross profit margin to 23.1%[127] - Small Business segment gross profit rose by $10.9 million, or 12.4%, with a gross profit margin decrease to 22.8%[129] - Public segment gross profit increased by $13.3 million, or 2.8%, with a gross profit margin of 20.9%[132] Other Financial Metrics - Non-GAAP operating income for the three months ended September 30, 2025, was $530.6 million, representing a margin of 9.2%, compared to $534.0 million and 9.7% in 2024[149] - Non-GAAP net income for the nine months ended September 30, 2025, was $987.4 million, with a net income per diluted share of $7.45, compared to $954.5 million and $7.04 in 2024[151] - The cash conversion cycle improved to 11 days as of September 30, 2025, from 17 days in 2024[169] Future Outlook - The company anticipates potential impacts from inflationary pressures, interest rates, and competition on future performance[182] Dividend and Shareholder Returns - The quarterly cash dividend declared on November 4, 2025, is $0.630 per share, payable on December 10, 2025[162]

Financial Performance - Net sales for Q3 2025 were $295.6 million, representing a 4% year-over-year increase from $283.1 million in Q3 2024[2]. - Gross profit increased by 11% year-over-year to $161.5 million, with a gross margin of 54.6%, up 347 basis points from 51.2%[2][7]. - Net income for Q3 2025 was $21.2 million, a significant increase of 97% compared to $10.8 million in Q3 2024[2][7]. - Adjusted EBITDA reached $25.3 million, reflecting a 45% year-over-year increase, driven by higher net sales and gross profit[2][7]. - Free cash flow for Q3 2025 was $6.6 million, a 7% increase year-over-year, with a nine-month total of $59.0 million, up 265%[13]. - Operating expenses for the three months ended September 30, 2025, totaled $140,525,000, up from $130,614,000 in the same period of 2024, indicating a rise of 7.4%[33]. - Net income attributable to Revolve Group, Inc. stockholders for the nine months ended September 30, 2025, was $43,159,000, compared to $37,221,000 for the same period in 2024, an increase of 15.5%[33]. Customer Metrics - Active customers grew to 2.75 million, a 5% increase from 2.63 million in the previous year[3][7]. - The number of active customers is a key growth indicator, with the company emphasizing its importance in measuring consumer awareness and brand value[26]. - Active customers increased to 2,747 in Q3 2025, up from 2,628 in Q3 2024, indicating a growth of 4.5%[41]. Sales and Orders - Total net sales for Q3 2025 reached $295.6 million, a 4.4% increase from $283.1 million in Q3 2024[39]. - Total orders placed in Q3 2025 were 2,300, an increase from 2,200 in Q3 2024[41]. - Net sales in the United States for Q3 2025 were $231.4 million, up from $222.7 million in Q3 2024, representing a growth of 3.4%[39]. - Total net sales for the nine months ended September 30, 2025, were $901.3 million, a 7.8% increase from $836.2 million in the same period of 2024[39]. Cash and Liquidity - Cash and cash equivalents as of September 30, 2025, were $315.4 million, a 25% increase from $252.8 million a year earlier[13]. - Cash and cash equivalents increased to $315,427,000 as of September 30, 2025, up from $256,600,000 at the end of 2024, marking a significant liquidity improvement[35]. - The company reported net cash provided by operating activities of $69,583,000 for the nine months ended September 30, 2025, compared to $22,774,000 for the same period in 2024, showcasing improved operational efficiency[37]. Future Outlook and Investments - The company plans to invest in international expansion, new owned brands, and AI technology to enhance market share and growth[4]. - The updated FY 2025 outlook projects a gross margin of 53.5%, an increase from the previous estimate of 52.1% to 52.6%[15].