Revolve Group, Inc.

revolve.com

What Do They Do?

Sells curated apparel, footwear, beauty and accessories online to younger consumers through the REVOLVE and FWRD brands.

How Do They Make Money?

Customers order merchandise through the REVOLVE and FWRD sites; an order counts as a sale when the merchandise ships. Shipping revenue may also apply.

revenue

Segment	Share	How money arrives
Fashion Apparel Sold outright	45% FY2022: 46%	Sold outright
Dresses Sold outright	28% FY2022: 30%	Sold outright
Handbags, Shoes and Accessories Sold outright	20% FY2022: 20%	Sold outright
Beauty Sold outright	4.8% FY2022: 3.0%	Sold outright
Other Sold outright	1.5% FY2022: 0.7%	Sold outright

Who Are Their Customers?

Customers shop directly through the REVOLVE and FWRD websites; the company also sells REVOLVE products through international marketplaces.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

6% of revenue

▲ +44% vs FY2024 ($51.4M, 5%)

Net income, FY2025

5% of revenue

▲ +25% vs FY2024 ($49.6M, 4%)

Free cash flow, FY2025

4% of revenue

▲ +128% vs FY2024 ($21M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $309M in Q2 FY2025
Net income: ▲ +83%; vs $10.2M in Q2 FY2025

Fashion Apparel share of revenue vs 43.3% in Q2 FY2025

Growing. Revenue grew 38% in 4 years, from $891.4M in FY2021 to $1.2B in FY2025, about 8% a year.

Assortment focus The older report included home products in the REVOLVE assortment; the latest report describes REVOLVE as focused on apparel, footwear, beauty and accessories, leaving home products out of its listed categories.

Revenue over time

Fashion Apparel Dresses Handbags, Shoes and Accessories Beauty Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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