Short answer
Revolve Group, Inc. (RVLV) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $1.2B (+8.5% year over year) and net income of $62M.
- Top risk flagged: Supreme Court ruling Feb 20, 2026 against President Trump’s use of IEEPA for tariffs; impact on prior tariffs remains uncertain
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- +8.5% YoY
- Net income
- $62M
- +24.5% YoY
- Operating margin
- 6.1%
- +1.5 pp YoY
- Gross margin
- 53.5%
- +1.0 pp YoY
- EPS (diluted)
- $0.86
- +24.6% YoY
- ROE
- 12.0%
- +0.7 pp YoY
- Operating cash flow
- $59M
- +122.5% YoY
Source: XBRL data from the Revolve Group, Inc. (RVLV) FY2025 10-K on SEC EDGAR. USD.
Revolve Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: digital-first premium fashion retailer targeting Millennial and Gen Z with curated apparel, footwear, beauty, accessories, and owned brands
- Owned brands contributed 19.8% of REVOLVE segment net sales in 2025, with 28 owned brands and 4 in top 10 by sales
- 2025 mobile orders increased to 77.2% of total orders, underscoring mobile commerce emphasis
- Net sales at full price 81.4% in 2025, higher than previous years (82% in 2024, 79% in 2023), showing strong pricing power
- Founder-led innovation drove AI and ML integration across merchandising, marketing, and fulfillment platforms for enhanced personalization and efficiency
Management Discussion & Analysis
- Net sales international $253.3M (20.7%) in 2025 vs $226.4M (20.0%) in 2024; total active customers 2,841K vs 2,668K; total orders 9,477K vs 8,867K
- Gross margin 53.5% in 2025 vs 52.5% in 2024; Adjusted EBITDA $93.8M vs $69.5M; net income $61.1M vs $48.8M
- REVOLVE segment (premium apparel/footwear/beauty) strongest with higher margin owned brands; FWRD focuses on luxury, slightly smaller sales contribution
- Free cash flow $46.2M in 2025 vs $18.0M in 2024; CapEx $11.4M; net cash used in financing activities $1.387M suggesting limited buybacks/dividends disclosed
- Risks: heightened tariffs (up to 152.5% on China goods) may pressure margins, supply chain, and pricing; ongoing investments in customer acquisition amid evolving digital marketing landscape
Risk Factors
- Supreme Court ruling Feb 20, 2026 against President Trump’s use of IEEPA for tariffs; impact on prior tariffs remains uncertain
- Tariffs on imports from China reached up to 152.5% total rate in 2025; sourcing from China critical for own brand products
- Inventory management risk; inability to forecast demand could lead to obsolescence or shortage affecting margins
- TikTok’s regulatory uncertainty due to US legislation and executive actions since April 2024 impacting marketing costs and access
- Dependency on key third-party logistics providers (UPS, FedEx, DHL); disruptions could harm customer experience and brand reputation
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