Revolve Group, Inc. (RVLV) FY2025 10-K Annual Report
Revolve Group, Inc. (RVLV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Revolve Group, Inc. FY2025 10-K Analysis
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
Revolve Group, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.2B
▲ +8.5% YoY
Net Income
$62M
▲ +24.5% YoY
Gross Margin
53.5%
▲ +100bp YoY
Operating Margin
6.1%
▲ +151bp YoY
Net Margin
5.0%
▲ +65bp YoY
ROE
12.0%
▲ +72bp YoY
Total Assets
$765M
▲ +14.9% YoY
EPS (Diluted)
$0.86
▲ +24.6% YoY
Operating Cash Flow
$59M
▲ +122.5% YoY
Source: XBRL data from Revolve Group, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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