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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Rent the Runway (RENT) investor relations material
Rent the Runway Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Dec, 2025
Executive summary
Q3 2025 revenue reached $87.6M, up 15.4% year-over-year, with active subscribers up 12.4% to 148,916 and total subscribers at 185,200.
Net income for Q3 2025 was $76.5M, primarily due to a one-time $96.3M gain on debt restructuring from a major recapitalization.
Recapitalization reduced debt to $120M, extended maturity to 2029, and raised $32.5M in new capital through a cash infusion and rights offering.
Major inventory expansion nearly doubled new inventory and increased new styles by 1.5x year-over-year, supporting improved retention and loyalty.
Community-driven marketing and product innovations, including personalized app features and engagement programs, drove organic growth and lower acquisition costs.
Financial highlights
Q3 2025 revenue: $87.6M (+15.4% YoY); gross profit: $25.9M (29.6% margin), down from 34.7% YoY.
Adjusted EBITDA for Q3 2025: $4.3M (4.9% margin), down from $9.3M (12.3%) YoY.
Free cash flow for the nine months ended October 31, 2025: $(46.5)M, margin (19.5)%.
Cash and cash equivalents at quarter end: $50.7M.
Operating loss for Q3 2025: $16.2M; long-term debt: $159.1M.
Outlook and guidance
Q4 2025 revenue expected between $85M and $87M; Adjusted EBITDA margin of 11%–13%.
FY 2025 revenue guidance: $323.1M–$325.1M; Adjusted EBITDA margin of 4.9%–5.5%.
Double-digit growth in ending active subscribers anticipated for FY 2025.
Free cash flow for FY 2025 expected to be below $(40)M, mainly due to recapitalization costs.
Fulfillment and technology expenses as a percentage of revenue expected to remain flat or slightly increase; marketing and G&A expenses expected to decrease.
Gross margin impact of inventory strategy
Sustaining growth with organic acquisition shift
Strategic benefits from new board members
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Frequently asked questions
Rent the Runway Inc operates a fashion rental subscription service offering apparel and accessories for women. It allows customers to rent, subscribe, or purchase secondhand clothing through its online platform. The company is headquartered in Brooklyn, New York, and its shares are listed on the NASDAQ.
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