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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Revolve Group
Revolve Group (RVLV) investor relations material
Revolve Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved double-digit net sales growth in Q4 2025, with net sales of $324.4 million, up 10% year-over-year, and strong performance across both REVOLVE and FWRD segments, as well as domestic and international markets.
Net income increased 58% year-over-year in Q4 to $18.6 million, and 25% for the full year to $61.1 million; diluted EPS grew 53% in Q4 and 25% for the year.
Adjusted EBITDA rose 44% year-over-year in Q4 to $26.3 million and 35% for the full year to $93.8 million, reflecting margin expansion and operational efficiency.
Active customers reached 2.84 million (+6% YoY) as of December 31, 2025, with total orders placed in Q4 at 2.45 million (+13% YoY).
Strong cash flow generation, with $59.4 million in operating cash flow and $46.2 million in free cash flow for 2025, and total cash and equivalents at $303.2 million with no debt.
Financial highlights
Q4 2025 net sales: $324.4 million (+10% YoY); REVOLVE segment +10%, FWRD segment +14%.
Q4 gross margin: 53.3% (+78 bps YoY); full year gross margin: 53.5% (+100 bps YoY); gross profit Q4: $172.9 million (+12% YoY).
Q4 net income: $18.6 million (+58% YoY); adjusted EBITDA: $26.3 million (+44% YoY); adjusted EBITDA margin expanded to 8.1%.
Full year 2025 net income: $61.1 million (+25% YoY); adjusted EBITDA: $93.8 million (+35% YoY); free cash flow: $46.2 million (+157% YoY).
Average order value Q4: $296 (-2% YoY), reflecting mix shift toward beauty; total orders placed in Q4: 2.45 million (+13% YoY).
Outlook and guidance
Q1 2026 net sales up ~16% for first seven weeks; expect more difficult comps for remainder of quarter.
2026 gross margin guidance: 53.7%-54.2% (midpoint +45 bps YoY); Q1 2026 gross margin: 52.8%-53.3% (midpoint +105 bps YoY).
Fulfillment costs expected at 3.2%-3.4% of net sales for 2026; selling and distribution at 17.1%-17.3%; marketing investment to rise to 15.3%-15.8% of net sales in 2026.
G&A expense for 2026 expected at $161-$164 million (+4% YoY); effective tax rate 24%-26%.
Guidance reflects macroeconomic headwinds, tariffs, inflation, supply chain, and FX volatility.
Detail AI investment plans for 2026
Impact of beauty sales growth on AOV strategy?
How do tariffs impact 2026 gross margin outlook?
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Next Revolve Group earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
Revolve Group
Next Revolve Group earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
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Frequently asked questions
Revolve Group, Inc., together with its subsidiaries, operates as an online fashion retailer for consumers. The company offers apparel, footwear, accessories, and beauty products for women and men under the Revolve and Forward by Elyse Walker brands; and apparel for children under the Forward brand. It distributes its products through website to approximately 500 boutiques across the country.As of January 31, 2019, it operated two e-commerce sites, revolve.com and forwardbyelysewalker.com. The company was founded in 2003 and is headquartered in Cerritos, California.
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