Brilliant Earth Group (BRLT) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 net sales of $124.4 million, up 4.1% year-over-year, and full-year net sales of $437.5 million, up 3.6% year-over-year, marking the largest quarter in company history.

• Fine jewelry bookings grew 34% year-over-year in Q4, reaching 23% of total bookings mix for the quarter.

• Adjusted EBITDA for Q4 was $4.2 million (3.3% margin); full-year adjusted EBITDA was $12 million (2.7% margin), both above guidance midpoints.

• Ended 2025 with $79.1 million in cash and generated $5.8 million in free cash flow for the year.

• Opened flagship Beverly Hills showroom in January 2026 and launched new collections, including Pacific Green Fine Jewelry and Love Decoded.

Financial highlights

• Q4 net sales: $124.4 million (+4.1% YoY); full-year net sales: $437.5 million (+3.6% YoY).

• Q4 gross margin: 55.9% (down 370 bps YoY); full-year gross margin: 57.5% (down 280 bps YoY), pressured by record metal prices.

• Q4 adjusted EBITDA: $4.2 million (3.3% margin); full-year adjusted EBITDA: $12 million (2.7% margin).

• Q4 average order value: $2,001 (down 2.3% YoY); full-year AOV: $2,082 (down 8.2% YoY).

• Q4 repeat orders grew 15% YoY; full-year repeat orders grew 13% YoY.

Outlook and guidance

• 2026 net sales expected to grow mid-single digits year-over-year; Q1 2026 net sales also expected to grow mid-single digits YoY.

• Gross margin expected in the mid-50s% range, assuming metal prices remain high.

• Adjusted EBITDA margin expected to be negative mid-single digits in Q1 2026; full-year profitability expected but slightly lower than 2025.

• Most 2026 adjusted EBITDA expected in Q4 due to seasonality and cost structure.