Revenue: As of FY2026 Q1, the actual value is USD 342.88 M, beating the estimate of USD 327.6 M.

EPS: As of FY2026 Q1, the actual value is USD 0.2, beating the estimate of USD 0.1868.

Financial Summary (Three Months Ended March 31, 2026 vs. 2025)

Operational Metrics

• Net income: Revolve Group, Inc. reported net income of $13,758 thousand for Q1 2026, a 21% increase from $11,406 thousand in Q1 2025.
• Gross profit: Gross profit increased by 17% year-over-year to $180,615 thousand in Q1 2026, compared to $154,286 thousand in Q1 2025.
• Gross margin: The gross margin was 52.7% in Q1 2026, an increase of 68 basis points from 52.0% in Q1 2025, primarily driven by margin expansion in the FWRD segment.
• Adjusted EBITDA: Adjusted EBITDA grew by 9% year-over-year to $21,062 thousand in Q1 2026, up from $19,299 thousand in Q1 2025.
• Other income, net: Other income, net was $2,676 thousand in Q1 2026, compared to $893 thousand in Q1 2025.

Operating Costs

• Fulfillment costs: Fulfillment costs were $10,772 thousand (3.1% of net sales) in Q1 2026, compared to $9,358 thousand (3.2% of net sales) in Q1 2025.
• Selling and distribution costs: Selling and distribution costs were $57,699 thousand (16.8% of net sales) in Q1 2026, compared to $49,956 thousand (16.8% of net sales) in Q1 2025.
• Marketing costs: Marketing costs increased to $54,226 thousand (15.8% of net sales) in Q1 2026 from $42,402 thousand (14.3% of net sales) in Q1 2025, reflecting increased brand marketing investments.
• General and administrative costs: General and administrative costs were $42,263 thousand (12.3% of net sales) in Q1 2026, showing improved efficiency compared to $37,882 thousand (12.8% of net sales) in Q1 2025.

Cash Flow

• Net cash provided by operating activities: This amounted to $49,420 thousand in Q1 2026, a 9% increase from $45,145 thousand in Q1 2025.
• Free cash flow: Free cash flow was $44,901 thousand in Q1 2026, up 5% from $42,804 thousand in Q1 2025.

Balance Sheet Highlights

• Cash and cash equivalents: As of March 31, 2026, cash and cash equivalents were $335,845 thousand, an 11% increase from $303,199 thousand (including restricted cash) at December 31, 2025, and a 12% increase from $300,831 thousand at March 31, 2025. The company’s balance sheet remains debt-free.
• Inventory: Inventory as of March 31, 2026, was $245,077 thousand, a 3% decrease from December 31, 2025, but a 15% increase year-over-year from $213,700 thousand at March 31, 2025. This year-over-year increase is consistent with the 16% net sales growth.

Segment Revenue

• REVOLVE segment net sales: Net sales for the REVOLVE segment were $293,243 thousand in Q1 2026, a 15% year-over-year increase from $254,395 thousand.
• FWRD segment net sales: The FWRD segment recorded net sales of $49,637 thousand in Q1 2026, increasing 17% year-over-year from $42,314 thousand.
• Domestic net sales: Domestic net sales reached $273,989 thousand, a 15% year-over-year increase from $239,243 thousand.
• International net sales: International net sales grew by 20% year-over-year to $68,891 thousand from $57,466 thousand.

Unique Operational Metrics

• Active customers (trailing 12 months): Active customers increased by 8% year-over-year to 2,926 thousand as of March 31, 2026, compared to 2,703 thousand in the prior year.
• Total orders placed: Total orders placed rose by 12% year-over-year to 2,581 thousand in Q1 2026, from 2,308 thousand in Q1 2025.
• Average order value: The average order value slightly increased by 1% to $298 in Q1 2026, from $295 in Q1 2025.

Outlook / Guidance

Revolve Group, Inc. expects full year 2026 gross margin to be between 53.5% and 54.0%, with fulfillment expenses at 3.2% to 3.4% of net sales, and general and administrative expenses ranging from $164 million to $168 million. For the second quarter of 2026, gross margin is projected to be 54.1% to 54.6%, fulfillment expenses at 3.2% of net sales, and general and administrative expenses at $43.0 million.