Revolve Group Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Revolve Group (NYSE: RVLV) reported first quarter 2026 results: net sales $342.9M (+16% YoY), gross profit $180.6M (+17% YoY), net income $13.8M (+21% YoY) and diluted EPS $0.20 (+25% YoY). Operating cash flow was $49.4M and free cash flow $44.9M. Cash and cash equivalents totaled $335.8M and the company remains debt free.
Operational highlights include active customers 2.926M (+8% YoY), REVOLVE segment sales $293.2M (+15%), FWRD $49.6M (+17%), and international sales $68.9M (+20%). Company reiterated FY2026 guidance ranges and provided Q2 2026 line-item outlook.
AI-generated analysis. Not financial advice.
Positive
- Net sales +16% YoY to $342.9M
- Net income +21% YoY to $13.8M
- Diluted EPS +25% YoY to $0.20
- International net sales +20% YoY to $68.9M
- Cash and equivalents $335.8M; company remains debt free
Negative
- Inventory +15% YoY to $245.1M
- Marketing spend +28% YoY to $54.2M (15.8% of net sales)
- General & administrative outlook raised to $164M–$168M for FY2026 (up from prior range)
News Market Reaction – RVLV
On the day this news was published, RVLV declined 13.87%, reflecting a significant negative market reaction. Argus tracked a trough of -13.2% from its starting point during tracking. Our momentum scanner triggered 36 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $270M from the company's valuation, bringing the market cap to $1.68B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
RVLV fell 6.08% while key internet retail peers like NEGG (-10.72%), JMIA (-4.55%), RERE (-2.48%), TDUP (-1.35%) and HEPS (-0.36%) were also negative, but momentum scanners did not flag a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 24 | Q4 & FY 2025 earnings | Positive | -6.0% | Q4 and full-year 2025 growth, higher EBITDA and cash, reiterated 2026 guidance. |
| Nov 04 | Q3 2025 earnings | Positive | +11.0% | Q3 2025 margin expansion, strong net income and Adjusted EBITDA growth, high cash. |
| Aug 05 | Q2 2025 earnings | Positive | -4.4% | Q2 2025 net sales and gross profit growth with highest EBITDA margin in three years. |
| May 06 | Q1 2025 earnings | Positive | -9.9% | Q1 2025 net sales, net income and Adjusted EBITDA growth with strong cash flow. |
| Feb 25 | Q4 & FY 2024 earnings | Positive | -5.0% | Q4 2024 double‑digit net sales growth, sharp net income increase, higher gross margin. |
Earnings releases have generally been received negatively, with the stock often declining despite reports highlighting growth, profitability, and strong balance sheet metrics.
Over the last five earnings releases, Revolve Group has consistently highlighted growing net sales, expanding gross margins, and solid cash generation, often paired with a debt-free balance sheet and increasing active customers. Despite this, four of the five events saw the stock decline in the following 24 hours. The only positive reaction followed Q3 2025 results, which emphasized strong profitability and margin expansion. Today’s Q1 2026 report, with double‑digit sales and EPS growth plus higher cash, arrives against that backdrop of mixed market reception to fundamentally constructive updates.
Historical Comparison
In the past five earnings releases, RVLV’s average next‑day move was -2.85%. Today’s -6.08% reaction to Q1 2026 results is more negative than typical for similar earnings updates.
Earnings releases from Q4 2024 through Q4 2025 repeatedly underscored rising sales, expanding margins, and strong cash, with Q1 2025–Q3 2025 building on that trend and Q4 2025 reaffirming 2026 guidance.
Market Pulse Summary
The stock dropped -13.9% in the session following this news. A negative reaction despite strong fundamentals fits prior patterns: four of the last five earnings releases led to declines, even with revenue growth and margin expansion. Q1 2026 delivered net sales of $342.9M, EPS of $0.20, and cash of $335.8M. The move may also reflect sensitivity to higher 2026 G&A guidance of $164M–$168M. Past behavior suggests earnings rallies have been fragile, so downside reactions have not been unusual.
Key Terms
adjusted EBITDA financial
free cash flow financial
basis points financial
effective tax rate financial
AI-generated analysis. Not financial advice.
"Outstanding execution by our team within a dynamic operating environment led to strong first quarter results and continued market share gains, highlighted by our net sales increasing
"Beyond the outstanding quarterly results, I am most excited about our visible progress in longer-term initiatives, such as international expansion and advancing our use of AI technology, that have become key contributors to our momentum and reinforce my confidence that we will continue to drive profitable growth in the future," said co-founder and co-CEO Michael Mente. "We have also made exciting advances in key growth initiatives that we believe could be game changers longer term, including the launch of our first-ever namesake label, REVOLVE Los Angeles, laying the foundation to expand our physical retail footprint to
First Quarter 2026 Financial Summary
Three Months Ended March 31, | ||||||||||
2026 | 2025 | YoY Change | ||||||||
(in thousands, except percentages) | ||||||||||
Net sales | $ | 342,880 | $ | 296,709 | 16 % | |||||
Gross profit | $ | 180,615 | $ | 154,286 | 17 % | |||||
Gross margin | 52.7 | % | 52.0 | % | ||||||
Net income | $ | 13,758 | $ | 11,406 | 21 % | |||||
Adjusted EBITDA (non-GAAP financial measure) | $ | 21,062 | $ | 19,299 | 9 % | |||||
Net cash provided by operating activities | $ | 49,420 | $ | 45,145 | 9 % | |||||
Free cash flow (non-GAAP financial measure) | $ | 44,901 | $ | 42,804 | 5 % | |||||
Operational Metrics
Three Months Ended March 31, | ||||||||||
2026 | 2025 | YoY Change | ||||||||
(in thousands, except average order value and percentages) | ||||||||||
Active customers (trailing 12 months) | 2,926 | 2,703 | 8 % | |||||||
Total orders placed | 2,581 | 2,308 | 12 % | |||||||
Average order value | $ | 298 | $ | 295 | 1 % | |||||
Recent Business Developments
- We successfully introduced REVOLVE Los Angeles, our first-ever namesake label, supported by impactful and multi-faceted marketing investments. We believe this exciting new chapter for our owned brand assortment creates a compelling foundation for continued profitable growth in the coming years.
- We launched Grow-Good Beauty hair care products in partnership with Grammy award winning performer and global style icon, Cardi B, that sold out in less than an hour. Just a few weeks after the products launched, Grow-Good Beauty has already attracted more than 640,000 followers on Instagram.
- We entered into a lease for our third retail store, in an outstanding
Miami location, one of our strongestU.S. markets. It is expected to open by the end of 2026.
Additional First Quarter 2026 Metrics and Results Commentary
- Trailing 12-month active customers grew to 2,926,000 as of March 31, 2026, an increase of
8% year-over-year, our highest year-over-year growth rate in more than two years. - Net sales were
$342.9 million 16% , and a sequential improvement from the10% increase year-over-year reported in the fourth quarter of 2025. - Gross profit was
$180.6 million 17% . - Gross margin was
52.7% , a year-over-year increase of 68 basis points that was primarily driven by margin expansion in the FWRD segment. - Fulfillment costs were
$10.8 million 3.1% of net sales, compared to$9.4 million 3.2% of net sales, in the first quarter of 2025. - Selling and distribution costs were
$57.7 million 16.8% of net sales, compared to$50.0 million 16.8% of net sales, in the first quarter of 2025. - Marketing costs were
$54.2 million 15.8% of net sales, compared to$42.4 million 14.3% of net sales, in the first quarter of 2025. The increased marketing investment year-over-year as a percentage of net sales primarily reflects incremental brand marketing investments to support various growth initiatives, including the launch of our first-ever namesake label, REVOLVE Los Angeles, within our owned brand assortment. - General and administrative costs were
$42.3 million 12.3% of net sales, compared to$37.9 million 12.8% of net sales, in the first quarter of 2025. The increased efficiency year-over-year as a percentage of net sales primarily reflects scale efficiencies, with growth in net sales outpacing growth in general and administrative expenses. - Other income, net increased to
$2.7 million $0.9 million - Net income was
$13.8 million 21% . - Adjusted EBITDA was
$21.1 million 9% . - Diluted earnings per share (EPS) was
$0.20 25% from$0.16
Additional Net Sales Commentary
- REVOLVE segment net sales were
$293.2 million 15% . - FWRD segment net sales were
$49.6 million 17% . - Domestic net sales were
$274.0 million 15% . - International net sales were
$68.9 million 20% .
Cash Flow and Balance Sheet
- Net cash provided by operating activities was
$49.4 million $44.9 million 9% and5% , respectively, compared to$45.1 million $42.8 million - Cash and cash equivalents: The cash flow generation has further strengthened our balance sheet and liquidity. Cash and cash equivalents as of March 31, 2026 were
$335.8 million $32.6 million 11% , from$303.2 million $35.0 million 12% , from$300.8 million - Inventory as of March 31, 2026 was
$245.1 million $6.8 million 3% , from December 31, 2025, and an increase of$31.4 million 15% , year-over-year, from the inventory balance of$213.7 million 16% year-over-year growth in net sales during the first quarter of 2026.
Additional trend information regarding Revolve Group's first quarter of 2026 financial results and operating metrics is available in the Q1 2026 Financial Highlights presentation available on our investor relations website: https://investors.revolve.com/events-and-presentations
Results Since the End of the First Quarter of 2026
Net sales in April 2026 increased by approximately
2026 Business Outlook
Based on information available to us as of May 5, 2026, we are providing the following guidance for the second quarter and full year ending December 31, 2026.
Our outlook takes into account our assessment of the current macroeconomic environment and related cost pressures and potential headwinds to consumer spending, including, but not limited to, geopolitical uncertainty, tariffs, inflationary pressures, supply chain disruptions and foreign currency volatility.
Updated FY 2026 Outlook | Prior FY 2026 Outlook | |
Gross margin | ||
Fulfillment expenses | ||
Selling and distribution expenses | ||
Marketing expenses | ||
General and administrative expenses | ||
Effective tax rate | ||
Second Quarter 2026 Outlook | ||
Gross margin | ||
Fulfillment expenses | ||
Selling and distribution expenses | ||
Marketing expenses | ||
General and administrative expenses |
Conference Call Information
Revolve Group management will host a call today at 4:30 pm ET / 1:30 pm PT to discuss today's results in more detail. To participate, please dial (800) 715-9871 within
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the
Use of Non-GAAP Financial Measures and Other Operating Metrics
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
We use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting, and analyzing future periods.
For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, please see the tables captioned "Reconciliation of Non-GAAP Financial Measures" included at the end of this release. We encourage reviewing the reconciliation in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items.
Definitions of our non-GAAP financial measures and other operating metrics are presented below.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that we calculate as net income before other income, net; taxes; and depreciation and amortization; adjusted to exclude the effects of equity-based compensation expense, certain transaction costs and certain non-routine items. Adjusted EBITDA is a key measure used by management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of equity-based compensation, excludes an item that we do not consider to be indicative of our core operating performance.
Free Cash Flow
Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used in purchases of property and equipment, and purchases of rental product, net of proceeds from the sale of rental product. We view free cash flow as an important indicator of our liquidity because it measures the amount of cash we generate. Free cash flow also reflects changes in working capital.
Active Customers
We define an active customer as a unique customer account from which a purchase was made across our platform at least once in the preceding 12-month period. In any particular period, we determine our number of active customers by counting the total number of customers who have made at least one purchase in the preceding 12-month period, measured from the last date of such period. We view the number of active customers as a key indicator of our growth, the reach of our sites, the value proposition and consumer awareness of our brand, the continued use of our sites by our customers and their desire to purchase our products.
Total Orders Placed
We define total orders placed as the total number of orders placed by our customers, prior to product returns, across our platform in any given period. We view total orders placed as a key indicator of the velocity of our business and an indication of the desirability of our products and sites to our customers. Total orders placed, together with average order value, is an indicator of the net sales we expect to recognize in a given period.
Average Order Value
We define average order value as the sum of the total gross sales from our sites in a given period, prior to product returns, divided by the total orders placed in that period. We believe our high average order value demonstrates the premium nature of our product assortment. Average order value varies depending on the site through which we sell merchandise, the mix of product categories sold, the number of units in each order, the percentage of sales at full price, and for sales at less than full price, the level of markdowns.
About Revolve Group, Inc.
Revolve Group, Inc. (NYSE: RVLV) is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver an engaging customer experience from a vast yet curated offering of apparel, footwear, accessories, beauty and home products. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and more than 1,000 emerging, established and owned brands.
We were founded in 2003 by our co-CEOs, Michael Mente and Mike Karanikolas. We sell merchandise through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, accessories and beauty products from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. For more information, visit www.revolve.com.
Contacts:
Investors:
Erik Randerson, CFA
562.677.9513
IR@revolve.com
Media:
Karla Otto
revolveus@karlaotto.com
REVOLVE GROUP, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited) | ||||||||
(In thousands, except per share data) | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
Net sales | $ | 342,880 | $ | 296,709 | ||||
Cost of sales | 162,265 | 142,423 | ||||||
Gross profit | 180,615 | 154,286 | ||||||
Operating expenses: | ||||||||
Fulfillment | 10,772 | 9,358 | ||||||
Selling and distribution | 57,699 | 49,956 | ||||||
Marketing | 54,226 | 42,402 | ||||||
General and administrative | 42,263 | 37,882 | ||||||
Total operating expenses | 164,960 | 139,598 | ||||||
Income from operations | 15,655 | 14,688 | ||||||
Equity earnings in unconsolidated subsidiaries | (136) | — | ||||||
Other income, net | (2,676) | (893) | ||||||
Income before income taxes | 18,467 | 15,581 | ||||||
Provision for income taxes | 4,709 | 4,175 | ||||||
Net income | 13,758 | 11,406 | ||||||
Less: Net loss attributable to non-controlling interest | 594 | 413 | ||||||
Net income attributable to Revolve Group, Inc. stockholders | $ | 14,352 | $ | 11,819 | ||||
Earnings per share of Class A and Class B | ||||||||
common stock: | ||||||||
Basic | $ | 0.20 | $ | 0.17 | ||||
Diluted | $ | 0.20 | $ | 0.16 | ||||
Weighted average number of shares of Class A and | ||||||||
Class B common stock outstanding: | ||||||||
Basic | 71,458 | 71,256 | ||||||
Diluted | 72,351 | 72,271 | ||||||
REVOLVE GROUP, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
March 31, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 335,845 | $ | 292,256 | ||||
Restricted cash | — | 10,943 | ||||||
Accounts receivable, net | 26,454 | 16,561 | ||||||
Inventory | 245,077 | 251,844 | ||||||
Income taxes receivable | 1,950 | 1,717 | ||||||
Prepaid expenses and other current assets | 78,912 | 73,706 | ||||||
Total current assets | 688,238 | 647,027 | ||||||
Property and equipment (net of accumulated depreciation of | ||||||||
March 31, 2026 and December 31, 2025, respectively) | 18,904 | 15,371 | ||||||
Right-of-use lease assets | 30,072 | 28,832 | ||||||
Intangible assets, net | 2,481 | 2,410 | ||||||
Goodwill | 2,042 | 2,042 | ||||||
Other assets | 39,905 | 29,560 | ||||||
Deferred income taxes | 39,759 | 39,759 | ||||||
Total assets | $ | 821,401 | $ | 765,001 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 71,021 | $ | 56,409 | ||||
Income taxes payable | 4,643 | 1,357 | ||||||
Accrued expenses | 51,664 | 44,297 | ||||||
Returns reserve | 81,787 | 76,985 | ||||||
Current lease liabilities | 10,851 | 10,534 | ||||||
Other current liabilities | 50,620 | 40,963 | ||||||
Total current liabilities | 270,586 | 230,545 | ||||||
Non-current lease liabilities | 22,564 | 21,921 | ||||||
Total liabilities | 293,150 | 252,466 | ||||||
Stockholders' equity: | ||||||||
Class A common stock, | 41 | 41 | ||||||
Class B common stock, | 30 | 30 | ||||||
Additional paid-in capital | 145,209 | 144,249 | ||||||
Retained earnings | 381,816 | 368,215 | ||||||
Non-controlling interest | 1,155 | — | ||||||
Total stockholders' equity | 528,251 | 512,535 | ||||||
Total liabilities and stockholders' equity | $ | 821,401 | $ | 765,001 | ||||
REVOLVE GROUP, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
Operating activities: | ||||||||
Net income | $ | 13,758 | $ | 11,406 | ||||
Adjustments to reconcile net income to net cash provided by operating | ||||||||
Depreciation and amortization | 1,349 | 1,018 | ||||||
Rental product depreciation | 560 | 351 | ||||||
Gain on sale of rental product | (250) | — | ||||||
Equity-based compensation | 3,249 | 2,753 | ||||||
Equity earnings in unconsolidated subsidiaries | (136) | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (9,893) | (6,482) | ||||||
Inventories | 6,767 | 15,555 | ||||||
Income taxes receivable | (233) | 73 | ||||||
Prepaid expenses and other current assets | (5,206) | (4,513) | ||||||
Other assets | 11 | (3,989) | ||||||
Accounts payable | 14,612 | 12,256 | ||||||
Income taxes payable | 3,286 | 2,639 | ||||||
Accrued expenses | 7,367 | (559) | ||||||
Returns reserve | 4,802 | 8,866 | ||||||
Right-of-use lease assets and current and non-current lease liabilities | (280) | 37 | ||||||
Other current liabilities | 9,657 | 5,734 | ||||||
Net cash provided by operating activities | 49,420 | 45,145 | ||||||
Investing activities: | ||||||||
Purchases of property and equipment | (4,953) | (1,779) | ||||||
Purchases of rental product | — | (562) | ||||||
Proceeds from sale of rental product | 434 | — | ||||||
Investment in equity method investees | (10,964) | — | ||||||
Net cash used in investing activities | (15,483) | (2,341) | ||||||
Financing activities: | ||||||||
Proceeds from the exercise of stock options, net of | (540) | (531) | ||||||
Net cash used in financing activities | (540) | (531) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (751) | 1,958 | ||||||
Net increase in cash and cash equivalents | 32,646 | 44,231 | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 303,199 | 256,600 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 335,845 | $ | 300,831 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Income taxes, net of refund | $ | 1,830 | $ | 468 | ||||
Operating leases | $ | 3,585 | $ | 2,841 | ||||
Supplemental disclosure of non-cash activities: | ||||||||
Lease assets obtained in exchange for new operating lease liabilities | $ | 3,500 | $ | 6,096 | ||||
REVOLVE GROUP, INC. AND SUBSIDIARIES | ||||||||
SEGMENT INFORMATION | ||||||||
(Unaudited) | ||||||||
The following table summarizes our net sales, cost of sales and gross profit for each of our reportable segments (in | ||||||||
Three Months Ended March 31, | ||||||||
Net sales | 2026 | 2025 | ||||||
REVOLVE | $ | 293,243 | $ | 254,395 | ||||
FWRD | 49,637 | 42,314 | ||||||
Total | $ | 342,880 | $ | 296,709 | ||||
Cost of sales | ||||||||
REVOLVE | $ | 133,716 | $ | 115,610 | ||||
FWRD | 28,549 | 26,813 | ||||||
Total | $ | 162,265 | $ | 142,423 | ||||
Gross profit | ||||||||
REVOLVE | $ | 159,527 | $ | 138,785 | ||||
FWRD | 21,088 | 15,501 | ||||||
Total | $ | 180,615 | $ | 154,286 | ||||
The following table lists net sales by geographic area (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
$ | 273,989 | $ | 239,243 | |||||
Rest of the world | 68,891 | 57,466 | ||||||
Total | $ | 342,880 | $ | 296,709 | ||||
REVOLVE GROUP, INC. AND SUBSIDIARIES | ||||||||
KEY OPERATING AND FINANCIAL METRICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
(in thousands, except average order value and percentages) | ||||||||
Gross margin | 52.7 | % | 52.0 | % | ||||
Adjusted EBITDA | $ | 21,062 | $ | 19,299 | ||||
Free cash flow | $ | 44,901 | $ | 42,804 | ||||
Active customers | 2,926 | 2,703 | ||||||
Total orders placed | 2,581 | 2,308 | ||||||
Average order value | $ | 298 | $ | 295 | ||||
REVOLVE GROUP, INC. AND SUBSIDIARIES | ||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||
(Unaudited) | ||||||||
A reconciliation of non-GAAP Adjusted EBITDA to net income for the three months ended March 31, 2026 and 2025 is as | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
(in thousands) | ||||||||
Net income | $ | 13,758 | $ | 11,406 | ||||
Excluding: | ||||||||
Other income, net | (2,676) | (893) | ||||||
Provision for income taxes | 4,709 | 4,175 | ||||||
Depreciation and amortization | 1,349 | 1,018 | ||||||
Equity-based compensation | 3,249 | 2,753 | ||||||
Transaction costs(1) | 223 | 840 | ||||||
Non-routine items(2) | 450 | — | ||||||
Adjusted EBITDA | $ | 21,062 | $ | 19,299 | ||||
(1) | Includes legal and professional service fees related to potential and consummated strategic acquisitions and investments. |
(2) | Non-routine items in the three months ended March 31, 2026 represent an accrual for a certain pending legal matter. |
A reconciliation of non-GAAP free cash flow to net cash provided by operating activities for the three months ended | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
(in thousands) | ||||||||
Net cash provided by operating activities | $ | 49,420 | $ | 45,145 | ||||
Purchases of property and equipment | (4,953) | (1,779) | ||||||
Purchases of rental product, net of proceeds from the sale of rental | 434 | (562) | ||||||
Free cash flow | $ | 44,901 | $ | 42,804 | ||||
Net cash used in investing activities | $ | (15,483) | $ | (2,341) | ||||
Net cash used in financing activities | $ | (540) | $ | (531) | ||||
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SOURCE Revolve Group, Inc.