Revolve Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Revolve Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	400	499	601	581	891	1,101	1,069	1,130	1,226
Cost of revenue	206	233	279	275	402	509	515	537	570
Gross profit	194	265	322	305	490	592	554	593	656
General and administrative	57.5	65.2	77.6	70.9	89.3	115	127	142	157
Operating expenses	173	224	274	244	385	519	532	542	582
Operating income	20.5	41.8	48.1	61.1	105	73.1	22.1	51.4	74.3
Other non-operating income	-1.43	-0.63	-0.93	-0.99	-0.56	3.48	15.6	13	8.04
Pre-tax income	19.1	41.2	47.2	60.1	105	76.6	37.8	64.4	82.3
Income tax	14.1	10.5	11.5	3.28	4.89	17.9	9.61	15.7	21.2
Net income to minority interests	-0.35	-0.05						-0.79	-0.56
Net income	5.35	30.7	35.7	56.8	99.8	58.7	28.1	49.6	61.7
EBITDA	23.4	44.7	52.1	65.9	110	77.9	27.2	55.8	78.9
EPS, basic	0.08	0.47	-0.09	0.81	1.38	0.80	0.39	0.70	0.87
EPS, diluted	0.08	0.44	-0.09	0.79	1.34	0.79	0.38	0.69	0.86
Shares, basic (weighted)	41.9	41.9	7.72	19.9	72.5	73.3	73	70.8	71.3
Shares, diluted (weighted)	44	44.6	7.72	72.1	74.5	74.5	73.6	71.7	72.1

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		16.4	65.4	146	218	235	245	257	292
Receivables		5.34	4.75	4.62	4.64	5.42	12.4	10.3	16.6
Inventory		102	104	95.3	171	215	204	229	252
Other current assets		15.2	24.2	20.3	42.1	59.9	65.5	63.7	73.7
Total current assets		139	199	277	440	518	529	561	647
Property, plant and equipment		5.91	13.5	11.2	8.95	8.93	7.76	8.94	15.4
Lease right-of-use assets					6.57	23	36.4	36.3	28.8
Goodwill		2.04	2.04	2.04	2.04	2.04	2.04	2.04	2.04
Intangible assets		0.56	1.46	1.26	1.21	1.6	1.88	2.29	2.41
Other non-current assets		0.73	0.64	0.5	2.75	0.81	2.17	18.1	29.6
Total assets		162	232	306	480	579	609	666	765
Accounts payable		20.2	29.8	39.3	54.3	50.8	47.8	45.1	56.4
Accrued liabilities		18.4	19.4	24.7	33.9	38.3	40.7	38.5	44.3
Total current liabilities		82.3	102	106	160	181	190	196	231
Lease liabilities					3.18	18.7	34.1	31.7	21.9
Total liabilities		82.3	102	106	163	200	224	228	252
Paid-in capital			74	86	104	110	117	133	144
Retained earnings		61.3	56.7	114	213	269	268	305	368
Shareholders' equity	48	79.8	131	200	317	380	385
Minority interests								-0.4
Total equity	48	79.8	131	200	317	380	385	438	513
Total liabilities and equity		162	232	306	480	579	609	666	765

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5	30.6	35.7	56.8	99.8	58.7	28.1	48.8	61.1
Depreciation and amortization	2.85	2.87	3.95	4.83	4.51	4.79	5.09	4.43	4.6
Stock-based compensation	0.91	1.4	2.07	3.36	4.79	5.86	5.84	10	10.6
Deferred income tax	3.63	-3.77	-1.61	1.48	-5.25	-5.7	-5.25	-6.86	-2.9
Change in receivables	0.49	0.36	0.59	0.13	-0.02	-0.78	-6.98	2.07	-6.22
Change in inventory	-7.01	-26	-15.6	8.99	-76	-44	11.6	-24.8	-23.6
Change in payables	0.75	2.37	9.59	9.52	15	-3.56	-2.97	-2.72	11.8
Cash from operations	16.5	26.7	46.1	73.8	62.3	23.4	43.3	26.7	59.4
Capital expenditures	-2.26	-3.05	-12.5	-2.32	-2.2	-5.17	-4.2	-5.65	-11.4
Acquisitions								-0.43
Cash from investing	-2.26	-3.05	-12.5	-2.32	-2.2	-5.17	-4.2	-9.11	-14.9
Stock issued			0.75	8.7	12.8	0.89	0.54
Share buybacks			-40.8				-30.9	-11.8	-2.02
Cash from financing	-15.1	-17.6	15.2	8.66	12.8	0.89	-30.4	-5.36	-1.39
Net change in cash	-0.87	5.78	49	80.6	72.4	16.3	10.7	11.2	46.6
Free cash flow	14.2	23.6	33.6	71.4	60.1	18.3	39.1	21	48
Interest paid	0.67	0.09		0.34
Income taxes paid	13.9	9.67	14.3	12	3.01	23	13	22.2	22.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.3%	Gross profit / revenue.
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.2%	Pre-tax income / revenue.
Net margin	5.5%	Net income / revenue.
FCF margin	2.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.3%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.6%	Net income / average total assets.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	44.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	41.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	24.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	24.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	122.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	128.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	38.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.48x	Current assets / current liabilities.
Quick ratio	1.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	36.0%	Total liabilities / total assets.
Working capital	$420.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.55x	Revenue / average total assets.
Fixed asset turnover	66.2x	Revenue / average property, plant and equipment.
Inventory turnover	2.17x	Cost of revenue / average inventory.
Days inventory	168 days	365 x average inventory / cost of revenue.
Receivables turnover	42.2x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	124 days	Days inventory + days sales outstanding - days payables.
FCF conversion	38.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	35.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.20	Revenue / diluted weighted shares.
FCF per share	$0.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.59	Cash from operations / diluted weighted shares.
Cash per share	$4.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.51B	Share price x shares outstanding.
Enterprise value	$1.20B	Market cap + total debt - cash - short-term investments.
P/E	20.7x	Market cap / net income. Only when net income is positive.
P/S	1.15x	Market cap / revenue.
P/FCF	54.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	35.2x	Market cap / cash from operations, when positive.
EV/Sales	0.91x	Enterprise value / revenue.
EV/EBIT	15.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	43.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
PEG	7.23x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Revolve Group, Inc.'s revenue in fiscal 2025?

Revolve Group, Inc. reported revenue of $1.23B for fiscal 2025, 8.5% higher than the year before.

Was Revolve Group, Inc. profitable in fiscal 2025?

Yes. Net income was $61.7M, a net margin of 5%.

How much free cash flow did Revolve Group, Inc. generate in fiscal 2025?

Cash from operations of $59.4M minus capital expenditures of $11.4M left free cash flow of $48.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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