Revenue reached $356.0M with a 53.9% gross margin, yet operating margin fell to 5.3% from 6.4% in the prior quarter as SG&A climbed to $160.6M, suggesting overhead growth is absorbing much of the gross profit gain.
Revolve Group, Inc. (RVLV) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 1.37B | 1.23B | 1.13B | 1.07B | 1.1B | 891.39M | 580.65M | 600.99M | 498.74M | 399.6M | 312.08M |
| Revenue Growth % | 14.69% | 8.48% | 5.73% | -2.97% | 23.56% | 53.52% | -3.39% | 20.5% | 24.81% | 28.04% | - |
| Cost of Goods Sold | 628.62M | 569.9M | 536.64M | 514.52M | 509.09M | 401.57M | 275.37M | 279.04M | 233.43M | 205.91M | 168.77M |
| COGS % of Revenue | - | 46.5% | 47.49% | 48.14% | 46.22% | 45.05% | 47.42% | 46.43% | 46.8% | 51.53% | 54.08% |
| Gross Profit | 742M | 655.78M | 593.27M | 554.2M | 592.32M | 489.82M | 305.28M | 321.95M | 265.31M | 193.69M | 143.31M |
| Gross Margin % | 54.14% | 53.5% | 52.51% | 51.86% | 53.78% | 54.95% | 52.58% | 53.57% | 53.2% | 48.47% | 45.92% |
| Gross Profit Growth % | - | 10.54% | 7.05% | -6.44% | 20.93% | 60.45% | -5.18% | 21.35% | 36.97% | 35.16% | - |
| Operating Expenses | 663.95M | 581.52M | 541.86M | 532.07M | 519.18M | 384.53M | 244.21M | 273.86M | 223.51M | 173.17M | 137.77M |
| OpEx % of Revenue | - | 47.44% | 47.96% | 49.79% | 47.14% | 43.14% | 42.06% | 45.57% | 44.81% | 43.34% | 44.14% |
| Selling, General & Admin | 372.91M | 366.62M | 504.47M | 495.41M | 487.38M | 363.21M | 227.74M | 254.44M | 223.51M | 173.17M | 137.77M |
| SG&A % of Revenue | - | 29.91% | 44.65% | 46.36% | 44.25% | 40.75% | 39.22% | 42.34% | 44.81% | 43.34% | 44.14% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 214.91M | 37.39M | 36.65M | 31.8M | 21.32M | 16.47M | 19.41M | -631K | -1.43M | 0 |
| Operating Income | 78.05M | 74.26M | 51.42M | 22.13M | 73.14M | 105.29M | 61.07M | 48.1M | 41.8M | 20.52M | 5.54M |
| Operating Margin % | 5.69% | 6.06% | 4.55% | 2.07% | 6.64% | 11.81% | 10.52% | 8% | 8.38% | 5.14% | 1.78% |
| Operating Income Growth % | - | 44.43% | 132.3% | -69.74% | -30.54% | 72.42% | 26.96% | 15.07% | 103.67% | 270.37% | - |
| EBITDA | 85.68M | 78.86M | 56.58M | 27.23M | 77.93M | 109.8M | 65.89M | 52.05M | 44.66M | 23.37M | 7.91M |
| EBITDA Margin % | 6.25% | 6.43% | 5.01% | 2.55% | 7.08% | 12.32% | 11.35% | 8.66% | 8.96% | 5.85% | 2.53% |
| EBITDA Growth % | 20.6% | 39.38% | 107.81% | -65.06% | -29.02% | 66.63% | 26.6% | 16.53% | 91.11% | 195.54% | - |
| D&A (Non-Cash Add-back) | 7.64M | 4.6M | 5.17M | 5.09M | 4.79M | 4.51M | 4.83M | 3.95M | 2.87M | 2.85M | 2.37M |
| EBIT | 87.92M | 82.3M | 64.45M | 37.76M | 76.62M | 104.73M | 61.07M | 48.1M | 41.17M | 19.09M | 4.65M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.87M | 8.04M | 13.03M | 15.63M | 3.48M | -563K | -994K | -931K | -631K | -1.43M | -895K |
| Pretax Income | 87.92M | 82.3M | 64.45M | 37.76M | 76.62M | 104.73M | 60.07M | 47.17M | 41.17M | 19.09M | 4.65M |
| Pretax Margin % | 6.41% | 6.71% | 5.7% | 3.53% | 6.96% | 11.75% | 10.35% | 7.85% | 8.25% | 4.78% | 1.49% |
| Income Tax | 21.46M | 21.16M | 15.68M | 9.61M | 17.92M | 4.89M | 3.28M | 11.5M | 10.53M | 14.09M | 2.45M |
| Effective Tax Rate % | 24.41% | 25.71% | 24.32% | 25.46% | 23.39% | 4.67% | 5.46% | 24.38% | 25.58% | 73.81% | 52.69% |
| Net Income | 65.93M | 61.71M | 49.56M | 28.15M | 58.7M | 99.84M | 56.79M | 35.67M | 30.68M | 5.35M | 2.4M |
| Net Margin % | 4.81% | 5.03% | 4.39% | 2.63% | 5.33% | 11.2% | 9.78% | 5.93% | 6.15% | 1.34% | 0.77% |
| Net Income Growth % | 18.8% | 24.52% | 76.06% | -52.05% | -41.21% | 75.81% | 59.22% | 16.24% | 473.87% | 122.51% | - |
| Net Income (Continuing) | 66.45M | 61.15M | 48.77M | 28.15M | 58.7M | 99.84M | 56.79M | 35.67M | 30.64M | 5M | 2.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.28M | 0 | -403K | 0 | 0 | 0 | 0 | 0 | 0 | -623K | -276K |
| EPS (Diluted) | 0.92 | 0.86 | 0.69 | 0.38 | 0.79 | 1.34 | 0.79 | -0.09 | 0.43 | 0.08 | 0.05 |
| EPS Growth % | 21.05% | 24.64% | 81.58% | -51.9% | -41.04% | 69.62% | 977.78% | -120.93% | 469.54% | 38.03% | - |
| EPS (Basic) | - | 0.87 | 0.70 | 0.39 | 0.80 | 1.38 | 0.81 | -0.09 | 0.45 | 0.08 | 0.05 |
| Diluted Shares Outstanding | 71.86M | 72.09M | 71.68M | 73.58M | 74.52M | 74.55M | 72.06M | 57.29M | 70.78M | 70.78M | 43.91M |
| Basic Shares Outstanding | 71.09M | 71.3M | 70.85M | 72.96M | 73.31M | 72.51M | 69.77M | 57.29M | 67.89M | 67.89M | 43.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RVLV stock.
For fiscal year 2025, Revolve Group, Inc. (RVLV) reported total revenue of $1.23B. This represents a 292.7% increase compared to $312.1M in 2016.
Revolve Group, Inc. (RVLV) is profitable, generating $61.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
Revolve Group, Inc. (RVLV) reported an operating income of $74.3M, resulting in an operating profit margin of 6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Revolve Group, Inc. (RVLV) generated $655.8M in gross profit for the year, representing a gross profit margin of 53.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from returns
Metrics are mathematically derived from official filings.
Top-Line Growth Holding Above Peers
Based on reported quarterly figures, RVLV's revenue grew 20.4% year over year to $356.0M in 2026Q3, versus 12.4% in 2026Q2, indicating growth has re-accelerated after a mid-period slowdown in 2025Q3 when growth fell to 4.4%.
The re-acceleration in the most recent quarter suggests demand momentum has strengthened rather than merely recovered from a weak comparison base, since 2025Q3's 4.4% growth was itself a low point. Growth durability remains uncertain because the data does not disaggregate volume, pricing, or segment contribution between REVOLVE and FWRD. Investors should monitor whether sequential revenue gains persist into subsequent quarters before extrapolating the 20% rate.
Gross Margin Stable Near 53-57%
As reported in the income statement, RVLV's gross margin ranged from 51.2% to 56.6% across the ten quarters, with 2026Q3 at 53.9%, placing it well above the 36.0% to 59.4% range observed among the supplied peer group.
A gross margin band of roughly 52-57% across varying promotional and mix conditions suggests the owned-brand mix and pricing discipline are providing a consistent structural buffer. The 2026Q2 peak of 56.6% followed by a decline to 53.9% in 2026Q3 may indicate sensitivity to markdown activity or a shift in category mix, though the data alone cannot confirm the driver. Relative to peers such as CPRI and PVH, which operate near 57-59%, RVLV's margin appears competitive without being structurally superior.
Operating Margin Thin Against Gross Profit
Based on reported figures, RVLV's operating margin reached 6.4% in 2026Q2 but compressed to 5.3% in 2026Q3, while SG&A rose to $160.6M in the latest quarter from $105.5M, indicating overhead absorption is consuming much of the gross profit gain.
The gap between gross margin of 53.9% and operating margin of 5.3% implies that roughly 48 points of gross profit are consumed by operating expenses, which reflects a high variable cost structure dominated by fulfillment, shipping, and marketing. The sharp SG&A step-up in 2026Q3 without a corresponding gross profit gain points to weaker operating leverage in the most recent period. Net income also declined to $14.5M despite higher revenue, which warrants scrutiny of whether this reflects transitory marketing investment or persistent cost inflation.
Expense Volatility Drives Earnings Swings
According to quarterly filings, SG&A fluctuated between $6.9M and $139.2M across the period, with the 2025Q4 figure appearing anomalously low relative to adjacent quarters, suggesting classification or timing effects that complicate underlying cost trends.
The extreme variance in reported SG&A, including a figure of $6.9M in 2025Q4 against $90-140M in surrounding quarters, appears inconsistent with a stable operating cost base and may reflect reclassification, accrual timing, or a data anomaly that warrants further investigation. Because operating income in that quarter still rose to $20.6M, the reported margin may be flattered by the unusual expense figure. Investors should treat quarter-to-quarter operating margin comparisons with caution until the cost base normalizes.
Earnings Miss Despite Revenue Strength
Based on reported EPS, RVLV's diluted EPS fell from $0.26 in 2026Q2 to $0.20 in 2026Q3, a 31.0% year-over-year decline, even as revenue grew 20.4%, which may signal that profit conversion is weakening faster than top-line momentum.
The divergence between revenue growth and EPS decline suggests that incremental sales are carrying lower margins, possibly due to elevated returns, marketing intensity, or fulfillment costs, although the data does not isolate these drivers. If this pattern persists, the bull case built on top-line acceleration would be undermined by deteriorating unit economics. The short-seller argument would center on whether growth is being purchased at the expense of profitability.