RVLV · Revolve Group, Inc.

Revolve Group delivered a strong first quarter in 2026, characterized by double-digit top-line growth and expanding profitability. Net sales rose 16% year-over-year to $342.9 million, accelerating from the 10% growth recorded in the prior quarter. This performance was broad-based, with the REVOLVE segment growing 15% and the FWRD segment increasing 17%. International markets outpaced domestic growth, rising 20% compared to 15% domestically, signaling successful penetration abroad. Gross margin improved 68 basis points to 52.7%, a shift management attributed primarily to margin expansion within the FWRD segment. Operating efficiency remained a theme, as general and administrative expenses leveraged down to 12.3% of net sales from 12.8% in the prior year, though marketing costs ticked up to 15.8% from 14.3% to support new brand initiatives. The company generated $49.4 million in operating cash flow, strengthening an already pristine balance sheet that holds $335.8 million in cash and no debt. Management highlighted progress on long-term growth drivers, including the launch of the 'REVOLVE Los Angeles' namesake label and a high-profile beauty partnership with Cardi B. Looking forward, the company provided Q2 and updated FY 2026 guidance, notably tightening full-year gross margin expectations to a range of 53.5% to 54.0%. April 2026 net sales increased approximately 14% year-over-year, suggesting sustained momentum entering the second quarter.