What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-25 compared with 2025-02-25 · 121 added, 81 removed, 776 unchanged (21% of the section changed)

79 unchanged sentences

Cash and cash equivalents

Restricted cash

Accounts receivable, net

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Year Ended December 31,

Other comprehensive (loss) income:

Other comprehensive income (loss):

Cumulative translation adjustment

Total other comprehensive (loss) income

Total other comprehensive income (loss)

Total comprehensive income

10 unchanged sentences

Issuance of Class A common stock from exercise of stock options and vesting of restricted stock units

Repurchases of Class A common stock

Equity-based compensation

5 unchanged sentences

Cumulative translation adjustment

Issuance of non-controlling interest at fair value

Balance as of December 31, 2024

3 unchanged sentences

Cumulative translation adjustment

Issuance of non-controlling interest at fair value

Disposal of subsidiary

Net income (loss)

11 unchanged sentences

Rental product depreciation

Gain on sale of rental product

Equity-based compensation

Loss on disposal of subsidiary

Deferred income taxes, net

7 unchanged sentences

Returns reserve

Right-of-use lease assets and current and non-current

lease liabilities

Right-of-use lease assets and lease liabilities

Other current liabilities

3 unchanged sentences

Purchases of rental product

Proceeds from sale of rental product

Cash divested upon disposal of subsidiary

Cash paid for acquisition

4 unchanged sentences

Repurchases of Class A common stock

Net cash (used in) provided by financing activities

Net cash used in financing activities

Effect of exchange rate changes on cash and cash

Net increase in cash and cash equivalents

Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year

Cash, cash equivalents and restricted cash, beginning of year

Cash, cash equivalents and restricted cash, end of year

Supplemental disclosure of cash flow information:

9 unchanged sentences

Description of Business

Revolve Group, Inc., or REVOLVE, is an online fashion retailer for Millennial and Generation Z consumers.

Through our websites and mobile applications we deliver an aspirational customer experience from a vast yet curated offering.

Revolve Group, Inc., or REVOLVE, is a fashion retailer for Millennial and Generation Z consumers.

Through our websites, mobile applications and stores, we deliver an aspirational customer experience from a vast yet curated offering.

Our dynamic platform connects a deeply engaged community of consumers, global fashion influencers, and a broad yet curated collection of brands.

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Rental product depreciation is included in cost of sales in the condensed consolidated statements of income.

As of December 31, 2024, rental product, net amounted to $ 2.3 million and was included within other assets.

Rental product depreciation was $ 0.7 million for the year ended December 31, 2024.

Rental product, net amounted to $ 2.6 million and $ 2.3 million as of December 31, 2025 and 2024, respectively, and was included within other assets.

Rental product depreciation was $ 1.8 million and $ 0.7 million for the year ended December 31, 2025 and 2024, respectively.

Our consignment partner offers customers an opportunity to purchase items in rentable condition prior to the end of their useful life.

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Rental Product Revenues

Rental product revenues are recognized ratably over the subscription period, commencing on the date the subscriber enrolls in the rental program, net of discounts, customer credits and refunds and are recorded within net sales in the condensed consolidated statements of income.

The subscription fees are collected from the customer upon

sales in the condensed consolidated statements of income.

The subscription fees are collected from the customer upon enrollment.

The subscription has a minimum period of three months after which it renews automatically on a monthly basis until cancelled by the customer.

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Accounts receivable are composed primarily of amounts due from financial institutions related to credit card sales.

We do not maintain an allowance for doubtful accounts related to these receivables as payment is typically received in full within a few business days after the sale.

We carry the remaining portion of accounts receivable at

invoiced amounts less allowances for doubtful accounts and other deductions.

We do not maintain an allowance for doubtful accounts related to these receivables as payment is typically

received in full within a few business days after the sale.

We carry the remaining portion of accounts receivable at invoiced amounts less allowances for doubtful accounts and other deductions.

Allowance for doubtful accounts was insignificant at both December 31, 2025 and 2024.

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Prepaid expenses and other current assets consist primarily of expected merchandise returns net of related costs, advanced payments on inventory to be delivered from vendors, prepaid packaging, and prepaid insurance.

Other assets primarily consist of receivables related to duty drawback and other programs.

These amounts represent refunds of customs duties previously paid on imported merchandise that is subsequently exported to another country.

In addition, other assets consist of rental product, net and equity investments.

Business Combinations

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The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date.

Alexandre Vauthier Acquisition

In February 2024, Alexandre Vauthier, a French luxury fashion brand, filed for bankruptcy due to difficulties resulting from an increase in its working capital requirements.

On June 19, 2024, pursuant to a decision rendered by the Commercial Court of Paris, Revolve Group, Inc.

acquired the business of Alexandre Vauthier, for $ 0.4 million.

Disposal of Subsidiary

During the sec ond quarter of 2024, pursuant to a decision rendered by the Commercial Court of Paris, Revolve Group, Inc.

acquired the business of Alexandre Vauthier, a French luxury fashion brand, for $ 0.4 million.

The acquisition was made through L.A.

Rive Droite, a newly incorporated French joint stock company.

As of the acquisition date, the approximate fair value of net assets acquired was $ 0.4 million.

The results of operations of the acquired business are included in the Company ’ s consolidated results beginning June 19, 2024.

On July 1, 2024, the Company entered into a shareholders’ agreement with Mr.

Alexandre Vauthier, according to which Mr.

Alexandre Vauthier transferred all intellectual property and other rights relating to the business held by

him in exchange for 20 % share capital and voting interest in L.A.

Following that transfer, the Company recorded a noncontrolling interest of $ 0.4 million within its condensed consolidated balance sheets, which was measured based on the fair value of L.A.

Rive Droite’s net identifiable assets as of July 1, 2024.

Total acquisition costs incurred by the Company in connection with the purchase were $ 0.5 million and primarily related to legal fees.

These costs are recorded within general and administrative expenses in the condensed consolidated statements of income.

Under the terms

of the agreement, until recently, Revolve Group owned an 80 % interest and Mr.

Alexandre Vauthier owned the remaining 20 % interest in L.A.

During the second quarter of 2025, we ceased funding the operations of our majority-owned foreign subsidiary, L.A.

Shortly thereafter, the subsidiary initiated formal insolvency proceedings under local law, which was approved on May 28, 2025.

As a result, we no longer exercise control over the subsidiary and deconsolidated its financial results effective May 28, 2025.

We recognized a $ 2.4 million loss on deconsolidation in the second quarter of 2025, reflecting the derecognition of net assets, the write-off of our invest ment and shareholder loans and the elimination of non-controlling interest.

This amount is included in other income, net in our condensed consolidated statements of income.

Equity Investments

1 unchanged sentence

This investment is measured at cost, less impairment and included in other assets in the accompanying consolidated balance sheets.

Changes in fair value resulting from observable transactions for identical or similar investments of the same issuer are recorded in other income (expense), net.

Changes in fair value resulting from observable transactions for identical or similar investments of the same issuer are recorded in other income, net.

Variable Interest Entities

We evaluate our interests in other entities to determine whether such entities are variable interest entities (“VIEs”) and whether we are the primary beneficiary of such VIEs.

A VIE is an entity in which the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support or in which the holders of the equity investment at risk lack the characteristics of a controlling financial interest.

The Company is considered the primary beneficiary of a VIE and is required to consolidate the VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.

We may be the primary beneficiary of a VIE even when our ownership interest is less than a majority, including when control is achieved through contractual arrangements or other rights.

We reassess whether we are the primary beneficiary of a VIE on an ongoing basis as facts and circumstances change.

VIEs for which we are determined to be the primary beneficiary are consolidated, and the interests of other variable interest ho lders are reflected as noncontrolling interests.

Property and Equipment, Net

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We perform this evaluation at the reporting unit level, comprised of the principle business units within our REVOLVE segment.

In order to test for goodwill impairment, we compare the fair value of the reporting unit to its

carrying value, including goodwill.

In order to test for goodwill impairment, we compare the fair value of the reporting unit to its carrying value, including goodwill.

If the fair value of the reporting unit is less than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the reporting unit's fair value.

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Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance.

We adopted ASU 2023-07 in the fourth quarter of 2024 by including cost of sales by segment disclosure within Note 12, Segment Information , as our chief operating decision makers periodically review segment gross profit to assess segment performance and cost of sales is considered both easily computable and significant.

Accounting Pronouncements Not Yet Effective

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which enhances income tax disclosures, primarily through changes to the rate reconciliation and disaggregation of income taxes paid.

ASU 2023-09 is effective for us for annual periods beginning after December 15, 2024, with early adoption permitted.

We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements and related disclosures.

We adopted ASU 2023-09 in 2025 on a retrospective basis and presented the required new disclosures within Note 8, Income Taxes .

Accounting Pronouncements Not Yet Effective

In September 2025, the FASB, issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40):

Targeted Improvements to the Accounting for Internal-Use Software, which replaces the previous project-stage model with a principles-based approach for capitalizing internal-use software costs.

This guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

We are currently evaluating the impact that this new guidance may have on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting.

The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

ASU 2025-11 is effective for annual periods beginning after December 15, 2027, including interim periods within

those fiscal years, with early adoption permitted.

We are currently evaluating the impact that this new guidance may have on our disclosures.

Goodwill and Other Intangible Assets, Net

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(1) Includes $ 1.0 million and $ 0.9 million of intangible assets not subject to amortization as of December 31, 2025 and 2024, respectively.

Our amortization expense for acquired identifiable intangible assets with finite useful lives was $ 0.2 million for the year ended December 31, 2024 and $ 0.1 million for the years ended December 31, 2023 and 2022.

Our amortization expense for acquired identifiable intangible assets with finite useful lives was $ 0.2 million, $ 0.2 million and $ 0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Future estimated amortization expense for acquired identifiable intangible assets is as follows (in thousands):

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Total depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $ 4.4 million, $ 4.3 million, and $ 5.0 million, respectively.

For the years ended December 31, 2024, 2023 and 2022, $ 2.9 million, $ 2.7 million, and $ 2.6 million, respectively, was recorded in general and administrative expense and $ 1.4 million, $ 2.3 million, and $ 2.1 million, respectively, was recorded in fulfillment expense in the accompanying consolidated statements of income.

For the years ended December 31, 2025, 2024 and 2023, $ 3.7 million, $ 2.9 million, and $ 2.7 million, respectively, was recorded in general and administrative expense and $ 0.7

million, $ 1.4 million, and $ 2.3 million, respectively, was recorded in fulfillment expense in the accompanying consolidated statements of income.

We lease office, warehouse and retail space and equipment used in connection with our operations under various operating leases, some of which provide for rental payments on a graduated basis, rent holidays and other incentives.

16 unchanged sentences

Line of Credit

On March 23, 2021, we amended and restated ou r existing credit agreement to, among other things, extend the expiration date from March 23, 2021 to March 23, 2026 .

On May 11, 2023, we amended the credit agreement to replace the LIBO reference rate with a term SOFR reference rate and made conforming changes throughout the credit agreement.

On February 2, 2026, we amended ou r existing credit agreement to, among other things, extend the maturity date from March 23, 2026 to February 2 , 2031 .

The line of credit provides us with up to $ 75.0 million aggregate principal in revolver borrowings, based on eligible inventory and accounts receivable less reserves.

Borrowings under the credit agreement accrue interest, at our option, at (1) a base rate equal to the highest of (a) the federal funds rate, plus 0.50 %, (b) the prime rate and (c) an adjusted term SOFR rate determined on the basis of a one-month interest period , plus 1.00 %, or (2) an adjusted term SOFR rate, subject to a floor of 0.00 %, in each case, plus a margin ranging from 0.25 % to 0.75 % per year in the case of base rate loans, and 1.25 % to 1.75 % per year in the case of term SOFR rate loans.

Borrowings under the credit agreement accrue interest at a per annum rate equal to, at our option, (1) a base rate equal to the highest of (a) the federal funds rate, plus 0.50 %, (b) the prime rate and (c) a term SOFR rate determined on the basis of a one-month interest period , plus 1.00 %, or (2) a term SOFR rate, subject to a floor of 0.00 %, in each case, plus a margin ranging from 0.25 % to 0.75 % per year in the case of base rate loans, and 1.25 % to 1.75 % per year in the case of term SOFR rate loans, depending upon availability under the credit agreement as of the most recently ended fiscal quarter.

No borrowings were outstanding as of December 31, 2025 and 2024.

We are also obligated to pay other customary fees for a credit facility of this size and type, including an unused commitment fee.

The credit agreement also permits us, in certain circumstances, to request an increase in the facility

by an additional amount of up to $ 25.0 million (in an initial minimum amount of $ 10.0 million and in increments of $ 5.0 million thereafter) at the same maturity, pricing and other terms.

Our obligations under the credit agreement are secured by substantially all of our assets.

The credit agreement also permits us, in certain circumstances, to request an increase in the facility by an additional amount of up to $ 25.0 million (in an initial minimum amount of $ 10.0 million and in increments of $ 5.0 million thereafter) at the same maturity, pricing and other terms as the existing revolving commitments.

Our obligations under the credit agreement are secured by substantially all of our assets and the assets of our subsidiaries that are borrowers or guarantors under the credit agreement.

The credit agreement also contains customary covenants restricting certain of our activities , including limitations on our ability to sell assets, engage in mergers and acquisitions, enter into transactions involving related parties, obtain letters of credit, incur indebtedness, repurchase stock or grant liens or negative pledges on our assets, make loans or make other investments.

Under these covenants, we are prohibited from paying cash dividends with respect to our capital stock .

We were in compliance with all financial covenants as of December 31, 2024 and 2023.

Under these covenants, we are prohibited from paying cash dividends with respect to our capital stock , subject to certain exceptions.

We are also required to maintain a minimum consolidated fixed charge coverage ratio of 1.00 to 1.00 for any twelve consecutive fiscal month period, determined as of the last date of each fiscal quarter.

Commitments and Contingencies

8 unchanged sentences

Tax Contingencies

We are subject to income taxes in the United States, the United Kingdom, or UK, France and Netherlands.

We are subject to income taxes in the United States, the United Kingdom, or UK, France, Philippines and Netherlands.

Significant judgment is required in evaluating our tax positions and determining our provision for income taxes.

5 unchanged sentences

Legal Proceedings

In March 2022, we received a cease and desist letter alleging copyright infringement and related claims.

During 2022, we accrued $ 6.3 million to general and administrative expenses for estimated losses and legal fees that we expected to incur in connection with these claims and during the three months ended March 31, 2023, we accrued an additional $ 0.3 million for estimated legal fees.

In February, 2023, we entered into a final settlement agreement with the claimant and paid approximately $ 1.5 million in settlement costs and legal fees related to this matter, net of insurance proceeds.

The related insurance proceeds of $ 5.1 million were recorded within other income, net in the accompanying statements of income.

In March 2023, we received a separate cease-and-desist letter alleging copyright infringement and related claims.

5 unchanged sentences

Fish and Wildlife Service served us with a notice of violation and proposed civil penalty, alleging that we have violated certain administrative requirements under the Endangered Species Act and the Lacey Act in connection with our export and import of certain items of merchandise.

During the fourth quarter of 2023, we accrued $ 2.8 million to general and administrative expenses for estimated losses and legal fees related to this matter and during the second quarter of 2024, we accrued an additional $ 0.4 million to general and administrative expenses for estimated losses and legal fees related to this matter.

During the fourth quarter of 2023, we accrued $ 2.8 million to general and administrative expenses for estimated losses and legal fees related to

this matter and during the second quarter of 2024, we accrued an additional $ 0.4 million to general and administrative expenses for estimated losses and legal fees related to this matter.

In June 2024, we entered into a final settlement with the U.S.

Fish and Wildlife Service and paid $ 3.2 million in settlement cost and legal fees related to this matter.

During the second quarter of 2025, we accrued $ 1.0 million to general and administrative expenses for estimated losses and legal fees related to certain pending legal matters.

An additional $ 1.0 million was accrued during the third quarter of 2025 for estimated losses and legal fees related to these matters.

While the outcome of these matters cannot be predicted with certainty, we do not believe they will have a material adverse effect on our financial condition or results of operations.

In December 2025, we became subject to two lawsuits filed by the former founder and executive of a majority-owned subsidiary acquired in 2024 and subsequently liquidated in May 2025.

The complaints allege fraudulent misrepresentation, breach of the shareholders’ agreement, breach of the bylaws and mismanagement of the majority-owned subsidiary by REVOLVE and seek related monetary damages.

At this time, we are unable to reasonably estimate the possible loss or range of loss, if any, associated with this matter.

We have obligations under operating leases for office, fulfillment facilities and retail stores.

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State and local

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S.

federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:

Year Ended December 31,

(in thousands)

federal statutory tax rate

State and local income taxes (1)

Foreign tax effects

Rate differential

Permanent tax differences related to disallowed intercompany and investment write-offs

Rate differential

Permanent tax differences related to disallowed intercompany and investment write-offs

Effect of cross-border tax laws

Foreign-derived intangible income

Work opportunity tax credit

Changes in valuation allowances

Nontaxable and nondeductible items

Equity-based compensation

Return to provision adjustments

Effective tax rate

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California and New York for 2025, 2024 and 2023.

The components of net deferred tax assets (liabilities) are as follows (in thousands):

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Net deferred tax assets

As of December 31, 2024, there were no gross federal and state operating loss carryforwards.

As of December 31, 2023, gross federal and state operating loss carryforwards were insignificant.

As of December 31, 2025 and 2024, there were no gross federal and state operating loss carryforwards.

In accordance with ASC 740-30-25-17, we intend that the undistributed net earnings from continuing operations as well as the future net earnings of the foreign subsidiaries to be permanently reinvested in our operations outside of the U.S.

Our effective tax rate was different than the statutory U.S.

federal income tax rate for the following reasons:

Computed “expected” tax expense

State and local income taxes, net of federal tax benefit

Foreign-derived intangible income

Permanent items

Equity-based compensation

Section 162(m) limitation

The amounts of cash paid for income taxes were as follows:

Year Ended December 31,

(in thousands)

State and local

United Kingdom

For the years ended December 31, 2025, 2024 and 2023, we filed a consolidated federal and state income tax return for Revolve Group, Inc.

We believe that there are no uncertain tax positions that would impact the accompanying consolidated financial statements.

We do not anticipate there will be a material change in our recognition of uncertain tax positions in the next 12 months.

The tax years ended December 31, 2022 through 2025 remain subject to possible examination by the Internal Revenue Service and the tax years ended December 31, 2021 through 2025 remain subject to possible examination by state tax jurisdictions.

No interest or penalties related to income taxes are recognized in the accompanying consolidated financial statements.

In October 2021, the Organization for Economic Co-operation and Development issued a statement updating and finalizing the key components of the two-pillar plan on global tax reform, intended to be effective on January 1, 2024.

Pillar One focuses on nexus and profit allocation.

In October 2021, the OECD issued a statement updating and finalizing the key components of the two-pillar plan on global tax reform, intended to be effective on January 1, 2024.

Pillar One focuses on nexus and profit

Pillar Two provides for a global minimum effective corporate tax rate of 15 %, applied on a jurisdiction-by-jurisdiction basis.

While the U.S.

has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation.

As currently designed, Pillar Two will apply to our worldwide operations.

However, given that we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs.

We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two model rules in the jurisdictions in which we operate.

has not adopted the Pillar Two rules, various other governments around the world are enacting legislation.

Although these rules are not currently applicable to us, we operate in participating countries that have implemented or are expected to implement these rules.

On January 5, 2026, the OECD announced a “side-by-side” elective safe harbor that would exempt electing U.S.-parented multinational entities from the fifteen percent global minimum tax for taxable years beginning on or after January 1, 2026.

We continue to evaluate the impact of these tax developments and those under other OECD and non-U.S.

rules as new guidance and regulations are published and become applicable.

Further, legislation commonly known as the One Big Beautiful Bill Act enacted in July 2025 modified certain tax provisions that had an impact our tax liability and financial condition.

Equity-based Compensation

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Unvested at January 1, 2025

Forfeited (2)

Unvested at December 31, 2025

(1) Includes an adjustment of 6,847 shares underlying performance-based RSU awards made during the year ended December 31, 2024.

The vesting of such RSUs is based upon the Company’s current performance against predefined financial targets.

(2) Includes an adjustment of ( 437 ) shares underlying performance-based RSU awards made during the year ended December 31, 2024.

The vesting of such RSUs is based upon the Company’s current performance against predefined financial targets.

There were 444,718 options and 221,959 RSUs granted during 2025.

17 unchanged sentences

Basic earnings per share is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted earnings per share represents net income divided by the weighted-average number of shares of common stock outstanding, inclusive of the effect of dilutive stock options and RSUs.

Diluted earnings per share represents net income attributable to common stockholders divided by the weighted-average number of shares of common stock outstanding, inclusive of the effect of dilutive stock options and RSUs.

The undistributed earnings are allocated based on the participation rights of shares of Class A and Class B common stock as if the earnings for the year have been distributed.

31 unchanged sentences

Segment Information

We have two reportable segments, REVOLVE and FWRD, each offering apparel, shoes, accessories, beauty and home products available for sale to customers through their respective websites.

We have two reportable segments, REVOLVE and FWRD, each offering apparel, shoes, accessories and beauty products available for sale to customers through their respective websites.

Our reportable segments have been identified based on how our chief operating decision makers manage our business, make operating decisions, and evaluate operating performance.

32 unchanged sentences

Accrued expenses consist of the following (in thousands):

Selling and distribution

Consumption taxes

Salaries and related benefits

Selling and distribution

Total accrued expenses

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to time party thereto and Bank of America, N.A., as administrative agent and collateral agent for the lenders

First Amendment to Amended and Restated Credit Agreement, dated as of February 2, 2026, by and among Alliance Apparel Group, Inc., Eminent, Inc., Advance Development, Inc, Revolve Group, Inc., Twist Holdings, LLC, FWRD, LLC, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent for the lenders

February 2, 2026

Insider Trading Policy

February 25, 2025

Subsidiaries of the Registrant

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data