Earnings Releases·Nov 5, 2026, 4:19 PM ET

Reformation — Third Quarter Fiscal 2026 Earnings Summary

Net revenue grew 19.1% year-over-year to $173.6 million, with gross margin expanding 252 basis points to 60.4% and adjusted EBITDA rising 64.2% to $23.1 million, though GAAP net loss widened to $(1.1) million due to $10.5 million in IPO-related stock-based compensation and tax impacts.
The company raised full-year Fiscal 2026 net revenue guidance to $610 million–$612 million (20%–21% growth) and adjusted EBITDA margin guidance to approximately 14.2%, while capital expenditures are projected at $26 million–$27 million for 16 new store openings.
Strategic growth was driven by a 40.8% increase in wholesale revenue and 24.7% growth in international sales, bringing the global retail footprint to 77 stores with a target of 80 by year-end, alongside a 23.4% increase in active customers to 1.25 million.
Financing activities included $132.2 million in net IPO proceeds and $89.2 million in term loan proceeds, offset by $114.1 million in loan repayments and $88.2 million in dividends paid, resulting in $97.7 million in cash and cash equivalents.