Revolve Group, Inc. Segments Disclosure
Note 12. Segment Information
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. Our chief operating decision makers are our co-chief executive officers. We evaluate the performance of our reportable segments based on net sales and gross profit. Management does not evaluate the performance of our reportable segments using asset measures. During the years ended December 31, 2025, 2024 and 2023, no customer represented over 10% of net sales.
The following tables summarize our net sales, cost of sales and gross profit for each of our reportable segments (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net sales |
|
|
|
|
|
|
|
|
|
|||
REVOLVE |
|
$ |
1,054,042 |
|
|
$ |
970,517 |
|
|
$ |
904,525 |
|
FWRD |
|
|
171,640 |
|
|
|
159,394 |
|
|
|
164,194 |
|
Total |
|
$ |
1,225,682 |
|
|
$ |
1,129,911 |
|
|
$ |
1,068,719 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|||
REVOLVE |
|
$ |
471,547 |
|
|
$ |
435,918 |
|
|
$ |
412,708 |
|
FWRD |
|
|
98,351 |
|
|
|
100,720 |
|
|
|
101,812 |
|
Total |
|
$ |
569,898 |
|
|
$ |
536,638 |
|
|
$ |
514,520 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|||
REVOLVE |
|
$ |
582,495 |
|
|
$ |
534,599 |
|
|
$ |
491,817 |
|
FWRD |
|
|
73,289 |
|
|
|
58,674 |
|
|
|
62,382 |
|
Total |
|
$ |
655,784 |
|
|
$ |
593,273 |
|
|
$ |
554,199 |
|
All of our long-lived assets and goodwill are located in the United States as of the years ended December 31, 2025, 2024 and 2023. The following table lists net sales by geographic area (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
United States |
|
$ |
972,419 |
|
|
$ |
903,484 |
|
|
$ |
870,405 |
|
Rest of the world (1) |
|
|
253,263 |
|
|
|
226,427 |
|
|
|
198,314 |
|
Total net sales |
|
$ |
1,225,682 |
|
|
$ |
1,129,911 |
|
|
$ |
1,068,719 |
|
The following tables summarize net sales and percentage of net sales by product category for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net Sales |
|
|
|
|
|
|
|
|
|
|||
Fashion Apparel |
|
$ |
555,867 |
|
|
$ |
499,089 |
|
|
$ |
469,718 |
|
Dresses |
|
|
344,475 |
|
|
|
331,414 |
|
|
|
315,237 |
|
Handbags, Shoes and Accessories |
|
|
248,428 |
|
|
|
237,947 |
|
|
|
235,085 |
|
Beauty |
|
|
58,784 |
|
|
|
48,989 |
|
|
|
41,612 |
|
Other (1) |
|
|
18,128 |
|
|
|
12,472 |
|
|
|
7,067 |
|
Total net sales |
|
$ |
1,225,682 |
|
|
$ |
1,129,911 |
|
|
$ |
1,068,719 |
|
|
|
|
|
|
|
|
|
|
|
|||
As a percentage of net sales |
|
|
|
|
|
|
|
|
|
|||
Fashion Apparel |
|
|
45 |
% |
|
|
45 |
% |
|
|
44 |
% |
Dresses |
|
|
28 |
% |
|
|
29 |
% |
|
|
29 |
% |
Handbags, Shoes and Accessories |
|
|
20 |
% |
|
|
21 |
% |
|
|
22 |
% |
Beauty |
|
|
5 |
% |
|
|
4 |
% |
|
|
4 |
% |
Other (1) |
|
|
2 |
% |
|
|
1 |
% |
|
|
1 |
% |
Total net sales |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.