Reformation Q2 Revenue Jumps 24% to $155M; Net Income Up 79%
REF is trading near its 52-week low of $12.83 (2.5% above the low).
Summary
Reformation's first post-IPO earnings report shows 24% revenue growth, 79% net income growth, and full-year guidance of $602–606 million. The company also took on $92 million in new debt to pay a $90 million dividend.
Key Events · Earnings and Guidance · REF
-
Q2 Revenue Up 24% to $155M
Net revenue rose 24.1% year-over-year to $155.2 million, driven by 21.2% DTC growth and 48.7% wholesale growth. Active customers increased 22.9%.
-
Net Income Nearly Doubles
Net income grew 79.4% to $12.4 million, or $0.23 per diluted share, up from $6.9 million a year earlier. Gross margin expanded 230 basis points to 66.7%.
-
Adjusted EBITDA Margin Hits 16.4%
Adjusted EBITDA rose 53.9% to $25.4 million, with margin expanding 320 basis points to 16.4%, driven by gross margin gains and fixed-cost leverage.
-
FY2026 Guidance Issued
Full-year revenue is guided to $602–606 million (18.6–19.5% growth), with Adjusted EBITDA margin of 14–14.2% and capex of $23–27 million for 15–16 new stores.
Analysis · REF · Manufacturing
Reformation delivered its first quarterly report as a public company with accelerating momentum: revenue grew 24.1% to $155.2 million, net income nearly doubled to $12.4 million, and Adjusted EBITDA margin expanded 320 basis points to 16.4%. The company also issued full-year guidance of $602–606 million in revenue, implying roughly 19% growth. Against a backdrop of heavy insider selling since the July IPO and a stock trading near its 52-week low, these results provide a fundamental counterweight — but the balance sheet also shows a new $92 million term loan used to fund a $90 million dividend to shareholders, which raises leverage and reduces equity cushion.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30% of the 1963 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.14%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, REF was trading at $13.15 on NYSE in the Manufacturing sector, with a market capitalization of approximately $776.9M. The 52-week trading range was $12.83 to $17.26. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.