Reformation Inc. (REF) SEC Filings & Earnings Calls
EquiReason read 3 Reformation Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-09-11 — Reformation reported strong Q2 2026 results with revenue up 24.1% YoY and gross margin expanding 230bps to 66.7%, driven by DTC and wholesale growth and lower tariff costs..
Source: SEC EDGAR filings · read by EquiReason
- Market cap
- 920.5M
- P/E TTM
- —
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 5 Nov, in 12 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
11 Sep 202610-QReformation reported strong Q2 2026 results with revenue up 24.1% YoY and gross margin expanding 230bps to 66.7%, driven by DTC and wholesale growth and lower tariff costs.earningsopen
Figures in the filing · each found in the filing text
| Gross margin · Q2-2026 | 66.7% | |
| Active Customers · Q2-2026 | 1,204,000 | +23% y/y |
| DTC Net Revenue per Customer · Q2-2026 | $417.00 | -1% y/y |
| Adjusted EBITDA · Q2-2026 | $25M | +54% y/y |
| Adjusted EBITDA margin · Q2-2026 | 16.4% |
Risks flagged
Tariff exposure
“If tariffs on countries from which we source products increase further, it may increase our cost of sales.” · word for word
Internal control weaknesses
“We have identified material weaknesses in our internal control over financial reporting.” · word for word
Customer concentration in wholesale
“A single customer accounted for 23% of our consolidated accounts receivable as of 2025.”
High leverage
“As of June 27, 2026, we had $246.7 million of term loans and $3.6 million of letters of credit outstanding under the Credit Agreement for a total indebtedness of $250.3 million.” · word for word
10 Sep 20268-K · 2.02Reformation Inc. reported Q2 FY2026 net revenue up 24.1% to $155.2M, net income up 79.4% to $12.4M, adjusted EBITDA margin expanded 320 bps to 16.4%, and raised FY2026 revenue guidance to $602-606M.earningsopen
Figures in the filing · each found in the filing text
| Net revenue · Q2-2026 | $155M | +24% y/y |
| Gross margin · Q2-2026 | 66.7% | |
| Net income · Q2-2026 | $12M | +79% y/y |
| Adjusted EBITDA · Q2-2026 | $25M | +54% y/y |
| Adjusted EBITDA margin · Q2-2026 | 16.4% | |
| Diluted EPS · Q2-2026 | $0.23 | +77% y/y |
| Store count · Q2-2026 | 70 | |
| Cash and cash equivalents · Q2-2026 | $77M | |
| Inventory · Q2-2026 | $82M | +26% y/y |
| Total debt · Q2-2026 | $247M |
Guidance
FY2026 net revenue raised to $602-606M from $580-590M (implied); FY2026 adjusted EBITDA margin 14-14.2%; FY2026 capex $23-27M
Company raised full-year revenue guidance to $602-606M (18.6-19.5% growth), with adjusted EBITDA margin of 14-14.2% and capex of $23-27M for store expansion.
Risks flagged
Tariff exposure: lower average tariff rates contributed to margin expansion, but future tariff changes could reverse this benefit.
“Gross margin expansion was primarily driven by lower average tariff rates”
DTC Net Revenue per Customer declined 1.4% due to new customer mix, which may pressure per-customer economics if not offset by retention.
“The decline in DTC Net Revenue per Customer primarily reflects accelerated growth in new customers, who typically enter the brand at lower initial spend levels” · word for word
Inventory increased 25.8% to $81.8M, outpacing revenue growth, potentially indicating inventory build risk.
“Inventory was $81.8 million, compared to $65.0 million at the end of the second quarter of 2025” · word for word
3 Aug 20268-K · 5.03, 8.01Completed IPO of 14,062,500 shares at $15.00 per share, gross proceeds ~$210.9M. Company received proceeds only from primary shares (9,478,821 shares).open
Figures in the filing · each found in the filing text
| IPO shares sold · 2026-07-31 | 14,062,500 | |
| IPO price per share · 2026-07-31 | $15.00 | |
| IPO gross proceeds · 2026-07-31 | $211M |
Risks flagged
Selling stockholders sold 4,583,679 shares, indicating insider monetization.
“sale by the selling stockholders of 4,583,679 shares of the Company’s common stock” · word for word
Reformation Inc. — questions
- What did Reformation Inc. file recently?
- 3 SEC filings in the last 12 months. Latest: 10-Q on 2026-09-11 — Reformation reported strong Q2 2026 results with revenue up 24.1% YoY and gross margin expanding 230bps to 66.7%, driven by DTC and wholesale growth and lower tariff costs.
Every figure on this page comes from Reformation Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.