Free cash flow remains highly volatile, ranging from a negative 9.1% margin in 2024Q2 to a positive 14.6% in 2025Q1, reflecting significant sensitivity to inventory and working capital fluctuations.
| Cash from Operations | 63.67M | 59.4M | 26.69M | 43.34M | 23.44M | 62.31M | 73.77M | 46.06M | 26.66M | 16.48M | -1.49M |
| Operating CF Margin % | - | 4.85% | 2.36% | 4.06% | 2.13% | 6.99% | 12.71% | 7.66% | 5.34% | 4.12% | -0.48% |
| Operating CF Growth % | -168.82% | 122.52% | -38.42% | 84.94% | -62.39% | -15.53% | 60.18% | 72.79% | 61.75% | 1205.97% | - |
| Net Income | 64.24M | 61.15M | 48.77M | 28.15M | 58.7M | 99.84M | 56.79M | 35.67M | 30.64M | 5M | 2.4M |
| Depreciation & Amortization | 6.37M | 4.6M | 5.17M | 5.09M | 4.79M | 4.51M | 4.83M | 3.95M | 2.87M | 2.85M | 2.37M |
| Stock-Based Compensation | 11.06M | 10.57M | 10.03M | 5.84M | 5.86M | 4.79M | 3.36M | 2.07M | 1.4M | 911K | 20K |
| Deferred Taxes | 0 | -2.9M | -6.86M | -5.25M | -5.7M | -5.25M | 1.48M | -1.61M | -3.77M | 3.63M | 68K |
| Other Non-Cash Items | 29.55M | 3.92M | 0 | 0 | 0 | 0 | 0 | 56.99M | 26.7M | 15.41M | 14.69M |
| Working Capital Changes | -47.56M | -17.94M | -30.42M | 9.51M | -40.22M | -41.58M | 7.32M | 5.98M | -4.48M | 4.09M | -6.14M |
| Change in Receivables | -10.23M | -6.75M | 2.07M | -5.63M | -381K | 7.3M | -9.8M | 586K | 361K | 489K | -398K |
| Change in Inventory | -32.34M | -23.55M | -24.79M | 11.64M | -43.97M | -75.99M | 8.98M | -15.62M | -26.05M | -7.01M | -11.91M |
| Change in Payables | 14.2M | 11.85M | -2.72M | -2.97M | -3.56M | 15.01M | 9.52M | 9.59M | 2.37M | 751K | 2.17M |
| Cash from Investing | -28.01M | -14.87M | -9.11M | -4.2M | -5.17M | -2.19M | -2.32M | -12.46M | -3.04M | -2.26M | -3.03M |
| Capital Expenditures | -16.78M | -11.4M | -5.65M | -4.2M | -5.17M | -2.19M | -2.32M | -12.46M | -3.04M | -2.26M | -3.03M |
| CapEx % of Revenue | 1.32% | 0.93% | 0.5% | 0.39% | 0.47% | 0.25% | 0.4% | 2.07% | 0.61% | 0.57% | 0.97% |
| Acquisitions | 0 | 0 | -427K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.57M | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -1.4M | -1.39M | -5.36M | -30.38M | 887K | 12.77M | 8.66M | 15.18M | -17.62M | -15.09M | 5.14M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.1M | -15.09M | 0 |
| Equity Issued (Net) | -856K | -2.02M | -11.78M | -30.91M | 0 | 0 | 0 | 15.18M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.85M | -2.02M | -11.78M | -30.91M | 0 | 0 | 0 | -40.82M | 0 | 0 | 0 |
| Other Financing | -540K | 637K | 6.42M | 536K | 887K | 12.77M | 8.66M | 0 | -2.52M | 0 | 5.14M |
| Net Change in Cash | 35.01M | 46.6M | 11.15M | 10.72M | 16.27M | 72.44M | 80.59M | 49.05M | 5.78M | -869K | 626K |
| Free Cash Flow | 46.89M | 47.99M | 21.04M | 39.14M | 18.27M | 60.12M | 71.45M | 33.6M | 23.61M | 14.22M | -4.52M |
| FCF Margin % | 3.69% | 3.92% | 1.86% | 3.66% | 1.66% | 6.74% | 12.31% | 5.59% | 4.73% | 3.56% | -1.45% |
| FCF Growth % | 68.96% | 128.06% | -46.24% | 114.26% | -69.61% | -15.86% | 112.63% | 42.32% | 66.07% | 414.81% | - |
| FCF per Share | 0.65 | 0.67 | 0.29 | 0.53 | 0.25 | 0.81 | 0.99 | 0.59 | 0.33 | 0.20 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.96x | 0.54x | 1.54x | 0.40x | 0.62x | 1.30x | 1.29x | 0.87x | 3.08x | -0.62x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 342K | 0 | 87K | 668K | 0 |
| Taxes Paid | 8.15M | 0 | 22.2M | 12.99M | 23.03M | 3.01M | 11.95M | 0 | 9.67M | 13.89M | 0 |
Working Capital Volatility
According to recent financial disclosures, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios swinging from -0.55 in 2025Q4 to 3.44 in 2026Q1, suggesting that reported earnings are frequently decoupled from the actual cash-generating capacity of the business operations.
The significant variance in cash conversion appears driven by the timing of working capital requirements rather than underlying profitability shifts. Investors should monitor whether this inconsistency reflects structural difficulties in managing cash cycles or merely the seasonal nature of the company's inventory-heavy business model.
As reported in quarterly filings, free cash flow margins have exhibited extreme instability, ranging from a negative 9.1% in 2024Q2 to a positive 14.6% in 2025Q1, which indicates that the company's ability to generate surplus cash is highly sensitive to short-term operational and inventory fluctuations.
This erratic trajectory suggests that while the company maintains a lean capital expenditure profile, its cash flow generation is not yet predictable enough to support consistent capital return programs. The lack of a stable FCF trend warrants further investigation into whether the business can achieve sustainable cash conversion at scale.
Based on the provided cash flow statements, working capital changes have acted as a significant periodic drain on liquidity, most notably the $41.5 million outflow in 2024Q2, which suggests that inventory management and payment timing remain the primary levers impacting the company's short-term cash position.
The recurring negative working capital swings imply that the company's inventory-to-sales cycle is prone to sudden disruptions, likely exacerbated by the high-touch return model. This volatility suggests that management's ability to optimize the cash conversion cycle is currently limited by the inherent complexities of its e-commerce fulfillment strategy.
Data from recent financial statements indicates that capital expenditures remain minimal, with CapEx/Revenue ratios consistently below 2.2%, suggesting that the company's business model is not capital-intensive and does not require heavy reinvestment to maintain its current operational footprint or proprietary inventory management systems.
The low capital intensity provides a structural advantage, as it allows the company to preserve cash during periods of operational stress. However, investors should monitor whether this low level of investment is sufficient to sustain long-term competitive differentiation in an increasingly crowded and technology-dependent retail landscape.
Quick answers to the most common questions about buying RVLV stock.
Revolve Group, Inc. (RVLV) generated $59.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Revolve Group, Inc. (RVLV) generated $48.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Revolve Group, Inc. (RVLV) spent $11.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Revolve Group, Inc. (RVLV) spent $2.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.