Reformation Inc. (REF) Income Statement
REF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsREF revenue and net income
Where REF's revenue goes
2025Each bar shows an amount and its share of revenue. REF kept 2.5% of revenue as net income.
REF profit margins
REF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.7% | — | — | — |
| Gross profit | +8.1% | — | — | — |
| Operating income | −45.3% | — | — | — |
| Net income | −61.6% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
REF quarterly EPS vs estimates
Reformation beat the analyst EPS estimate in 1 of the last 1 quarters. Next report: December 10, 2026 (estimate $0.02).
REF income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $507.1M | $438.2M | $359.5M |
| Cost of revenue | $201.6M | $155.6M | $129.2M |
| Gross profit | $305.5M | $282.6M | $230.3M |
| Sales, general & admin | $276.7M | $229.9M | $192.8M |
| Total operating expenses | $276.7M | $385.5M | $321.9M |
| Operating income | $28.8M | $52.7M | $37.6M |
| Interest income | $1.8M | $3.0M | $1.1M |
| Interest expense | $14.6M | $10.7M | $0 |
| Income before taxes | $16.9M | $45.7M | $38.8M |
| Income taxes | $4.2M | — | — |
| Net income | $12.6M | $32.9M | $23.9M |
| EBITDA | $44.6M | $66.5M | $47.2M |
| Gross margin | 60.2% | 64.5% | 64.1% |
| Operating margin | 5.7% | 12.0% | 10.5% |
| Net margin | 2.5% | 7.5% | 6.6% |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Revenue | $155.2M | $112.3M | $125.1M | $86.1M |
| Cost of revenue | $51.8M | $33.3M | $44.5M | $34.2M |
| Gross profit | $103.5M | $79.0M | $80.6M | $51.9M |
| Sales, general & admin | $84.4M | $91.8M | $68.0M | $55.8M |
| Total operating expenses | $84.4M | $91.8M | $112.5M | $90.0M |
| Operating income | $19.0M | −$12.8M | $12.6M | −$3.9M |
| Interest income | $185,000 | $313,000 | $414,000 | $655,000 |
| Interest expense | $3.5M | $3.3M | $4.0M | $4.2M |
| Income before taxes | $17.1M | −$16.1M | $9.3M | −$7.5M |
| Income taxes | $4.7M | −$3.9M | — | — |
| Net income | $12.4M | −$12.1M | $6.9M | −$5.6M |
| EBITDA | $24.9M | −$8.6M | $16.3M | −$464,000 |
| EPS (diluted) | $0.23 | — | — | — |
| Gross margin | 66.7% | 70.3% | 64.4% | 60.3% |
| Operating margin | 12.3% | −11.4% | 10.1% | −4.5% |
| Net margin | 8.0% | −10.8% | 5.5% | −6.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in REF's financial statements (latest annual report filed June 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
REF financial results
In fiscal year 2025 (ended December 31, 2025), Reformation reported revenue of $507.1 million, up 15.7% from the year before. It had net income of $12.6 million (down 61.6%), a net profit margin of 2.5%.
See the REF stock overview for the latest quote and news, or the REF chart for price history and technical indicators.
REF income statement FAQ
What is Reformation's annual revenue?
Reformation reported total revenue of $507.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 15.7% from $438.2 million the previous year.
Is Reformation profitable?
Yes. Reformation reported net income of $12.6 million in fiscal 2025, a net profit margin of 2.5%; its operating margin was 5.7%.
What is Reformation's gross margin?
Reformation's gross margin was 60.2% in fiscal 2025: for every $100 of revenue, Reformation kept $60 after the direct cost of its products and services.
When will Reformation report its next earnings?
Reformation is expected to report results for the quarter ending September 30, 2026 on December 10, 2026.
When does Reformation's fiscal year end?
Reformation's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on June 25, 2026.