Filing Flows › Consumer Discretionary › Reformation (REF)
Reformation (REF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Reformation (REF) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $174M · 1¢ of every $1 of revenue lost · operating margin 4.3%
Reformation made $174M in Q3 2026 (+19% Y/Y). Operating margin 4.3%, net loss $1.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $173.6M in Q3 2026, up 19% year over year and up 12% from the previous quarter.
Gross margin was 60.4%, up 2.5 points from a year earlier. Operating profit was $7.4M, a 4.3% margin (down 2.7 points year over year). Operating profit fell $2.7M even though revenue rose $27.9M versus a year earlier, so costs grew faster than sales. Operating expenses grew 31% against revenue growth of 19%. The fastest-growing cost line was SG&A (+34%). The quarter ended with a net loss of $1.1M, after a profit of $12.4M the previous quarter. Net interest and other expense of $5.7M was the main reason.
Operating cash flow was $44.7M (up 81% year over year). Non-cash charges added back $4.5M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items added $30.3M. Capital expenditures of $6.7M left free cash flow of $38.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $174M | +19% | 4.3% | −$1.1M | $44.7M |
| Q2 2026 | 10-Q | Sep 11, 2026 | $155M | +24% | 12.3% | $12.4M | — |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Reformation
Reformation is the largest sustainable womenswear brand on the planet (that we know of, anyways). We make beautiful, timeless apparel and accessories that inspire confidence across life stages and occasions. Over the past 17 years, we've built a culturally resonant brand designed to challenge retail conventions. Our business model pairs a smart approach to merchandising with a responsive supply chain, allowing us to consistently deliver covetable, on-trend products to more than one million active customers. As of the end of the second quarter of fiscal 2026, Reformation operated 70 retail stores across the US, UK, Canada and France, and currently serves more than 150 countries around the world through its e-commerce platform.
In its own words, from its 8-K, filed Sep 10, 2026.
Reformation against its Women's, Misses': and Juniors Outerwear peers
The largest companies of the same SEC industry, each at its latest quarter.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| REF Reformation | Q3 2026 | $174M | +19% | 4.3% |
| JILL J.Jill | Q2 FY27 | $155M | +0.5% | 15.7% |
Source: Reformation 10-Q on SEC EDGAR · CIK 1787117 · Women's, Misses': and Juniors Outerwear
Guidance and outlook
More on REF
History
Every quarter: Q3 2026 results · Q2 2026 results