Filing Flows › Reformation (REF) › Q3 2026
Reformation (REF) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Reformation (REF) reported revenue of $174M for the third quarter 2026 (Q3 2026), +19% from a year earlier and +12% from the quarter before. Operating margin was 4.3%, net loss $1.1M (0.7% of revenue).
Reformation, Q3 2026: revenue $174M (+19% year over year), operating margin 4.3%, net loss $1.1M, operating cash flow $44.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +12% | +19% |
| Operating profit | $7.4M | -61% | — |
| Net earnings | −$1.1M | -109% | — |
| Operating cash flow | $44.7M | — | +81% |
| Free cash flow | $38.0M | — | +258% |
What changed
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.
Questions
What was Reformation's revenue in the third quarter 2026?
Reformation (REF) reported revenue of $174M for the third quarter 2026 (Q3 2026), +19% from a year earlier and +12% from the quarter before.
Was Reformation profitable in the third quarter 2026?
Operating profit was $7.4M (4.3% of revenue) and net loss $1.1M.
Source: Reformation 10-Q on SEC EDGAR.