Reformation (NYSE:REF) Announces Earnings Results

Posted by Tammy Falkenburg on Sep 11th, 2026

Reformation (NYSE:REF – Get Free Report) posted its earnings results on Thursday. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.03, Zacks reports. The company’s revenue was up 24.1% compared to the same quarter last year.

Here are the key takeaways from Reformation’s conference call:

Q2 results exceeded IPO expectations: Net revenue rose 24.1% year over year to $155.2 million, while adjusted EBITDA increased 54% to $25.4 million, lifting the margin to 16.4% from 13.2%.
Reformation’s active customer base grew 23% to 1.2 million, supported by strong new-customer acquisition, healthy retention, and broad-based demand across product categories and geographies. However, DTC revenue per customer declined 1.4% because newer customers initially spend less than established cohorts.
International and store expansion remain major growth drivers. International revenue increased 36.8%, while the company plans to open 9–10 stores in the second half of 2026, ending the year with 79–80 locations and targeting more than a doubling of its store base over five years.
Gross margin expanded 230 basis points to 66.7%, helped by lower tariffs, higher average unit retail prices, and strong full-price selling. Management expects further margin expansion in the second half, although wholesale growth carries a mix impact.
Reformation reaffirmed 2026 revenue guidance of $602 million–$606 million, or roughly 18.6%–19.5% growth, and adjusted EBITDA margin guidance of 14%–14.2%. Fourth-quarter comparisons will be challenging due to last year’s strong holiday performance, while public-company costs, stock-based compensation, and shipping expenses are expected to pressure near-term operating expenses.

Reformation Stock Performance

REF opened at $13.18 on Friday. Reformation has a twelve month low of $12.83 and a twelve month high of $17.26.

Insider Activity at Reformation

In other news, Director Yael Aflalo sold 60,298 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $13.95, for a total value of $841,157.10. Following the completion of the transaction, the director directly owned 11,665,505 shares of the company’s stock, valued at $162,733,794.75. This trade represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Scsp Refo sold 149,596 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $13.95, for a total value of $2,086,864.20. Following the completion of the transaction, the insider owned 28,942,153 shares of the company’s stock, valued at approximately $403,743,034.35. This represents a 0.51% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 4,401,122 shares of company stock worth $61,395,652.

Analysts Set New Price Targets

Several research firms have commented on REF. Telsey Advisory Group started coverage on shares of Reformation in a research report on Monday, August 24th. They set an “outperform” rating and a $20.00 target price on the stock. Robert W. Baird initiated coverage on shares of Reformation in a research report on Monday, August 24th. They set an “outperform” rating and a $19.00 price target for the company. BTIG Research began coverage on shares of Reformation in a report on Monday, August 24th. They set a “buy” rating and a $20.00 price objective for the company. Citigroup began coverage on shares of Reformation in a research note on Monday, August 24th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Royal Bank Of Canada initiated coverage on shares of Reformation in a research note on Monday, August 24th. They set an “outperform” rating and a $18.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.25.

Check Out Our Latest Report on Reformation