Fashion’s public-market debutantes are judged less on the story they tell at the opening bell than on the first quarterly call that follows. Reformation cleared that hurdle on September 10, when it reported second-quarter fiscal 2026 results: net revenue of $155.2 million, up 24.1 percent, and net income of $12.4 million, up 79.4 percent, for the quarter ended June 27.
From IPO to first call
The label priced its initial public offering on July 29 at $15 a share, selling 14,062,500 shares between the company and existing stockholders, and began trading on the New York Stock Exchange under the ticker REF on July 30, according to the company. J.P. Morgan and Morgan Stanley served as joint lead bookrunning managers.
The results suggest the growth that underpinned that listing has not slowed. The company said adjusted EBITDA margin expanded 320 basis points to 16.4 percent and that active customers rose 22.9 percent. Chief executive Hali Borenstein called it the brand’s “21st consecutive quarter of double-digit revenue growth.”
“We see significant runway ahead and believe we are well positioned to continue delivering strong, profitable growth and to create meaningful long-term value for our shareholders.” — Hali Borenstein, CEO, Reformation
Customers who come back
On the earnings call, Borenstein leaned on retention as the core of the investment case. “Once we acquire customers, they stay with us,” she said, Modern Retail reported, noting that 70 percent of 2025 revenue came from repeat customers. She also described Reformation as “a multi-generational brand that appeals to an attitude and mindset, rather than a specific demographic,” noting that in 2025, “20% of our new customers were under the age of 25, and 20% were over the age of 50.”
The store thesis
Reformation is also a physical-retail story. It ended the quarter with 70 stores globally after opening four, and its full-year outlook calls for 15 to 16 new openings. “At the end of Q2, we operated 70 stores, and we see a clear path to doubling our fleet over the next five years,” Borenstein said on the call, according to Modern Retail.
For fiscal 2026, the company guided to net revenue of $602 million to $606 million, growth of 18.6 to 19.5 percent, with an adjusted EBITDA margin of 14 to 14.2 percent and capital expenditures of $23 million to $27 million.
Why it matters beyond one brand
A fashion IPO is rare enough that each one becomes a reference point for the rest of the industry. A solid first quarter gives Reformation credibility with new shareholders and gives privately held peers, particularly digitally native brands expanding into physical stores, a live comparison for how public investors value a label that sells both a look and a set of values.
The harder quarters are ahead: a holiday season in which consumers remain price-conscious, and a pace of store openings that will pressure execution. For now, Reformation has done what a newly listed company most needs to do in its first appearance before investors: report growth and profitability in line with the story it told at listing.
See all sources
- Reformation Announces Second Quarter Fiscal 2026 Results, Reformation, 2026-09-10
- Reformation Announces Pricing of Initial Public Offering, Reformation, 2026-07-29
- Reformation says active customers grew 23% in first public earnings report, Modern Retail, 2026-09-11
