Overview
- Reformation filed a Form S-1 with the SEC to pursue an initial public offering on June 25, 2026, but the offering size and price range have not been set.
- The filing reports $507.1 million in net revenue for 2025 and a 30.4% rise in Q1 2026 revenue, extending the brand's streak to 20 consecutive quarters of double-digit growth.
- Profitability narrowed in 2025 with net income falling to $12.6 million from $32.6 million in 2024 and adjusted EBITDA at $45 million, or 8.9% of net revenue.
- Permira remains the largest shareholder and will keep substantial control after the IPO, the underwriting group is led by J.P. Morgan and Morgan Stanley, and proceeds are slated in part for debt reduction and buybacks.
- The prospectus leans on sustainability claims and a data-driven, fast-turn direct-to-consumer model but flags material risks from meeting sustainability targets, tariff swings, AI and data use, and prior workplace and reputation issues that will shape investor and customer scrutiny.