Rent the Runway

Q2 FY2027 EarningsQ2 FY26 revenue reached an all-time high of $97.7M, beating the consensus mean and even exceeding the $95.0M high-end expectation. Despite a 3.8% YoY decline in Active Subscribers, Adjusted EBITDA margin significantly expanded to 12.9% (vs. 4.4% YoY) due to a 609 bps gross margin improvement and disciplined OpEx control. Management reaffirmed FY26 double-digit revenue growth guidance while issuing Q3 revenue guidance of $87M-$90M, slightly below the Q2 actuals due to seasonal normalization.