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INVESTOR PRESENTATION Q4 2026
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This presentation is provided for informational purposes only and should not be construed as an oer, commitment, promise or obligation on behalf of Stitch Fix, Inc. ("Stitch Fix" or the "Company") to sell securities or deliver any products, services, functionalities or other features. This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward looking, including but not limited to statements regarding our expectations for future financial performance, including our revenue growth, profitability and long-term targets; our outlook on financial results and metrics; our expectations regarding our market and wallet share, market opportunity, client growth, retention, engagement and other trends, our expectation with respect to the impact of our strategies, priorities, and investments, including our transformation strategy and plans for enhancements to our client experience, our financial results and key metrics; our plans and expectations with respect to our product oerings, AI initiatives and our use of AI technologies, and plans for category expansion; our assessment of the impact of taris and the macroeconomic environment on our results of operations and future performance; our ability to navigate a dynamic consumer environment; and our expectations regarding future costs and metrics, including transportation costs, gross margin, average order value, inventory levels, and advertising spend. These statements involve substantial risks and uncertainties, including risks and uncertainties related to the current macroeconomic environment; our ability to generate suicient net revenue to oset our costs; changing consumer behavior; the eect of changes in and uncertainty regarding taris or trade policies and our ability to mitigate tari-related risks; our ability to acquire, engage, and retain clients; our ability to provide oerings and services that achieve market acceptance; our data science and technology, Stylists, operations, marketing initiatives, and other key strategic areas, including the implementation of our transformation strategy; risks related to our inventory levels and management; risks related to our supply chain, sourcing of materials and shipping of merchandise; our ability to forecast our future operating results; our ability to respond to technical incidents and the impact of the same on our financial performance; and other risks described in the filings we make with the SEC. Further information on these and other factors that could cause our financial results, performance, and achievements to dier materially from any results, performance, or achievements anticipated, expressed, or implied by these forward-looking statements is included in filings we make with the SEC from time to time, including in the sections titled “Risk Factors” in our Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2026. These documents are available on the SEC Filings section of the investor relations section of our website at: hps:/ /investors.stitchfix.com. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the maers covered by such forward-looking statements involves known and unknown risks, uncertainties, and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could dier materially from the results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. Please note that fiscal 2024 was a 53-week year due to an extra week in the fourth quarter. As such, references to consecutive quarters of year-over-year revenue and active client growth rates in this presentation are based on an adjusted 52-week basis, removing the impact of the extra week to provide a comparison we believe more accurately reflects our performance. This presentation contains statistical data, estimates, and forecasts that are based on independent industry publications, or other publicly available information, as well as other information based on the Company’s internal sources. Information on the U.S. apparel, footwear and apparel accessories market is from independent market research carried out by Circana, Inc, but should not be relied upon in making, or refraining from making, any investment decision. Information on our target client segments are from independent market research carried out by Statista, Inc, but should not be relied upon in making, or refraining from making, any investment decision. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, Stitch Fix makes no representations as to the accuracy or completeness of that data. The information contained in this presentation speaks as of the date on the first page of this presentation, and we undertake no obligation to update this information. SAFE HARBOR STATEMENT
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WHO WE ARE Stitch Fix is the leading online personal styling service created to help people solve a very human problem: finding clothes that make them look stylish and feel their best.
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WHAT WE DO We help clients discover and express their personal style by pairing expert Stylists with best-in-class AI and recommendation algorithms. We leverage our assortment of private and national brands to meet each client’s individual tastes and needs, making it convenient for them to discover the styles they will love without having to spend hours shopping in stores or sifting through endless choices online.
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OUR UNIQUE MODEL COMBINES EXPERT STYLISTS, CURATED MERCHANDISE AND ADVANCED TECHNOLOGY an assortment that meets a wide variety of style needs including information entrusted in us by clients and recommendation algorithms Helping people discover the styles they will love that fit perfectly so they always look—and feel—their best Private Brands National Brands who deliver personalized solutions to each client Expert Stylists Expansive Dataset Curated Merchandise Best-in-Class AI
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2011 2013 Stitch Fix founder, Katrina Lake, ships the first Stitch Fix order out of her Cambridge, MA apartment First groupof Stylists hired outside of our HQ, enhancing personalized, high-touch client experiences Launch of Men’s business to capture a larger addressable market Launch of Freestyle, a direct-buy experience tailored to each client’s unique style and fit preferences 2016 2018 20242017 2021 2023 Stitch Fix initial public oering Launch of Kids business to serve the full family Ma Baer joins Stitch Fix as CEO 2025 Launch of new experiences and a first-of-its-kind personal style visualization for greater flexibility and personalization Launch the first in a series of changes to reimagine the client experience, including a refreshed brand identity 2026 Advanced AI capabilities, accelerating our private label designs and giving clients more control over AI style visualization STITCH FIX CORPORATE TIMELINE
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OUR TARGET CUSTOMER SEGMENTS OFFER EXPANSIVE OPPORTUNITY Source: Statista, Inc © All rights reserved. (1) 2025 U.S. Apparel, Footwear and Accessories Market (12 months ending April) Source: Circana, Inc © All rights reserved. Our target client is a subset of (1) Total U.S. Women 18-74, HH Income 60k+ , willing to shop online and willing to spend $40+ on three of four categories (dresses, coats/jackets, shirts, pants/jeans), and (2) Total US Men 25-65, HH Income 60K+ , willing to shop online and spend $40+ on key categories. Based on US 2020 Census Appreciates guidance and inspiration Convenience and comfort are paramount Struggles with finding the right styles Values personalized recommendations Appreciates the ease of fashion delivered to their door Fit is critical $63B REPRESENTED BY OUR TARGET CLIENTS IN ANNUAL SPEND $240.7B 2025 U.S. Apparel Market 1
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You receive an invitation to get a Fix—on a regular schedule or on demand You can also find what’s trending for you in your personalized Freestyle experience We will play back your multi-layered style persona YOUR PERSONALIZED STYLE JOURNEY BEGINS HERE Your Stitch Fix experience begins with an in-depth style quiz Geing to know you Invitation to style Complete the lookFinding your style personality
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…or shop on demand through Freestyle! With a wide range of styles across various sizes and price points Over 92% of clients say we get their fit right From our brand partners, as well as our private brand assortment THE STITCH FIX EXPERIENCE, DELIVERED Personalized styling services Ability to shop for all ages Access to thousands of styles Just-for-you pieces
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ENHANCED FLEXIBILITY A broader assortment gives clients more options when they are refreshing a season, evolving a wardrobe or preparing for a life moment A client chooses an occasion or trend—from workwear and vacation to golf—and their Stylist personalizes the Fix around them A client can start with an item they love in Freestyle and ask a Stylist to build a personalized Fix around it Add profiles for each adult or child, so you can easily shop each person’s style, fit, size and budget from one account Themed FixLarger Fixes Get it in a Fix Family Accounts
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AI INNOVATION Our style visualization tool that uses exclusive AI to generate images that look like YOU Lets clients choose a recommended look and see themselves wearing it, creating a more active and intuitive way to explore style DISCOVER VISUALIZE AI is helping our merchandising team turn proprietary data and client feedback into a private-label designs, and reducing design time from multiple months to just one week CREATE Stitch Fix Vision See It On Me AI-Enabled Private Brand Design
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WHERE WE ARE TODAY We are increasingly becoming the retailer of choice for more of our clients' apparel and accessories needs. We are doing this by leveraging the latest in AI technology, the expertise of our human Stylists, and our assortment of leading brands, in service of our aim to deliver the most client-centric and personalized shopping experience.
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OUR TRANSFORMATION JOURNEY Driving Towards Sustainable, Profitable Growth I. Rationalize II. Build III. Grow how we’ll get there what we’re anchored in Strengthen the Foundation Reimagine the Client Experience Bringing to life a more modern and dynamic Stitch Fix TRANSFORMATION PILLARS PHASES STRONG CUL TURE TECH EXCELLENCE COST DISCIPLINE DATA SCIENCE + AIOUR FUNDAMENTALS Where we are today Retail best practices embedded across the enterprise Operational eiciencies identified Organizational structure in place to shape future success Deeper client-Stylist relationships Enhanced client engagement features Increased flexibility in our business model Client-right assortment
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Q4 2026 Financial Overview
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Financial Commentary ● Delivered 6.4% year-over-year revenue growth, our first full year of revenue growth since FY21. ● Achieved record revenue per active client (RPAC) of $592, up 7.8% year over year. ● Continued cost discipline management. Overall SG&A spend was 45.3% of revenue, over 220 bps lower than last year. ● Generated $53.4M of adjusted EBITDA, with adjusted EBITDA margin expanding to 4.0%. ● Generated $19.8M of free cash flow 5 ● Ended the year with $220.9m of cash, cash equivalents, and investments; and no debt (1) Discounts, sales tax and estimated refunds are deducted from revenue to arrive at net revenue, which the Company refers to as “revenue” or “net revenue” . (2) Defined as clients who checked out a Fix or were shipped an item using Freestyle in the preceding 52 weeks, measured as of the last day of that period. A client checks out a Fix when he or she indicates which items he or she is keeping through our mobile app or website. We consider each Men’s, Women’s, or Kids account as a client, even if they share the same household. (3) Calculated based on net revenue over the preceding four fiscal quarters divided by the number of active clients, measured as of the last day of the period. (4) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. We define Adjusted EBITDA as net loss from continuing operations excluding interest income, other (income) expense, net, provision for income taxes, depreciation and amortization, stock-based compensation expense, restructuring and other one-time costs, and non-ordinary course legal fees related to our continuing operations. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue for the period. We consider net loss and net loss margin to be the financial measures computed in accordance with GAAP that are the most directly comparable financial measures to our calculation of Adjusted EBITDA and Adjusted EBITDA margin, respectively. Net loss margin was 0.9% for fiscal year 2026. Non-GAAP measures are reconciled to the corresponding GAAP measures in the Appendix of this presentation. (5) We define Free Cash Flow as net cash flows provided by (used in) operating activities from continuing operations, reduced by purchases of property and equipment that are included in cash flows from investing activities from continuing operations. Non-GAAP measures are reconciled to the corresponding GAAP measures in the Appendix of this presentation. $1.3B NET REVENUE 1 2.3M ACTIVE CLIENTS 2 $592 REVENUE PER ACTIVE CLIENT (RPAC) 3 43.7% GROSS MARGIN 4.0% ADJUSTED EBITDA MARGIN 4 FISCAL 2026 FINANCIAL HIGHLIGHTS
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Q4 2026 FINANCIAL HIGHLIGHTS Q4 KEY METRICS Q4 AT A GLANCE $324.4m Q4 NET REVENUE Sustained Revenue Growth Total revenue grew 4.2% year-over-year in Q4, the sixth consecutive quarter of year-over-year revenue growth. Women’s and Men’s Fix businesses both grew, with Men’s delivering double digit year-over-year growth. 2.277m ACTIVE CLIENTS 1 Improved Active Client Growth Rate Improved active client year-over-year growth rate by nearly 700 basis points, our ninth consecutive quarter of improvement. Client retention rate improved sequentially for the eighth consecutive quarter, and Q4 marked our third straight high in nearly four years. $10.8m Q4 ADJUSTED EBITDA 2 Disciplined Cost Structure Q4 Adjusted EBITDA came in above our guidance range, reflecting disciplined expense management as we continue to optimize our cost structure. $592 REVENUE PER ACTIVE CLIENT 43.6% GROSS MARGIN $145.7M SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES 3.3% ADJUSTED EBITDA MARGIN 2 $4.4M FREE CASH FLOW 3 $220.9M CASH, EQUIVALENTS & INVESTMENTS (1) Defined as clients who checked out a Fix or were shipped an item using Freestyle in the preceding 52 weeks, measured as of the last day of that period. A client checks out a Fix when he or she indicates which items he or she is keeping through our mobile app or website. We consider each Men’s, Women’s, or Kids account as a client, even if they share the same household. (2) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. We define Adjusted EBITDA as net loss from continuing operations excluding interest income, other (income) expense, net, provision for income taxes, depreciation and amortization, stock-based compensation expense, restructuring and other one-time costs, and non-ordinary course legal fees related to our continuing operations.. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue for the period. We consider net loss and net loss margin to be the financial measures computed in accordance with GAAP that are the most directly comparable financial measures to our calculation of Adjusted EBITDA and Adjusted EBITDA margin, respectively. Net loss margin was 0.6% for the three months ended August 1, 2026. Non-GAAP measures are reconciled to the corresponding GAAP measures in the Appendix of the full presentation. (3) We define Free Cash Flow as net cash flows provided by (used in) operating activities from continuing operations, reduced by purchases of property and equipment that are included in cash flows from investing activities from continuing operations. Non-GAAP measures are reconciled to the corresponding GAAP measures in the Appendix of the full presentation.
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YoY Fiscal year ends on the Saturday that is closest to July 31 of that year. All figures reflect continuing operations. (9)% Q4 REVENUE AND ACTIVE CLIENTS YoY REVENUE ACTIVE CLIENTS REVENUE PER ACTIVE CLIENT $M 000’s $/CLIENT $324M 2,277 $592
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Fiscal year ends on the Saturday that is closest to July 31 of that year. All figures reflect continuing operations. (1) Advertising expenses are included in SG&A. (2) Non-GAAP measures are reconciled to the corresponding GAAP measures in the Appendix of this presentation. GROSS MARGIN ADVERTISING 1 ADJUSTED EBITDA MARGIN 2 43.6% 9.9% 3.3% Q4 PROFITABILITY AND MARGINS
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Q1 2027 FY 2027 1 NET REVENUE $323M to $328M $1.310B to $1.360B GROSS MARGIN – 43% to 44% ADJUSTED EBITDA 2 $3M to $6M $27M to $42M (1) Stitch Fix’s fiscal year ends on the Saturday that is closest to July 31 of that year. All figures reflect continuing operations. (2) Non-GAAP measures are reconciled to the corresponding GAAP measures in the Appendix of this presentation. FORWARD-LOOKING OUTLOOK
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Appendix
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Fiscal Year Ended 1 (1) Fiscal year ends on the Saturday that is closest to July 31 of that year. $ in millions. All figures reflect continuing operations. (2) Cash and investments includes cash and cash equivalents, and highly rated securities. (3) Working capital defined as current assets less current liabilities from continuing operations. 2024 2025 2026 Cash and investments ² $247.0 $242.7 $220.9 Working Capital ³ $163.7 $167.6 $112.6 Purchase of Property, Plant, and Equipment ($14.0) ($16.3) ($19.2) KEY BALANCE SHEET AND CASH FLOW ITEMS
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(1) Fiscal year ends on the Saturday that is closest to July 31 of that year. All figures reflect continuing operations. (2) For fiscal 2024, depreciation and amortization excluded $12. 1 million that was reflected in “Restructuring and other one-time costs" (3) For fiscal 2024, restructuring charges were $43.8 million in severance and employee-related benefits, lease termination costs, asset impairments, accelerated depreciation, and other restructuring costs; other one-time costs were $6.7 million in one-time professional services fees. For fiscal 2025, restructuring charges were $1.2 million in severance and employee-related benefits; other one-time costs were $2.0 million in one-time bonuses for certain continuing employees. For fiscal 2026, other one-time costs were $1.0 million for net costs related to an early sublease termination by a sublessor. (4) Non-ordinary course legal fees include costs related to a specific class action lawsuit. RECONCILIATION OF ADJUSTED EBITDA Fiscal Year Ended 1 (in thousands) 2024 2025 2026 Adjusted EBITDA Reconciliation Net Income (loss) from continuing operations ($118,885) ($28,844) ($12,606) Add (Deduct): Interest Income (11,250) (10,709) (8,661) Other Income, net (1,631) (173) (767) Provision (Benefit) for Income Taxes (1,661) 821 338 Depreciation and Amortization 2 35,489 27,860 23,501 Stock-based Compensation Expense 76,756 56,727 46,401 Restructuring and Other One-time Costs 3 50,463 3,228 958 Non-ordinary course legal fees 4 - 229 4,223 Adjusted EBITDA $29,281 $49, 139 $53,387 Revenue, net 1,337,468 1,267, 171 1,348, 119 Net loss margin (8.9) % (2.3) % (0.9) % Adjusted EBITDA margin 2.2% 3.9% 4.0 %
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(1) Fiscal year ends on the Saturday that is closest to July 31 of that year. All figures reflect continuing operations. Fiscal Year Ended 1 (in thousands) 2024 2025 2026 Free Cash Flow Reconciliation Net cash provided by operating activities from continuing operations $28,207 $25,575 $39,070 Add (Deduct): Purchases of property and equipment from continuing operations (13,965) (16,293) (19,224) Free Cash Flow $14,242 $9,282 $19,846 Net cash used in investing activities from continuing operations (78,742) (59, 121) (15,396) Net cash used in financing activities from continuing operations (15,493) (14,967) (42,325) RECONCILIATION OF FREE CASH FLOW