Revlon, Inc.
Beauty and CosmeticsFounded 1932- Updated June 2025
Reviewed by Swet Parvadiya
Last reviewed: June 2025
CorpDigest
Revlon, Inc.
Financial Performance
Last reviewed: June 2025 · By Swet Parvadiya
Revenue
$2.98B
Market Cap
$8.9B
Employees
7,500
The bankruptcy filing of June 16, 2022 with $5.4 billion in debt was the endpoint of a capital structure problem that began in 1985, not a product or operational failure. Net sales of $2.98 billion in FY2022 — down from $3.12 billion in 2021 and $2.45 billion in 2020 — tell the story of a company that was still commercially viable even as its balance sheet became untenable. The fourth quarter of 2022 generated $589.8 million in net sales, which is not the revenue trajectory of a dead brand. Emergence from Chapter 11 on May 2, 2023 eliminated $2.7 billion in liabilities — roughly half the total debt load at the time of filing. As a private company, Revlon no longer files public financial statements, meaning the post-bankruptcy revenue trajectory is not publicly visible. The last disclosed figures are the 2022 numbers, which represent the final year of public reporting. The Colomer Group acquisition in 2013 for $660 million marked Revlon's re-entry into the professional beauty channel 13 years after it had previously sold the division. Elizabeth Arden in 2016 followed at approximately $870 million. Both acquisitions added brand value and channel diversification but contributed to the debt accumulation that ultimately triggered the bankruptcy filing. Net loss of $178.5 million in fiscal year 2022 reflects not only operational underperformance against e.l.f. Beauty and digitally-native competitors but also the debt service cost that consumed cash flow that could otherwise have funded product development, marketing, or supply chain modernization. The post-bankruptcy entity has the financial flexibility to compete that the pre-bankruptcy entity did not; whether management applies that flexibility to the right competitive priorities is the open question.
Revenue Trend Analysis
YoY Change
-4.5%
2-Year CAGR
+10.3%
Peak Year
2021
Trend
Mostly Growing
Revlon, Inc. has reported revenue across 3 fiscal years, compounding at +10.3% annually over 2 years. The most recent year saw a 4.5% decline versus the prior year. Revenue peaked in 2021 at $3.1B. Out of 2 reported periods, 1 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2022 | $3.0B | -4.5% |
| FY2021 | $3.1B | +27.3% |
| FY2020 | $2.5B | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Revlon reported revenue of approximately $2.08 billion in 2021, the year before its June 2022 Chapter 11 filing, and approximately $2.0 billion in 2022 during the bankruptcy proceedings. The 2024 post-emergence revenue is reported in the roughly $1.8 to $2 billion range as the company has rebuilt retail shelf presence following the supply-chain disruptions that contributed to the bankruptcy. The high-watermark for the combined Revlon-Elizabeth Arden business was approximately $3 billion in revenue in 2017, the first full year after the September 2016 Elizabeth Arden acquisition, and the multi-year decline from that peak through 2022 reflected category share losses to L'Oréal, Estée Lauder, e.l.f. Beauty, and indie direct-to-consumer brands, plus the operational disruption that affected order fulfillment in 2021. Post-bankruptcy revenue has stabilized but has not recovered to the 2017 peak, and the strategic challenge is whether the rebuilt distribution and rebuilt product investment plan under Michelle Peluso can produce sustained growth or whether the structural category share losses are permanent.
Revlon's $3.7 billion debt load at the June 2022 Chapter 11 filing reflected nearly four decades of leveraged ownership under Ronald Perelman, beginning with the 1985 leveraged buyout for $1.83 billion (a hostile takeover financed largely with high-yield debt arranged by Drexel Burnham Lambert's Michael Milken), continuing through multiple refinancings, share buybacks, and dividend recapitalizations in subsequent decades. The 2016 acquisition of Elizabeth Arden for $870 million was financed primarily with new debt, materially increasing leverage. A 2020 debt-restructuring controversy compounded the financial strain when Citigroup, acting as administrative agent for a syndicated loan, mistakenly wired approximately $900 million to Revlon lenders, an episode that produced years of litigation and contributed to lender skepticism. Supply-chain disruption through 2021 and into early 2022 impaired the ability to fulfill retail orders, eroding revenue and free cash flow at exactly the moment when interest payments and debt maturities were rising. The combination of structural leverage, transaction-driven debt, category share losses, and operational disruption produced a balance-sheet position that no longer supported the going-concern operating model and forced the Chapter 11 filing on June 15, 2022.
Revlon emerged from Chapter 11 in May 2023 with a restructured balance sheet that reduced total debt from approximately $3.7 billion at filing to approximately $1.4 billion post-emergence, eliminated the residual MacAndrews & Forbes (Ronald Perelman) common-equity ownership, and transferred ownership of the reorganized company to the bondholders who had been Revlon's principal creditors. Glendon Capital, Angelo Gordon, and various distressed-debt funds were among the largest new equity owners. The plan of reorganization included a debtor-in-possession financing facility that funded operations during the bankruptcy proceedings, a backstop commitment for new equity capital, and a settlement of various litigation matters including the lingering Citigroup wire-transfer claims. The newly private Revlon raised additional working capital to rebuild retail shelf presence after the supply-chain disruptions and committed to product-line refreshes and brand investment over the subsequent multi-year period. The post-bankruptcy financial reporting shifted from public-company disclosure (Revlon had been listed on the NYSE under the ticker REV) to private-company reporting to creditors and lenders.
Revlon as of 2024 to 2025 is a privately held company owned principally by the creditor groups that exchanged debt for equity in the May 2023 Chapter 11 plan of reorganization. The largest equity owners are distressed-debt funds and credit-focused asset managers including Glendon Capital Management and Angelo Gordon, with additional ownership distributed across a longer tail of former bondholders. Ronald Perelman's MacAndrews & Forbes, which had been the controlling shareholder since the 1985 leveraged buyout, lost substantially all of its equity in the bankruptcy. The board of directors was reconstituted to include representatives of the new ownership groups, independent directors, and the operating CEO Michelle Peluso, who joined in early 2024. The post-bankruptcy capital structure includes the reduced approximately $1.4 billion of debt plus new equity, and the financial reporting profile has shifted from public-company disclosure to private-company reporting to creditors and lenders. A future return to public markets has been discussed in industry coverage but is contingent on the success of the operating turnaround under Peluso and a favorable equity-market environment for legacy beauty brands.
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CorpDigest. "Revlon, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/revlon/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Revlon, Inc. reported $3B in revenue (FY2022).</strong><br>Source: <a href="https://corpdigest.com/company/revlon/financials" target="_blank" rel="noopener">CorpDigest — Revlon, Inc. financials</a></div>