What move does the options market price into Reformation's report?

Implied ±9.5%, either direction.

REFNYSEManufacturing

Reformation Inc. (REF) earnings date, market-implied expected move, and options open interest by expiry

15.78

−0.44 · −2.72%

post 15.78 0.00%

Closed16:00 ET

Open16.32Volume278,658Mkt cap$837.6M

Day15.56 – 16.3229%52-wk11.85 – 17.2673%

REF

Reformation Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±9.5%implied · report alone

14.3217.32

straddle ±13.6%

spot 15.82exp Nov 20ATM strike 15ATM straddle 2.52IV 83%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 5

after close · in 5 days

confirmedQ3 FY26

Calendar

Next report

Last report

+6.69%

vs ±8.5% implied · ×0.79

shaded = implied · ▲▼ = realized

Sep 10 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

—

Top fund weight

—

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Reformation (REF) reports on Nov 5 after close (confirmed date).

Implied vs realized

1 report

—≥ implied

Q2 FY26Sep 10 '26confirmed±8.5%▲+6.69%×0.79

quarterimplied−10%0+10%realized×

Q2 FY26±8.5%▲+6.69%×0.79

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 2 expiries · Oct 29 close

0.05OI · 2 expiries · Oct 29 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

560%Nov 2020d1,2310%

310%Feb 19111d0.211480%0.21

ExpiryPutsCallsP/C

Nov 2020d560%1,2310%0.05

Feb 19111d310%1480%0.21

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

No linked exposure.

Linked exposure

Revenue flow

as filedQ2 FY26

7.99%as filednet margin · revenue +24.11% YoY

Revenue

$155M

Gross profit

$103M

66.66% margin

Operating income

$19M

12.26% margin

Pre-tax income

$17M

Net income

$12M

7.99% margin

Cost of revenue

$52M

Operating expenses

$84M

SG&A $70M

Marketing $14M

Other expense

$2M

Tax

$5M

Revenue$155M

Gross profit

$103M

66.66% margin

Operating income

$19M

12.26% margin

Pre-tax income

$17M

Net income

$12M

7.99% margin

Cost of revenue

$52M

Operating expenses

$84M

SG&A $70M

Marketing $14M

Other expense

$2M

Tax$5M

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 27 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

—

Earnings history

EPS 0.23 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Sep 10 '26 · confirmed	0.23	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod