Brilliant Earth Q3 orders rise 5.6%, average order value falls 3.1%
Orders were 52,720 against 49,910, while average order value fell to $2,140 from $2,209 in the quarter to 30 September. Net sales were $112.8m, and the company forecasts full-year 2026 growth of 2.75% to 4% on 2025's $437m.
By Carat Capital
What changed
More orders, smaller tickets. Brilliant Earth's net sales rose 2.3% in the quarter to 30 September. Orders grew 5.6% while average order value fell 3.1%, the reverse of its second quarter.
What it means
- If you sell bridal online: Brilliant Earth grew on order count, not ticket size. Fine jewellery reached 16% of its bookings, it says.
- If you hold BRLT: Adjusted EBITDA rose to $5.1m from $3.6m, and reported net income was $2.4m.
- What this is not: A faster year. The outlook implies fourth-quarter sales close to a year earlier.
Key figures
| Net salesQ3, +2.3% on $110.3m | $112.8m |
|---|---|
| Total orders+5.6% on 49,910 | 52,720 |
| Average order−3.1% on $2,209 | $2,140 |
| Gross margin+210bps on 57.6% | 59.7% |
Source: Brilliant Earth Group, Q3 2026 results, Exhibit 99.1 to Form 8-K, 5 November 2026; quarter to 30 September 2026.
Orders up, tickets down.
Orders rose 5.6%. Total orders rose to 52,720, while average order value fell to $2,140 from $2,209 a year earlier. Average order value is net sales divided by orders, the company says.
The second quarter reversed. In the second quarter, orders fell 2.1% and average order value rose 8% to $2,238.
Share of bookings grew. Fine jewellery reached 16% of total bookings, and wedding and anniversary band bookings had their highest quarter, the company says.
| Line | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Net sales, $m | 110.3 | 112.8 | +2.3% |
| Total orders | 49,910 | 52,720 | +5.6% |
| Average order value, $ | 2,209 | 2,140 | −3.1% |
| Gross margin | 57.6% | 59.7% | +210bps |
| Adjusted EBITDA, $m | 3.6 | 5.1 | +43.7% |
Figures and changes as printed by Brilliant Earth. Adjusted EBITDA is the company's non-GAAP measure.
Gross margin widened 210bps.
Gross margin rose. Gross margin was 59.7% against 57.6% a year earlier, on net sales of $112.8m.
Net income turned positive. Reported net income was $2.4m against a loss of $0.7m a year earlier.
Full-year outlook leaves Q4 near flat.
The net sales range. Brilliant Earth forecasts 2026 net sales growth of 2.75% to 4%, assuming tariffs and metal prices as of 3 November.
Q4 near last year. On 2025 net sales of $437m, the range implies fourth-quarter sales of about $121.6m to $127.1m, on Carat Capital's arithmetic.
Q4 2025 was $123.9m. The fourth quarter of 2025 was about $123.9m, so the implied change runs from about 1.9% lower to 2.6% higher.
What to watch
- Q4 2026 results, early 2027, date not announcedFull-year net sales. The test: whether growth lands inside 2.75% to 4%.
- Holiday season 2026Fine jewellery against bridal. The test: whether fine jewellery holds at 16% or more of bookings.
The story so far
Go deeper
What would change this call
Fourth-quarter net sales above about $127.1m would take the year past the 4% top of the range, and the order-led growth would look like more than one quarter.
How average order value is built
Brilliant Earth defines average order value as net sales in a period divided by total orders in that period. More orders at a lower average means more, smaller purchases.
Method
Brilliant Earth Group, 'Brilliant Earth Reports Third Quarter Results', dated 'November 5, 2026', Exhibit 99.1, read at SEC EDGAR on 6 November 2026. Third-quarter table: total orders 52,720 and 49,910, 5.6%; AOV $2,140 and $2,209, (3.1)%; net sales $112.8 and $110.3, 2.3%; gross margin 59.7% and 57.6%, 210 bps; net income (loss), as reported, $2.4 and $(0.7); adjusted EBITDA $5.1 and $3.6. Nine months: net sales $327.4 and $313.1. Outlook: 'Full Year Net Sales Growth 2.75% - 4% y/y Adjusted EBITDA $13 - $15M', 'Outlook assumes tariffs and metal prices as of November 3rd, 2026'. Base: 'Net Sales of $437 million for the full year 2025'; text: 'fine jewelry bookings, which grew to 16% of total bookings in Q3' and 'highest ever quarter of wedding and anniversary band bookings'. The release's headline rounds net sales growth to 2%; its table prints 2.3%. Arithmetic, ours: 437 x 1.0275 = 449.0 and 437 x 1.04 = 454.5; less nine months of 327.4 gives 121.6 to 127.1 for the fourth quarter; 437 - 313.1 = 123.9 for the fourth quarter of 2025; 121.6 / 123.9 = 0.981 and 127.1 / 123.9 = 1.026. The $437m is rounded, so the fourth-quarter figures are approximate to about $0.5m. The release does not compare the outlook with any earlier range, and this page does not either.