ThredUp (TDUP) Financials

$11.20 -0.29 (-2.52%)

Closing price 04:00 PM Eastern

Extended Trading

$11.38 +0.18 (+1.61%)

As of 04:38 PM Eastern

Annual Income Statements for ThredUp

This table shows ThredUp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-38	-48	-63	-92	-71	-77
Consolidated Net Income / (Loss)	-38	-48	-63	-92	-71	-77
Net Income / (Loss) Continuing Operations	-38	-48	-63	-92	-52	-40
Total Pre-Tax Income	-38	-48	-63	-92	-52	-40
Total Operating Income	-37	-47	-62	-89	-53	-41
Total Gross Profit	113	128	178	192	198	207
Total Revenue	164	186	252	288	259	260
Operating Revenue	164	186	252	288	259	260
Total Cost of Revenue	51	58	74	96	60	53
Operating Cost of Revenue	51	58	74	96	60	53
Total Operating Expenses	149	175	241	282	251	248
Selling, General & Admin Expense	22	29	49	62	57	57
Marketing Expense	45	45	64	64	51	49
Other Operating Expenses / (Income)	82	101	128	156	143	142
Total Other Income / (Expense), net	-1.35	-1.23	-0.71	-2.76	0.66	0.65
Interest Expense	1.43	1.31	2.28	0.81	2.24	2.53
Other Income / (Expense), net	0.07	0.07	1.57	-1.96	2.90	3.17
Income Tax Expense	0.04	0.06	0.08	0.04	0.02	0.03
Net Income / (Loss) Discontinued Operations	-	-	-	-	-19	-37
Basic Earnings per Share	($3.72)	($4.14)	($0.82)	($0.92)	($0.68)	($0.69)
Weighted Average Basic Shares Outstanding	10.27M	11.57M	77.09M	99.82M	104.88M	111.96M
Diluted Earnings per Share	($3.72)	($4.14)	($0.82)	($0.92)	($0.68)	($0.69)
Weighted Average Diluted Shares Outstanding	10.27M	11.57M	77.09M	99.82M	104.88M	111.96M
Weighted Average Basic & Diluted Shares Outstanding	-	-	98.78M	101.61M	108.83M	116.19M

This table shows ThredUp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-20	-19	-18	-15	-17	-14	-25	-22	-5.22	-5.18
Consolidated Net Income / (Loss)	-19	-20	-19	-18	-15	-17	-14	-25	-22	-5.22	-5.18
Net Income / (Loss) Continuing Operations	-19	-20	-19	-18	4.28	-12	-9.39	-25	15	-5.22	-5.18
Total Pre-Tax Income	-19	-20	-19	-18	4.27	-12	-9.39	-25	15	-5.16	-5.15
Total Operating Income	-16	-20	-19	-18	4.09	-12	-9.61	-25	15	-5.43	-5.25
Total Gross Profit	45	51	56	57	35	52	53	52	44	56	62
Total Revenue	71	76	83	82	18	65	67	73	28	71	78
Operating Revenue	71	76	83	82	18	65	67	73	28	71	78
Total Cost of Revenue	26	25	27	25	-17	13	14	21	-16	15	16
Operating Cost of Revenue	26	25	27	25	-17	13	14	21	-16	15	16
Total Operating Expenses	61	71	74	75	31	64	62	77	28	62	67
Selling, General & Admin Expense	15	16	16	15	9.59	16	14	15	9.34	14	13
Marketing Expense	13	17	19	19	-3.53	11	13	15	3.87	13	16
Other Operating Expenses / (Income)	34	38	40	40	25	37	35	37	25	35	38
Total Other Income / (Expense), net	-3.11	0.40	-0.04	0.11	0.19	0.22	0.22	0.10	0.03	0.28	0.10
Interest Expense	0.04	0.08	0.72	0.73	0.71	0.68	0.65	0.63	0.57	0.51	0.50
Other Income / (Expense), net	-3.07	0.48	0.69	0.85	0.89	0.89	0.87	0.73	0.60	0.79	0.60
Income Tax Expense	0.00	0.01	0.01	0.00	-0.01	0.01	0.01	0.00	0.01	0.06	0.03
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-4.36	-4.56	-	-	0.00	0.00
Basic Earnings per Share	($0.18)	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)
Weighted Average Basic Shares Outstanding	99.82M	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M
Diluted Earnings per Share	($0.18)	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)
Weighted Average Diluted Shares Outstanding	99.82M	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M
Weighted Average Basic & Diluted Shares Outstanding	101.61M	103.09M	105.47M	107.25M	108.83M	110.26M	112.43M	113.76M	116.19M	118.25M	123.16M

This table details how cash moves in and out of ThredUp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	80	-20	24	-48	17	-21
Net Cash From Operating Activities	-10	-19	-35	-52	-23	0.90
Net Cash From Continuing Operating Activities	-10	-19	-35	-52	-9.82	4.90
Net Income / (Loss) Continuing Operations	-38	-48	-63	-92	-52	-40
Depreciation Expense	4.27	5.58	9.16	14	14	17
Non-Cash Adjustments To Reconcile Net Income	9.07	16	24	36	41	25
Changes in Operating Assets and Liabilities, net	15	6.85	-5.36	-9.79	-12	2.90
Net Cash From Discontinued Operating Activities	-	-	-	-	-13	-4.01
Net Cash From Investing Activities	-1.25	-19	-170	8.92	44	-17
Net Cash From Continuing Investing Activities	-1.25	-19	-170	8.92	47	-10
Purchase of Property, Plant & Equipment	-9.50	-19	-20	-43	-13	-6.58
Purchase of Investments	0.00	0.00	-125	-3.48	-18	-32
Sale and/or Maturity of Investments	8.25	0.00	2.80	56	78	28
Net Cash From Discontinued Investing Activities	-	-	-	-	-2.88	-6.64
Net Cash From Financing Activities	91	18	229	-3.94	-3.60	-4.39
Net Cash From Continuing Financing Activities	91	18	229	-3.94	-3.60	-4.39
Repayment of Debt	-12	-1.19	-4.00	-6.33	-4.00	-4.00
Issuance of Common Equity	0.00	2.17	233	4.20	5.16	3.67
Other Financing Activities, net	0.72	0.00	-0.35	-2.20	-4.77	-4.06
Effect of Exchange Rate Changes	0.00	0.00	-0.06	-0.67	-0.07	-0.59
Cash Interest Paid	1.21	1.45	2.08	2.06	2.71	2.40

This table details how cash moves in and out of ThredUp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-0.05	13	0.34	17	-13	-5.99	-5.36	-1.13	-8.51	9.23	-0.09
Net Cash From Operating Activities	-15	-4.46	-10	0.22	-7.98	1.39	-4.97	3.35	1.13	5.74	0.34
Net Cash From Continuing Operating Activities	-15	-4.46	-10	0.22	4.80	3.29	-4.97	3.35	5.14	5.74	0.34
Net Income / (Loss) Continuing Operations	-19	-20	-19	-18	4.28	-12	-14	-25	15	-5.22	-5.18
Depreciation Expense	3.82	3.68	4.84	5.36	0.35	3.75	4.87	4.70	2.83	3.17	3.17
Non-Cash Adjustments To Reconcile Net Income	9.33	12	11	11	5.58	7.66	5.87	18	-8.07	7.03	6.26
Changes in Operating Assets and Liabilities, net	-8.81	-0.68	-7.91	1.62	-5.40	4.07	-1.75	5.00	-4.91	0.76	-3.91
Net Cash From Investing Activities	16	19	10	19	-4.67	-5.79	0.84	-3.49	-8.47	5.08	-4.10
Net Cash From Continuing Investing Activities	16	19	10	19	-1.80	-5.29	0.84	-3.49	-1.82	5.08	-4.10
Purchase of Property, Plant & Equipment	-3.94	-5.68	-6.61	-1.48	0.67	-1.13	-1.17	-2.57	-1.22	-1.82	-3.28
Purchase of Investments	-	0.00	-7.88	-1.97	-8.06	-8.67	-6.49	-9.52	-7.10	-3.21	-5.88
Sale and/or Maturity of Investments	20	25	25	23	5.60	4.50	8.50	8.60	6.50	10	5.05
Net Cash From Financing Activities	-1.01	-1.19	-0.56	-1.23	-0.62	-1.48	-1.18	-1.26	-0.47	-1.59	3.67
Net Cash From Continuing Financing Activities	-1.01	-1.19	-0.56	-1.23	-0.62	-1.48	-1.18	-1.26	-0.47	-1.59	3.67
Repayment of Debt	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00
Issuance of Common Equity	0.32	0.45	1.69	1.63	1.40	0.73	1.06	0.28	1.60	1.15	14
Other Financing Activities, net	-0.24	-0.64	-1.25	-1.86	-1.02	-1.21	-1.24	-0.55	-1.06	-1.74	-9.03

This table presents ThredUp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	143	361	302	250	171
Total Current Assets	75	228	134	94	57
Cash & Equivalents	64	85	38	54	32
Short-Term Investments	0.00	121	67	8.10	12
Accounts Receivable	1.82	4.14	4.67	5.00	3.57
Other Current Assets	5.33	8.63	7.08	6.00	9.18
Plant, Property, & Equipment, net	41	55	92	78	68
Total Noncurrent Assets	27	77	75	78	46
Goodwill	-	12	12	11	11
Other Noncurrent Operating Assets	27	12	53	34	35
Total Liabilities & Shareholders' Equity	143	361	302	250	171
Total Liabilities	118	155	162	146	115
Total Current Liabilities	63	89	84	77	62
Short-Term Debt	3.27	7.77	3.88	3.84	3.86
Accounts Payable	9.39	13	7.80	3.83	8.33
Accrued Expenses	33	45	50	29	30
Other Current Liabilities	17	23	23	25	19
Total Noncurrent Liabilities	55	66	78	69	53
Long-Term Debt	31	28	26	22	18
Capital Lease Obligations	-	37	49	32	32
Other Noncurrent Operating Liabilities	24	1.12	3.02	2.12	2.76
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-222	206	140	104	56
Total Preferred & Common Equity	-222	206	140	104	56
Total Common Equity	-222	206	140	104	56
Common Stock	30	522	552	585	612
Retained Earnings	-252	-315	-408	-479	-556
Accumulated Other Comprehensive Income / (Loss)	0.00	-1.09	-4.23	-2.38	0.00

This table presents ThredUp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	346	320	295	276	265	244	231	215	173	174
Total Current Assets	178	152	125	109	105	87	78	73	60	61
Cash & Equivalents	52	37	51	51	69	50	45	44	41	41
Short-Term Investments	96	87	43	26	5.58	12	11	12	5.72	6.61
Accounts Receivable	3.37	3.18	4.23	3.78	5.99	6.93	5.89	5.72	4.23	3.80
Other Current Assets	12	10	6.34	8.24	7.20	5.83	6.70	4.98	9.45	9.37
Plant, Property, & Equipment, net	84	90	96	94	90	85	83	76	68	68
Total Noncurrent Assets	84	79	74	73	70	72	70	65	45	45
Goodwill	11	11	12	12	11	12	12	12	11	11
Other Noncurrent Operating Assets	61	58	6.96	6.87	6.62	53	52	51	34	34
Total Liabilities & Shareholders' Equity	346	320	295	276	265	244	231	215	173	174
Total Liabilities	178	170	164	156	156	151	145	146	116	113
Total Current Liabilities	100	90	88	81	84	77	74	76	66	63
Short-Term Debt	7.79	3.88	3.88	3.83	3.83	3.84	3.85	3.85	3.86	3.87
Accounts Payable	16	8.64	13	8.78	12	9.13	11	13	13	11
Accrued Expenses	49	53	48	43	40	38	34	34	28	27
Other Current Liabilities	28	24	24	25	28	27	25	25	20	21
Total Noncurrent Liabilities	78	80	75	74	71	74	71	69	51	50
Long-Term Debt	24	27	25	24	23	21	20	19	17	16
Capital Lease Obligations	-	-	48	47	45	50	48	47	31	32
Other Noncurrent Operating Liabilities	54	54	3.07	3.20	3.23	2.88	2.93	3.01	2.49	2.51
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	168	150	131	121	110	94	86	69	56	60
Total Preferred & Common Equity	168	150	131	121	110	94	86	69	56	60
Total Common Equity	168	150	131	121	110	94	86	69	56	60
Common Stock	538	545	562	570	578	592	599	606	617	626
Retained Earnings	-364	-388	-427	-446	-464	-495	-509	-534	-561	-566
Accumulated Other Comprehensive Income / (Loss)	-5.39	-7.64	-3.08	-3.01	-3.94	-3.25	-3.47	-2.27	-0.00	-0.00

This table displays calculated financial ratios and metrics derived from ThredUp's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	13.55%	35.36%	14.53%	-10.36%	0.59%
EBITDA Growth	0.00%	-26.11%	-26.21%	-49.83%	53.66%	43.92%
EBIT Growth	0.00%	-26.63%	-30.75%	-50.35%	45.21%	25.26%
NOPAT Growth	0.00%	-26.58%	-33.91%	-43.44%	40.78%	23.36%
Net Income Growth	0.00%	-25.34%	-31.95%	-46.07%	22.79%	-8.05%
EPS Growth	0.00%	-11.29%	80.19%	-12.20%	26.09%	-1.47%
Operating Cash Flow Growth	0.00%	-89.35%	-83.30%	-48.79%	56.64%	103.98%
Free Cash Flow Firm Growth	0.00%	0.00%	-341.01%	14.20%	100.77%	-2,540.67%
Invested Capital Growth	0.00%	0.00%	1,499.55%	57.08%	-33.40%	-11.84%
Revenue Q/Q Growth	0.00%	0.00%	13.24%	-0.54%	-17.13%	-17.12%
EBITDA Q/Q Growth	0.00%	0.00%	-0.12%	-1.68%	36.89%	57.97%
EBIT Q/Q Growth	0.00%	0.00%	-2.28%	-2.34%	32.79%	44.29%
NOPAT Q/Q Growth	0.00%	0.00%	-3.45%	2.12%	27.87%	42.48%
Net Income Q/Q Growth	0.00%	0.00%	-1.46%	-1.75%	6.42%	-10.15%
EPS Q/Q Growth	0.00%	0.00%	67.59%	-130.00%	5.56%	-7.81%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-23.42%	9.89%	24.15%	110.94%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	20.09%	100.79%	25.19%
Invested Capital Q/Q Growth	0.00%	0.00%	924.08%	98.29%	-29.69%	-20.78%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	68.68%	68.89%	70.75%	66.70%	76.78%	79.65%
EBITDA Margin	-19.81%	-22.01%	-20.52%	-26.84%	-13.88%	-7.74%
Operating Margin	-22.47%	-25.05%	-24.78%	-31.03%	-20.50%	-15.62%
EBIT Margin	-22.42%	-25.01%	-24.16%	-31.71%	-19.38%	-14.40%
Profit (Net Income) Margin	-23.32%	-25.74%	-25.09%	-32.00%	-27.56%	-29.61%
Tax Burden Percent	100.09%	100.12%	100.13%	100.04%	136.13%	192.61%
Interest Burden Percent	103.89%	102.81%	103.74%	100.88%	104.47%	106.74%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-130.22%	-67.47%	-39.25%	-39.99%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-106.37%	-30.42%	85.18%	498.55%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	75.43%	14.08%	-19.17%	-56.11%
Return on Equity (ROE)	0.00%	-192.56%	-54.79%	-53.38%	-58.42%	-96.10%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-167.60%	-111.88%	0.84%	-27.41%
Operating Return on Assets (OROA)	0.00%	-32.55%	-24.15%	-27.59%	-18.15%	-17.78%
Return on Assets (ROA)	0.00%	-33.50%	-25.08%	-27.85%	-25.82%	-36.56%
Return on Common Equity (ROCE)	0.00%	1,720.62%	3.91%	-53.38%	-58.42%	-96.10%
Return on Equity Simple (ROE_SIMPLE)	0.00%	21.55%	-30.71%	-65.92%	-68.56%	-136.74%
Net Operating Profit after Tax (NOPAT)	-26	-33	-44	-63	-37	-28
NOPAT Margin	-15.73%	-17.53%	-17.34%	-21.72%	-14.35%	-10.93%
Net Nonoperating Expense Percent (NNEP)	0.00%	-101.68%	-23.86%	-37.04%	-124.44%	-538.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-22.96%	-25.66%
Cost of Revenue to Revenue	31.32%	31.11%	29.25%	33.30%	23.22%	20.35%
SG&A Expenses to Revenue	13.58%	15.36%	19.39%	21.44%	21.95%	21.88%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.15%	93.94%	95.52%	97.73%	97.28%	95.27%
Earnings before Interest and Taxes (EBIT)	-37	-47	-61	-91	-50	-37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-41	-52	-77	-36	-20
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	6.05	0.94	2.32	2.81
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.92	1.12	2.60	3.47
Price to Revenue (P/Rev)	1.03	0.90	4.94	0.46	0.93	0.61
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	15.37	0.93	3.13	2.53
Enterprise Value to Revenue (EV/Rev)	0.00	2.07	4.41	0.37	0.92	0.65
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	187.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	296.27	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	1.39	0.35	0.56	0.55	0.97
Long-Term Debt to Equity	0.00	1.25	0.31	0.53	0.52	0.90
Financial Leverage	0.00	-1.21	-0.71	-0.46	-0.23	-0.11
Leverage Ratio	0.00	5.75	2.18	1.92	2.26	2.63
Compound Leverage Factor	0.00	5.91	2.27	1.93	2.36	2.81
Debt to Total Capital	0.00%	58.09%	26.01%	35.90%	35.69%	49.19%
Short-Term Debt to Total Capital	0.00%	5.51%	2.79%	1.78%	2.38%	3.48%
Long-Term Debt to Total Capital	0.00%	52.58%	23.22%	34.12%	33.31%	45.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	416.43%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-374.51%	73.99%	64.10%	64.31%	50.82%
Debt to EBITDA	0.00	-0.84	-1.40	-1.01	-1.61	-2.71
Net Debt to EBITDA	0.00	0.73	2.58	0.34	0.13	-0.51
Long-Term Debt to EBITDA	0.00	-0.76	-1.25	-0.96	-1.50	-2.52
Debt to NOPAT	0.00	-1.06	-1.66	-1.25	-1.55	-1.92
Net Debt to NOPAT	0.00	0.92	3.06	0.42	0.13	-0.36
Long-Term Debt to NOPAT	0.00	-0.96	-1.48	-1.19	-1.45	-1.78
Altman Z-Score	0.00	-1.28	4.19	-1.25	-1.24	-2.95
Noncontrolling Interest Sharing Ratio	0.00%	993.57%	107.13%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.20	2.55	1.59	1.22	0.93
Quick Ratio	0.00	1.06	2.35	1.30	0.88	0.78
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-27	-121	-104	0.80	-19
Operating Cash Flow to CapEx	-106.17%	-98.36%	-176.61%	-120.47%	-172.35%	13.64%
Free Cash Flow to Firm to Interest Expense	0.00	-21.04	-53.21	-129.04	0.36	-7.72
Operating Cash Flow to Interest Expense	-7.07	-14.64	-15.39	-64.73	-10.09	0.36
Operating Cash Flow Less CapEx to Interest Expense	-13.72	-29.52	-24.11	-118.45	-15.94	-2.25
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	1.30	1.00	0.87	0.94	1.23
Accounts Receivable Turnover	0.00	102.04	84.51	65.50	53.49	60.73
Inventory Turnover	0.00	16.44	11.04	7.02	5.90	30.11
Fixed Asset Turnover	0.00	4.52	5.21	3.90	3.04	3.55
Accounts Payable Turnover	0.00	6.17	6.48	9.09	10.32	8.70
Days Sales Outstanding (DSO)	0.00	3.58	4.32	5.57	6.82	6.01
Days Inventory Outstanding (DIO)	0.00	22.20	33.06	51.96	61.84	12.12
Days Payable Outstanding (DPO)	0.00	59.20	56.30	40.16	35.36	41.94
Cash Conversion Cycle (CCC)	0.00	-33.43	-18.92	17.37	33.31	-23.80
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-5.16	72	113	76	67
Invested Capital Turnover	0.00	-72.08	7.51	3.11	2.74	3.66
Increase / (Decrease) in Invested Capital	0.00	-5.16	77	41	-38	-8.95
Enterprise Value (EV)	0.00	385	1,110	106	237	168
Market Capitalization	168	168	1,244	132	241	158
Book Value per Share	$0.00	($19.21)	$2.11	$1.39	$0.97	$0.49
Tangible Book Value per Share	$0.00	($19.21)	$1.84	$1.17	$0.86	$0.40
Total Capital	0.00	59	278	218	162	111
Total Debt	0.00	34	72	78	58	54
Total Long-Term Debt	0.00	31	65	75	54	51
Net Debt	0.00	-30	-134	-27	-4.77	10
Capital Expenditures (CapEx)	9.50	19	20	43	13	6.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-49	-59	-51	-41	-45
Debt-free Net Working Capital (DFNWC)	0.00	16	147	54	21	-0.75
Net Working Capital (NWC)	0.00	13	139	50	17	-4.60
Net Nonoperating Expense (NNE)	12	15	20	30	34	49
Net Nonoperating Obligations (NNO)	0.00	-30	-134	-27	-28	10
Total Depreciation and Amortization (D&A)	4.27	5.58	9.16	14	14	17
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-26.14%	-23.46%	-17.78%	-16.01%	-17.28%
Debt-free Net Working Capital to Revenue	0.00%	8.53%	58.29%	18.61%	8.14%	-0.29%
Net Working Capital to Revenue	0.00%	6.77%	55.20%	17.26%	6.66%	-1.77%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.82)	($0.92)	($0.68)	($0.69)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	77.09M	99.82M	104.88M	111.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.82)	($0.92)	($0.68)	($0.69)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	77.09M	99.82M	104.88M	111.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	98.78M	101.61M	108.83M	116.19M
Normalized Net Operating Profit after Tax (NOPAT)	-26	-33	-44	-63	-37	-28
Normalized NOPAT Margin	-15.73%	-17.53%	-17.34%	-21.72%	-14.35%	-10.93%
Pre Tax Income Margin	-23.30%	-25.71%	-25.06%	-31.99%	-20.25%	-15.37%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-25.72	-35.64	-26.73	-113.60	-22.38	-14.83
NOPAT to Interest Expense	-18.04	-24.99	-19.20	-77.81	-16.57	-11.26
EBIT Less CapEx to Interest Expense	-32.38	-50.53	-35.45	-167.32	-28.23	-17.44
NOPAT Less CapEx to Interest Expense	-24.70	-39.87	-27.91	-131.54	-22.42	-13.87
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-2.33%	-7.49%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from ThredUp's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.14%	4.44%	8.16%	20.76%	-74.94%	4.83%	-3.51%	-11.00%	54.78%	10.47%	16.40%
EBITDA Growth	-8.93%	5.74%	46.69%	40.17%	134.08%	31.78%	36.09%	-62.22%	250.65%	80.98%	70.99%
EBIT Growth	-12.04%	2.79%	35.97%	26.39%	125.61%	19.49%	26.24%	-39.15%	218.18%	59.62%	46.77%
NOPAT Growth	10.56%	1.91%	33.96%	24.80%	135.68%	17.20%	23.61%	-36.70%	272.42%	56.16%	45.39%
Net Income Growth	-8.87%	4.42%	33.94%	23.63%	25.06%	16.36%	25.62%	-36.99%	-48.55%	68.50%	62.91%
EPS Growth	-152.94%	9.52%	37.93%	29.17%	22.22%	21.05%	27.78%	-29.41%	-35.71%	73.33%	69.23%
Operating Cash Flow Growth	27.39%	33.25%	42.82%	101.84%	47.42%	131.25%	52.10%	1,400.90%	114.17%	312.28%	106.92%
Free Cash Flow Firm Growth	41.58%	-33.82%	0.27%	24.03%	179.67%	96.13%	106.88%	109.50%	-42.38%	8,447.71%	298.84%
Invested Capital Growth	57.08%	205.09%	133.36%	87.83%	-33.40%	-7.20%	-13.12%	-21.76%	-11.84%	-41.80%	-37.78%
Revenue Q/Q Growth	4.96%	6.46%	8.87%	-0.74%	-78.21%	-2.22%	0.21%	-8.44%	-62.11%	157.68%	8.93%
EBITDA Q/Q Growth	21.92%	-2.48%	17.69%	9.16%	144.47%	-20.70%	22.88%	-130.57%	196.13%	-107.89%	-0.54%
EBIT Q/Q Growth	17.45%	-1.30%	8.52%	3.77%	128.73%	-14.07%	16.20%	-81.54%	165.68%	-129.29%	-0.11%
NOPAT Q/Q Growth	32.25%	-23.15%	7.29%	2.78%	132.15%	-13.29%	14.46%	-73.98%	187.58%	-124.95%	3.48%
Net Income Q/Q Growth	17.65%	-1.51%	5.22%	3.61%	19.18%	-13.28%	15.71%	-77.52%	12.37%	75.98%	0.75%
EPS Q/Q Growth	25.00%	-5.56%	5.26%	5.56%	17.65%	-7.14%	13.33%	-69.23%	13.64%	78.95%	0.00%
Operating Cash Flow Q/Q Growth	-25.30%	70.61%	-132.86%	102.15%	-3,676.23%	117.47%	-456.93%	167.32%	-66.24%	408.23%	-94.01%
Free Cash Flow Firm Q/Q Growth	36.44%	-72.02%	10.68%	22.21%	166.66%	50.35%	259.02%	7.34%	304.40%	66.83%	-12.49%
Invested Capital Q/Q Growth	98.29%	0.34%	4.33%	-9.52%	-29.69%	-4.12%	-2.32%	-18.52%	-20.78%	-7.70%	4.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.05%	67.30%	67.42%	69.02%	195.89%	69.52%	70.37%	71.19%	157.95%	79.07%	79.50%
EBITDA Margin	-21.93%	-21.11%	-15.96%	-14.60%	29.81%	-13.74%	-10.57%	-26.62%	67.54%	-2.07%	-1.91%
Operating Margin	-22.98%	-26.58%	-22.64%	-22.17%	22.88%	-21.00%	-17.92%	-34.06%	55.13%	-7.62%	-6.75%
EBIT Margin	-27.28%	-25.96%	-21.81%	-21.14%	27.88%	-19.94%	-16.67%	-33.06%	57.31%	-6.51%	-5.99%
Profit (Net Income) Margin	-27.34%	-26.07%	-22.70%	-22.04%	-81.75%	-20.80%	-17.50%	-33.92%	-78.46%	-7.32%	-6.67%
Tax Burden Percent	100.02%	100.05%	100.06%	100.02%	-341.90%	100.07%	100.04%	100.02%	-141.99%	101.11%	100.60%
Interest Burden Percent	100.21%	100.39%	104.00%	104.22%	85.77%	104.27%	104.90%	102.61%	96.42%	111.07%	110.67%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-0.12%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%
Return on Invested Capital (ROIC)	-49.96%	-71.79%	-55.63%	-58.79%	62.64%	-43.62%	-36.48%	-78.09%	201.55%	-17.03%	-15.69%
ROIC Less NNEP Spread (ROIC-NNEP)	-39.93%	-65.03%	-46.10%	-47.48%	130.80%	146.38%	-89.48%	-193.59%	611.44%	-33.13%	-30.21%
Return on Net Nonoperating Assets (RNNOA)	18.48%	34.20%	18.99%	17.32%	-29.43%	-3.33%	-6.44%	-13.80%	-68.81%	-3.88%	-4.27%
Return on Equity (ROE)	-31.48%	-37.60%	-36.64%	-41.48%	33.21%	-46.95%	-42.92%	-91.89%	132.74%	-20.92%	-19.95%
Cash Return on Invested Capital (CROIC)	-111.88%	-183.77%	-145.58%	-123.49%	0.84%	-36.14%	-26.29%	-27.19%	-27.41%	24.65%	22.08%
Operating Return on Assets (OROA)	-23.74%	-23.08%	-20.88%	-22.55%	26.11%	-24.09%	-21.20%	-43.19%	70.76%	-8.34%	-8.21%
Return on Assets (ROA)	-23.79%	-23.18%	-21.73%	-23.50%	-76.58%	-25.13%	-22.25%	-44.32%	-96.88%	-9.37%	-9.15%
Return on Common Equity (ROCE)	-31.48%	-37.60%	-36.64%	-41.48%	33.21%	-46.95%	-42.92%	-91.89%	132.74%	-20.92%	-19.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-69.70%	-67.77%	-69.50%	0.00%	-72.71%	-73.08%	-100.90%	0.00%	-117.05%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-14	-13	-13	4.09	-12	-10	-17	15	-3.80	-3.67
NOPAT Margin	-16.09%	-18.61%	-15.85%	-15.52%	22.90%	-14.70%	-12.55%	-23.84%	55.11%	-5.34%	-4.73%
Net Nonoperating Expense Percent (NNEP)	-10.03%	-6.76%	-9.53%	-11.31%	-68.16%	-190.00%	53.00%	115.50%	-409.88%	16.10%	14.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	2.53%	-	-	-	13.76%	-3.51%	-3.28%
Cost of Revenue to Revenue	36.95%	32.70%	32.58%	30.98%	-95.89%	30.48%	29.63%	28.82%	-57.95%	20.93%	20.50%
SG&A Expenses to Revenue	20.38%	21.15%	19.39%	18.35%	53.66%	22.08%	19.36%	19.92%	33.75%	18.99%	17.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	86.03%	93.88%	90.06%	91.19%	173.02%	90.51%	88.29%	105.24%	102.81%	86.69%	86.25%
Earnings before Interest and Taxes (EBIT)	-19	-20	-18	-17	4.98	-16	-13	-24	16	-4.64	-4.65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-16	-16	-13	-12	5.33	-11	-8.43	-19	19	-1.48	-1.48
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.94	1.96	2.09	3.86	2.32	2.33	2.17	1.37	2.81	4.99	14.71
Price to Tangible Book Value (P/TBV)	1.12	2.35	2.53	4.72	2.60	2.92	2.75	1.72	3.47	6.18	17.91
Price to Revenue (P/Rev)	0.46	0.88	0.84	1.36	0.93	0.67	0.58	0.30	0.61	1.05	3.19
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.93	2.11	2.10	3.92	3.13	2.17	1.98	1.30	2.53	4.64	13.86
Enterprise Value to Revenue (EV/Rev)	0.37	0.82	0.84	1.35	0.92	0.71	0.63	0.35	0.65	1.07	3.20
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	187.57	54.39	84.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	296.27	0.00	0.00	0.00	0.00	13.85	48.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.58	0.62	0.66	0.55	0.80	0.83	1.01	0.97	0.93	0.86
Long-Term Debt to Equity	0.53	0.55	0.59	0.62	0.52	0.76	0.79	0.96	0.90	0.86	0.79
Financial Leverage	-0.46	-0.53	-0.41	-0.36	-0.23	-0.02	0.07	0.07	-0.11	0.12	0.14
Leverage Ratio	1.92	2.06	2.16	2.26	2.26	2.40	2.45	2.69	2.63	2.79	2.76
Compound Leverage Factor	1.92	2.07	2.24	2.35	1.94	2.50	2.57	2.76	2.53	3.09	3.05
Debt to Total Capital	35.90%	36.77%	38.38%	39.68%	35.69%	44.38%	45.43%	50.30%	49.19%	48.20%	46.14%
Short-Term Debt to Total Capital	1.78%	1.87%	1.96%	2.11%	2.38%	2.29%	2.43%	2.76%	3.48%	3.57%	3.46%
Long-Term Debt to Total Capital	34.12%	34.90%	36.42%	37.57%	33.31%	42.10%	43.00%	47.54%	45.71%	44.63%	42.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	64.10%	63.23%	61.62%	60.32%	64.31%	55.62%	54.57%	49.70%	50.82%	51.80%	53.86%
Debt to EBITDA	-1.01	-1.00	-1.16	-1.27	-1.61	-1.65	-1.78	-1.47	-2.71	-3.77	-5.05
Net Debt to EBITDA	0.34	0.23	0.03	0.04	0.13	-0.27	-0.41	-0.31	-0.51	-0.39	-0.39
Long-Term Debt to EBITDA	-0.96	-0.95	-1.10	-1.20	-1.50	-1.57	-1.69	-1.38	-2.52	-3.49	-4.67
Debt to NOPAT	-1.25	-1.22	-1.35	-1.40	-1.55	-1.56	-1.61	-1.42	-1.92	-2.21	-2.52
Net Debt to NOPAT	0.42	0.28	0.03	0.04	0.13	-0.25	-0.37	-0.30	-0.36	-0.23	-0.20
Long-Term Debt to NOPAT	-1.19	-1.16	-1.28	-1.33	-1.45	-1.48	-1.52	-1.34	-1.78	-2.05	-2.33
Altman Z-Score	-0.46	-0.17	-0.31	0.23	-0.51	-0.81	-1.08	-2.02	-1.93	-1.69	1.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	1.42	1.35	1.25	1.22	1.13	1.06	0.96	0.93	0.92	0.96
Quick Ratio	1.30	1.11	0.99	0.95	0.88	0.90	0.83	0.80	0.78	0.78	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-53	-91	-81	-63	42	-3.50	5.57	5.98	24	40	35
Operating Cash Flow to CapEx	-385.41%	-78.50%	-156.98%	15.04%	0.00%	85.99%	-424.96%	130.08%	92.55%	316.42%	10.49%
Free Cash Flow to Firm to Interest Expense	-1,285.50	-1,177.42	-112.32	-86.06	59.23	-5.18	8.55	9.51	42.67	78.52	71.21
Operating Cash Flow to Interest Expense	-369.90	-57.90	-14.40	0.30	-11.25	2.06	-7.63	5.32	1.99	11.17	0.69
Operating Cash Flow Less CapEx to Interest Expense	-465.88	-131.65	-23.57	-1.72	-10.31	-0.34	-9.42	1.23	-0.16	7.64	-5.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.89	0.96	1.07	0.94	1.21	1.27	1.31	1.23	1.28	1.37
Accounts Receivable Turnover	65.50	80.97	83.31	68.05	53.49	58.36	66.76	53.59	60.73	47.80	57.34
Inventory Turnover	7.02	5.97	5.92	6.24	5.90	6.62	6.80	7.83	30.11	0.00	0.00
Fixed Asset Turnover	3.90	3.45	3.35	3.47	3.04	3.60	3.66	3.76	3.55	3.50	3.69
Accounts Payable Turnover	9.09	6.10	8.14	9.83	10.32	9.84	10.61	7.83	8.70	4.97	5.15
Days Sales Outstanding (DSO)	5.57	4.51	4.38	5.36	6.82	6.25	5.47	6.81	6.01	7.64	6.37
Days Inventory Outstanding (DIO)	51.96	61.12	61.64	58.48	61.84	55.12	53.64	46.64	12.12	0.00	0.00
Days Payable Outstanding (DPO)	40.16	59.86	44.86	37.14	35.36	37.09	34.41	46.64	41.94	73.43	70.91
Cash Conversion Cycle (CCC)	17.37	5.77	21.17	26.71	33.31	24.28	24.70	6.81	-23.80	-65.80	-64.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	113	114	119	107	76	106	103	84	67	61	64
Invested Capital Turnover	3.11	3.86	3.51	3.79	2.74	2.97	2.91	3.28	3.66	3.19	3.32
Increase / (Decrease) in Invested Capital	41	77	68	50	-38	-8.19	-16	-23	-8.95	-44	-39
Enterprise Value (EV)	106	240	250	421	237	230	204	109	168	285	890
Market Capitalization	132	257	252	423	241	218	187	95	158	280	886
Book Value per Share	$1.39	$1.29	$1.17	$1.04	$0.97	$0.86	$0.78	$0.62	$0.49	$0.48	$0.51
Tangible Book Value per Share	$1.17	$1.08	$0.97	$0.85	$0.86	$0.68	$0.62	$0.49	$0.40	$0.39	$0.42
Total Capital	218	207	196	182	162	168	158	139	111	108	112
Total Debt	78	76	75	72	58	75	72	70	54	52	52
Total Long-Term Debt	75	72	71	68	54	71	68	66	51	48	48
Net Debt	-27	-17	-1.82	-2.07	-4.77	12	17	15	10	5.41	4.01
Capital Expenditures (CapEx)	3.94	5.68	6.61	1.48	-0.67	1.62	1.17	2.57	1.22	1.82	3.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-51	-53	-45	-49	-41	-49	-47	-54	-45	-48	-46
Debt-free Net Working Capital (DFNWC)	54	41	32	25	21	14	8.38	0.81	-0.75	-1.29	1.43
Net Working Capital (NWC)	50	37	28	21	17	9.79	4.53	-3.04	-4.60	-5.15	-2.43
Net Nonoperating Expense (NNE)	8.03	5.66	5.66	5.35	19	4.86	3.95	7.36	37	1.41	1.50
Net Nonoperating Obligations (NNO)	-27	-17	-1.82	-2.07	-28	12	17	15	10	5.41	4.01
Total Depreciation and Amortization (D&A)	3.82	3.68	4.84	5.36	0.35	4.93	4.87	4.70	2.83	3.17	3.17
Debt-free, Cash-free Net Working Capital to Revenue	-17.78%	-18.13%	-15.12%	-15.77%	-16.01%	-15.01%	-14.53%	-17.36%	-17.28%	-18.01%	-16.61%
Debt-free Net Working Capital to Revenue	18.61%	13.92%	10.71%	8.00%	8.14%	4.18%	2.60%	0.26%	-0.29%	-0.48%	0.52%
Net Working Capital to Revenue	17.26%	12.59%	9.42%	6.77%	6.66%	3.00%	1.40%	-0.97%	-1.77%	-1.93%	-0.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.18)	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	99.82M	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M
Adjusted Diluted Earnings per Share	($0.18)	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	99.82M	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.61M	103.09M	105.47M	107.25M	108.83M	110.26M	112.43M	113.76M	116.19M	118.25M	123.16M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-14	-13	-13	2.86	-12	-10	-11	15	-3.80	-3.67
Normalized NOPAT Margin	-16.09%	-18.61%	-15.85%	-15.52%	16.01%	-14.70%	-12.55%	-14.43%	55.11%	-5.34%	-4.73%
Pre Tax Income Margin	-27.34%	-26.06%	-22.68%	-22.03%	23.91%	-20.79%	-17.49%	-33.92%	55.26%	-7.24%	-6.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-474.49	-255.94	-25.00	-23.70	7.03	-23.44	-20.39	-38.38	27.96	-9.04	-9.37
NOPAT to Interest Expense	-279.81	-183.48	-18.17	-17.40	5.77	-17.28	-15.35	-27.68	26.89	-7.40	-7.40
EBIT Less CapEx to Interest Expense	-570.46	-329.69	-34.17	-25.72	7.97	-25.83	-22.19	-42.47	25.81	-12.57	-15.98
NOPAT Less CapEx to Interest Expense	-375.79	-257.24	-27.34	-19.42	6.71	-19.67	-17.14	-31.77	24.74	-10.93	-14.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

ThredUp Inc. (NASDAQ: TDUP) has demonstrated notable financial trends over the past several years, culminating in Q2 2025. The analysis covers key metrics from quarterly income statements, cash flow statements, and balance sheet data spanning from mid-2022 through mid-2025.

Positive Highlights:

Revenue Growth: Operating revenue increased from $67.4 million in Q3 2022 to $77.7 million in Q2 2025, showing a steady top-line growth trend.
Gross Profit Expansion: Total gross profit rose from $44.5 million in Q3 2022 to $61.7 million in Q2 2025, improving overall profitability at the gross level.
Reduction in Operating Loss: Operating income improved from a negative $24.7 million in Q3 2022 to a negative $5.2 million in Q2 2025, indicating ongoing efforts in cost management.
Depreciation and Non-Cash Adjustments: Increasing depreciation expense and non-cash adjustments in recent quarters support cash flow, with $3.2 million and $6.3 million respectively in Q2 2025.
Issuance of Common Equity: The company raised $13.7 million in equity in Q2 2025, enhancing liquidity and financial flexibility.
Healthy Cash Position: Cash and equivalents remain strong at $40.9 million in Q2 2025, supporting operational and investment needs.

Neutral Aspects:

Consistent Share Count: Weighted average basic and diluted shares outstanding have hovered around 100 million to 123 million over the recent periods, lending stability to EPS calculations.
Capital Expenditures: Investment in property, plant, and equipment rose and fell over quarters, with $3.3 million spent in Q2 2025, indicating ongoing infrastructure support aligned with growth phases.
Debt Repayments: Steady repayments of approximately $1 million per quarter on debt show commitment to deleveraging.
Accounting for Exchange Rate and Other Financing Activities: Some volatility evident in other financing activities and exchange impacts, but no dominating trend.

Negative Concerns:

Continued Net Losses: Net income remains negative, with a $5.2 million loss in Q2 2025, though improved from losses exceeding $24 million in prior years.
High Operating Expenses: Selling, general & administrative and marketing expenses, along with substantial other operating expenses (e.g., $37.5 million in Q2 2025), continue to pressure profit margins.
Volatility in Other Operating Expenses: Other operating expenses have escalated sharply at times, peaking over $40 million in earlier quarters, including impairment charges affecting earnings.
Negative Operating Cash Flow Historically: Some quarters show negative net cash from operating activities, e.g., -$10.4 million in Q2 2024, raising concerns about operational cash generation.
Increasing Lease Obligations: Capital lease obligations have grown significantly, reaching over $31.5 million by Q2 2025, potentially increasing fixed charges.
Declining Equity Base: Although common stock value is high, retained earnings show a large accumulated deficit, over -$566 million as of Q2 2025, reflecting accumulated losses.

Overall, ThredUp shows top-line growth and some operational improvements, yet it continues to incur losses and high expenses affecting bottom-line profitability and cash flow. The company’s equity financing efforts bolster liquidity, but ongoing cost control and cash flow improvement remain critical for sustainable growth and investor confidence.

08/28/25 04:42 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About ThredUp's Financials

When does ThredUp's fiscal year end?

According to the most recent income statement we have on file, ThredUp's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has ThredUp's net income changed over the last 5 years?

ThredUp's net income appears to be on an upward trend, with a most recent value of -$76.99 million in 2024, rising from -$38.20 million in 2019. The previous period was -$71.25 million in 2023. See ThredUp's forecast for analyst expectations on what’s next for the company.

What is ThredUp's operating income?

ThredUp's total operating income in 2024 was -$40.62 million, based on the following breakdown:

Total Gross Profit: $207.13 million
Total Operating Expenses: $247.74 million

How has ThredUp's revenue changed over the last 5 years?

Over the last 5 years, ThredUp's total revenue changed from $163.81 million in 2019 to $260.03 million in 2024, a change of 58.7%.

How much debt does ThredUp have?

ThredUp's total liabilities were at $114.92 million at the end of 2024, a 21.3% decrease from 2023, and a 2.6% decrease since 2020.

How much cash does ThredUp have?

In the past 4 years, ThredUp's cash and equivalents has ranged from $31.85 million in 2024 to $84.55 million in 2021, and is currently $31.85 million as of their latest financial filing in 2024.

How has ThredUp's book value per share changed over the last 5 years?

Over the last 5 years, ThredUp's book value per share changed from 0.00 in 2019 to 0.49 in 2024, a change of 49.5%.

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This page (NASDAQ:TDUP) was last updated on 8/28/2025 by MarketBeat.com Staff

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ThredUp (TDUP) Financials

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ThredUp (TDUP) Financials

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