ThredUp (TDUP) Financials

$4.05 -0.02 (-0.49%)

Closing price 05/19/2026 04:00 PM Eastern

Extended Trading

$4.10 +0.05 (+1.23%)

As of 05/19/2026 07:31 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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-20	-19	-18	-15	-17	-14	-25	-22	-5.22	-5.18	-4.25
Consolidated Net Income / (Loss)	-20	-19	-18	-15	-17	-14	-25	-22	-5.22	-5.18	-4.25
Net Income / (Loss) Continuing Operations	-20	-19	-18	4.28	-12	-9.39	-10	15	-5.22	-5.18	-4.25
Total Pre-Tax Income	-20	-19	-18	4.27	-12	-9.39	-10	15	-5.16	-5.15	-4.28
Total Operating Income	-20	-19	-18	4.09	-12	-9.61	-10	15	-5.43	-5.25	-4.39
Total Gross Profit	51	56	57	35	52	53	49	44	56	62	65
Total Revenue	76	83	82	18	65	67	62	28	71	78	82
Operating Revenue	76	83	82	18	65	67	62	28	71	78	82
Total Cost of Revenue	25	27	25	-17	13	14	13	-16	15	16	17
Operating Cost of Revenue	25	27	25	-17	13	14	13	-16	15	16	17
Total Operating Expenses	71	74	75	31	64	62	59	28	62	67	70
Selling, General & Admin Expense	16	16	15	9.59	16	14	13	9.34	14	13	15
Marketing Expense	17	19	19	-3.53	11	13	13	3.87	13	16	16
Other Operating Expenses / (Income)	38	40	40	25	37	35	33	25	35	38	39
Total Other Income / (Expense), net	0.40	-0.04	0.11	0.19	0.22	0.22	0.11	0.03	0.28	0.10	0.11
Interest Expense	0.08	0.72	0.73	0.71	0.68	0.65	0.63	0.57	0.51	0.50	0.48
Other Income / (Expense), net	0.48	0.69	0.85	0.89	0.89	0.87	0.74	0.60	0.79	0.60	0.58
Income Tax Expense	0.01	0.01	0.00	-0.01	0.01	0.01	0.00	0.01	0.06	0.03	-0.03
Net Income / (Loss) Discontinued Operations	-	-	-	-	-4.36	-4.56	-14	-	0.00	0.00	0.00
Basic Earnings per Share	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)	($0.03)
Weighted Average Basic Shares Outstanding	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M	123.90M
Diluted Earnings per Share	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)	($0.03)
Weighted Average Diluted Shares Outstanding	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M	123.90M
Weighted Average Basic & Diluted Shares Outstanding	103.09M	105.47M	107.25M	108.83M	110.26M	112.43M	113.76M	116.19M	118.25M	123.16M	125.14M

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	9/30/2025
Net Change in Cash & Equivalents	13	0.34	17	-13	-5.99	-5.36	-1.13	-8.51	9.23	-0.09	1.62
Net Cash From Operating Activities	-4.46	-10	0.22	-7.98	1.39	-4.97	3.35	1.13	5.74	0.34	6.03
Net Cash From Continuing Operating Activities	-4.46	-10	0.22	4.80	3.29	-4.97	3.35	5.14	5.74	0.34	6.03
Net Income / (Loss) Continuing Operations	-20	-19	-18	4.28	-12	-14	-25	15	-5.22	-5.18	-4.25
Depreciation Expense	3.68	4.84	5.36	0.35	3.75	4.87	4.70	2.83	3.17	3.17	3.14
Non-Cash Adjustments To Reconcile Net Income	12	11	11	5.58	7.66	5.87	18	-8.07	7.03	6.26	7.30
Changes in Operating Assets and Liabilities, net	-0.68	-7.91	1.62	-5.40	4.07	-1.75	5.00	-4.91	0.76	-3.91	-0.16
Net Cash From Investing Activities	19	10	19	-4.67	-5.79	0.84	-3.49	-8.47	5.08	-4.10	-1.87
Net Cash From Continuing Investing Activities	19	10	19	-1.80	-5.29	0.84	-3.49	-1.82	5.08	-4.10	-1.87
Purchase of Property, Plant & Equipment	-5.68	-6.61	-1.48	0.67	-1.13	-1.17	-2.57	-1.22	-1.82	-3.28	-3.65
Purchase of Investments	0.00	-7.88	-1.97	-8.06	-8.67	-6.49	-9.52	-7.10	-3.21	-5.88	-3.87
Sale and/or Maturity of Investments	25	25	23	5.60	4.50	8.50	8.60	6.50	10	5.05	5.65
Net Cash From Financing Activities	-1.19	-0.56	-1.23	-0.62	-1.48	-1.18	-1.26	-0.47	-1.59	3.67	-2.53
Net Cash From Continuing Financing Activities	-1.19	-0.56	-1.23	-0.62	-1.48	-1.18	-1.26	-0.47	-1.59	3.67	-2.53
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	0.45	1.69	1.63	1.40	0.73	1.06	0.28	1.60	1.15	14	6.92
Other Financing Activities, net	-0.64	-1.25	-1.86	-1.02	-1.21	-1.24	-0.55	-1.06	-1.74	-9.03	-8.45

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	Q3 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	9/30/2025
Total Assets	346	320	295	276	265	244	231	215	173	174	172
Total Current Assets	178	152	125	109	105	87	78	73	60	61	61
Cash & Equivalents	52	37	51	51	69	50	45	44	41	41	46
Short-Term Investments	96	87	43	26	5.58	12	11	12	5.72	6.61	4.89
Accounts Receivable	3.37	3.18	4.23	3.78	5.99	6.93	5.89	5.72	4.23	3.80	3.73
Other Current Assets	12	10	6.34	8.24	7.20	5.83	6.70	4.98	9.45	9.37	5.67
Plant, Property, & Equipment, net	84	90	96	94	90	85	83	76	68	68	68
Total Noncurrent Assets	84	79	74	73	70	72	70	65	45	45	44
Goodwill	11	11	12	12	11	12	12	12	11	11	11
Other Noncurrent Operating Assets	61	58	6.96	6.87	6.62	53	52	51	34	34	33
Total Liabilities & Shareholders' Equity	346	320	295	276	265	244	231	215	173	174	172
Total Liabilities	178	170	164	156	156	151	145	146	116	113	113
Total Current Liabilities	100	90	88	81	84	77	74	76	66	63	66
Short-Term Debt	7.79	3.88	3.88	3.83	3.83	3.84	3.85	3.85	3.86	3.87	3.87
Accounts Payable	16	8.64	13	8.78	12	9.13	11	13	13	11	12
Accrued Expenses	49	53	48	43	40	38	34	34	28	27	26
Other Current Liabilities	28	24	24	25	28	27	25	25	20	21	23
Total Noncurrent Liabilities	78	80	75	74	71	74	71	69	51	50	48
Long-Term Debt	24	27	25	24	23	21	20	19	17	16	15
Capital Lease Obligations	-	-	48	47	45	50	48	47	31	32	30
Other Noncurrent Operating Liabilities	54	54	3.07	3.20	3.23	2.88	2.93	3.01	2.49	2.51	2.56
Commitments & Contingencies	0.00	-	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	59
Total Preferred & Common Equity	168	150	131	121	110	94	86	69	56	60	59
Total Common Equity	168	150	131	121	110	94	86	69	56	60	59
Common Stock	538	545	562	570	578	592	599	606	617	626	630
Retained Earnings	-364	-388	-427	-446	-464	-495	-509	-534	-561	-566	-571
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	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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.44%	8.16%	20.76%	-74.94%	4.83%	-3.51%	-11.00%	54.78%	10.47%	16.40%	33.56%
EBITDA Growth	5.74%	46.69%	40.17%	134.08%	31.78%	36.09%	-62.22%	250.65%	80.98%	70.99%	89.24%
EBIT Growth	2.79%	35.97%	26.39%	125.61%	19.49%	26.24%	-39.15%	218.18%	59.62%	46.77%	60.87%
NOPAT Growth	1.91%	33.96%	24.80%	135.68%	17.20%	23.61%	-36.70%	272.42%	56.16%	45.39%	58.07%
Net Income Growth	4.42%	33.94%	23.63%	25.06%	16.36%	25.62%	-36.99%	-48.55%	68.50%	62.91%	82.85%
EPS Growth	9.52%	37.93%	29.17%	22.22%	21.05%	27.78%	-29.41%	-35.71%	73.33%	69.23%	86.36%
Operating Cash Flow Growth	33.25%	42.82%	101.84%	47.42%	131.25%	52.10%	1,400.90%	114.17%	312.28%	106.92%	80.16%
Free Cash Flow Firm Growth	-33.82%	0.27%	24.03%	179.67%	96.13%	106.88%	109.50%	-42.38%	8,447.71%	298.84%	48.66%
Invested Capital Growth	205.09%	133.36%	87.83%	-33.40%	-7.20%	-13.12%	-21.76%	-11.84%	-41.80%	-37.78%	-32.05%
Revenue Q/Q Growth	6.46%	8.87%	-0.74%	-78.21%	-2.22%	0.21%	-8.44%	-62.11%	157.68%	8.93%	5.80%
EBITDA Q/Q Growth	-2.48%	17.69%	9.16%	144.47%	-20.70%	22.88%	-130.57%	196.13%	-107.89%	-0.54%	55.02%
EBIT Q/Q Growth	-1.30%	8.52%	3.77%	128.73%	-14.07%	16.20%	-81.54%	165.68%	-129.29%	-0.11%	18.15%
NOPAT Q/Q Growth	-23.15%	7.29%	2.78%	132.15%	-13.29%	14.46%	-73.98%	187.58%	-124.95%	3.48%	16.34%
Net Income Q/Q Growth	-1.51%	5.22%	3.61%	19.18%	-13.28%	15.71%	-77.52%	12.37%	75.98%	0.75%	17.93%
EPS Q/Q Growth	-5.56%	5.26%	5.56%	17.65%	-7.14%	13.33%	-69.23%	13.64%	78.95%	0.00%	25.00%
Operating Cash Flow Q/Q Growth	70.61%	-132.86%	102.15%	-3,676.23%	117.47%	-456.93%	167.32%	-66.24%	408.23%	-94.01%	1,652.33%
Free Cash Flow Firm Q/Q Growth	-72.02%	10.68%	22.21%	166.66%	50.35%	259.02%	7.34%	304.40%	66.83%	-12.49%	-32.38%
Invested Capital Q/Q Growth	0.34%	4.33%	-9.52%	-29.69%	-4.12%	-2.32%	-18.52%	-20.78%	-7.70%	4.43%	-11.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.30%	67.42%	69.02%	195.89%	69.52%	70.37%	71.19%	157.95%	79.07%	79.50%	79.37%
EBITDA Margin	-21.11%	-15.96%	-14.60%	29.81%	-13.74%	-10.57%	-26.62%	67.54%	-2.07%	-1.91%	-0.81%
Operating Margin	-26.58%	-22.64%	-22.17%	22.88%	-21.00%	-17.92%	-34.06%	55.13%	-7.62%	-6.75%	-5.34%
EBIT Margin	-25.96%	-21.81%	-21.14%	27.88%	-19.94%	-16.67%	-33.06%	57.31%	-6.51%	-5.99%	-4.63%
Profit (Net Income) Margin	-26.07%	-22.70%	-22.04%	-81.75%	-20.80%	-17.50%	-33.92%	-78.46%	-7.32%	-6.67%	-5.17%
Tax Burden Percent	100.05%	100.06%	100.02%	-341.90%	100.07%	100.04%	100.02%	-141.99%	101.11%	100.60%	99.21%
Interest Burden Percent	100.39%	104.00%	104.22%	85.77%	104.27%	104.90%	102.61%	96.42%	111.07%	110.67%	112.54%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.12%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-71.79%	-55.63%	-58.79%	62.64%	-43.62%	-36.48%	-78.09%	201.55%	-17.03%	-15.69%	-15.80%
ROIC Less NNEP Spread (ROIC-NNEP)	-65.03%	-46.10%	-47.48%	130.80%	146.38%	-89.48%	-193.59%	611.44%	-33.13%	-30.21%	-34.06%
Return on Net Nonoperating Assets (RNNOA)	34.20%	18.99%	17.32%	-29.43%	-3.33%	-6.44%	-13.80%	-68.81%	-3.88%	-4.27%	-3.42%
Return on Equity (ROE)	-37.60%	-36.64%	-41.48%	33.21%	-46.95%	-42.92%	-91.89%	132.74%	-20.92%	-19.95%	-19.22%
Cash Return on Invested Capital (CROIC)	-183.77%	-145.58%	-123.49%	0.84%	-36.14%	-26.29%	-27.19%	-27.41%	24.65%	22.08%	15.15%
Operating Return on Assets (OROA)	-23.08%	-20.88%	-22.55%	26.11%	-24.09%	-21.20%	-43.19%	70.76%	-8.34%	-8.21%	-7.13%
Return on Assets (ROA)	-23.18%	-21.73%	-23.50%	-76.58%	-25.13%	-22.25%	-44.32%	-96.88%	-9.37%	-9.15%	-7.96%
Return on Common Equity (ROCE)	-37.60%	-36.64%	-41.48%	33.21%	-46.95%	-42.92%	-91.89%	132.74%	-20.92%	-19.95%	-19.22%
Return on Equity Simple (ROE_SIMPLE)	-69.70%	-67.77%	-69.50%	0.00%	-72.71%	-73.08%	-100.90%	0.00%	-117.05%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-13	-13	4.09	-12	-10	-17	15	-3.80	-3.67	-3.07
NOPAT Margin	-18.61%	-15.85%	-15.52%	22.90%	-14.70%	-12.55%	-23.84%	55.11%	-5.34%	-4.73%	-3.74%
Net Nonoperating Expense Percent (NNEP)	-6.76%	-9.53%	-11.31%	-68.16%	-190.00%	53.00%	115.50%	-409.88%	16.10%	14.52%	18.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.53%	-	-	-	13.76%	-3.51%	-3.28%	-2.84%
Cost of Revenue to Revenue	32.70%	32.58%	30.98%	-95.89%	30.48%	29.63%	28.82%	-57.95%	20.93%	20.50%	20.63%
SG&A Expenses to Revenue	21.15%	19.39%	18.35%	53.66%	22.08%	19.36%	19.92%	33.75%	18.99%	17.06%	18.10%
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	93.88%	90.06%	91.19%	173.02%	90.51%	88.29%	105.24%	102.81%	86.69%	86.25%	84.71%
Earnings before Interest and Taxes (EBIT)	-20	-18	-17	4.98	-16	-13	-24	16	-4.64	-4.65	-3.81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-16	-13	-12	5.33	-11	-8.43	-19	19	-1.48	-1.48	-0.67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	2.09	3.86	2.32	2.33	2.17	1.37	2.81	4.99	14.71	19.70
Price to Tangible Book Value (P/TBV)	2.35	2.53	4.72	2.60	2.92	2.75	1.72	3.47	6.18	17.91	24.08
Price to Revenue (P/Rev)	0.88	0.84	1.36	0.93	0.67	0.58	0.30	0.61	1.05	3.19	3.90
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)	2.11	2.10	3.92	3.13	2.17	1.98	1.30	2.53	4.64	13.86	20.34
Enterprise Value to Revenue (EV/Rev)	0.82	0.84	1.35	0.92	0.71	0.63	0.35	0.65	1.07	3.20	3.89
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	187.57	54.39	84.23	87.73
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	296.27	0.00	0.00	0.00	0.00	13.85	48.14	108.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.62	0.66	0.55	0.80	0.83	1.01	0.97	0.93	0.86	0.83
Long-Term Debt to Equity	0.55	0.59	0.62	0.52	0.76	0.79	0.96	0.90	0.86	0.79	0.77
Financial Leverage	-0.53	-0.41	-0.36	-0.23	-0.02	0.07	0.07	-0.11	0.12	0.14	0.10
Leverage Ratio	2.06	2.16	2.26	2.26	2.40	2.45	2.69	2.63	2.79	2.76	3.02
Compound Leverage Factor	2.07	2.24	2.35	1.94	2.50	2.57	2.76	2.53	3.09	3.05	3.40
Debt to Total Capital	36.77%	38.38%	39.68%	35.69%	44.38%	45.43%	50.30%	49.19%	48.20%	46.14%	45.43%
Short-Term Debt to Total Capital	1.87%	1.96%	2.11%	2.38%	2.29%	2.43%	2.76%	3.48%	3.57%	3.46%	3.58%
Long-Term Debt to Total Capital	34.90%	36.42%	37.57%	33.31%	42.10%	43.00%	47.54%	45.71%	44.63%	42.68%	41.85%
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	63.23%	61.62%	60.32%	64.31%	55.62%	54.57%	49.70%	50.82%	51.80%	53.86%	54.57%
Debt to EBITDA	-1.00	-1.16	-1.27	-1.61	-1.65	-1.78	-1.47	-2.71	-3.77	-5.05	-10.51
Net Debt to EBITDA	0.23	0.03	0.04	0.13	-0.27	-0.41	-0.31	-0.51	-0.39	-0.39	0.41
Long-Term Debt to EBITDA	-0.95	-1.10	-1.20	-1.50	-1.57	-1.69	-1.38	-2.52	-3.49	-4.67	-9.69
Debt to NOPAT	-1.22	-1.35	-1.40	-1.55	-1.56	-1.61	-1.42	-1.92	-2.21	-2.52	-3.03
Net Debt to NOPAT	0.28	0.03	0.04	0.13	-0.25	-0.37	-0.30	-0.36	-0.23	-0.20	0.12
Long-Term Debt to NOPAT	-1.16	-1.28	-1.33	-1.45	-1.48	-1.52	-1.34	-1.78	-2.05	-2.33	-2.79
Altman Z-Score	-0.17	-0.31	0.23	-0.51	-0.81	-1.08	-2.02	-1.93	-1.69	1.61	3.15
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	1.42	1.35	1.25	1.22	1.13	1.06	0.96	0.93	0.92	0.96	0.92
Quick Ratio	1.11	0.99	0.95	0.88	0.90	0.83	0.80	0.78	0.78	0.81	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-91	-81	-63	42	-3.50	5.57	5.98	24	40	35	24
Operating Cash Flow to CapEx	-78.50%	-156.98%	15.04%	0.00%	85.99%	-424.96%	130.08%	92.55%	316.42%	10.49%	165.11%
Free Cash Flow to Firm to Interest Expense	-1,177.42	-112.32	-86.06	59.23	-5.18	8.55	9.51	42.67	78.52	71.21	50.07
Operating Cash Flow to Interest Expense	-57.90	-14.40	0.30	-11.25	2.06	-7.63	5.32	1.99	11.17	0.69	12.64
Operating Cash Flow Less CapEx to Interest Expense	-131.65	-23.57	-1.72	-10.31	-0.34	-9.42	1.23	-0.16	7.64	-5.92	4.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.96	1.07	0.94	1.21	1.27	1.31	1.23	1.28	1.37	1.54
Accounts Receivable Turnover	80.97	83.31	68.05	53.49	58.36	66.76	53.59	60.73	47.80	57.34	63.20
Inventory Turnover	5.97	5.92	6.24	5.90	6.62	6.80	7.83	30.11	0.00	0.00	0.00
Fixed Asset Turnover	3.45	3.35	3.47	3.04	3.60	3.66	3.76	3.55	3.50	3.69	4.13
Accounts Payable Turnover	6.10	8.14	9.83	10.32	9.84	10.61	7.83	8.70	4.97	5.15	4.79
Days Sales Outstanding (DSO)	4.51	4.38	5.36	6.82	6.25	5.47	6.81	6.01	7.64	6.37	5.78
Days Inventory Outstanding (DIO)	61.12	61.64	58.48	61.84	55.12	53.64	46.64	12.12	0.00	0.00	0.00
Days Payable Outstanding (DPO)	59.86	44.86	37.14	35.36	37.09	34.41	46.64	41.94	73.43	70.91	76.20
Cash Conversion Cycle (CCC)	5.77	21.17	26.71	33.31	24.28	24.70	6.81	-23.80	-65.80	-64.54	-70.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	114	119	107	76	106	103	84	67	61	64	57
Invested Capital Turnover	3.86	3.51	3.79	2.74	2.97	2.91	3.28	3.66	3.19	3.32	4.23
Increase / (Decrease) in Invested Capital	77	68	50	-38	-8.19	-16	-23	-8.95	-44	-39	-27
Enterprise Value (EV)	240	250	421	237	230	204	109	168	285	890	1,162
Market Capitalization	257	252	423	241	218	187	95	158	280	886	1,164
Book Value per Share	$1.29	$1.17	$1.04	$0.97	$0.86	$0.78	$0.62	$0.49	$0.48	$0.51	$0.48
Tangible Book Value per Share	$1.08	$0.97	$0.85	$0.86	$0.68	$0.62	$0.49	$0.40	$0.39	$0.42	$0.39
Total Capital	207	196	182	162	168	158	139	111	108	112	108
Total Debt	76	75	72	58	75	72	70	54	52	52	49
Total Long-Term Debt	72	71	68	54	71	68	66	51	48	48	45
Net Debt	-17	-1.82	-2.07	-4.77	12	17	15	10	5.41	4.01	-1.94
Capital Expenditures (CapEx)	5.68	6.61	1.48	-0.67	1.62	1.17	2.57	1.22	1.82	3.28	3.65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-53	-45	-49	-41	-49	-47	-54	-45	-48	-46	-52
Debt-free Net Working Capital (DFNWC)	41	32	25	21	14	8.38	0.81	-0.75	-1.29	1.43	-1.16
Net Working Capital (NWC)	37	28	21	17	9.79	4.53	-3.04	-4.60	-5.15	-2.43	-5.03
Net Nonoperating Expense (NNE)	5.66	5.66	5.35	19	4.86	3.95	7.36	37	1.41	1.50	1.18
Net Nonoperating Obligations (NNO)	-17	-1.82	-2.07	-28	12	17	15	10	5.41	4.01	-1.94
Total Depreciation and Amortization (D&A)	3.68	4.84	5.36	0.35	4.93	4.87	4.70	2.83	3.17	3.17	3.14
Debt-free, Cash-free Net Working Capital to Revenue	-18.13%	-15.12%	-15.77%	-16.01%	-15.01%	-14.53%	-17.36%	-17.28%	-18.01%	-16.61%	-17.52%
Debt-free Net Working Capital to Revenue	13.92%	10.71%	8.00%	8.14%	4.18%	2.60%	0.26%	-0.29%	-0.48%	0.52%	-0.39%
Net Working Capital to Revenue	12.59%	9.42%	6.77%	6.66%	3.00%	1.40%	-0.97%	-1.77%	-1.93%	-0.88%	-1.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M	123.90M
Adjusted Diluted Earnings per Share	($0.19)	($0.18)	($0.17)	($0.14)	($0.15)	($0.13)	($0.22)	($0.19)	($0.04)	($0.04)	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	101.98M	103.91M	105.90M	104.88M	109.29M	111.00M	112.85M	111.96M	116.70M	120.28M	123.90M
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	103.09M	105.47M	107.25M	108.83M	110.26M	112.43M	113.76M	116.19M	118.25M	123.16M	125.14M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-13	-13	2.86	-12	-10	-11	15	-3.80	-3.67	-3.07
Normalized NOPAT Margin	-18.61%	-15.85%	-15.52%	16.01%	-14.70%	-12.55%	-14.43%	55.11%	-5.34%	-4.73%	-3.74%
Pre Tax Income Margin	-26.06%	-22.68%	-22.03%	23.91%	-20.79%	-17.49%	-33.92%	55.26%	-7.24%	-6.63%	-5.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-255.94	-25.00	-23.70	7.03	-23.44	-20.39	-38.38	27.96	-9.04	-9.37	-7.98
NOPAT to Interest Expense	-183.48	-18.17	-17.40	5.77	-17.28	-15.35	-27.68	26.89	-7.40	-7.40	-6.44
EBIT Less CapEx to Interest Expense	-329.69	-34.17	-25.72	7.97	-25.83	-22.19	-42.47	25.81	-12.57	-15.98	-15.63
NOPAT Less CapEx to Interest Expense	-257.24	-27.34	-19.42	6.71	-19.67	-17.14	-31.77	24.74	-10.93	-14.01	-14.09
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%

Financials Breakdown Chart

Key Financial Trends

ThredUp (TDUP) has shown several notable shifts in its quarterly results across the last four years. Below is a concise, investor-focused snapshot based on the provided quarterly statements through Q3 2025, along with context from earlier periods.

Revenue uptrend in 2025: Q3 2025 operating revenue reached 82.161 million, rising from 71.291 million (Q1 2025) and 77.657 million (Q2 2025), continuing a stronger year relative to 2024 Q3 levels (61.514 million).
Improving operating cash flow in 2025: Net cash from continuing operating activities was 6.028 million in Q3 2025, up from 344 thousand in Q2 2025 and 5.743 million in Q1 2025, indicating a strengthening cash-generating ability.
Gross margin remains robust in the latest quarter: Q3 2025 gross profit of 65.212 million on 82.161 million revenue implies a high gross margin (approximately 79%), contributing to a solid underlying profitability signal despite current net losses.
Net income trend improving YoY: Q3 2025 net income continuing operations was -4.248 million, a meaningful improvement versus Q3 2024’s -24.771 million, suggesting a potential is turning point toward profitability if momentum continues.
Equity financing provides runway in 2025: Q3 2025 shows issuance of common equity around 6.915 million (with additional sizable equity actions in prior quarters), helping to fund ongoing operations and investments.
Sequential cash-flow stability: Across Q1–Q3 2025, operating cash flow oscillated but remained positive, with Q1 and Q3 showing meaningful positives and Q2 a smaller positive, suggesting a steadier liquidity profile for now.
Cash balance has declined but remains positive: Cash & equivalents stood at 46.22 million in Q3 2025 versus about 60.01 million at end of 2024, indicating liquidity compression that bears watching if operating performance does not sustain.
Debt levels are moderate and manageable: Short-term debt around 3.8–3.9 million and long-term debt around 15–16 million in recent quarters, with total liabilities around 110–115 million, suggesting a moderate leverage profile for now.
Fluctuating working capital components: Changes in operating assets and liabilities show variability (e.g., net changes in operating capital ranged from modest positive to modest negative across quarters), indicating ongoing working-capital swings rather than a clear, single-direction trend.
Ongoing losses and negative earnings per share: Despite improvements, Q3 2025 shows a continued net loss and negative earnings per share (-0.03 basic and -0.03 diluted), underscoring sustained profitability risk.

05/20/26 01:49 AM ETAI Generated. May Contain Errors.

ThredUp Financials - Frequently Asked Questions

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

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 where experts think ThredUp is headed by visiting ThredUp's forecast page.

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

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%.

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.

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.

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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Financial statements for NASDAQ:TDUP last updated on 11/14/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ThredUp (TDUP) Financials

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ThredUp (TDUP) Financials

Annual Income Statements for ThredUp

Quarterly Income Statements for ThredUp

Annual Cash Flow Statements for ThredUp

Quarterly Cash Flow Statements for ThredUp

Annual Balance Sheets for ThredUp

Quarterly Balance Sheets for ThredUp

Annual Metrics And Ratios for ThredUp

Quarterly Metrics And Ratios for ThredUp

Financials Breakdown Chart

Key Financial Trends

ThredUp Financials - Frequently Asked Questions

When does ThredUp's financial year end?

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

What is ThredUp's operating income?

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

How much debt does ThredUp have?

How much cash does ThredUp have?

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

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