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ThredUp (TDUP) Financials

ThredUp logo
$7.00 +0.07 (+1.01%)
Closing price 04:00 PM Eastern
Extended Trading
$6.98 -0.01 (-0.21%)
As of 07:57 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ThredUp

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 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -38 -48 -63 -92 -71 -77 -20
Consolidated Net Income / (Loss)		 -38 -48 -63 -92 -71 -77 -20
Net Income / (Loss) Continuing Operations		 -38 -48 -63 -92 -52 -40 -20
Total Pre-Tax Income 		-38 -48 -63 -92 -52 -40 -20
Total Operating Income		 -37 -47 -62 -89 -53 -41 -22
Total Gross Profit		 113 128 178 192 198 207 247
Total Revenue		 164 186 252 288 259 260 311
Operating Revenue		 164 186 252 288 259 260 311
Total Cost of Revenue		 51 58 74 96 60 53 64
Operating Cost of Revenue		 51 58 74 96 60 53 64
Total Operating Expenses		 149 175 241 282 251 248 268
Selling, General & Admin Expense		 22 29 49 62 57 57 57
Marketing Expense		 45 45 64 64 51 49 59
Other Operating Expenses / (Income)		 82 101 128 156 143 142 153
Total Other Income / (Expense), net		 -1.35 -1.23 -0.71 -2.76 0.66 0.65 1.59
Interest Expense		 1.43 1.31 2.28 0.81 2.24 2.53 1.92
Other Income / (Expense), net		 0.07 0.07 1.57 -1.96 2.90 3.17 3.51
Income Tax Expense		 0.04 0.06 0.08 0.04 0.02 0.03 0.06
Net Income / (Loss) Discontinued Operations		 - - - - -19 -37 0.00
Basic Earnings per Share		 ($3.72) ($4.14) ($0.82) ($0.92) ($0.68) ($0.69) ($0.17)
Weighted Average Basic Shares Outstanding		 10.27M 11.57M 77.09M 99.82M 104.88M 111.96M 121.69M
Diluted Earnings per Share		 ($3.72) ($4.14) ($0.82) ($0.92) ($0.68) ($0.69) ($0.17)
Weighted Average Diluted Shares Outstanding		 10.27M 11.57M 77.09M 99.82M 104.88M 111.96M 121.69M
Weighted Average Basic & Diluted Shares Outstanding		 - - 98.78M 101.61M 108.83M 116.19M 127.04M

Quarterly Income Statements for ThredUp

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -18 -15 -17 -14 -25 -22 -5.22 -5.18 -4.25 -5.58 -6.47
Consolidated Net Income / (Loss)		 -18 -15 -17 -14 -25 -22 -5.22 -5.18 -4.25 -5.58 -6.47
Net Income / (Loss) Continuing Operations		 -18 4.28 -12 -9.39 -10 15 -5.22 -5.18 -4.25 -5.58 -6.47
Total Pre-Tax Income 		-18 4.27 -12 -9.39 -10 15 -5.16 -5.15 -4.28 -5.57 -6.45
Total Operating Income		 -18 4.09 -12 -9.61 -10 15 -5.43 -5.25 -4.39 -6.68 -6.59
Total Gross Profit		 57 35 52 53 49 44 56 62 65 63 65
Total Revenue		 82 18 65 67 62 28 71 78 82 80 82
Operating Revenue		 82 18 65 67 62 28 71 78 82 80 82
Total Cost of Revenue		 25 -17 13 14 13 -16 15 16 17 16 17
Operating Cost of Revenue		 25 -17 13 14 13 -16 15 16 17 16 17
Total Operating Expenses		 75 31 64 62 59 28 62 67 70 70 71
Selling, General & Admin Expense		 15 9.59 16 14 13 9.34 14 13 15 15 15
Marketing Expense		 19 -3.53 11 13 13 3.87 13 16 16 13 15
Other Operating Expenses / (Income)		 40 25 37 35 33 25 35 38 39 42 41
Total Other Income / (Expense), net		 0.11 0.19 0.22 0.22 0.11 0.03 0.28 0.10 0.11 1.11 0.14
Interest Expense		 0.73 0.71 0.68 0.65 0.63 0.57 0.51 0.50 0.48 0.43 0.38
Other Income / (Expense), net		 0.85 0.89 0.89 0.87 0.74 0.60 0.79 0.60 0.58 1.54 0.53
Income Tax Expense		 0.00 -0.01 0.01 0.01 0.00 0.01 0.06 0.03 -0.03 0.01 0.02
Basic Earnings per Share		 ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04) ($0.03) ($0.06) ($0.05)
Weighted Average Basic Shares Outstanding		 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M 123.90M 121.69M 127.69M
Diluted Earnings per Share		 ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04) ($0.03) ($0.06) ($0.05)
Weighted Average Diluted Shares Outstanding		 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M 123.90M 121.69M 127.69M
Weighted Average Basic & Diluted Shares Outstanding		 107.25M 108.83M 110.26M 112.43M 113.76M 116.19M 118.25M 123.16M 125.14M 127.04M 129.04M

Annual Cash Flow Statements for ThredUp

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 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 80 -20 24 -48 17 -21 3.09
Net Cash From Operating Activities		 -10 -19 -35 -52 -23 0.90 11
Net Cash From Continuing Operating Activities		 -10 -19 -35 -52 -9.82 4.90 11
Net Income / (Loss) Continuing Operations		 -38 -48 -63 -92 -52 -40 -20
Depreciation Expense		 4.27 5.58 9.16 14 14 17 13
Non-Cash Adjustments To Reconcile Net Income		 9.07 16 24 36 41 25 27
Changes in Operating Assets and Liabilities, net		 15 6.85 -5.36 -9.79 -12 2.90 -9.06
Net Cash From Discontinued Operating Activities		 - - - - -13 -4.01 0.00
Net Cash From Investing Activities		 -1.25 -19 -170 8.92 44 -17 -7.17
Net Cash From Continuing Investing Activities		 -1.25 -19 -170 8.92 47 -10 -7.17
Purchase of Property, Plant & Equipment		 -9.50 -19 -20 -43 -13 -6.58 -10
Purchase of Investments		 0.00 0.00 -125 -3.48 -18 -32 -21
Sale and/or Maturity of Investments		 8.25 0.00 2.80 56 78 28 24
Net Cash From Discontinued Investing Activities		 - - - - -2.88 -6.64 0.00
Net Cash From Financing Activities		 91 18 229 -3.94 -3.60 -4.39 -0.40
Net Cash From Continuing Financing Activities		 91 18 229 -3.94 -3.60 -4.39 -0.40
Repayment of Debt		 -12 -1.19 -4.00 -6.33 -4.00 -4.00 -4.00
Issuance of Common Equity		 0.00 2.17 233 4.20 5.16 3.67 28
Other Financing Activities, net		 0.72 0.00 -0.35 -2.20 -4.77 -4.06 -24
Effect of Exchange Rate Changes		 0.00 0.00 -0.06 -0.67 -0.07 -0.59 0.00
Other Net Changes in Cash		 - - - - - - 0.00
Cash Interest Paid		 1.21 1.45 2.08 2.06 2.71 2.40 1.80

Quarterly Cash Flow Statements for ThredUp

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 17 -13 -5.99 -5.36 -1.13 -8.51 9.23 -0.09 1.62 -7.68 0.37
Net Cash From Operating Activities		 0.22 -7.98 1.39 -4.97 3.35 1.13 5.74 0.34 6.03 -1.46 4.75
Net Cash From Continuing Operating Activities		 0.22 4.80 3.29 -4.97 3.35 5.14 5.74 0.34 6.03 -1.46 4.75
Net Income / (Loss) Continuing Operations		 -18 4.28 -12 -14 -25 15 -5.22 -5.18 -4.25 -5.58 -6.47
Consolidated Net Income / (Loss)		 -18 - - -14 -25 - -5.22 - - - -6.47
Depreciation Expense		 5.36 0.35 3.75 4.87 4.70 2.83 3.17 3.17 3.14 3.45 3.31
Non-Cash Adjustments To Reconcile Net Income		 11 5.58 7.66 5.87 18 -8.07 7.03 6.26 7.30 6.41 7.35
Changes in Operating Assets and Liabilities, net		 1.62 -5.40 4.07 -1.75 5.00 -4.91 0.76 -3.91 -0.16 -5.75 0.57
Net Cash From Investing Activities		 19 -4.67 -5.79 0.84 -3.49 -8.47 5.08 -4.10 -1.87 -6.26 -5.02
Net Cash From Continuing Investing Activities		 19 -1.80 -5.29 0.84 -3.49 -1.82 5.08 -4.10 -1.87 -6.26 -5.02
Purchase of Property, Plant & Equipment		 -1.48 0.67 -1.13 -1.17 -2.57 -1.22 -1.82 -3.28 -3.65 -1.73 -4.11
Purchase of Investments		 -1.97 -8.06 -8.67 -6.49 -9.52 -7.10 -3.21 -5.88 -3.87 -7.76 -4.58
Sale and/or Maturity of Investments		 23 5.60 4.50 8.50 8.60 6.50 10 5.05 5.65 3.23 3.68
Net Cash From Financing Activities		 -1.23 -0.62 -1.48 -1.18 -1.26 -0.47 -1.59 3.67 -2.53 0.05 0.63
Net Cash From Continuing Financing Activities		 -1.23 -0.62 -1.48 -1.18 -1.26 -0.47 -1.59 3.67 -2.53 0.05 0.63
Repayment of Debt		 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -0.43
Issuance of Common Equity		 1.63 1.40 0.73 1.06 0.28 1.60 1.15 14 6.92 6.16 4.45
Other Financing Activities, net		 -1.86 -1.02 -1.21 -1.24 -0.55 -1.06 -1.74 -9.03 -8.45 -5.11 -3.38

Annual Balance Sheets for ThredUp

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 143 361 302 250 171 167
Total Current Assets		 75 228 134 94 57 57
Cash & Equivalents		 64 85 38 54 32 39
Short-Term Investments		 0.00 121 67 8.10 12 9.50
Accounts Receivable		 1.82 4.14 4.67 5.00 3.57 2.44
Other Current Assets		 5.33 8.63 7.08 6.00 9.18 6.11
Plant, Property, & Equipment, net		 41 55 92 78 68 67
Total Noncurrent Assets		 27 77 75 78 46 43
Goodwill		 - 12 12 11 11 11
Other Noncurrent Operating Assets		 27 12 53 34 35 33
Total Liabilities & Shareholders' Equity		 143 361 302 250 171 167
Total Liabilities		 118 155 162 146 115 108
Total Current Liabilities		 63 89 84 77 62 62
Short-Term Debt		 3.27 7.77 3.88 3.84 3.86 3.88
Accounts Payable		 9.39 13 7.80 3.83 8.33 10
Accrued Expenses		 33 45 50 29 30 25
Other Current Liabilities		 17 23 23 25 19 24
Total Noncurrent Liabilities		 55 66 78 69 53 46
Long-Term Debt		 31 28 26 22 18 14
Capital Lease Obligations		 - 37 49 32 32 29
Other Noncurrent Operating Liabilities		 24 1.12 3.02 2.12 2.76 2.82
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -222 206 140 104 56 59
Total Preferred & Common Equity		 -222 206 140 104 56 59
Total Common Equity		 -222 206 140 104 56 59
Common Stock		 30 522 552 585 612 635
Retained Earnings		 -252 -315 -408 -479 -556 -576
Accumulated Other Comprehensive Income / (Loss)		 0.00 -1.09 -4.23 -2.38 0.00 0.00

Quarterly Balance Sheets for ThredUp

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 3/31/2026
Total Assets		 320 295 276 265 244 231 215 173 174 172 172
Total Current Assets		 152 125 109 105 87 78 73 60 61 61 60
Cash & Equivalents		 37 51 51 69 50 45 44 41 41 46 39
Short-Term Investments		 87 43 26 5.58 12 11 12 5.72 6.61 4.89 10
Accounts Receivable		 3.18 4.23 3.78 5.99 6.93 5.89 5.72 4.23 3.80 3.73 4.32
Other Current Assets		 10 6.34 8.24 7.20 5.83 6.70 4.98 9.45 9.37 5.67 6.62
Plant, Property, & Equipment, net		 90 96 94 90 85 83 76 68 68 68 68
Total Noncurrent Assets		 79 74 73 70 72 70 65 45 45 44 44
Goodwill		 11 12 12 11 12 12 12 11 11 11 11
Other Noncurrent Operating Assets		 58 6.96 6.87 6.62 53 52 51 34 34 33 34
Total Liabilities & Shareholders' Equity		 320 295 276 265 244 231 215 173 174 172 172
Total Liabilities		 170 164 156 156 151 145 146 116 113 113 113
Total Current Liabilities		 90 88 81 84 77 74 76 66 63 66 64
Short-Term Debt		 3.88 3.88 3.83 3.83 3.84 3.85 3.85 3.86 3.87 3.87 0.00
Accounts Payable		 8.64 13 8.78 12 9.13 11 13 13 11 12 12
Accrued Expenses		 53 48 43 40 38 34 34 28 27 26 27
Other Current Liabilities		 24 24 25 28 27 25 25 20 21 23 25
Total Noncurrent Liabilities		 80 75 74 71 74 71 69 51 50 48 49
Long-Term Debt		 27 25 24 23 21 20 19 17 16 15 18
Capital Lease Obligations		 - 48 47 45 50 48 47 31 32 30 29
Other Noncurrent Operating Liabilities		 54 3.07 3.20 3.23 2.88 2.93 3.01 2.49 2.51 2.56 2.87
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		 150 131 121 110 94 86 69 56 60 59 59
Total Preferred & Common Equity		 150 131 121 110 94 86 69 56 60 59 59
Total Common Equity		 150 131 121 110 94 86 69 56 60 59 59
Common Stock		 545 562 570 578 592 599 606 617 626 630 642
Retained Earnings		 -388 -427 -446 -464 -495 -509 -534 -561 -566 -571 -583
Accumulated Other Comprehensive Income / (Loss)		 -7.64 -3.08 -3.01 -3.94 -3.25 -3.47 -2.27 -0.00 -0.00 0.00 -0.02

Annual Metrics And Ratios for ThredUp

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

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - 125,141,893.00
DEI Adjusted Shares Outstanding		 - - - - - - 125,141,893.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.16
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 13.55% 35.36% 14.53% -10.36% 0.59% 19.53%
EBITDA Growth		 0.00% -26.11% -26.21% -49.83% 53.66% 43.92% 73.59%
EBIT Growth		 0.00% -26.63% -30.75% -50.35% 45.21% 25.26% 51.30%
NOPAT Growth		 0.00% -26.58% -33.91% -43.44% 40.78% 23.36% 46.46%
Net Income Growth		 0.00% -25.34% -31.95% -46.07% 22.79% -8.05% 73.74%
EPS Growth		 0.00% -11.29% 80.19% -12.20% 26.09% -1.47% 75.36%
Operating Cash Flow Growth		 0.00% -89.35% -83.30% -48.79% 56.64% 103.98% 1,086.19%
Free Cash Flow Firm Growth		 0.00% 0.00% -341.01% 14.20% 100.77% -2,540.67% 67.16%
Invested Capital Growth		 0.00% 0.00% 1,499.55% 57.08% -33.40% -11.84% -13.24%
Revenue Q/Q Growth		 0.00% 0.00% 13.24% -0.54% -17.13% -17.12% 4.17%
EBITDA Q/Q Growth		 0.00% 0.00% -0.12% -1.68% 36.89% 57.97% -13.58%
EBIT Q/Q Growth		 0.00% 0.00% -2.28% -2.34% 32.79% 44.29% 11.40%
NOPAT Q/Q Growth		 0.00% 0.00% -3.45% 2.12% 27.87% 42.48% 6.36%
Net Income Q/Q Growth		 0.00% 0.00% -1.46% -1.75% 6.42% -10.15% 44.38%
EPS Q/Q Growth		 0.00% 0.00% 67.59% -130.00% 5.56% -7.81% 43.33%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -23.42% 9.89% 24.15% 110.94% -19.58%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 20.09% 100.79% 25.19% -159.81%
Invested Capital Q/Q Growth		 0.00% 0.00% 924.08% 98.29% -29.69% -20.78% 1.16%
Profitability Metrics		 - - - - - - -
Gross Margin		 68.68% 68.89% 70.75% 66.70% 76.78% 79.65% 79.39%
EBITDA Margin		 -19.81% -22.01% -20.52% -26.84% -13.88% -7.74% -1.71%
Operating Margin		 -22.47% -25.05% -24.78% -31.03% -20.50% -15.62% -7.00%
EBIT Margin		 -22.42% -25.01% -24.16% -31.71% -19.38% -14.40% -5.87%
Profit (Net Income) Margin		 -23.32% -25.74% -25.09% -32.00% -27.56% -29.61% -6.50%
Tax Burden Percent		 100.09% 100.12% 100.13% 100.04% 136.13% 192.61% 100.29%
Interest Burden Percent		 103.89% 102.81% 103.74% 100.88% 104.47% 106.74% 110.52%
Effective Tax Rate		 0.00% 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% -24.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -106.37% -30.42% 85.18% 498.55% -136.36%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 75.43% 14.08% -19.17% -56.11% -10.53%
Return on Equity (ROE)		 0.00% -192.56% -54.79% -53.38% -58.42% -96.10% -35.00%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -167.60% -111.88% 0.84% -27.41% -10.29%
Operating Return on Assets (OROA)		 0.00% -32.55% -24.15% -27.59% -18.15% -17.78% -10.78%
Return on Assets (ROA)		 0.00% -33.50% -25.08% -27.85% -25.82% -36.56% -11.94%
Return on Common Equity (ROCE)		 0.00% 1,720.62% 3.91% -53.38% -58.42% -96.10% -35.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 21.55% -30.71% -65.92% -68.56% -136.74% 0.00%
Net Operating Profit after Tax (NOPAT)		 -26 -33 -44 -63 -37 -28 -15
NOPAT Margin		 -15.73% -17.53% -17.34% -21.72% -14.35% -10.93% -4.90%
Net Nonoperating Expense Percent (NNEP)		 0.00% -101.68% -23.86% -37.04% -124.44% -538.55% 111.89%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -22.96% -25.66% -14.37%
Cost of Revenue to Revenue		 31.32% 31.11% 29.25% 33.30% 23.22% 20.35% 20.61%
SG&A Expenses to Revenue		 13.58% 15.36% 19.39% 21.44% 21.95% 21.88% 18.23%
R&D to Revenue		 0.00% 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% 86.39%
Earnings before Interest and Taxes (EBIT)		 -37 -47 -61 -91 -50 -37 -18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -32 -41 -52 -77 -36 -20 -5.31
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 6.05 0.94 2.32 2.81 13.51
Price to Tangible Book Value (P/TBV)		 0.00 0.00 6.92 1.12 2.60 3.47 16.51
Price to Revenue (P/Rev)		 1.03 0.90 4.94 0.46 0.93 0.61 2.57
Price to Earnings (P/E)		 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%
Earnings Yield		 0.00% 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 13.81
Enterprise Value to Revenue (EV/Rev)		 0.00 2.07 4.41 0.37 0.92 0.65 2.57
Enterprise Value to EBITDA (EV/EBITDA)		 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
Enterprise Value to NOPAT (EV/NOPAT)		 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 0.00 187.57 74.94
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 296.27 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 1.39 0.35 0.56 0.55 0.97 0.79
Long-Term Debt to Equity		 0.00 1.25 0.31 0.53 0.52 0.90 0.72
Financial Leverage		 0.00 -1.21 -0.71 -0.46 -0.23 -0.11 0.08
Leverage Ratio		 0.00 5.75 2.18 1.92 2.26 2.63 2.93
Compound Leverage Factor		 0.00 5.91 2.27 1.93 2.36 2.81 3.24
Debt to Total Capital		 0.00% 58.09% 26.01% 35.90% 35.69% 49.19% 44.12%
Short-Term Debt to Total Capital		 0.00% 5.51% 2.79% 1.78% 2.38% 3.48% 3.66%
Long-Term Debt to Total Capital		 0.00% 52.58% 23.22% 34.12% 33.31% 45.71% 40.46%
Preferred Equity to Total Capital		 0.00% 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% 0.00%
Common Equity to Total Capital		 0.00% -374.51% 73.99% 64.10% 64.31% 50.82% 55.88%
Debt to EBITDA		 0.00 -0.84 -1.40 -1.01 -1.61 -2.71 -8.80
Net Debt to EBITDA		 0.00 0.73 2.58 0.34 0.13 -0.51 0.26
Long-Term Debt to EBITDA		 0.00 -0.76 -1.25 -0.96 -1.50 -2.52 -8.07
Debt to NOPAT		 0.00 -1.06 -1.66 -1.25 -1.55 -1.92 -3.07
Net Debt to NOPAT		 0.00 0.92 3.06 0.42 0.13 -0.36 0.09
Long-Term Debt to NOPAT		 0.00 -0.96 -1.48 -1.19 -1.45 -1.78 -2.82
Altman Z-Score		 0.00 -1.28 4.19 -1.25 -1.24 -2.95 1.08
Noncontrolling Interest Sharing Ratio		 0.00% 993.57% 107.13% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 1.20 2.55 1.59 1.22 0.93 0.91
Quick Ratio		 0.00 1.06 2.35 1.30 0.88 0.78 0.81
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -27 -121 -104 0.80 -19 -6.40
Operating Cash Flow to CapEx		 -106.17% -98.36% -176.61% -120.47% -172.35% 13.64% 101.72%
Free Cash Flow to Firm to Interest Expense		 0.00 -21.04 -53.21 -129.04 0.36 -7.72 -3.33
Operating Cash Flow to Interest Expense		 -7.07 -14.64 -15.39 -64.73 -10.09 0.36 5.55
Operating Cash Flow Less CapEx to Interest Expense		 -13.72 -29.52 -24.11 -118.45 -15.94 -2.25 0.09
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 1.30 1.00 0.87 0.94 1.23 1.84
Accounts Receivable Turnover		 0.00 102.04 84.51 65.50 53.49 60.73 103.54
Inventory Turnover		 0.00 16.44 11.04 7.02 5.90 30.11 0.00
Fixed Asset Turnover		 0.00 4.52 5.21 3.90 3.04 3.55 4.58
Accounts Payable Turnover		 0.00 6.17 6.48 9.09 10.32 8.70 6.87
Days Sales Outstanding (DSO)		 0.00 3.58 4.32 5.57 6.82 6.01 3.53
Days Inventory Outstanding (DIO)		 0.00 22.20 33.06 51.96 61.84 12.12 0.00
Days Payable Outstanding (DPO)		 0.00 59.20 56.30 40.16 35.36 41.94 53.15
Cash Conversion Cycle (CCC)		 0.00 -33.43 -18.92 17.37 33.31 -23.80 -49.62
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 -5.16 72 113 76 67 58
Invested Capital Turnover		 0.00 -72.08 7.51 3.11 2.74 3.66 5.00
Increase / (Decrease) in Invested Capital		 0.00 -5.16 77 41 -38 -8.95 -8.82
Enterprise Value (EV)		 0.00 385 1,110 106 237 168 798
Market Capitalization		 168 168 1,244 132 241 158 800
Book Value per Share		 $0.00 ($19.21) $2.11 $1.39 $0.97 $0.49 $0.47
Tangible Book Value per Share		 $0.00 ($19.21) $1.84 $1.17 $0.86 $0.40 $0.39
Total Capital		 0.00 59 278 218 162 111 106
Total Debt		 0.00 34 72 78 58 54 47
Total Long-Term Debt		 0.00 31 65 75 54 51 43
Net Debt		 0.00 -30 -134 -27 -4.77 10 -1.40
Capital Expenditures (CapEx)		 9.50 19 20 43 13 6.58 10
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -49 -59 -51 -41 -45 -50
Debt-free Net Working Capital (DFNWC)		 0.00 16 147 54 21 -0.75 -1.83
Net Working Capital (NWC)		 0.00 13 139 50 17 -4.60 -5.70
Net Nonoperating Expense (NNE)		 12 15 20 30 34 49 4.99
Net Nonoperating Obligations (NNO)		 0.00 -30 -134 -27 -28 10 -1.40
Total Depreciation and Amortization (D&A)		 4.27 5.58 9.16 14 14 17 13
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -26.14% -23.46% -17.78% -16.01% -17.28% -16.07%
Debt-free Net Working Capital to Revenue		 0.00% 8.53% 58.29% 18.61% 8.14% -0.29% -0.59%
Net Working Capital to Revenue		 0.00% 6.77% 55.20% 17.26% 6.66% -1.77% -1.84%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.82) ($0.92) ($0.68) ($0.69) ($0.17)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 77.09M 99.82M 104.88M 111.96M 121.69M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.82) ($0.92) ($0.68) ($0.69) ($0.17)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 77.09M 99.82M 104.88M 111.96M 121.69M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 127.04M
Normalized Net Operating Profit after Tax (NOPAT)		 -26 -33 -44 -63 -37 -28 -15
Normalized NOPAT Margin		 -15.73% -17.53% -17.34% -21.72% -14.35% -10.93% -4.90%
Pre Tax Income Margin		 -23.30% -25.71% -25.06% -31.99% -20.25% -15.37% -6.48%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -25.72 -35.64 -26.73 -113.60 -22.38 -14.83 -9.50
NOPAT to Interest Expense		 -18.04 -24.99 -19.20 -77.81 -16.57 -11.26 -7.93
EBIT Less CapEx to Interest Expense		 -32.38 -50.53 -35.45 -167.32 -28.23 -17.44 -14.96
NOPAT Less CapEx to Interest Expense		 -24.70 -39.87 -27.91 -131.54 -22.42 -13.87 -13.39
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 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% 0.00%

Quarterly Metrics And Ratios for ThredUp

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 125,141,893.00 127,036,872.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 125,141,893.00 127,036,872.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.04 -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.76% -74.94% 4.83% -3.51% -11.00% 54.78% 10.47% 16.40% 33.56% 18.49% 14.56%
EBITDA Growth		 40.17% 134.08% 31.78% 36.09% -62.22% 250.65% 80.98% 70.99% 89.24% -60.36% -86.98%
EBIT Growth		 26.39% 125.61% 19.49% 26.24% -39.15% 218.18% 59.62% 46.77% 60.87% 31.35% -30.58%
NOPAT Growth		 24.80% 135.68% 17.20% 23.61% -36.70% 272.42% 56.16% 45.39% 58.07% 18.10% -21.26%
Net Income Growth		 23.63% 25.06% 16.36% 25.62% -36.99% -48.55% 68.50% 62.91% 82.85% 74.32% -24.10%
EPS Growth		 29.17% 22.22% 21.05% 27.78% -29.41% -35.71% 73.33% 69.23% 86.36% 68.42% -25.00%
Operating Cash Flow Growth		 101.84% 47.42% 131.25% 52.10% 1,400.90% 114.17% 312.28% 106.92% 80.16% -229.47% -17.22%
Free Cash Flow Firm Growth		 24.03% 179.67% 96.13% 106.88% 109.50% -42.38% 8,447.71% 298.84% 48.66% 28.07% -98.69%
Invested Capital Growth		 87.83% -33.40% -7.20% -13.12% -21.76% -11.84% -41.80% -37.78% -32.05% -13.24% -8.36%
Revenue Q/Q Growth		 -0.74% -78.21% -2.22% 0.21% -8.44% -62.11% 157.68% 8.93% 5.80% -2.99% 2.47%
EBITDA Q/Q Growth		 9.16% 144.47% -20.70% 22.88% -130.57% 196.13% -107.89% -0.54% 55.02% -152.92% -63.49%
EBIT Q/Q Growth		 3.77% 128.73% -14.07% 16.20% -81.54% 165.68% -129.29% -0.11% 18.15% -35.03% -18.02%
NOPAT Q/Q Growth		 2.78% 132.15% -13.29% 14.46% -73.98% 187.58% -124.95% 3.48% 16.34% -52.21% 1.35%
Net Income Q/Q Growth		 3.61% 19.18% -13.28% 15.71% -77.52% 12.37% 75.98% 0.75% 17.93% -31.24% -16.09%
EPS Q/Q Growth		 5.56% 17.65% -7.14% 13.33% -69.23% 13.64% 78.95% 0.00% 25.00% -100.00% 16.67%
Operating Cash Flow Q/Q Growth		 102.15% -3,676.23% 117.47% -456.93% 167.32% -66.24% 408.23% -94.01% 1,652.33% -124.27% 424.95%
Free Cash Flow Firm Q/Q Growth		 22.21% 166.66% 50.35% 259.02% 7.34% 304.40% 66.83% -12.49% -32.38% -82.63% -87.25%
Invested Capital Q/Q Growth		 -9.52% -29.69% -4.12% -2.32% -18.52% -20.78% -7.70% 4.43% -11.02% 1.16% -2.50%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 69.02% 195.89% 69.52% 70.37% 71.19% 157.95% 79.07% 79.50% 79.37% 79.59% 79.17%
EBITDA Margin		 -14.60% 29.81% -13.74% -10.57% -26.62% 67.54% -2.07% -1.91% -0.81% -2.12% -3.38%
Operating Margin		 -22.17% 22.88% -21.00% -17.92% -34.06% 55.13% -7.62% -6.75% -5.34% -8.38% -8.07%
EBIT Margin		 -21.14% 27.88% -19.94% -16.67% -33.06% 57.31% -6.51% -5.99% -4.63% -6.45% -7.42%
Profit (Net Income) Margin		 -22.04% -81.75% -20.80% -17.50% -33.92% -78.46% -7.32% -6.67% -5.17% -6.99% -7.92%
Tax Burden Percent		 100.02% -341.90% 100.07% 100.04% 100.02% -141.99% 101.11% 100.60% 99.21% 100.09% 100.37%
Interest Burden Percent		 104.22% 85.77% 104.27% 104.90% 102.61% 96.42% 111.07% 110.67% 112.54% 108.41% 106.33%
Effective Tax Rate		 0.00% -0.12% 0.00% 0.00% 0.00% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -58.79% 62.64% -43.62% -36.48% -78.09% 201.55% -17.03% -15.69% -15.80% -29.31% -30.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 -47.48% 130.80% 146.38% -89.48% -193.59% 611.44% -33.13% -30.21% -34.06% -49.47% -187.92%
Return on Net Nonoperating Assets (RNNOA)		 17.32% -29.43% -3.33% -6.44% -13.80% -68.81% -3.88% -4.27% -3.42% -3.82% -3.85%
Return on Equity (ROE)		 -41.48% 33.21% -46.95% -42.92% -91.89% 132.74% -20.92% -19.95% -19.22% -33.13% -34.64%
Cash Return on Invested Capital (CROIC)		 -123.49% 0.84% -36.14% -26.29% -27.19% -27.41% 24.65% 22.08% 15.15% -10.29% -18.48%
Operating Return on Assets (OROA)		 -22.55% 26.11% -24.09% -21.20% -43.19% 70.76% -8.34% -8.21% -7.13% -11.84% -13.83%
Return on Assets (ROA)		 -23.50% -76.58% -25.13% -22.25% -44.32% -96.88% -9.37% -9.15% -7.96% -12.85% -14.76%
Return on Common Equity (ROCE)		 -41.48% 33.21% -46.95% -42.92% -91.89% 132.74% -20.92% -19.95% -19.22% -33.13% -34.64%
Return on Equity Simple (ROE_SIMPLE)		 -69.50% 0.00% -72.71% -73.08% -100.90% 0.00% -117.05% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 4.09 -12 -10 -17 15 -3.80 -3.67 -3.07 -4.68 -4.61
NOPAT Margin		 -15.52% 22.90% -14.70% -12.55% -23.84% 55.11% -5.34% -4.73% -3.74% -5.87% -5.65%
Net Nonoperating Expense Percent (NNEP)		 -11.31% -68.16% -190.00% 53.00% 115.50% -409.88% 16.10% 14.52% 18.26% 20.17% 157.14%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.53% - - - 13.76% -3.51% -3.28% -2.84% -4.41% -4.36%
Cost of Revenue to Revenue		 30.98% -95.89% 30.48% 29.63% 28.82% -57.95% 20.93% 20.50% 20.63% 20.41% 20.83%
SG&A Expenses to Revenue		 18.35% 53.66% 22.08% 19.36% 19.92% 33.75% 18.99% 17.06% 18.10% 18.82% 18.65%
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		 91.19% 173.02% 90.51% 88.29% 105.24% 102.81% 86.69% 86.25% 84.71% 87.97% 87.24%
Earnings before Interest and Taxes (EBIT)		 -17 4.98 -16 -13 -24 16 -4.64 -4.65 -3.81 -5.14 -6.06
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -12 5.33 -11 -8.43 -19 19 -1.48 -1.48 -0.67 -1.69 -2.76
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.86 2.32 2.33 2.17 1.37 2.81 4.99 14.71 19.70 13.51 7.02
Price to Tangible Book Value (P/TBV)		 4.72 2.60 2.92 2.75 1.72 3.47 6.18 17.91 24.08 16.51 8.57
Price to Revenue (P/Rev)		 1.36 0.93 0.67 0.58 0.30 0.61 1.05 3.19 3.90 2.57 1.30
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)		 3.92 3.13 2.17 1.98 1.30 2.53 4.64 13.86 20.34 13.81 7.34
Enterprise Value to Revenue (EV/Rev)		 1.35 0.92 0.71 0.63 0.35 0.65 1.07 3.20 3.89 2.57 1.29
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 0.00 187.57 54.39 84.23 87.73 74.94 42.81
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 296.27 0.00 0.00 0.00 0.00 13.85 48.14 108.61 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.66 0.55 0.80 0.83 1.01 0.97 0.93 0.86 0.83 0.79 0.78
Long-Term Debt to Equity		 0.62 0.52 0.76 0.79 0.96 0.90 0.86 0.79 0.77 0.72 0.78
Financial Leverage		 -0.36 -0.23 -0.02 0.07 0.07 -0.11 0.12 0.14 0.10 0.08 0.02
Leverage Ratio		 2.26 2.26 2.40 2.45 2.69 2.63 2.79 2.76 3.02 2.93 2.99
Compound Leverage Factor		 2.35 1.94 2.50 2.57 2.76 2.53 3.09 3.05 3.40 3.18 3.18
Debt to Total Capital		 39.68% 35.69% 44.38% 45.43% 50.30% 49.19% 48.20% 46.14% 45.43% 44.12% 43.87%
Short-Term Debt to Total Capital		 2.11% 2.38% 2.29% 2.43% 2.76% 3.48% 3.57% 3.46% 3.58% 3.66% 0.00%
Long-Term Debt to Total Capital		 37.57% 33.31% 42.10% 43.00% 47.54% 45.71% 44.63% 42.68% 41.85% 40.46% 43.87%
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		 60.32% 64.31% 55.62% 54.57% 49.70% 50.82% 51.80% 53.86% 54.57% 55.88% 56.13%
Debt to EBITDA		 -1.27 -1.61 -1.65 -1.78 -1.47 -2.71 -3.77 -5.05 -10.51 -8.80 -7.04
Net Debt to EBITDA		 0.04 0.13 -0.27 -0.41 -0.31 -0.51 -0.39 -0.39 0.41 0.26 0.46
Long-Term Debt to EBITDA		 -1.20 -1.50 -1.57 -1.69 -1.38 -2.52 -3.49 -4.67 -9.69 -8.07 -7.04
Debt to NOPAT		 -1.40 -1.55 -1.56 -1.61 -1.42 -1.92 -2.21 -2.52 -3.03 -3.07 -2.90
Net Debt to NOPAT		 0.04 0.13 -0.25 -0.37 -0.30 -0.36 -0.23 -0.20 0.12 0.09 0.19
Long-Term Debt to NOPAT		 -1.33 -1.45 -1.48 -1.52 -1.34 -1.78 -2.05 -2.33 -2.79 -2.82 -2.90
Altman Z-Score		 0.23 -0.51 -0.81 -1.08 -2.02 -1.93 -1.69 1.61 3.15 1.33 -0.79
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		 1.25 1.22 1.13 1.06 0.96 0.93 0.92 0.96 0.92 0.91 0.95
Quick Ratio		 0.95 0.88 0.90 0.83 0.80 0.78 0.78 0.81 0.84 0.81 0.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -63 42 -3.50 5.57 5.98 24 40 35 24 4.15 0.53
Operating Cash Flow to CapEx		 15.04% 0.00% 85.99% -424.96% 130.08% 92.55% 316.42% 10.49% 165.11% -84.71% 115.64%
Free Cash Flow to Firm to Interest Expense		 -86.06 59.23 -5.18 8.55 9.51 42.67 78.52 71.21 50.07 9.60 1.38
Operating Cash Flow to Interest Expense		 0.30 -11.25 2.06 -7.63 5.32 1.99 11.17 0.69 12.64 -3.39 12.38
Operating Cash Flow Less CapEx to Interest Expense		 -1.72 -10.31 -0.34 -9.42 1.23 -0.16 7.64 -5.92 4.98 -7.38 1.67
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.07 0.94 1.21 1.27 1.31 1.23 1.28 1.37 1.54 1.84 1.86
Accounts Receivable Turnover		 68.05 53.49 58.36 66.76 53.59 60.73 47.80 57.34 63.20 103.54 75.13
Inventory Turnover		 6.24 5.90 6.62 6.80 7.83 30.11 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 3.47 3.04 3.60 3.66 3.76 3.55 3.50 3.69 4.13 4.58 4.75
Accounts Payable Turnover		 9.83 10.32 9.84 10.61 7.83 8.70 4.97 5.15 4.79 6.87 5.32
Days Sales Outstanding (DSO)		 5.36 6.82 6.25 5.47 6.81 6.01 7.64 6.37 5.78 3.53 4.86
Days Inventory Outstanding (DIO)		 58.48 61.84 55.12 53.64 46.64 12.12 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 37.14 35.36 37.09 34.41 46.64 41.94 73.43 70.91 76.20 53.15 68.60
Cash Conversion Cycle (CCC)		 26.71 33.31 24.28 24.70 6.81 -23.80 -65.80 -64.54 -70.43 -49.62 -63.74
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 107 76 106 103 84 67 61 64 57 58 56
Invested Capital Turnover		 3.79 2.74 2.97 2.91 3.28 3.66 3.19 3.32 4.23 5.00 5.45
Increase / (Decrease) in Invested Capital		 50 -38 -8.19 -16 -23 -8.95 -44 -39 -27 -8.82 -5.14
Enterprise Value (EV)		 421 237 230 204 109 168 285 890 1,162 798 414
Market Capitalization		 423 241 218 187 95 158 280 886 1,164 800 417
Book Value per Share		 $1.04 $0.97 $0.86 $0.78 $0.62 $0.49 $0.48 $0.51 $0.48 $0.47 $0.47
Tangible Book Value per Share		 $0.85 $0.86 $0.68 $0.62 $0.49 $0.40 $0.39 $0.42 $0.39 $0.39 $0.38
Total Capital		 182 162 168 158 139 111 108 112 108 106 106
Total Debt		 72 58 75 72 70 54 52 52 49 47 46
Total Long-Term Debt		 68 54 71 68 66 51 48 48 45 43 46
Net Debt		 -2.07 -4.77 12 17 15 10 5.41 4.01 -1.94 -1.40 -3.04
Capital Expenditures (CapEx)		 1.48 -0.67 1.62 1.17 2.57 1.22 1.82 3.28 3.65 1.73 4.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -49 -41 -49 -47 -54 -45 -48 -46 -52 -50 -53
Debt-free Net Working Capital (DFNWC)		 25 21 14 8.38 0.81 -0.75 -1.29 1.43 -1.16 -1.83 -3.31
Net Working Capital (NWC)		 21 17 9.79 4.53 -3.04 -4.60 -5.15 -2.43 -5.03 -5.70 -3.31
Net Nonoperating Expense (NNE)		 5.35 19 4.86 3.95 7.36 37 1.41 1.50 1.18 0.90 1.86
Net Nonoperating Obligations (NNO)		 -2.07 -28 12 17 15 10 5.41 4.01 -1.94 -1.40 -3.04
Total Depreciation and Amortization (D&A)		 5.36 0.35 4.93 4.87 4.70 2.83 3.17 3.17 3.14 3.45 3.31
Debt-free, Cash-free Net Working Capital to Revenue		 -15.77% -16.01% -15.01% -14.53% -17.36% -17.28% -18.01% -16.61% -17.52% -16.07% -16.43%
Debt-free Net Working Capital to Revenue		 8.00% 8.14% 4.18% 2.60% 0.26% -0.29% -0.48% 0.52% -0.39% -0.59% -1.03%
Net Working Capital to Revenue		 6.77% 6.66% 3.00% 1.40% -0.97% -1.77% -1.93% -0.88% -1.69% -1.84% -1.03%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04) ($0.03) ($0.06) ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M 123.90M 121.69M 127.69M
Adjusted Diluted Earnings per Share		 ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04) ($0.03) ($0.06) ($0.05)
Adjusted Weighted Average Diluted Shares Outstanding		 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M 123.90M 121.69M 127.69M
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		 107.25M 108.83M 110.26M 112.43M 113.76M 116.19M 118.25M 123.16M 125.14M 127.04M 129.04M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 2.86 -12 -10 -11 15 -3.80 -3.67 -3.07 -4.68 -4.61
Normalized NOPAT Margin		 -15.52% 16.01% -14.70% -12.55% -14.43% 55.11% -5.34% -4.73% -3.74% -5.87% -5.65%
Pre Tax Income Margin		 -22.03% 23.91% -20.79% -17.49% -33.92% 55.26% -7.24% -6.63% -5.21% -6.99% -7.90%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -23.70 7.03 -23.44 -20.39 -38.38 27.96 -9.04 -9.37 -7.98 -11.89 -15.79
NOPAT to Interest Expense		 -17.40 5.77 -17.28 -15.35 -27.68 26.89 -7.40 -7.40 -6.44 -10.82 -12.01
EBIT Less CapEx to Interest Expense		 -25.72 7.97 -25.83 -22.19 -42.47 25.81 -12.57 -15.98 -15.63 -15.89 -26.50
NOPAT Less CapEx to Interest Expense		 -19.42 6.71 -19.67 -17.14 -31.77 24.74 -10.93 -14.01 -14.09 -14.82 -22.72
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’s latest quarter shows a business that is still losing money, but with some signs of operational stability and a healthy cash position. Revenue in Q1 2026 grew modestly year over year, operating losses narrowed compared with the prior-year quarter, and the company continued to generate positive operating cash flow. At the same time, TDUP still carries a meaningful debt and lease burden, and profitability remains a work in progress.

  • Q1 2026 revenue increased to $81.7 million, up from $79.7 million in Q4 2025 and above $71.3 million in Q1 2025, showing continued top-line growth.
  • Gross profit improved to $64.7 million in Q1 2026, with gross margin holding at a strong level of roughly 79%.
  • Operating losses narrowed year over year, with operating income of $(6.6) million versus $(5.6) million in the prior quarter and $(5.4) million in Q1 2025, while Q4 2024 was the last clearly profitable quarter.
  • ThredUp generated $4.8 million in operating cash flow in Q1 2026, reversing the $(1.5) million used in Q4 2025 and improving from prior weak quarters.
  • The company ended Q1 2026 with $38.996 million in cash and equivalents plus $10.457 million in short-term investments, providing near-term liquidity.
  • Short-term debt was reported at $0 in Q1 2026, which helps reduce immediate refinancing pressure.
  • Shares outstanding have trended higher over time, rising to about 127.7 million in Q1 2026 from 116.7 million in Q1 2025, which can dilute existing shareholders.
  • The balance sheet still includes significant noncurrent assets such as goodwill and other operating assets, so asset quality matters if growth slows.
  • TDUP remains unprofitable, posting a Q1 2026 net loss of $6.5 million and a diluted EPS of $(0.05).
  • Total liabilities of $113.0 million still exceed current assets, and long-term obligations including debt and capital lease obligations remain sizable.

Longer-term trend: ThredUp’s revenue has generally improved from 2023 into 2025 and early 2026, while losses have come down from the very large red ink seen in 2023. However, the company has not yet established consistent GAAP profitability, and quarterly results can still swing based on operating expenses and one-time items.

Bottom line: TDUP looks improved versus its worst periods, especially on revenue growth and operating cash generation, but investors should still view it as a speculative turnaround story. The biggest question is whether ThredUp can keep scaling sales while finally pushing operating expenses and capital needs lower.

06/29/26 10:01 PM ETAI Generated. May Contain Errors.

ThredUp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ThredUp's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ThredUp's net income were at -$20.21 million at the end of 2025, a 73.7% decrease from 2024, and a 47.1% decrease since 2019. View ThredUp's forecast to see where analysts expect ThredUp to go next.

ThredUp's total operating income in 2025 was -$21.75 million, based on the following breakdown:
  • Total Gross Profit: $246.75 million
  • Total Operating Expenses: $268.50 million

Over the last 6 years, ThredUp's total revenue changed from $163.81 million in 2019 to $310.81 million in 2025, a change of 89.7%.

ThredUp's total liabilities were at $108.05 million at the end of 2025, a 6.0% decrease from 2024, and a 8.5% decrease since 2020.

In the past 5 years, ThredUp's cash and equivalents has ranged from $31.85 million in 2024 to $84.55 million in 2021, and is currently $38.63 million as of their latest financial filing in 2025.

Over the last 6 years, ThredUp's book value per share changed from 0.00 in 2019 to 0.47 in 2025, a change of 47.3%.


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Financial statements for NASDAQ:TDUP last updated on 6/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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