Cash generation remains highly volatile, with free cash flow margins swinging from a high of 13.2% in 2024Q2 to a negative 7.7% in 2025Q1, highlighting significant operational instability.
Torrid Holdings Inc. (CURV) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 |
|---|
| Cash from Operations | -677K | -13.01M | 77.39M | 42.77M | 53.31M | 121.22M | 151.82M | 99.09M | 115.09M | 48.35M |
| Operating CF Margin % | - | -1.3% | 7.01% | 3.71% | 4.14% | 9.48% | 15.6% | 9.56% | 12.66% | 6.01% |
| Operating CF Growth % | -151.49% | -116.81% | 80.94% | -19.77% | -56.02% | -20.16% | 53.22% | -13.9% | 138.04% | - |
| Net Income | -8.95M | -7.03M | 16.32M | 11.62M | 50.21M | -29.94M | 24.54M | 41.87M | 86.71M | 835K |
| Depreciation & Amortization | 39.13M | 33.36M | 77.81M | 79.37M | 79.43M | 78.4M | 74.89M | 71.6M | 26.98M | 21.89M |
| Stock-Based Compensation | 6.69M | 5.21M | 7.63M | 8.04M | 9.98M | 159.75M | 7.79M | 11.99M | -38.31M | 41.19M |
| Deferred Taxes | -5.19M | -2.44M | -7.94M | -5.67M | 1.86M | 1.27M | -2.33M | -4.66M | 3.36M | 0 |
| Other Non-Cash Items | -8.87M | 33.77M | 687K | -25.96M | 1.09M | 5.47M | 4.87M | 2.8M | 8.76M | 14.67M |
| Working Capital Changes | -23.48M | -75.87M | -17.12M | -24.63M | -89.26M | -93.72M | 42.05M | -24.51M | 27.59M | -30.23M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -5M | -13.48M | 13.06M | 0 |
| Change in Inventory | 1.22M | 9.03M | -7.62M | 33.18M | -12.03M | -65.71M | 7.88M | -17.41M | 9.69M | -27.16M |
| Change in Payables | 4.99M | -15.41M | 27M | -30.29M | -1.24M | 5.64M | 37.85M | 5.31M | 4.54M | 0 |
| Cash from Investing | -12.6M | -8.85M | -14.39M | -26M | -23.37M | -17.55M | -11.57M | -56.12M | -40.51M | -54.12M |
| Capital Expenditures | -12.6M | -8.85M | -14.39M | -26M | -23.37M | -17.55M | -11.57M | -26.33M | -40.51M | -54.12M |
| CapEx % of Revenue | 1.33% | 0.89% | 1.3% | 2.26% | 1.81% | 1.37% | 1.19% | 2.54% | 4.46% | 6.73% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29.79M | 0 | 0 |
| Cash from Financing | 13.93M | -7.18M | -24.5M | -18.52M | -45.12M | -197.81M | -45.92M | -23.34M | -72.84M | 3.73M |
| Debt Issued (Net) | -14.79M | 13.14M | -24.77M | -17.5M | -13.49M | 127.73M | -45.92M | 233.08M | -12.17M | 0 |
| Equity Issued (Net) | -115K | -20.09M | 1.04M | 399K | -32.37M | -325.42M | 0 | -256.42M | -60.67M | -1.26M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -300M | 0 | 0 | 0 | 0 |
| Share Repurchases | -271K | -20.09M | 0 | 0 | -31.7M | -23.35M | 0 | -256.42M | -60.67M | -1.26M |
| Other Financing | 28.83M | -236K | -774K | -1.42M | 746K | 299.88M | 0 | 0 | 0 | 4.98M |
| Net Change in Cash | 483K | -28.48M | 36.79M | -1.8M | -15.35M | -93.93M | 94.22M | 19.62M | 1.68M | -1.99M |
| Free Cash Flow | -13.27M | -21.86M | 63M | 16.77M | 29.94M | 103.67M | 140.25M | 72.76M | 74.58M | -5.77M |
| FCF Margin % | -1.4% | -2.19% | 5.71% | 1.46% | 2.32% | 8.11% | 14.41% | 7.02% | 8.2% | -0.72% |
| FCF Growth % | -996.94% | -134.71% | 275.68% | -44% | -71.12% | -26.08% | 92.77% | -2.45% | 1392.86% | - |
| FCF per Share | -0.13 | -0.22 | 0.60 | 0.16 | 0.29 | 0.94 | 1.28 | 0.66 | 0.68 | -0.05 |
| FCF Conversion (FCF/Net Income) | 1.48x | 1.85x | 4.74x | 3.68x | 1.06x | -4.05x | 6.19x | 2.37x | 1.33x | 57.90x |
| Interest Paid | 12.76M | 0 | 35.08M | 0 | 29.56M | 24.12M | 21.26M | 10.61M | 851K | 0 |
| Taxes Paid | 2.19M | 0 | 17.77M | 0 | 15.6M | 58.13M | 3.92M | 22.41M | 8.09M | 0 |
Quick answers to the most common questions about buying CURV stock.
Torrid Holdings Inc. (CURV) generated $-13.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Torrid Holdings Inc. (CURV) reported negative free cash flow of $21.9M in 2025, indicating capital requirements exceeded cash from operations.
Torrid Holdings Inc. (CURV) spent $8.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Torrid Holdings Inc. (CURV) spent $20.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and cash volatility
Metrics are mathematically derived from official filings.
Erratic Cash Conversion Quality Trends
Based on historical financial data, Torrid's operating cash flow to net income ratio has exhibited extreme volatility, ranging from a negative 3.03 in 2025Q1 to a positive 10.05 in 2025Q2, signaling a fundamental disconnect between reported accounting earnings and actual cash generation capabilities.
The wide variance in this ratio suggests that accruals and non-cash adjustments are heavily distorting the company's true economic performance. Investors should monitor whether this instability reflects aggressive revenue recognition or simply the inherent difficulty of managing inventory-heavy retail cycles in a contracting market.
Free Cash Flow Margin Instability
As reported in quarterly filings, Torrid's free cash flow margins have swung from a high of 13.2% in 2024Q2 to a low of negative 7.7% in 2025Q1, illustrating a precarious inability to sustain positive cash generation amidst ongoing revenue and operational headwinds.
The frequent oscillation between positive and negative free cash flow indicates that the business lacks the structural efficiency to self-fund its operations during periods of demand weakness. This trajectory warrants further investigation into whether the company's current cost structure is fundamentally incompatible with its recent sales volume.
Working Capital Volatility Impairs Liquidity
According to the provided cash flow statements, working capital fluctuations have been a primary driver of cash volatility, highlighted by a massive $41.9 million outflow in 2025Q1 followed by a $12.8 million inflow in 2025Q2, suggesting significant challenges in managing inventory and payables.
These sharp swings in working capital suggest that the company may be struggling to align its procurement cycles with actual sell-through rates. Such instability often forces management to rely on external financing or cash reserves to bridge gaps, which is particularly concerning given the company's thin liquidity cushion.
Capital Intensity Amidst Revenue Decline
Based on reported figures, Torrid's capital expenditure as a percentage of revenue has fluctuated between 0.4% and 3.7% over the last ten quarters, indicating that the company is attempting to balance necessary store maintenance with the need to preserve cash during a period of contraction.
While lower capital intensity may temporarily bolster free cash flow, it may also indicate a deferral of essential store upgrades or technology investments required to remain competitive. Analysts should monitor whether this reduced spending is a strategic choice or a forced reaction to the company's deteriorating cash position.
Hidden Cash Flow Statement Distortions
As evidenced by the provided data, stock-based compensation and significant depreciation and amortization adjustments frequently mask the underlying cash burn, with D&A reaching as high as $20.6 million in 2023Q4, complicating the assessment of the company's true operational health.
These non-cash charges and adjustments often obscure the reality that the core business is struggling to generate sufficient cash to cover its fixed obligations. Investors should be wary of relying on adjusted metrics that exclude these recurring costs, as they appear to be masking a deeper structural decline.