Gross margins have experienced structural erosion, compressing from 40.7% in 2024Q1 to 35.3% in 2026Q1, reflecting weakened pricing power in a competitive retail environment.
Torrid Holdings Inc. (CURV) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 |
|---|
| Sales/Revenue | 948.85M | 1B | 1.1B | 1.15B | 1.29B | 1.28B | 973.51M | 1.04B | 909.15M | 804.29M |
| Revenue Growth % | -11.16% | -9.39% | -4.18% | -10.57% | 0.73% | 31.36% | -6.12% | 14.06% | 13.04% | - |
| Cost of Goods Sold | 619.21M | 652.13M | 690.27M | 745.97M | 828.61M | 759.83M | 643.22M | 640.91M | 586.12M | 506M |
| COGS % of Revenue | - | 65.21% | 62.54% | 64.76% | 64.33% | 59.42% | 66.07% | 61.81% | 64.47% | 62.91% |
| Gross Profit | 329.64M | 347.96M | 413.47M | 405.98M | 459.54M | 518.97M | 330.3M | 396.07M | 323.03M | 298.3M |
| Gross Margin % | 34.74% | 34.79% | 37.46% | 35.24% | 35.67% | 40.58% | 33.93% | 38.19% | 35.53% | 37.09% |
| Gross Profit Growth % | - | -15.84% | 1.85% | -11.66% | -11.45% | 57.12% | -16.61% | 22.61% | 8.29% | - |
| Operating Expenses | 311.32M | 326.56M | 356.26M | 348.83M | 357.91M | 473.59M | 273.48M | 319.08M | 219.3M | 277.89M |
| OpEx % of Revenue | - | 32.65% | 32.28% | 30.28% | 27.79% | 37.03% | 28.09% | 30.77% | 24.12% | 34.55% |
| Selling, General & Admin | 296.78M | 326.56M | 356.26M | 347.33M | 357.91M | 473.59M | 273.48M | 319.08M | 219.3M | 277.19M |
| SG&A % of Revenue | - | 32.65% | 32.28% | 30.15% | 27.79% | 37.03% | 28.09% | 30.77% | 24.12% | 34.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 18.32M | 21.4M | 57.21M | 57.15M | 101.63M | 45.38M | 56.82M | 76.99M | 103.72M | 21.11M |
| Operating Margin % | 1.93% | 2.14% | 5.18% | 4.96% | 7.89% | 3.55% | 5.84% | 7.42% | 11.41% | 2.62% |
| Operating Income Growth % | - | -62.59% | 0.1% | -43.77% | 123.93% | -20.14% | -26.2% | -25.77% | 391.41% | - |
| EBITDA | 44.55M | 90.87M | 57.18M | 90.55M | 181.06M | 123.78M | 131.72M | 148.59M | 130.7M | 42.99M |
| EBITDA Margin % | 4.7% | 9.09% | 5.18% | 7.86% | 14.06% | 9.68% | 13.53% | 14.33% | 14.38% | 5.35% |
| EBITDA Growth % | -63.35% | 58.91% | -36.85% | -49.99% | 46.27% | -6.03% | -11.36% | 13.69% | 203.99% | - |
| D&A (Non-Cash Add-back) | 26.24M | 69.47M | -28K | 33.4M | 79.43M | 78.4M | 74.89M | 71.6M | 26.98M | 21.89M |
| EBIT | 18.06M | 21.4M | 57.24M | 57.24M | 101.63M | 45.38M | 56.82M | 76.99M | 103.72M | 21.11M |
| Net Interest Income | -31.12M | -31.84M | -35.6M | -39.11M | -29.94M | -29.55M | -21.3M | -16.29M | -968K | 0 |
| Interest Income | 0 | 0 | 28K | 90K | 0 | 0 | 42K | 202K | 85K | 362K |
| Interest Expense | 31.12M | 31.84M | 35.63M | 39.2M | 29.94M | 29.55M | 21.34M | 16.49M | 1.05M | 0 |
| Other Income/Expense | -31.08M | -30.96M | -35.6M | -39.11M | -29.94M | -29.55M | -21.3M | -16.29M | -968K | -1.06M |
| Pretax Income | -12.77M | -9.56M | 21.6M | 18.04M | 71.68M | 15.83M | 35.53M | 60.7M | 102.75M | 20.05M |
| Pretax Margin % | -1.35% | -0.96% | 1.96% | 1.57% | 5.56% | 1.24% | 3.65% | 5.85% | 11.3% | 2.49% |
| Income Tax | -3.81M | -2.53M | 5.29M | 6.42M | 21.47M | 45.77M | 10.99M | 18.83M | 16.04M | 19.21M |
| Effective Tax Rate % | 29.89% | 26.42% | 24.46% | 35.58% | 29.96% | 289.17% | 30.94% | 31.03% | 15.61% | 95.83% |
| Net Income | -8.95M | -7.03M | 16.32M | 11.62M | 50.21M | -29.94M | 24.53M | 41.87M | 86.71M | 835K |
| Net Margin % | -0.94% | -0.7% | 1.48% | 1.01% | 3.9% | -2.34% | 2.52% | 4.04% | 9.54% | 0.1% |
| Net Income Growth % | -369.17% | -143.11% | 40.44% | -76.86% | 267.68% | -222.06% | -41.41% | -51.71% | 10284.67% | - |
| Net Income (Continuing) | -8.95M | -7.03M | 16.32M | 11.62M | 50.21M | -29.94M | 24.53M | 41.87M | 86.71M | 835K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.09 | -0.07 | 0.15 | 0.11 | 0.48 | -0.27 | 0.22 | 0.38 | 0.79 | 0.01 |
| EPS Growth % | -384.33% | -146.2% | 36.36% | -77.08% | 277.78% | -222.73% | -42.11% | -51.9% | - | - |
| EPS (Basic) | - | -0.07 | 0.16 | 0.11 | 0.48 | -0.27 | 0.22 | 0.38 | 0.79 | 0.01 |
| Diluted Shares Outstanding | 100.21M | 101.44M | 105.68M | 104.4M | 104.49M | 109.89M | 110M | 110M | 110M | 110M |
| Basic Shares Outstanding | 99.6M | 101.44M | 104.56M | 105.63M | 104.34M | 109.89M | 110M | 110M | 110M | 110M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CURV stock.
For fiscal year 2025, Torrid Holdings Inc. (CURV) reported total revenue of $1.00B. This represents a 24.3% increase compared to $804.3M in 2017.
Torrid Holdings Inc. (CURV) reported a net loss of $7.0M for the fiscal year ending 2025.
Torrid Holdings Inc. (CURV) reported an operating income of $21.4M, resulting in an operating profit margin of 2.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Torrid Holdings Inc. (CURV) generated $348.0M in gross profit for the year, representing a gross profit margin of 34.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and revenue contraction
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As reported in recent financial filings, Torrid's revenue has experienced a consistent downward trajectory, culminating in a 7.6% year-over-year decline in 2026Q1, which underscores the ongoing difficulty in maintaining top-line growth within the competitive plus-size specialty retail landscape across the North American market.
The persistent negative growth rates suggest that the company is struggling to retain its core customer base amidst broader discretionary spending headwinds. Investors should monitor whether this trend reflects a structural loss of market share to more agile competitors or a temporary cyclical pullback in consumer demand.
Structural Erosion of Gross Margins
Based on the provided income statement data, Torrid's gross margin has compressed from a peak of 40.7% in 2024Q1 to 35.3% in 2026Q1, indicating that the company's pricing power may be weakening as it navigates a challenging retail environment and rising input costs.
This margin degradation suggests that the company is likely relying on promotional activity to drive volume, which may be unsustainable given the current cost structure. The inability to maintain historical margin levels warrants further investigation into whether this is a result of supply chain inefficiencies or a shift in product mix.
Operating Leverage Under Significant Pressure
According to the company's historical income statements, operating income has fluctuated significantly, dropping from a high of $26.1 million in 2024Q1 to a mere $8.6 million in 2026Q1, demonstrating a lack of scalability in the current fixed-cost operating model during periods of revenue decline.
The high fixed-cost base, primarily driven by store occupancy and personnel, appears to be preventing the company from achieving meaningful operating leverage. This suggests that unless management can successfully rationalize the physical footprint, operating margins may remain highly sensitive to even minor fluctuations in top-line performance.
SG&A Efficiency Remains Critically Challenged
Based on reported figures, SG&A expenses have remained stubbornly high relative to revenue, with the company spending $63.7 million in 2026Q1 despite a significantly smaller revenue base compared to prior periods, highlighting a lack of expense discipline in the face of declining sales volumes.
The persistence of these overhead costs suggests that the company may be struggling to align its corporate structure with current operational realities. Investors should monitor whether management can implement meaningful cost-cutting measures to protect the bottom line, as the current expense trajectory appears to be eroding net profitability.
Liquidity Constraints and Margin Risks
As indicated by the most recent financial data, the company's cash position of approximately $20 million against a backdrop of negative net income in several recent quarters suggests a precarious liquidity profile that may limit strategic flexibility during this period of sustained revenue contraction.
Short-term observers may focus on the potential for further liquidity strain if the company cannot return to consistent profitability. The combination of thin cash reserves and declining margins may indicate that the company is approaching a critical inflection point where external financing or aggressive restructuring becomes necessary.