Revenue declined for a tenth straight quarter to $231.7M in 2026Q2 (-11.8% YoY) while gross margin of 38.7% stayed below the 40.7% seen in 2024Q1 and operating income fell to $14.5M from $26.1M, suggesting SG&A reductions of roughly 16% have lagged the revenue erosion.
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 | 311.32M | 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 | 0 | 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 | 76.3M | 90.87M | 135.02M | 136.52M | 181.06M | 123.78M | 131.72M | 148.59M | 130.7M | 42.99M |
| EBITDA Margin % | 8.04% | 9.09% | 12.23% | 11.85% | 14.06% | 9.68% | 13.53% | 14.33% | 14.38% | 5.35% |
| EBITDA Growth % | -32.26% | -32.7% | -1.1% | -24.6% | 46.27% | -6.03% | -11.36% | 13.69% | 203.99% | - |
| D&A (Non-Cash Add-back) | 57.99M | 69.47M | 77.81M | 79.37M | 79.43M | 78.4M | 74.89M | 71.6M | 26.98M | 21.89M |
| EBIT | 18.48M | 22.28M | 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 | 104.4M | 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
Persistent revenue contraction
Metrics are mathematically derived from official filings.
Revenue Decline Deepens Sequentially
CURV's revenue has contracted in all ten reported quarters, falling from $279.8M in 2024Q1 to $231.7M in 2026Q2, with the latest period's -11.8% year-over-year decline representing one of the steeper drops in the series, per the company's quarterly income statements.
The trajectory shows deterioration rather than stabilization: the year-over-year growth rate moved from -4.8% in 2024Q1 to -14.3% at 2025Q4 before partially recovering to -11.8%, suggesting the top-line pressure has not abated materially. The sequential decline from $266.0M in 2025Q1 to $245.8M in 2026Q1 indicates lost volume or traffic persists outside seasonal patterns, which raises the question of whether the brand is losing share in the plus-size specialty segment or whether the category itself is shrinking. Investors should monitor whether the modest sequential improvement into 2026Q2 reflects an early stabilization or merely quarter-to-quarter noise.
Gross Margin Erodes Below 40% Floor
According to CURV's reported figures, gross margin compressed from 40.7% in 2024Q1 to 38.7% in 2026Q2, with a trough of 30.0% in 2025Q4, a swing of over 1,000 basis points that signals heightened promotional activity and markdown pressure across recent selling seasons.
The 30% gross margin in 2025Q4 is particularly telling because it coincided with the holiday quarter when retailers typically rely on full-price selling, implying heavy clearance discounting to move inventory. The partial recovery to 38.7% in 2026Q2 suggests either better inventory positioning or reduced markdowns, but the level remains below the 40.7% seen two years prior, indicating structural rather than purely cyclical pressure. Relative to Destination XL's 39.9% gross margin, CURV's 38.7% is roughly in line, but DXLG is operating at a -3.2% operating margin, so CURV's ability to hold gross margin near peers while generating positive operating income may reflect better cost discipline rather than superior pricing power.
SG&A Cuts Only Partly Offset Revenue Loss
CURV's SG&A expense declined from $89.3M in 2024Q1 to $75.2M in 2026Q2, a reduction of roughly 16%, yet operating income still fell from $26.1M to $14.5M over the same span, indicating that overhead reductions have not kept pace with revenue erosion.
The fact that SG&A fell about 16% while revenue fell approximately 17% over the ten-quarter window suggests management has been responsive on costs, but the operating margin still compressed from 9.3% to 6.3%, implying gross margin deterioration is the dominant driver of profit decline. The spike in SG&A to $82.0M in 2025Q3 and $83.3M in 2025Q2 against declining revenue points to periods where expense discipline lapsed, potentially due to restructuring or store-related charges that warrant scrutiny in filings. Because the operating leverage appears to work in reverse here, every incremental dollar of revenue lost flows disproportionately to the bottom line, making top-line stabilization a prerequisite for margin recovery.
Thin Net Margins Expose Earnings Fragility
Based on Torrid's income statement, net margin has fluctuated between 4.4% and -3.4% over ten quarters, with 2026Q1 net income of just $414,000 on $245.8M of revenue implying a 0.2% net margin that leaves virtually no buffer against further operational slippage.
The pattern of near-zero or negative net income in five of the last ten quarters, alongside diluted EPS ranging from $0.12 to -$0.08, suggests reported profitability is highly sensitive to small movements in gross margin or SG&A rather than being underpinned by durable earnings power. Stock-based compensation of $1.1M to $3.1M per quarter represents a meaningful share of net income in weak periods, and the $3.1M charge in 2024Q4 coincided with a net loss, indicating equity compensation can swing the line between profit and loss. Investors should examine whether the 2026Q2 recovery to $5.2M net income reflects sustainable operating improvement or favorable one-quarter timing in expenses, as the tax and non-operating components are not separately disclosed in the supplied data.
Structural Demand Decline Undermines Margin Story
A short-seller would note that CURV's revenue has fallen for ten consecutive quarters while gross margin remains below its 2024 levels, suggesting the recent 38.7% margin in 2026Q2 may reflect reduced markdowns on a smaller sales base rather than genuine demand recovery.
The most aggressive bearish reading is that the company is shrinking into its cost structure: revenue is down roughly 17% from 2024Q1 while gross profit dollars fell from $113.8M to $89.7M, a 21% decline that outpaced the top line, indicating unit economics are deteriorating faster than scale. If gross margin at 38.7% proves unsustainable because it depends on constrained inventory rather than restored full-price sell-through, a return to the 30-35% range seen in recent quarters would push operating income toward zero at current SG&A levels. The peer set reinforces the concern: DXLG, another plus-size specialty retailer, trades at a negative P/E with declining revenue, suggesting the market assigns limited value to this category's recovery prospects, which warrants further investigation into whether CURV's brand differentiation can support a durable margin premium.