Cash generation remains decoupled from accounting performance, highlighted by a 2026Q1 OCF/NI ratio of -0.73 and erratic free cash flow that barely reached $643K.
| Cash from Operations | 9.66M | 10.65M | 898K | -22.59M | -52.1M | -35.02M | -19.11M | -10.09M | -22.49M |
| Operating CF Margin % | - | 3.43% | 0.35% | -8.74% | -18.07% | -13.91% | -10.27% | -6.16% | -17.36% |
| Operating CF Growth % | -59.61% | 1086.19% | 103.97% | 56.64% | -48.79% | -83.3% | -89.35% | 55.14% | - |
| Net Income | -21.47M | -20.21M | -40M | -71.25M | -92.28M | -63.18M | -47.88M | -38.2M | -34.18M |
| Depreciation & Amortization | 14.27M | 12.92M | 21.86M | 18.73M | 14.03M | 9.15M | 5.58M | 4.27M | 4.17M |
| Stock-Based Compensation | 14.55M | 19M | 0 | 31.68M | 26.82M | 12.96M | 7.34M | 7.68M | 2.32M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.38M | 4.88M | 21.83M | 7.21M | 12.07M | 6.33M | 4.59M | 1.08M | 333K |
| Working Capital Changes | -6.05M | -5.94M | -2.79M | -8.97M | -12.74M | -284K | 11.26M | 15.08M | 4.87M |
| Change in Receivables | -83K | 1.13M | 1.48M | -3.13M | -530K | -1.19M | 229K | -638K | 84K |
| Change in Inventory | 0 | 0 | 2.13M | 2.21M | -7.89M | -2.74M | 374K | 2.29M | -153K |
| Change in Payables | -105K | 1.42M | 3.91M | 1.7M | -6.93M | 5.94M | 7.88M | -426K | 2.7M |
| Cash from Investing | -17.26M | -7.17M | -16.9M | 43.68M | 8.92M | -169.58M | -19.42M | -1.25M | -22.02M |
| Capital Expenditures | -12.77M | -10.47M | -6.58M | -15.98M | -43.25M | -19.83M | -19.42M | -9.5M | -13.93M |
| CapEx % of Revenue | 3.98% | 3.37% | 2.53% | 6.18% | 15% | 7.87% | 10.44% | 5.8% | 10.75% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -23.58M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -6.64M | 0 | 0 | 0 | 0 | 0 | -8.09M |
| Cash from Financing | 1.82M | -397K | -4.39M | -3.6M | -3.94M | 228.96M | 18.21M | 91.18M | 38.97M |
| Debt Issued (Net) | -3.43M | -4M | -4M | -4M | -5.94M | 625K | 17.16M | 7.95M | 3.4M |
| Equity Issued (Net) | 31.23M | 27.93M | 3.67M | 5.16M | 0 | 226.91M | 0 | 82.51M | 35.45M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.31M |
| Other Financing | -25.97M | -24.33M | -4.06M | -4.76M | 2.01M | 1.43M | 1.05M | 722K | 126K |
| Net Change in Cash | -5.69M | 3.09M | -19.26M | 17.42M | -47.79M | 24.3M | -20.31M | 79.84M | -5.54M |
| Free Cash Flow | -3.1M | 180K | -5.69M | -38.58M | -95.36M | -54.85M | -38.53M | -19.59M | -36.42M |
| FCF Margin % | -0.97% | 0.06% | -2.19% | -14.92% | -33.07% | -21.78% | -20.71% | -11.96% | -28.11% |
| FCF Growth % | -296.55% | 103.17% | 85.26% | 59.55% | -73.86% | -42.35% | -96.64% | 46.19% | - |
| FCF per Share | -0.02 | 0.00 | -0.05 | -0.37 | -0.96 | -0.71 | -0.42 | -0.21 | -0.47 |
| FCF Conversion (FCF/Net Income) | 0.14x | -0.53x | -0.01x | 0.32x | 0.56x | 0.55x | 0.40x | 0.26x | 0.66x |
| Interest Paid | 0 | 0 | 0 | 0 | 2.06M | 2.08M | 1.45M | 1.21M | 384K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 64K | 45K | 27K | 21K |
Liquidity and cash burn
Based on reported financial data, ThredUp exhibits a persistent divergence between GAAP net losses and operating cash flow, with the 2026Q1 OCF/NI ratio of -0.73 highlighting that cash generation remains decoupled from accounting profitability, largely due to significant non-cash stock-based compensation adjustments.
The recurring gap between net income and operating cash flow suggests that the company's reported losses are partially mitigated by non-cash expenses, yet this does not translate into sustained operational self-sufficiency. Investors should monitor whether the reliance on stock-based compensation to manage cash burn creates long-term dilution risks that outweigh the short-term liquidity benefits.
As reported in recent quarterly filings, ThredUp's free cash flow trajectory remains highly erratic, swinging from a $10.2M outflow in 2023Q4 to a $643K inflow in 2026Q1, indicating that the business has yet to establish a consistent pattern of self-funded growth.
The inability to maintain positive free cash flow across consecutive quarters suggests that the underlying unit economics are still sensitive to operational overhead and marketing spend. This volatility warrants further investigation into whether the company can achieve structural cash flow positivity without compromising its competitive position in the resale market.
According to historical cash flow statements, ThredUp's capital expenditure as a percentage of revenue has fluctuated between 1.3% and 5.0%, reflecting the ongoing capital-intensive nature of maintaining and upgrading the proprietary automated distribution infrastructure required to process unique, low-value inventory items.
The consistent investment in infrastructure suggests that management views automation as the primary lever for long-term margin expansion. However, given the current liquidity constraints, the necessity of these capital outlays may limit the company's flexibility to pivot or respond to sudden shifts in consumer demand.
Analysis of recent cash flow statements reveals that working capital changes are a significant driver of quarterly cash variance, with swings as large as $8.9M in 2024Q4, suggesting that the company's cash position is highly vulnerable to seasonal inventory and payables management cycles.
The reliance on consumer-supplied inventory creates a unique working capital profile where timing differences in processing and payouts can lead to meaningful cash flow fluctuations. Investors should monitor these cycles closely, as any disruption in the efficiency of the 'Clean Out Bag' intake process could exacerbate existing liquidity pressures.
Quick answers to the most common questions about buying TDUP stock.
ThredUp Inc. (TDUP) generated $10.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ThredUp Inc. (TDUP) generated $0.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ThredUp Inc. (TDUP) spent $10.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.