Revenue growth remains volatile at 14.6% in 2026Q1, while the company continues to struggle with operating leverage as evidenced by a persistent -8.1% operating margin.
| Sales/Revenue | 321.19M | 310.81M | 260.03M | 258.5M | 288.38M | 251.79M | 186.01M | 163.81M | 129.55M |
| Revenue Growth % | 34.56% | 19.53% | 0.59% | -10.36% | 14.53% | 35.36% | 13.55% | 26.45% | - |
| Cost of Goods Sold | 63.01M | 64.06M | 52.91M | 60.04M | 96.04M | 73.66M | 57.87M | 51.31M | 51.54M |
| COGS % of Revenue | - | 20.61% | 20.35% | 23.22% | 33.3% | 29.25% | 31.11% | 31.32% | 39.78% |
| Gross Profit | 258.18M | 246.75M | 207.13M | 198.47M | 192.34M | 178.13M | 128.15M | 112.5M | 78.01M |
| Gross Margin % | 80.38% | 79.39% | 79.65% | 76.78% | 66.7% | 70.75% | 68.89% | 68.68% | 60.22% |
| Gross Profit Growth % | - | 19.13% | 4.36% | 3.19% | 7.98% | 39% | 13.91% | 44.22% | - |
| Operating Expenses | 279.55M | 266.97M | 247.74M | 251.47M | 281.82M | 240.52M | 174.74M | 149.31M | 112.27M |
| OpEx % of Revenue | - | 85.89% | 95.27% | 97.28% | 97.73% | 95.52% | 93.94% | 91.15% | 86.66% |
| Selling, General & Admin | 119.14M | 115.64M | 105.53M | 108.13M | 126.18M | 112.44M | 73.33M | 67.23M | 44.37M |
| SG&A % of Revenue | - | 37.21% | 40.59% | 41.83% | 43.76% | 44.66% | 39.42% | 41.04% | 34.25% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19M | 13.1M |
| R&D % of Revenue | - | - | - | - | - | - | - | 11.6% | 10.11% |
| Other Operating Expenses | 4M | 151.33M | 142.21M | 143.34M | 155.64M | 128.08M | 101.41M | 82.08M | 549K |
| Operating Income | -21.37M | -20.21M | -40.62M | -53M | -89.49M | -62.39M | -46.59M | -36.81M | -34.26M |
| Operating Margin % | -6.65% | -6.5% | -15.62% | -20.5% | -31.03% | -24.78% | -25.05% | -22.47% | -26.44% |
| Operating Income Growth % | - | 50.24% | 23.36% | 40.78% | -43.44% | -33.91% | -26.58% | -7.45% | - |
| EBITDA | -8.31M | -7.29M | -23.29M | -38.77M | -75.45M | -53.23M | -41.01M | -32.53M | -30.09M |
| EBITDA Margin % | -2.59% | -2.35% | -8.96% | -15% | -26.16% | -21.14% | -22.05% | -19.86% | -23.22% |
| EBITDA Growth % | -5.11% | 68.7% | 39.93% | 48.62% | -41.75% | -29.81% | -26.05% | -8.14% | - |
| D&A (Non-Cash Add-back) | 13.06M | 12.92M | 17.33M | 14.23M | 14.03M | 9.15M | 5.58M | 4.27M | 4.17M |
| EBIT | -20.18M | -18.24M | -37.45M | -50.1M | -91.44M | -60.82M | -46.52M | -36.73M | -33.71M |
| Net Interest Income | -1.79M | -1.92M | -2.52M | -2.24M | -805K | -2.27M | -1.3M | -1.43M | -437K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.79M | 1.92M | 2.52M | 2.24M | 805K | 2.27M | 1.3M | 1.43M | 437K |
| Other Income/Expense | -76K | 59K | 649K | 661K | -2.76M | -710K | -1.23M | -1.35M | 112K |
| Pretax Income | -21.45M | -20.16M | -39.97M | -52.34M | -92.25M | -63.1M | -47.82M | -38.16M | -34.14M |
| Pretax Margin % | -6.68% | -6.48% | -15.37% | -20.25% | -31.99% | -25.06% | -25.71% | -23.3% | -26.36% |
| Income Tax | 26K | 59K | 29K | 19K | 35K | 80K | 56K | 36K | 37K |
| Effective Tax Rate % | -0.12% | -0.29% | -0.07% | -0.04% | -0.04% | -0.13% | -0.12% | -0.09% | -0.11% |
| Net Income | -21.47M | -20.21M | -76.99M | -71.25M | -92.28M | -63.18M | -47.88M | -38.2M | -34.18M |
| Net Margin % | -6.68% | -6.5% | -29.61% | -27.56% | -32% | -25.09% | -25.74% | -23.32% | -26.38% |
| Net Income Growth % | 67.29% | 73.74% | -8.05% | 22.79% | -46.07% | -31.95% | -25.34% | -11.75% | - |
| Net Income (Continuing) | -21.47M | -20.21M | -40M | -52.36M | -92.28M | -63.18M | -47.88M | -38.2M | -34.18M |
| Discontinued Operations | 0 | 0 | -36.99M | -18.89M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.17 | -0.17 | -0.69 | -0.68 | -0.92 | -0.82 | -0.53 | -0.41 | -0.44 |
| EPS Growth % | 70.41% | 75.36% | -1.47% | 26.09% | -12.2% | -54.72% | -29.27% | 6.82% | - |
| EPS (Basic) | - | -0.17 | -0.69 | -0.68 | -0.92 | -0.82 | -0.53 | -0.41 | -0.44 |
| Diluted Shares Outstanding | 127.69M | 121.69M | 111.96M | 104.88M | 99.82M | 77.09M | 90.86M | 94.14M | 77.51M |
| Basic Shares Outstanding | 127.69M | 121.69M | 111.96M | 104.88M | 99.82M | 77.09M | 90.86M | 94.14M | 77.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Limited liquidity and profitability
According to recent quarterly filings, ThredUp's revenue growth has fluctuated significantly, reaching 14.6% in 2026Q1 after a period of contraction, suggesting that the company's efforts to scale its managed marketplace model remain sensitive to broader consumer demand cycles and internal processing capacity constraints.
The erratic top-line performance indicates that the company is still struggling to find a consistent growth cadence in its core US market. Investors should monitor whether the recent return to positive growth is sustainable or merely a reflection of easier year-over-year comparisons following the 2024 contraction.
As reported in financial statements, ThredUp maintains a high gross margin profile, consistently hovering near 79% in recent quarters, which appears to be a structural benefit of its consignment-heavy revenue recognition model rather than purely operational efficiency in its automated distribution centers.
While the headline margin is impressive, it likely obscures the heavy fulfillment and labor costs required to process unique inventory. Analysts should be cautious, as this margin level may be vulnerable if the company is forced to increase seller payouts or if shipping costs continue to escalate.
Based on reported figures, ThredUp continues to struggle with achieving operating leverage, as operating margins remain consistently negative, with 2026Q1 showing an operating loss of $6.6M despite the company's ongoing investments in automated infrastructure designed to drive long-term cost efficiencies.
The persistent gap between gross profit and operating income suggests that the fixed costs associated with the company's logistics network are not yet scaling effectively with revenue. This indicates that the business model may require significantly higher volume throughput to reach a sustainable break-even point.
Analysis of the income statement reveals that stock-based compensation remains a recurring feature, with $5.5M recorded in 2026Q1, which continues to bridge the gap between GAAP net losses and the company's non-GAAP performance metrics, warranting further investigation into long-term shareholder dilution.
The reliance on stock-based compensation to manage cash outflows suggests that the company is prioritizing liquidity preservation over immediate GAAP profitability. Investors should monitor whether this trend persists as the company attempts to navigate its limited cash runway.
Data from recent filings suggests that ThredUp's reliance on a $38.6M cash position, combined with a history of persistent net losses, may indicate a precarious financial situation that could necessitate future dilutive financing if the company fails to achieve operational cash flow positivity soon.
Short-term observers might argue that the company's inability to generate consistent net income after years of operation points to a fundamental flaw in the unit economics of the low-average-order-value resale model. The market may be right to remain skeptical until the company demonstrates a clear path to self-funding.
Quick answers to the most common questions about buying TDUP stock.
For fiscal year 2025, ThredUp Inc. (TDUP) reported total revenue of $310.8M. This represents a 139.9% increase compared to $129.6M in 2018.
ThredUp Inc. (TDUP) reported a net loss of $20.2M for the fiscal year ending 2025.
ThredUp Inc. (TDUP) reported an operating income of $-20.2M, resulting in an operating profit margin of -6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ThredUp Inc. (TDUP) generated $246.8M in gross profit for the year, representing a gross profit margin of 79.4%. This demonstrates the company's core pricing power and production efficiency.