Revenue growth has re-established at 16.9% in 2026Q2 on a stable 79.9% gross margin corridor, but operating margin drifted back to -6.7% from -5.3% two quarters prior, suggesting overhead absorption gains remain incomplete.
ThredUp Inc. (TDUP) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 340.37M | 310.81M | 260.03M | 258.5M | 288.38M | 251.79M | 186.01M | 163.81M | 129.55M |
| Revenue Growth % | 31.53% | 19.53% | 0.59% | -10.36% | 14.53% | 35.36% | 13.55% | 26.45% | - |
| Cost of Goods Sold | 67.58M | 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 | 272.79M | 246.75M | 207.13M | 198.47M | 192.34M | 178.13M | 128.15M | 112.5M | 78.01M |
| Gross Margin % | 80.14% | 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 | 295.9M | 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 | 88.04M | 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 | 42.47M | 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 | -23.11M | -20.21M | -40.62M | -53M | -89.49M | -62.39M | -46.59M | -36.81M | -34.26M |
| Operating Margin % | -6.79% | -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 | -12.12M | -7.29M | -23.29M | -38.77M | -75.45M | -53.23M | -41.01M | -32.53M | -30.09M |
| EBITDA Margin % | -3.56% | -2.35% | -8.96% | -15% | -26.16% | -21.14% | -22.05% | -19.86% | -23.22% |
| EBITDA Growth % | -175.38% | 68.7% | 39.93% | 48.62% | -41.75% | -29.81% | -26.05% | -8.14% | - |
| D&A (Non-Cash Add-back) | 10.86M | 12.92M | 17.33M | 14.23M | 14.03M | 9.15M | 5.58M | 4.27M | 4.17M |
| EBIT | -21.94M | -18.24M | -37.45M | -50.1M | -91.44M | -60.82M | -46.52M | -36.73M | -33.71M |
| Net Interest Income | -1.46M | -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 | 1.46M | 1.92M | 2.52M | 2.24M | 805K | 2.27M | 1.3M | 1.43M | 437K |
| Other Income/Expense | -285K | 59K | 649K | 661K | -2.76M | -710K | -1.23M | -1.35M | 112K |
| Pretax Income | -23.39M | -20.16M | -39.97M | -52.34M | -92.25M | -63.1M | -47.82M | -38.16M | -34.14M |
| Pretax Margin % | -6.87% | -6.48% | -15.37% | -20.25% | -31.99% | -25.06% | -25.71% | -23.3% | -26.36% |
| Income Tax | 58K | 59K | 29K | 19K | 35K | 80K | 56K | 36K | 37K |
| Effective Tax Rate % | -0.25% | -0.29% | -0.07% | -0.04% | -0.04% | -0.13% | -0.12% | -0.09% | -0.11% |
| Net Income | -23.45M | -20.21M | -76.99M | -71.25M | -92.28M | -63.18M | -47.88M | -38.2M | -34.18M |
| Net Margin % | -6.89% | -6.5% | -29.61% | -27.56% | -32% | -25.09% | -25.74% | -23.32% | -26.38% |
| Net Income Growth % | 35.48% | 73.74% | -8.05% | 22.79% | -46.07% | -31.95% | -25.34% | -11.75% | - |
| Net Income (Continuing) | -23.45M | -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) | -0.18 | -0.17 | -0.69 | -0.68 | -0.92 | -0.82 | -0.53 | -0.41 | -0.44 |
| EPS Growth % | 40.03% | 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 | 131.83M | 121.69M | 111.96M | 104.88M | 99.82M | 77.09M | 90.86M | 94.14M | 77.51M |
| Basic Shares Outstanding | 131.83M | 121.69M | 111.96M | 104.88M | 99.82M | 77.09M | 90.86M | 94.14M | 77.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent losses masked by restructuring
Metrics are mathematically derived from official filings.
Mid-Teens Growth Restored on Reset Base
ThredUp's revenue has re-established double-digit expansion, with 2026Q2 revenue of $90.8 million representing 16.9% year-over-year growth per the company's reported quarterly statements; the 188.1% print in 2025Q4 appears largely a base effect following the sharp revenue reset visible in 2024Q4 rather than a demand inflection.
The trajectory across the ten quarters splits cleanly into two regimes: sequential year-over-year contractions of 11% to 19% through 2024, followed by consistent 10% to 19% growth from 2025Q1 onward. The reported dataset does not disaggregate volume versus pricing versus marketplace mix, so attributing the recovery to active buyer growth versus take-rate expansion warrants further investigation. The durability of the mid-teens run rate is the central question, since the comparable quarter base for 2025Q4 was distorted downward to $27.7 million.
Eighty-Percent Gross Margin Underpins Model
Gross margin has held in a 79% to 84% corridor in the last six reported quarters, roughly ten points above peer The RealReal's 69.8%, reflecting ThredUp's structurally higher take-rate and processing economics as shown in the comparative income statement data.
The sustained premium to the consignment peer suggests meaningful pricing power or a more favorable revenue-mix skew toward managed-marketplace fees rather than inventory-resale spread, though the supplied data cannot distinguish these drivers. Quarterly volatility from 79.1% to 83.5% indicates the margin is sensitive to processing throughput and category mix, so investors should treat the mid-80s level seen in 2025Q4 as peak rather than run-rate. The 157.9% gross margin in 2024Q4, driven by negative COGS of -$16.0 million, appears to reflect a non-recurring accounting adjustment and should be excluded from any normalized margin framework.
Losses Narrow but Overhead Gains Incomplete
The operating margin improved from -34.1% in 2024Q3 to -5.3% in 2025Q3 as quarterly gross profit climbed above $65 million, suggesting genuine overhead absorption; however, margins drifted back to -6.7% and -8.1% in the two most recent quarters, indicating the improvement has not yet proven self-sustaining.
Gross profit grew roughly 21% year over year in 2026Q2 while the operating loss narrowed, which is directionally consistent with positive operating leverage on a largely fixed fulfillment and technology infrastructure. Notably, the reported SG&A line fell from $30.2 million in 2026Q1 to $15.8 million in 2026Q2 without a commensurate swing in operating income, implying that material cost categories sit outside the SG&A and R&D lines presented here; that reconciliation gap warrants closer examination of the full filings before underwriting an expense-discipline thesis.
Dilution Load Overshadows Shrinking Losses
Stock-based compensation reached $11.4 million in 2026Q2, approximately 12.5% of revenue and more than double the prior quarter's $5.5 million, meaning the reported $5.9 million net loss is smaller than the non-cash dilution charged in the same period, per ThredUp's disclosed quarterly figures.
Every one of the ten reported quarters carries a net loss, and cumulative net losses across the period exceed $109 million, so the modest sequential improvement in EPS from -$0.05 to -$0.03 in 2025 reflects loss compression rather than an earnings base. The 2024Q4 quarter is a further quality flag: a positive $15.3 million operating income translated to a -$21.7 million net loss, implying roughly $37 million of non-operating charges whose composition is not disclosed in the data provided. The step-up in SBC in the latest quarter, if it persists, would structurally raise the true economic cost of the loss-shrinkage narrative.
2024Q4 Portfolio Reset Redefines Base
The decisive inflection appears in 2024Q4, when revenue fell 66% to $27.7 million yet operating income swung positive to $15.3 million on negative COGS of -$16.0 million, a combination that strongly suggests a restructuring or divestiture that removed a loss-making operation from the reported perimeter.
The lasting impact is visible in subsequent periods: operating losses contracted from a worst case of -$24.9 million in 2024Q3 to a -$4.4 million to -$6.6 million range thereafter, implying the removed business carried the bulk of the prior losses. Because the post-reset cost structure still generates consistent operating losses in the $4 million to $7 million band, the inflection appears to have improved the quality of the loss profile rather than delivered profitability. Any multi-year model should treat pre-2025 comparisons as non-comparable, and the 2025Q4 revenue growth figure as arithmetically distorted.
Growth Narrative Faces Structural Skepticism
A short-seller would observe that all ten reported quarters produce net losses totaling over $109 million, recent growth coincides with elevated 12.5%-of-revenue stock-based comp, and the latest SG&A decline does not reconcile to operating income, collectively suggesting profitability remains unproven rather than imminent.
The strongest version of the bear case is that mid-teens growth is being funded by continued cash consumption, with no demonstrated quarter in which operating income remains positive on a normalized basis, and with the peer set (The RealReal at -3.5% operating margin) showing that scaled consignment platforms still struggle to clear breakeven. Bull-case margin expansion would require sustained gross margin above 80% alongside flat absolute opex, but the reported SG&A line has fluctuated between $13.2 million and $31.1 million without a clear trend, undermining confidence in expense predictability. Investors should monitor whether the SBC step-up persists and whether operating margin can hold above -5% for two consecutive quarters before assigning any terminal profitability value.