Revenue has contracted sharply from $235.9M in 2023Q4 to $25.0M in 2026Q1, though the shift toward service-oriented segments has expanded gross margins to 76.6%.
Vroom, Inc. (VRM) 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 | 105.64M | 112.27M | 11.61M | 893.2M | 1.95B | 3.18B | 1.36B | 1.19B | 855.43M |
| Revenue Growth % | 1747.46% | 867.04% | -98.7% | -54.17% | -38.8% | 134.53% | 13.92% | 39.32% | - |
| Cost of Goods Sold | 37.85M | 21.14M | 0 | 731.26M | 1.7B | 2.98B | 1.29B | 1.13B | 794.62M |
| COGS % of Revenue | - | 18.83% | - | 81.87% | 87.44% | 93.65% | 94.73% | 95.15% | 92.89% |
| Gross Profit | 67.79M | 91.13M | 11.61M | 161.95M | 244.79M | 202.1M | 71.55M | 57.86M | 60.81M |
| Gross Margin % | 64.17% | 81.17% | 100% | 18.13% | 12.56% | 6.35% | 5.27% | 4.85% | 7.11% |
| Gross Profit Growth % | - | 684.95% | -92.83% | -33.84% | 21.12% | 182.48% | 23.65% | -4.85% | - |
| Operating Expenses | 89.41M | 90.95M | 138.41M | 432.17M | 816.55M | 560.71M | 250.14M | 191.01M | 140.7M |
| OpEx % of Revenue | - | 81.01% | 1192.2% | 48.38% | 41.9% | 17.61% | 18.42% | 16.03% | 16.45% |
| Selling, General & Admin | -1.28M | 12.17M | 109.33M | 333.95M | 566.39M | 547.82M | 245.55M | 184.99M | 133.84M |
| SG&A % of Revenue | - | 10.84% | 941.67% | 37.39% | 29.06% | 17.2% | 18.09% | 15.52% | 15.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 78.78M | 29.09M | 98.22M | 250.16M | 12.89M | 4.6M | 6.02M | 495K |
| Operating Income | -21.61M | 181K | -126.8M | -270.23M | -571.76M | -358.62M | -178.6M | -133.15M | -79.89M |
| Operating Margin % | -20.46% | 0.16% | -1092.2% | -30.25% | -29.34% | -11.26% | -13.15% | -11.17% | -9.34% |
| Operating Income Growth % | - | 100.14% | 53.08% | 52.74% | -59.44% | -100.79% | -34.14% | -66.66% | - |
| EBITDA | -16.76M | 4.59M | -97.72M | -226.75M | -533.06M | -345.4M | -173.94M | -126.99M | -72.96M |
| EBITDA Margin % | -15.87% | 4.09% | -841.67% | -25.39% | -27.35% | -10.85% | -12.81% | -10.66% | -8.53% |
| EBITDA Growth % | 88.3% | 104.7% | 56.91% | 57.46% | -54.33% | -98.57% | -36.97% | -74.06% | - |
| D&A (Non-Cash Add-back) | 4.86M | 4.41M | 29.09M | 43.48M | 38.71M | 13.21M | 4.65M | 6.16M | 6.93M |
| EBIT | 30.48M | 47.06M | -72.2M | -214.78M | -430.9M | -348.21M | -193.06M | -129.25M | -76.44M |
| Net Interest Income | 125.46M | 123.11M | 136.65M | 130.61M | -21.33M | -11.61M | -3.76M | -8.99M | -5.38M |
| Interest Income | 195.32M | 178.83M | 201.83M | 178.48M | 19.36M | 10.34M | 5.9M | 5.61M | 3.13M |
| Interest Expense | 69.86M | 55.72M | 65.19M | 47.87M | 40.69M | 21.95M | 9.66M | 14.6M | 8.51M |
| Other Income/Expense | -35.29M | -8.84M | -10.58M | -94.7M | 100.17M | -11.54M | -24.12M | -9.66M | -5.06M |
| Pretax Income | -56.9M | -8.66M | -137.38M | -364.93M | -471.59M | -370.16M | -202.72M | -142.81M | -84.95M |
| Pretax Margin % | -53.86% | -7.71% | -1183.32% | -40.86% | -24.2% | -11.62% | -14.93% | -11.98% | -9.93% |
| Income Tax | 253K | 299K | 856K | 615K | -19.68M | 754K | 84K | 168K | 229K |
| Effective Tax Rate % | -0.44% | -3.45% | -0.62% | -0.17% | 4.17% | -0.2% | -0.04% | -0.12% | -0.27% |
| Net Income | -56.61M | -7.96M | -165.12M | -365.54M | -451.91M | -370.91M | -202.8M | -142.98M | -85.18M |
| Net Margin % | -53.59% | -7.09% | -1422.26% | -40.92% | -23.19% | -11.65% | -14.94% | -12% | -9.96% |
| Net Income Growth % | 37.92% | 95.18% | 54.83% | 19.11% | -21.84% | -82.9% | -41.84% | -67.86% | - |
| Net Income (Continuing) | -57.15M | -8.96M | -138.24M | -365.54M | -451.91M | -370.91M | -202.8M | -142.98M | -85.18M |
| Discontinued Operations | 545K | 0 | -26.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 21.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.86 | -1.53 | -91.07 | -209.70 | -262.40 | -217.50 | -221.20 | -1329.10 | -797.85 |
| EPS Growth % | 75.26% | 98.32% | 56.57% | 20.08% | -20.64% | 1.67% | 83.36% | -66.59% | - |
| EPS (Basic) | - | -1.53 | -91.07 | -209.70 | -262.40 | -217.50 | -221.20 | -1329.10 | -797.85 |
| Diluted Shares Outstanding | 5.21M | 5.2M | 1.81M | 1.74M | 1.72M | 1.71M | 916.82K | 107.58K | 106.76K |
| Basic Shares Outstanding | 5.21M | 5.2M | 1.81M | 1.74M | 1.72M | 1.71M | 916.82K | 107.58K | 106.76K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VRM stock.
For fiscal year 2025, Vroom, Inc. (VRM) reported total revenue of $112.3M. This represents a 86.9% decline compared to $855.4M in 2018.
Vroom, Inc. (VRM) reported a net loss of $8.0M for the fiscal year ending 2025.
Vroom, Inc. (VRM) reported an operating income of $0.2M, resulting in an operating profit margin of 0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Vroom, Inc. (VRM) generated $91.1M in gross profit for the year, representing a gross profit margin of 81.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Subprime credit default exposure
Metrics are mathematically derived from official filings.
Revenue Contraction Following Strategic Pivot
As reported in financial statements, Vroom's revenue has experienced a precipitous decline, dropping from $235.9M in 2023Q4 to $25.0M by 2026Q1, reflecting the company's deliberate exit from its legacy retail operations to focus on the UACC finance and CarStory data segments.
The massive revenue drop-off is a direct consequence of the company's decision to shutter its e-commerce used vehicle dealership business. Investors should monitor whether the remaining finance and data services can achieve sufficient scale to offset the loss of high-volume retail revenue.
Structural Margin Expansion Masks Volatility
Based on recent SEC filings, Vroom's gross margin has expanded significantly to 76.6% in 2026Q1, a sharp departure from the 12.3% margin observed in 2023Q4, indicating a fundamental shift toward a high-margin, service-oriented business model rather than low-margin vehicle retail.
This margin expansion appears to be a structural byproduct of the pivot to financial services and data analytics. However, the sustainability of these margins remains unproven, as they may be influenced by the liquidation of legacy assets or accounting adjustments during the restructuring phase.
Operating Leverage Remains Elusive Post-Restructuring
According to the provided income statement data, Vroom continues to struggle with operating leverage, as evidenced by a 2026Q1 operating margin of -22.3%, suggesting that the company has yet to align its fixed cost structure with its significantly reduced revenue base.
Despite the exit from capital-intensive retail, the company's operating expenses continue to outpace gross profit generation. This indicates that the current cost base, likely tied to technology and credit infrastructure, remains too heavy for the current level of business activity.
Sustainability of Data-Centric Moat Challenged
As noted in historical performance data, the company's reliance on the UACC finance segment introduces significant credit risk, with net income remaining consistently negative at -$19.1M in 2026Q1, raising questions about the viability of the standalone fintech model without the captive retail data flow.
Short-sellers may focus on the potential for adverse selection in the loan portfolio now that the company lacks its own retail channel to source high-quality applications. The lack of consistent profitability suggests that the transition to a data-services provider may be more difficult than the current valuation implies.