Torrid Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Torrid Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,037	984	1,297	1,288	1,152	1,104	1,000
Cost of revenue	641	643	760	829	746	690	652
Gross profit	396	341	537	460	406	413	348
Selling, general and administrative	253	233	439	298	293	302	269
Operating income	77	56.8	45.4	102	57.1	57.2	21.4
Interest expense	16.5	21.3	29.5	29.7	39.2
Other non-operating income				-0.21	0.09	0.03	0.88
Pre-tax income	60.7	35.5	15.8	71.7	18	21.6	-9.56
Income tax	18.8	11	45.8	21.5	6.42	5.29	-2.53
Net income	41.9	24.5	-29.9	50.2	11.6	16.3	-7.03
EBITDA	108	91.4	82.1	139	95.2	94.4	57.5
EPS, basic	0.38	0.22	-0.27	0.48	0.11	0.16	-0.07
EPS, diluted	0.38	0.22	-0.27	0.48	0.11	0.15	-0.07
Shares, basic (weighted)	110	110	110	104	104	105	101
Shares, diluted (weighted)	110	110	110	104	104	106	101

Balance sheet

	FY2021	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29	123	29	13.6	11.7	48.5	20
Inventory		106	171	180	142	148	136
Other current assets		12.7	14.7	20.1	22.2	24.5	24.6
Total current assets		242	221	216	179	226	193
Property, plant and equipment		143	128	114	104	77.7	51.6
Lease right-of-use assets		245	210	177	162	141	108
Intangible assets		8.4	8.4	8.4	8.4	8.4	8.4
Total assets		648	579	527	477	488	400
Accounts payable		70.9	77.4	76.2	46.2	72.4	56.8
Accrued liabilities		25.6	31.2	20.2	13.8	25.3	14.3
Short-term debt		11.5	20.5	16.1	16.1	16.1	16.1
Total current liabilities		261	297	267	232	263	249
Long-term debt		193	321	305	289	272	256
Lease liabilities		246	207	172	156	134	101
Other non-current liabilities			0	0.29	0	0.27	0.2
Total liabilities		711	837	757	689	680	614
Total debt		205	341	321	305	289	272
Paid-in capital		10.3	118	128	135	140	145
Retained earnings		-74.6	-378	-359	-348	-331	-338
Treasury stock						0	-20.3
Other comprehensive income		-0.01	0.08	-0.26	-0.31	-0.9	-0.61
Shareholders' equity	-95.5	-63.2	-258	-230	-212	-191	-213
Total equity	-95.5	-63.2	-258	-230	-212	-191	-213
Total liabilities and equity		648	579	527	477	488	400
Shares outstanding		110	108	104	104	105	99.3

Cash flow statement

	FY2021	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	41.9	24.5	-29.9	50.2	11.6	16.3	-7.03
Depreciation and amortization	31.2	34.6	36.7	37.6	38	37.2	36.1
Stock-based compensation	12	7.79	160	9.98	8.04	7.63	5.21
Deferred income tax	-4.69	-1.06	1.31	1.85	-5.67	-7.92	-2.45
Change in inventory	-17.4	7.88	-65.7	-12	33.2	-7.62	9.03
Change in payables	5.31	37.8	5.64	-1.24	-30.3	27	-15.4
Cash from operations	99.1	152	121	53.3	42.8	77.4	-13
Capital expenditures	-26.3	-11.6	-17.6	-23.4	-26	-14.4	-8.85
Cash from investing	-56.1	-11.6	-17.6	-23.4	-26	-14.4	-8.85
Share buybacks	0	0	-23.4	-31.7	0	0	-20.1
Cash from financing	-23.3	-45.9	-198	-45.1	-18.5	-24.5	-7.18
Exchange rate effect	-0.01	-0.11	0.21	-0.18	-0.05	-1.71	0.56
Net change in cash	19.6	94.2	-93.9	-15.4	-1.8	36.8	-28.5
Free cash flow	72.8	140	104	29.9	16.8	63	-21.9
Interest paid	10.6	21.3	24.1	29.6	34.2	35.1	32.4
Income taxes paid	22.4	3.92	58.1	15.6	11.2	17.8	8.93

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $2.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.7%	Gross profit / revenue.
Operating margin	1.9%	Operating income / revenue.
EBITDA margin	4.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.3%	Pre-tax income / revenue.
Net margin	-0.9%	Net income / revenue.
FCF margin	-1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.1%	Cash from operations / revenue.
Return on assets (ROA)	-2.4%	Net income / average total assets.
Return on invested capital (ROIC)	39.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	26.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-8.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-62.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-40.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-17.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-39.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-25.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-143.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-146.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-116.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-134.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-18.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.79x	Current assets / current liabilities.
Quick ratio	0.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / assets	71.2%	Total debt / total assets.
Liabilities / assets	155.4%	Total liabilities / total assets.
Net debt	$242.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$48.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$214.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.55x	Revenue / average total assets.
Fixed asset turnover	20.2x	Revenue / average property, plant and equipment.
Inventory turnover	4.93x	Cost of revenue / average inventory.
Days inventory	74 days	365 x average inventory / cost of revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.47	Revenue / diluted weighted shares.
FCF per share	-$0.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.01	Cash from operations / diluted weighted shares.
Book value per share	-$2.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.15	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$233.9M	Share price x shares outstanding.
Enterprise value	$476.2M	Market cap + total debt - cash - short-term investments.
P/S	0.25x	Market cap / revenue.
EV/Sales	0.50x	Enterprise value / revenue.
EV/EBIT	26.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-5.7%	Free cash flow / market cap.
Earnings yield	-3.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was Torrid Holdings Inc.'s revenue in fiscal 2025?

Torrid Holdings Inc. reported revenue of $1.00B for fiscal 2025, 9.4% lower than the year before.

Was Torrid Holdings Inc. profitable in fiscal 2025?

No. It reported a net loss of $7.0M.

How much free cash flow did Torrid Holdings Inc. generate in fiscal 2025?

Cash from operations of $13.0M minus capital expenditures of $8.9M left free cash flow of -$21.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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