ThredUp Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data ThredUp 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	164	186	252	288	259	260	311
Cost of revenue	51.3	57.9	73.7	96	60	52.9	64.1
Gross profit	113	128	178	192	198	207	247
Research and development	19	20.7	28.7	37.6	32.6	31.3	32.1
Selling, general and administrative	22.3	28.6	48.8	61.8	56.7	56.9	56.7
Operating expenses	149	175	241	282	251	248	268
Operating income	-36.8	-46.6	-62.4	-89.5	-53	-40.6	-21.7
Interest expense	1.43	1.31	2.28	0.81	2.24	2.53	1.92
Other non-operating income	0.07	0.07	1.57	-1.96	2.9	3.17	3.51
Pre-tax income	-38.2	-47.8	-63.1	-92.2	-52.3	-40	-20.2
Income tax	0.04	0.06	0.08	0.04	0.02	0.03	0.06
Income from continuing operations					-52.4	-40	-20.2
Net income	-38.2	-47.9	-63.2	-92.3	-71.2	-77	-20.2
EBITDA	-32.5	-41	-53.2	-75.5	-38.8	-23.3	-8.82
EPS, basic	-3.72	-4.14	-0.82	-0.92	-0.68	-0.69	-0.17
EPS, diluted	-3.72	-4.14	-0.82	-0.92	-0.68	-0.69	-0.17
Shares, basic (weighted)	10.3	11.6	77.1	99.8	105	112	122
Shares, diluted (weighted)	10.3	11.6	77.1	99.8	105	112	122

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	87.9	64.5	84.6	38	54.3	31.9	38.6
Short-term investments		0	121	66.9	8.1	12.3	9.5
Receivables		1.82	4.14	4.67	5	3.57	2.44
Inventory		3.52	9.83	17.5	2.82	0.69
Other current assets		5.33	8.63	7.08	6	9.18	6.11
Total current assets		75.2	228	134	93.9	56.9	56.7
Property, plant and equipment		41.1	55.5	92.5	77.8	68.5	67.2
Lease right-of-use assets		23.7	39.3	46.2	28.1	28.9	25.4
Goodwill		0	12.2	11.6	11.2	10.7	10.7
Intangible assets		0	13.9	10.5	8.16
Other non-current assets		2.97	11.5	7.03	5.42	6.22	7.2
Total assets		143	361	302	250	171	167
Accounts payable		9.39	13.3	7.8	3.83	8.33	10.3
Accrued liabilities		32.5	45.3	50.2	29.4	29.9	24.5
Deferred revenue		9.36	13.2	18.1	4.94	3.33	1.57
Short-term debt		3.27	7.77	3.88	3.84	3.86	3.88
Total current liabilities		62.6	89.4	84.4	76.7	61.5	62.4
Long-term debt		31.2	27.6	25.8	22	18.2	14.3
Lease liabilities		21.6	37	48.7	31.8	32.5	28.6
Other non-current liabilities		2.72	1.12	3.02	2.12	2.76	2.82
Total liabilities		118	155	162	146	115	108
Total debt		34.5	35.3	29.7	25.8	22	18.2
Paid-in capital		30	522	552	585	612	635
Retained earnings		-252	-315	-408	-479	-556	-576
Other comprehensive income		0	-1.09	-4.23	-2.38	0	0
Shareholders' equity	-183	-222	206	140	104	56.3	59.2
Total equity	-183	-222	206	140	104	56.3	59.2
Total liabilities and equity		143	361	302	250	171	167
Shares outstanding		12.9	98.4	102	109	116	127

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.2	-47.9	-63.2	-92.3	-71.2	-77	-20.2
Depreciation and amortization	4.27	5.58	9.16	14	14.2	17.3	12.9
Stock-based compensation	7.68	7.34	13	26.8	29.7	25.8	19
Change in receivables	-0.64	0.23	-1.19	-0.53	-2.45	1.48	1.13
Change in inventory	2.29	0.37	-2.74	-7.89	3.67	2.13
Change in payables	-0.74	3.47	0.87	-3.99	-0.64	3.91	1.42
Cash from operations	-10.1	-19.1	-35	-52.1	-22.6	4.9	10.7
Capital expenditures	-9.5	-19.4	-19.8	-43.3	-13.1	-6.58	-10.5
Acquisitions	0	0	-23.6	0
Purchases of investments	0	0	-125	-3.48	-17.9	-31.8	-20.7
Sales and maturities of investments	8.25	0	2.8	55.7	77.6	28.1	24
Cash from investing	-1.25	-19.4	-170	8.92	43.7	-10.3	-7.17
Debt repaid	-11.8	-1.19	-4	-6.33	-4	-4	-4
Cash from financing	91.2	18.2	229	-3.94	-3.6	-4.39	-0.4
Exchange rate effect	0	0	-0.06	-0.67	-0.07	-0.59
Net change in cash	79.8	-20.3	24.3	-47.8	17.4	-21	3.09
Free cash flow	-19.6	-38.5	-54.8	-95.4	-35.7	-1.68	0.18
Interest paid	1.21	1.45	2.08	2.06	2.71	2.4	1.8
Income taxes paid	0.03	0.05	0.06			0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.5%	Gross profit / revenue.
Operating margin	-7.1%	Operating income / revenue.
EBITDA margin	-2.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.6%	Pre-tax income / revenue.
Net margin	-6.6%	Net income / revenue.
FCF margin	0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.1%	Cash from operations / revenue.
Return on equity (ROE)	-36.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-13.1%	Net income / average total assets.
Return on invested capital (ROIC)	-51.7%	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	18.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	6.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.7%	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	14.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	117.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	5.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-17.9%	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	3.2%	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	8.7%	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	6.8%	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	60.1%	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	0.99x	Current assets / current liabilities.
Quick ratio	0.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.85x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.4%	Total debt / total assets.
Liabilities / assets	64.3%	Total liabilities / total assets.
Net debt	-$34.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-14.9x	Operating income / interest expense.
Working capital	-$416.0K	Current assets - current liabilities.
Goodwill and intangibles / assets	6.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$50.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.96x	Revenue / average total assets.
Fixed asset turnover	5.07x	Revenue / average property, plant and equipment.
Receivables turnover	128x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	88.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.17	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	$2.57	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.11	Cash from operations / diluted weighted shares.
Book value per share	$0.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.38	Tangible book value / shares outstanding.
Cash per share	$0.40	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$295.5M	Share price x shares outstanding.
Enterprise value	$260.8M	Market cap + total debt - cash - short-term investments.
P/S	0.88x	Market cap / revenue.
P/B	4.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.91x	Market cap / tangible book value, when positive.
P/FCF	183x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.5x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
EV/FCF	162x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.5%	Free cash flow / market cap.
Earnings yield	-7.5%	Net income / market cap (the inverse of P/E).

What was ThredUp Inc.'s revenue in fiscal 2025?

ThredUp Inc. reported revenue of $310.8M for fiscal 2025, 19.5% higher than the year before.

Was ThredUp Inc. profitable in fiscal 2025?

No. It reported a net loss of $20.2M.

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

Cash from operations of $10.7M minus capital expenditures of $10.5M left free cash flow of $180.0K.

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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