ThredUp Inc. TDUP
Retail-Catalog & Mail-Order Houses · CIK 0001484778 · Fiscal year ends 1231
Revenue
$310.81M
Fiscal year ended 2025-12-31Operating income
-$21.75M
Fiscal year ended 2025-12-31Free cash flow
—Unavailable
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $657.90M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
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| Float / revenue | 2.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
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| Float / equity | 11.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
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Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
How this compares in its industry
Percentile among the Retail-Catalog & Mail-Order Houses filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
ThredUp Inc. (TDUP) reported revenue of $310.81M and net income of -$20.21M for the fiscal year ended 2025-12-31. This page shows 7 annual periods of income statement, balance sheet and cash flow figures normalized from ThredUp Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Retail-Catalog & Mail-Order Houses.
Income
ThredUp Inc. income by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
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| Revenue | $310.81M | $260.03M | $258.50M | $288.38M | $251.79M | $186.02M | $163.81M |
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| Cost of revenue | $64.06M | $52.91M | $60.04M | $96.04M | $73.66M | $57.87M | $51.31M |
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| Gross profit | $246.75M | $207.12M | $198.47M | $192.34M | $178.13M | $128.15M | $112.50M |
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| Operating income | -$21.75M | -$40.62M | -$53.00M | -$89.49M | -$62.39M | -$46.59M | -$36.81M |
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| Net income | -$20.21M | -$76.99M | -$71.25M | -$92.28M | -$63.18M | -$47.88M | -$38.20M |
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| Research & development | $32.10M | $31.30M | $32.60M | $37.60M | $28.70M | $20.70M | $19.00M |
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| Weighted-average diluted shares | shares 121.69M | shares 111.96M | shares 104.88M | shares 99.82M | shares 77.09M | shares 11.56M | shares 10.26M |
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| Pretax income | -$20.16M | -$39.97M | -$52.34M | -$92.25M | -$63.10M | -$47.82M | -$38.16M |
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| Income tax expense | $59.00K | $29.00K | $19.00K | $35.00K | $80.00K | $56.00K | $36.00K |
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| Diluted EPS | $-0.17 | $-0.69 | $-0.68 | $-0.92 | $-0.82 | $-4.14 | $-3.72 |
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| Selling, general & administrative | $56.66M | $56.90M | $56.74M | $61.81M | $48.81M | $28.56M | $22.25M |
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| General & administrative | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Selling & marketing | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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Balance
ThredUp Inc. balance by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
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| Cash & equivalents | $38.63M | $31.85M | $54.34M | $38.03M | $84.55M | $64.48M | —Unavailable |
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| Total assets | $167.24M | $171.22M | $249.97M | $301.95M | $360.83M | $142.91M | —Unavailable |
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| Current assets | $56.68M | $56.92M | $93.89M | $134.20M | $228.41M | $75.16M | —Unavailable |
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| Total liabilities | $108.05M | $114.92M | $146.05M | $161.95M | $155.09M | $118.05M | —Unavailable |
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| Current liabilities | $62.38M | $61.52M | $76.67M | $84.41M | $89.41M | $62.56M | —Unavailable |
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| Total equity incl. NCI | $59.19M | $56.30M | $103.92M | $140.00M | $205.73M | -$222.18M | -$183.24M |
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| Temporary (mezzanine) equity | —Unavailable | —Unavailable | —Unavailable | $0 | $0 | $247.04M | $246.90M |
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| Inventory | —Unavailable | $690.00K | $2.82M | $17.52M | $9.82M | $3.52M | —Unavailable |
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| Accounts receivable | $2.44M | $3.57M | $5.00M | $4.67M | $4.14M | $1.82M | —Unavailable |
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| Goodwill | $10.75M | $10.75M | $11.22M | $11.59M | $12.24M | $0 | —Unavailable |
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| Long-term debt | $14.28M | $18.15M | $22.01M | $25.79M | $27.56M | $31.19M | —Unavailable |
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| Accounts payable | $10.33M | $8.33M | $3.83M | $7.80M | $13.34M | $9.39M | —Unavailable |
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Cash flow
Derived
ThredUp Inc. derived by fiscal year, in US dollars, normalized from SEC filings.| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
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| Free cash flow | —Unavailable | —Unavailable | —Unavailable | -$95.36M | -$54.85M | -$38.53M | -$19.59M |
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| Gross margin | 79.4% | 79.7% | 76.8% | 66.7% | 70.7% | 68.9% | 68.7% |
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| Operating margin | -7.0% | -15.6% | -20.5% | -31.0% | -24.8% | -25.0% | -22.5% |
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| FCF margin | —Unavailable | —Unavailable | —Unavailable | -33.1% | -21.8% | -20.7% | -12.0% |
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| SBC / revenue | 6.1% | 9.9% | 11.5% | 9.3% | 5.1% | 3.9% | 4.7% |
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| Current ratio | 0.91x | 0.93x | 1.22x | 1.59x | 2.55x | 1.20x | —Unavailable |
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| Revenue YoY growth | 19.5% | 0.6% | -10.4% | 14.5% | 35.4% | 13.6% | —Unavailable |
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| Net margin | -6.5% | -29.6% | -27.6% | -32.0% | -25.1% | -25.7% | -23.3% |
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| R&D / revenue | 10.3% | 12.0% | 12.6% | 13.0% | 11.4% | 11.1% | 11.6% |
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| CapEx / revenue | 3.4% | 2.5% | 5.1% | 15.0% | 7.9% | 10.4% | 5.8% |
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| Long-term debt / equity | 0.24x | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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| Effective tax rate | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable | —Unavailable |
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Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TDUP in the interactive workspace to inspect any figure back to its filing.
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.