ThredUp Inc. (TDUP) Income Statement
TDUP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTDUP revenue and net income
Where TDUP's revenue goes
2025Each bar shows an amount and its share of revenue. TDUP kept −6.5% of revenue as net income.
TDUP profit margins
TDUP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.5% | +2.5% | +10.8% | — |
| Gross profit | +19.1% | +8.7% | +14.0% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TDUP quarterly EPS vs estimates
ThredUp beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.04).
TDUP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $310.8M | $260.0M | $258.5M | $288.4M | $251.8M | $186.0M | $163.8M | $129.6M |
| Cost of revenue | $64.1M | $52.9M | $60.0M | $96.0M | $73.7M | $57.9M | $51.3M | $51.5M |
| Gross profit | $246.8M | $207.1M | $198.5M | $192.3M | $178.1M | $128.1M | $112.5M | $78.0M |
| Research & development | — | $31.3M | $38.0M | $37.6M | $28.7M | $20.7M | $19.0M | $13.1M |
| Sales, general & admin | $115.6M | $105.5M | $108.1M | $126.2M | $112.4M | $73.3M | $67.2M | $44.4M |
| Total operating expenses | $267.0M | $247.7M | $251.5M | $281.8M | $240.5M | $174.7M | $149.3M | $112.3M |
| Operating income | −$20.2M | −$40.6M | −$53.0M | −$89.5M | −$62.4M | −$46.6M | −$36.8M | −$34.3M |
| Interest expense | $1.9M | $2.5M | $2.2M | $805,000 | $2.3M | $1.3M | $1.4M | $437,000 |
| Income before taxes | −$20.2M | −$40.0M | −$52.3M | −$92.2M | −$63.1M | −$47.8M | −$38.2M | −$34.1M |
| Income taxes | $59,000 | $29,000 | $19,000 | $35,000 | $80,000 | $56,000 | $36,000 | $37,000 |
| Net income | −$20.2M | −$77.0M | −$71.2M | −$92.3M | −$63.2M | −$47.9M | −$38.2M | −$34.2M |
| EBITDA | −$5.3M | −$20.1M | −$35.9M | −$77.4M | −$51.7M | −$40.9M | −$32.5M | −$29.5M |
| EPS (diluted) | −$0.15 | −$0.60 | −$0.68 | −$0.85 | −$0.63 | −$0.18 | −$0.49 | −$0.44 |
| Gross margin | 79.4% | 79.7% | 76.8% | 66.7% | 70.7% | 68.9% | 68.7% | 60.2% |
| Operating margin | −6.5% | −15.6% | −20.5% | −31.0% | −24.8% | −25.0% | −22.5% | −26.4% |
| Net margin | −6.5% | −29.6% | −27.6% | −32.0% | −25.1% | −25.7% | −23.3% | −26.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $90.8M | $81.7M | $79.7M | $82.2M | $77.7M | $71.3M | $27.7M | $73.0M | $66.7M | $64.5M | $81.4M | $82.0M |
| Cost of revenue | $18.2M | $17.0M | $13.1M | $16.9M | $15.9M | $14.9M | −$16.0M | $21.0M | $14.2M | $12.8M | $31.0M | $25.4M |
| Gross profit | $72.5M | $64.7M | $66.6M | $65.2M | $61.7M | $56.4M | $43.7M | $52.0M | $52.6M | $51.7M | $50.4M | $56.6M |
| Research & development | — | — | — | — | — | — | — | $37.2M | $38.9M | $41.1M | — | — |
| Sales, general & admin | $33.5M | $30.2M | $28.4M | $31.1M | $29.5M | $26.7M | $13.2M | $29.8M | $13.9M | $16.1M | $26.9M | $34.5M |
| Total operating expenses | $78.6M | $71.2M | $71.7M | $69.6M | $67.0M | $61.8M | $28.4M | $76.8M | $62.2M | $64.1M | $65.1M | $74.8M |
| Operating income | −$6.1M | −$6.6M | −$5.1M | −$4.4M | −$5.2M | −$5.4M | $15.3M | −$24.9M | −$9.6M | −$12.4M | −$14.8M | −$18.2M |
| Interest expense | $299,000 | $384,000 | $432,000 | $477,000 | $496,000 | $514,000 | $567,000 | $629,000 | $652,000 | $677,000 | $709,000 | $732,000 |
| Income before taxes | −$5.9M | −$6.4M | −$5.6M | −$4.3M | −$5.1M | −$5.2M | $15.3M | −$24.8M | −$9.4M | −$12.2M | −$14.6M | −$18.1M |
| Income taxes | $27,000 | $24,000 | $5,000 | −$34,000 | $31,000 | $57,000 | $8,000 | $4,000 | $6,000 | $11,000 | −$5,000 | $3,000 |
| Net income | −$5.9M | −$6.5M | −$5.6M | −$4.2M | −$5.2M | −$5.2M | −$21.7M | −$24.8M | −$14.0M | −$16.6M | −$14.6M | −$18.1M |
| EBITDA | −$1.5M | −$2.8M | −$1.7M | −$667,000 | −$1.5M | −$1.5M | $18.7M | −$17.0M | −$5.1M | −$7.8M | −$9.1M | −$12.0M |
| EPS (diluted) | −$0.05 | −$0.05 | −$0.04 | −$0.03 | −$0.04 | −$0.04 | −$0.19 | −$0.13 | −$0.13 | −$0.15 | −$0.14 | −$0.17 |
| Gross margin | 79.9% | 79.2% | 83.5% | 79.4% | 79.5% | 79.1% | 157.9% | 71.2% | 78.8% | 80.1% | 61.9% | 69.0% |
| Operating margin | −6.7% | −8.1% | −6.5% | −5.3% | −6.8% | −7.6% | 55.1% | −34.1% | −14.4% | −19.2% | −18.1% | −22.2% |
| Net margin | −6.5% | −7.9% | −7.0% | −5.2% | −6.7% | −7.3% | −78.5% | −33.9% | −20.9% | −25.7% | −18.0% | −22.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TDUP's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TDUP financial results
In fiscal year 2025 (ended December 31, 2025), ThredUp reported revenue of $310.8 million, up 19.5% from the year before. It had a net loss of $20.2 million, a net profit margin of −6.5%. Diluted earnings per share came to −$0.15. Over five years revenue grew at an average rate of 10.8% a year.
See the TDUP stock overview for the latest quote and news, or the TDUP chart for price history and technical indicators.
TDUP income statement FAQ
What is ThredUp's annual revenue?
ThredUp reported total revenue of $310.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 19.5% from $260.0 million the previous year.
Is ThredUp profitable?
No. ThredUp reported a net loss of $20.2 million in fiscal 2025, a net profit margin of −6.5%; its operating margin was −6.5%.
What is ThredUp's gross margin?
ThredUp's gross margin was 79.4% in fiscal 2025: for every $100 of revenue, ThredUp kept $79 after the direct cost of its products and services.
How fast is ThredUp growing?
Revenue grew 10.8% a year on average over the last five fiscal years, from $186.0 million to $310.8 million.
What are ThredUp's earnings per share?
ThredUp earned $-0.15 per diluted share in fiscal 2025, compared with $-0.60 a year earlier.
When will ThredUp report its next earnings?
ThredUp is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does ThredUp's fiscal year end?
ThredUp's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.