TDUP

MKT CAP:$554M

ThredUp Inc.

Market Cap

$554M

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$4.19-$1.88 (-30.97%)

Apr 23, 2026

Company Details

ThredUp Inc., together with its subsidiaries, operates online resale platforms that allows consumers to buy and sell secondhand women's and kids' apparel, shoes, and accessories. ThredUp Inc. was incorporated in 2009 and is headquartered in...

CEO

James G. Reinhart

IPO Date

Mar 26, 2021

Website

www.thredup.com

Key Metrics TTM

Revenue

$317M

+6.4% YoY

Net Income

-$42M

EPS (Diluted)

-$0.38

Free Cash Flow

-$5M

Revenue / Share

$2.56

Gross Margin

71.1%

Operating Margin

-13.5%

Net Margin

-13.3%

FCF Margin

-1.6%

P/S

1.7x

P/E

—

Earnings Reports

Q4 2025

May 4, 2026

PENDING

FY 2025

Mar 2, 2026

$311MEPS -$0.17

Q3 2025

Nov 3, 2025

$82MEPS -$0.03

Q1 2025

May 5, 2025

$71MEPS -$0.04

FY 2023

Mar 4, 2024

$259M-10.4%EPS -$0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$47M	$33M	-$6M
Q3 20	$47M	$33M	-$11M
Q1 21	$56M	$40M	-$15M
Q2 21	$60M	$44M	-$14M
Q3 21	$63M	$46M	-$15M
Q4 21	$73M	$48M	-$18M
Q1 22	$73M	$50M	-$21M
Q2 22	$76M	$53M	-$28M
Q3 22	$68M	$44M	-$24M
Q4 22	$71M	$45M	-$16M
Q1 23	$76M	$51M	-$20M
Q2 23	$83M	$56M	-$19M
Q3 23	$82M	$57M	-$18M
Q4 23	$81M	$50M	-$15M
Q1 25	$71M	$56M	-$5M
Q3 25	$82M	$62M	-$4M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	—	—
Q1 21	2.8x	—
Q2 21	2.6x	—
Q3 21	2.5x	—
Q4 21	2.2x	—
Q1 22	2.1x	—
Q2 22	1.9x	—
Q3 22	1.9x	—
Q4 22	1.9x	—
Q1 23	1.9x	—
Q2 23	1.9x	—
Q3 23	1.8x	—
Q4 23	1.7x	—
Q1 25	1.7x	—
Q3 25	1.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$8M	$2M
Q3 20	-$3M	-$7M
Q1 21	$1M	-$3M
Q2 21	-$10M	-$15M
Q3 21	-$5M	-$11M
Q4 21	-$21M	-$26M
Q1 22	-$7M	-$19M
Q2 22	-$18M	-$33M
Q3 22	-$12M	-$24M
Q4 22	-$15M	-$19M
Q1 23	-$4M	-$10M
Q2 23	-$10M	-$17M
Q3 23	$223.0K	-$1M
Q4 23	-$8M	-$10M
Q1 25	$6M	$4M
Q3 25	$6M	$2M

Capital Expenditures

Quarter	CapEx
Q2 20	$6M
Q3 20	$4M
Q1 21	$4M
Q2 21	$5M
Q3 21	$6M
Q4 21	$5M
Q1 22	$13M
Q2 22	$15M
Q3 22	$12M
Q4 22	$4M
Q1 23	$6M
Q2 23	$7M
Q3 23	$1M
Q4 23	$2M
Q1 25	$2M
Q3 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+24.1%	+19.9%
Q3 21	+33.7%	+46.4%
Q4 21	+55.3%	+58.6%
Q1 22	+30.6%	+32.6%
Q2 22	+27.5%	+41.9%
Q3 22	+7.4%	+17.0%
Q4 22	-2.1%	-3.8%
Q1 23	+4.4%	+3.0%
Q2 23	+8.2%	-3.2%
Q3 23	+20.8%	+8.8%
Q4 23	+14.1%	+9.6%
Q1 25	-6.1%	-20.2%
Q3 25	-0.6%	-14.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$2M	4.2%
Q3 20	$2M	3.5%
Q1 21	$3M	6.3%
Q2 21	$3M	4.8%
Q3 21	$3M	4.7%
Q4 21	$4M	4.9%
Q1 22	$4M	4.8%
Q2 22	$10M	13.2%
Q3 22	$7M	10.6%
Q4 22	$6M	8.5%
Q1 23	$9M	12.4%
Q2 23	$8M	9.2%
Q3 23	$8M	9.6%
Q4 23	$7M	8.3%
Q1 25	$6M	7.7%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 20	$28M	$11M	—
Q3 20	$32M	$11M	—
Q1 21	$39M	$15M	—
Q2 21	$44M	$14M	—
Q3 21	$13M	$17M	—
Q4 21	$51M	$15M	—
Q1 22	$53M	$17M	—
Q2 22	$64M	$16M	—
Q3 22	$15M	$15M	—
Q4 22	$15M	$13M	—
Q1 23	$16M	$17M	—
Q2 23	$16M	$19M	—
Q3 23	$15M	$19M	—
Q4 23	$16M	$11M	—
Q1 25	$14M	$13M	—
Q3 25	—	—	$66M

Revenue Segments

Quarter	Consignment	Product
Q1 21	$45M	$11M
Q2 21	$49M	$11M
Q3 21	$48M	$15M
Q4 21	$45M	$28M
Q1 22	$47M	$25M
Q2 22	$49M	$28M
Q3 22	$42M	$26M
Q4 22	$37M	$34M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$69M	$115M	$184M
Q2 22	$52M	$96M	$149M
Q3 22	$37M	$87M	$123M
Q4 22	$38M	$67M	$105M
Q1 23	$51M	$43M	$93M
Q2 23	$51M	$26M	$77M
Q3 23	$69M	$6M	$74M
Q4 23	$56M	$8M	$64M
Q1 24	$50M	$12M	$63M
Q2 24	$45M	$11M	$55M
Q3 24	$44M	$12M	$55M
Q4 24	$32M	$12M	$44M
Q1 25	$41M	$6M	$47M
Q2 25	$41M	$7M	$48M
Q3 25	$46M	$5M	$51M
Q4 25	$39M	$9M	$48M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	78M	0.0%	—
Q3 20	78M	0.0%	—
Q1 21	93M	+19.5%	—
Q2 21	94M	+1.9%	+21.8%
Q3 21	96M	+2.0%	+24.3%
Q4 21	98M	+1.5%	+26.2%
Q1 22	99M	+0.8%	+6.5%
Q2 22	99M	+0.7%	+5.2%
Q3 22	100M	+0.9%	+4.1%
Q4 22	101M	+0.8%	+3.3%
Q1 23	102M	+0.9%	+3.4%
Q2 23	104M	+1.9%	+4.6%
Q3 23	106M	+1.9%	+5.6%
Q4 23	108M	+1.7%	+6.6%
Q1 25	117M	+8.3%	+14.4%
Q3 25	124M	+6.2%	+19.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$25.2K	3K
Q1 22	$25.1K	3K
Q2 22	$26.4K	3K
Q3 22	$23.5K	3K
Q4 22	$29.5K	2K
Q1 23	$31.4K	2K
Q2 23	$34.2K	2K
Q3 23	$34.0K	2K
Q4 23	$34.2K	2K
Q1 25	$43.7K	2K
Q3 25	$50.4K	2K

Revenue / Employee