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ThredUp (TDUP) investor relations material
ThredUp Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Full-year 2025 revenue reached $311 million, up 20% year-over-year, with gross margin at 79–79.4% and adjusted EBITDA of $14 million (4.4% margin), following the divestment of European operations and a transition to a U.S.-focused, consignment-based model.
Q4 2025 revenue was $79.7 million, up 18–18.5% year-over-year, with gross margin at 79.6%.
Achieved positive adjusted EBITDA every quarter for two years and first annual positive free cash flow in 2025.
Active buyers reached a record 1.65–1.7 million, up 30% year-over-year, and total orders increased 25% to 6.1 million.
Innovations included premium and direct listings, AI-driven product enhancements, and a successful rebrand.
Financial highlights
Q4 2025 revenue: $79.7 million, up 18–18.5% year-over-year.
Q4 gross margin: 79.6%, a slight decrease year-over-year.
Q4 adjusted EBITDA: $2.9 million (3.7% of revenue), outperforming internal expectations.
Full-year 2025 adjusted EBITDA: $14 million (4.4% of revenue).
Ended 2025 with $53.1 million in cash and equivalents, after $10.5 million in CapEx.
Outlook and guidance
Q1 2026 revenue expected at $79.5–$80.5 million, 12% year-over-year growth at midpoint.
Q1 2026 gross margin expected at 78–79%; adjusted EBITDA at ~3% of revenue.
Full-year 2026 revenue guidance: $349–$355 million, 13% year-over-year growth at midpoint.
Full-year 2026 gross margin: 78–79%; adjusted EBITDA: ~6% of revenue, 150 basis points expansion.
Long-term target model aims for 75–78% gross margin and 20–25% adjusted EBITDA margin.
What drives the projected 2026 gross margin decline?
How will ThredUp sustain positive annual cash flow?
Detail AI-driven innovation plans for 2026
Direct listings: How to scale higher ASPs?
LTV expansion: Key initiatives for new cohorts?
2026 EBITDA expansion: Drivers despite macro?
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Next ThredUp earnings date
Q1 20264 May, 2026
ThredUp
Next ThredUp earnings date
Q1 20264 May, 2026
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ThredUp Inc operates an online resale platform for secondhand apparel, shoes, and accessories. The company provides services for consumers to buy and sell pre-owned clothing through a digital marketplace, supporting sustainable fashion consumption. ThredUp serves individual sellers and buyers, as well as retail partners through resale-as-a-service offerings. The company is headquartered in Oakland, California, and its shares are listed on the NASDAQ.
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