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ThredUp (TDUP) investor relations material
ThredUp Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $82.2M, up 34% year-over-year, marking the fourth consecutive quarter of accelerating growth.
Gross profit rose 34% to $65.2M, with gross margin stable at 79.4%.
Adjusted EBITDA improved to $3.8M (4.6% margin), up from $0.3M (0.5% margin) last year.
Active buyers reached 1.57M, up 26% year-over-year, with new buyer acquisition up 54% and orders up 37%.
Divested European business in late 2024, focusing on U.S.-only operations.
Financial highlights
Q3 2025 revenue: $82.2M (+34% YoY); gross profit: $65.2M (+34% YoY); gross margin: 79.4%.
Adjusted EBITDA: $3.8M (4.6% margin); loss from continuing operations: $4.2M (improved from $10.4M YoY).
Free cash flow for nine months: $3.4M; positive cash flow from continuing operations: $12.1M.
Ended Q3 with $56.1M in cash, cash equivalents, and marketable securities; $19M in debt.
CapEx of $3.7M in Q3; full-year CapEx expected at $10M.
Outlook and guidance
Q4 2025 revenue expected between $76M–$78M (+14% YoY at midpoint); gross margin 78%–79%; Adjusted EBITDA margin ~3%.
FY 2025 revenue guidance raised to $307M–$309M (+18% YoY at midpoint); gross margin 79%–79.2%; Adjusted EBITDA margin ~4.2%.
2026 planning for low double-digit revenue growth, in line with industry, and slightly better EBITDA margin expansion than 2025.
Long-term target model: gross profit margin 75–78%, non-GAAP adjusted EBITDA margin 20–25%, and reduced operating expenses as a percentage of revenue.
Operating losses expected to continue in 2025 as investments persist; capital expenditures to remain modest.
How did the rebrand drive new buyer growth?
What factors improved operating loss?
How will tech investments strengthen competitive moat?
ThredUp's P2P model: How to avoid past issues
RaaS: What drives confidence in future partner growth?
Growth reinvestment vs. EBITDA: How balanced?
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Frequently asked questions
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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