ThredUp Reports 18% Revenue Growth to $79.7M, Positive Cash Flow, Buyers Up 30%
ThredUp generated fourth-quarter revenue of $79.7 million, up 18% year-over-year, with gross margin of 79.6%, active buyers rising 30% to 1.65 million and loss narrowing to $5.6 million. For full year 2025, revenue reached $310.8 million (+20%) and annual total cash flows turned positive $3.1 million.
1. Fourth Quarter Results
ThredUp posted $79.7 million in fourth-quarter revenue, up 18% year-over-year, with gross profit of $63.4 million and a 79.6% margin. Active buyers rose 30% to 1.65 million and loss from operations narrowed to $5.6 million, or 7.0% of revenue.
2. Full Year Performance
For fiscal 2025, revenue reached $310.8 million, a 20% increase, while gross profit rose 19% to $246.8 million with a 79.4% margin. Orders climbed 25% to 6.08 million and adjusted EBITDA improved to $13.5 million (4.4% margin) as loss from operations narrowed to $20.2 million.
3. Cash Flow and Profitability Improvement
The company ended Q4 with $53.1 million in cash, equivalents and marketable securities, recording annual total cash flows of $3.1 million for the first time. Loss from operations halved year-over-year, supporting progress toward sustainable profitability.
4. 2026 Outlook
ThredUp forecasts Q1 2026 revenue of $79.5–$80.5 million (≈12% growth) and adjusted EBITDA margin near 3.0%. Full-year 2026 guidance targets $349–$355 million in revenue (+13%), gross margin of 78–79% and an adjusted EBITDA margin of approximately 6.0%.