ThredUp, Inc. reported sales rose 18 percent in the fourth quarter and 20 percent for the year. The resale platform reported lower losses in both periods.

“For the full year 2025, our performance was a testament to the scalability of our infrastructure and the fundamental strength of our marketplace model,” said ThredUp CEO and Co-Founder James Reinhart. “As we enter 2026, our focus is to build toward sustained, profitable growth by enhancing the structural drivers of our flywheel: full-funnel buyer growth, high-quality supply, and AI-driven innovation.”

Fourth Quarter 2025 Financial Highlights

  • Revenue totaled $79.7 million, an increase of 18 percent year-over-year.
  • Gross profit totaled $63.4 million, an increase of 17 percent year-over-year. Gross margin was 79.6 percent as compared to 80.4 percent in the fourth quarter last year.
  • Loss from continuing operations was $5.6 million, or a negative 7.0 percent of revenue, for the fourth quarter 2025, compared to a loss from continuing operations of $8.1 million, or a negative 12.0 percent of revenue, for the fourth quarter last year.
  • Adjusted EBITDA from continuing operations was $2.9 million, or 3.7 percent of revenue, for the fourth quarter 2025, compared to $5.0 million, or 7.4 percent of revenue, for the fourth quarter last year.
  • Active Buyers of 1.65 million and Orders of 1.56 million for the fourth quarter 2025, representing increases of 30 percent and 27 percent, respectively, over the fourth quarter last year.

 Full Year 2025 Financial Highlights

  • Revenue totaled $310.8 million, an increase of 20 percent year-over-year.
  • Gross profit totaled $246.8 million, an increase of 19 percent year-over-year. Gross margin was 79.4 percent compared to 79.7 percent last year.
  • Loss from continuing operations was $20.2 million, or a negative 6.5 percent of revenue, for the full year 2025, compared to a loss from continuing operations of $40.0 million, or a negative 15.4 percent of revenue, last year.
  • Adjusted EBITDA from continuing operations was $13.5 million, or 4.4 percent of revenue, for the full year 2025, compared to $8.7 million, or 3.3 percent of revenue, last year.
  • Active Buyers of 1.65 million and Orders of 6.08 million for the full year 2025, representing increases of 30 percent and 25 percent, respectively, over last year.

Financial Outlook

First quarter 2026

  • Revenue in the range of $79.5 million to $80.5 million, +12 percent year-over-year at the midpoint
  • Gross margin in the range of 78.0 percent to 79.0 percent
  • Adjusted EBITDA margin of approximately 3.0 percent

Full fiscal year 2026

  • Revenue in the range of $349.0 million to $355.0 million, +13 percent year-over-year at the midpoint
  • Gross margin in the range of 78.0 percent to 79.0 percent
  • Adjusted EBITDA margin of approximately 6.0 percent

Image courtesy ThredUp