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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 $82.2 million, up 34% year-over-year, marking the fourth consecutive quarter of accelerating growth and the strongest YoY growth in nearly four years.
Gross profit rose 34% to $65.2 million, with gross margin stable at 79.4%.
Loss from continuing operations narrowed by 59% to $4.2 million (negative 5.2% margin), and Adjusted EBITDA improved to $3.8 million (4.6% margin).
Active buyers reached 1.57 million, 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: $82.2 million (+34% YoY); gross profit: $65.2 million (+34% YoY); gross margin: 79.4%.
Adjusted EBITDA: $3.8 million (4.6% margin); loss from continuing operations: $4.2 million (down from $10.4 million YoY).
Free cash flow for Q3: $2.4 million; nine months: $3.4 million.
Ended Q3 with $56.1 million in cash, cash equivalents, and marketable securities.
Annual revenue for 2024 was $260 million, with a gross margin of 80% and adjusted EBITDA margin of 3%.
Outlook and guidance
Q4 2025 revenue expected at $76–$78 million (+14% YoY at midpoint); gross margin 78.0–79.0%; Adjusted EBITDA margin ~3.0%.
Full-year 2025 revenue guidance raised to $307–$309 million (+18% YoY at midpoint); gross margin 79.0–79.2%; 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 significant reductions in 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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Q4 20253 Mar, 2026
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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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