ThredUp Q1 2026 Earnings Snapshot

ThredUp (TDUP) has reported its latest numbers with trailing 12 month revenue at US$310.8 million and a basic EPS loss of US$0.166, while Q4 2025 revenue came in at US$79.7 million with a basic EPS loss of US$0.044. Over recent quarters, the company has seen revenue move from US$61.5 million in Q3 2024 to US$79.7 million in Q4 2025, as quarterly EPS losses shifted between roughly US$0.09 and US$0.03 per share over the same period. For investors, the focus this quarter is less on headline growth and more on how steadily narrowing losses and the current margin profile shape expectations for the path toward a more efficient business model.

With the headline figures on the table, the next step is to see how these margins and revenue trends line up with the widely held narratives around ThredUp's growth potential and ongoing path toward profitability.

7% revenue growth trails wider market

• On a trailing 12 month basis, ThredUp generated US$310.8 million in revenue, which the data ties to about 7% annual growth compared with a 11.2% reference rate for the wider US market.
• Consensus narrative expects revenue to grow 10.6% a year over the next 3 years, so the current 7% pace leaves a gap that investors will watch closely as AI tools, premium supply and Resale as a Service partnerships are intended to support higher growth.

Losses narrow, but still US$20.2m LTM

ThredUp reported a trailing 12 month net loss of US$20.2 million and basic EPS loss of US$0.166, compared with quarterly net losses that have sat in a band of roughly US$4.2 million to US$5.6 million across each quarter of 2025. Bulls point out that losses have reduced by about 19.4% per year over the past 5 years, and link that to drivers such as high gross margins around consignment, AI supported efficiency and higher value premium items, yet the continued losses and lack of expected profitability within 3 years keep the bullish path heavily dependent on those efficiency gains translating into future earnings. That 19.4% annual improvement in losses sits against a still negative LTM margin, so progress has not yet moved the business into the black. With LTM revenue of US$310.8 million and a US$20.2 million loss, even modest changes in cost per order or marketing efficiency can have a visible effect on whether that trend in narrowing losses continues. Bulls argue these earnings trends are the early stages of the story they expect, while the exact path from a US$20.2 million loss to positive earnings remains the key open question for their thesis.1x versus peer and US Specialty Retail averages of 0.4x, and the current share price of US$5.01 sits above the DCF fair value of about US$2.38 and the single allowed analyst target reference of US$8.04. Bears focus on this valuation gap, arguing that a premium P/S multiple and a share price above DCF fair value leave little room if revenue growth stays near 7% and profitability remains negative, especially with the stock also flagged as volatile over the past 3 months. The 2.1x P/S level is more than 5x the 0.4x peer and industry averages, which heightens sensitivity to any slowdown from the cited 7% revenue growth rate. With profitability not expected within 3 years in the supplied data, the entire valuation rests on future improvements rather than current earnings, so any setback in loss reduction could weigh on how that premium is viewed. Skeptics warn that paying 2.1x sales while the share price already sits above a US$2.38 DCF fair value leaves less margin for error if future results do not align with bullish expectations. 🐻 ThredUp Bear Case Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for ThredUp on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Mixed signals around growth, losses and valuation can feel conflicting, so it helps to move quickly, review the full picture and weigh the 1 key reward and 2 important warning signs for yourself with the 1 key reward and 2 important warning signs See What Else Is Out There ThredUp carries a premium 2.1x P/S, continues to report losses of US$20.2 million LTM and grows revenue more slowly than the broader US market. If you are uneasy about paying up for a loss making, slower growing stock, it is worth quickly checking a 51 high quality undervalued stocks that may offer a better balance of price and fundamentals. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.