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ThredUp cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$12K in Q3 2026

Operating cash flow$2.0M
Capital spending−$2.0M
Free cash flow+$12K

Analysis

In Q3 2026, ThredUp generated $2.0M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $12K. That is $2.4M less than in Q3 2025 ($2.4M).

Operating cash flow was $2.0M against net income of −$5.5M. The largest differences: stock-based pay +$4.9M, depreciation & amortization +$3.2M, receivables −$2.3M.

Free cash flow

ThredUp: free cash flow by quarterThredUp: free cash flow by quarter−$1.8MQ4 2024$3.9MQ1 2025−$2.9MQ2 2025$2.4MQ3 2025−$3.2MQ4 2025$643KQ1 2026$1.8MQ2 2026$12KQ3 2026
Operating cash flow less capital spending.
ThredUp: operating cash flow against capital spendingThredUp: operating cash flow against capital spendingOperating cash flowCapital spending$663K$2.5MQ4 2024$5.7M$1.8MQ1 2025$344K$3.3MQ2 2025$6.0M$3.7MQ3 2025−$1.5M$1.7MQ4 2025$4.8M$4.1MQ1 2026$4.5M$2.7MQ2 2026$2.0M$2.0MQ3 2026
Latest (Q3 2026): Operating cash flow $2.0M, Capital spending $2.0M.

Capital allocation, year by year

ThredUp: where the cash came from (up) and went (down), by fiscal yearThredUp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$35.0MFY2021: Net borrowing −$4.0MFY2021: Shares issued $233MFY2021: Capital spending −$19.8MFY2021: Acquisitions −$23.6M$233MFY2021FY2022: Operating cash flow −$52.1MFY2022: Net borrowing −$5.9MFY2022: Shares issued $4.2MFY2022: Capital spending −$43.3M$4.2MFY2022FY2023: Operating cash flow −$22.6MFY2023: Net borrowing −$4.0MFY2023: Shares issued $5.2MFY2023: Capital spending −$13.1M$5.2MFY2023FY2024: Operating cash flow $4.9MFY2024: Net borrowing −$4.0MFY2024: Shares issued $3.7MFY2024: Capital spending −$6.6M$8.6MFY2024FY2025: Operating cash flow $10.7MFY2025: Net borrowing −$4.0MFY2025: Shares issued $27.9MFY2025: Capital spending −$10.5M$38.6MFY2025
Over these 5 years operating cash flow totalled −$94.2M; the largest uses were operating cash flow ($110M) and capital spending ($93.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$54.8M
Debt$17.7M
Net cash$37.1M
Due within a year$4.0M

ThredUp funds itself: free cash flow was — over the last twelve months, and $54.8M of cash and investments stands against $17.7M of debt ($4.0M due within a year, 13.7× covered by cash).

ThredUp: debt maturities by year (FY2024)ThredUp: debt maturities by year (FY2024)$4.0MYear 1$4.0MYear 2$14.3MYear 3
Principal due in each year as disclosed in the annual report, against $54.8M of cash and investments now.

Where the cash came from and went

ThredUp: sources (+) and uses (−) of cash, Q3 2026ThredUp: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.0MCapital spending−$2.0MOther investing−$1.9MShares issued$1.7MCash drawn (+) / kept (−)$1.7MTaxes on employees’ shares−$1.5M

From profit to cash

ThredUp: net income to operating cash flow, Q3 2026ThredUp: net income to operating cash flow, Q3 2026Net income−$5.5MDepreciation & amortization$3.2MStock-based pay$4.9MOther non-cash$133KReceivables−$2.3MPayables$2.1MAccrued liabilities−$1.3MPrepaid and other assets$178KOperating cash flow$2.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.0M−$2.0M—$1.7M$1.7M$12K
Q2 2026$4.5M−$2.7M−$36K$3.9M−$3.2M$1.8M
Q1 2026$4.8M−$4.1M−$433K$4.4M−$367K$643K
Q4 2025−$1.5M−$1.7M−$1.0M$6.2M$7.7M−$3.2M
Q3 2025$6.0M−$3.7M−$1.0M$6.9M−$1.6M$2.4M
Q2 2025$344K−$3.3M−$1.0M$13.7M$88K−$2.9M
Q1 2025$5.7M−$1.8M−$1.0M$1.2M−$9.2M$3.9M
Q4 2024$663K−$2.5M−$1.0M$1.6M$8.5M−$1.8M

ThredUp: income statement and cash flow

ThredUp, Q3 2026: revenue $88.2M (+7% year over year), operating margin -6.0%. The chart follows the revenue to costs, profit and cash.

ThredUp: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.