Logo

CURV

Torrid Holdings Inc.

CURV

Torrid Holdings Inc. • NYSE
$1.30 ▲ 0.78% (+0.01)
Market Cap $135.49 M
52w High $7.18
52w Low $1.09
Dividend Yield 0%
P/E 43.33
Volume 117.51K
Outstanding Shares 104.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $262.806M ▼ $83.328M ▼ $1.567M ▼ 0.596% ▼ $0.015 ▼ $37.186M ▲
Q1-2025 $265.965M ▼ $85.375M ▼ $5.94M ▲ 2.233% ▲ $0.057 ▲ $35.452M ▲
Q4-2024 $275.562M ▲ $89.185M ▲ $-2.988M ▼ -1.084% ▼ $-0.029 ▼ $22.644M ▼
Q3-2024 $263.766M ▼ $87.955M ▼ $-1.194M ▼ -0.453% ▼ $-0.011 ▼ $26.653M ▼
Q2-2024 $284.638M $89.845M $8.328M 2.926% $0.08 $39.911M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $21.543M ▼ $414.465M ▼ $615.581M ▼ $-201.116M ▼
Q1-2025 $23.693M ▼ $451.378M ▼ $635.199M ▼ $-183.821M ▲
Q4-2024 $48.523M ▲ $488.441M ▼ $679.53M ▼ $-191.089M ▼
Q3-2024 $43.953M ▼ $492.982M ▲ $682.268M ▲ $-189.286M ▼
Q2-2024 $53.94M $487.489M $676.435M $-188.946M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.567M ▼ $15.745M ▲ $-1.124M ▲ $-16.796M ▼ $-2.15M ▲ $14.621M ▲
Q1-2025 $5.94M ▲ $-18.015M ▼ $-2.547M ▼ $-4.674M ▼ $-24.83M ▼ $-20.562M ▼
Q4-2024 $-2.988M ▼ $12.024M ▲ $-1.775M ▲ $-4.134M ▲ $4.57M ▲ $10.249M ▲
Q3-2024 $-1.194M ▼ $-3.081M ▼ $-2.437M ▲ $-4.385M ▼ $-9.987M ▼ $-5.518M ▼
Q2-2024 $8.328M $40.823M $-3.172M $-4.122M $33.475M $37.651M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Apparel
Apparel
 $260.00M ▲$230.00M ▼$250.00M ▲$240.00M ▼
Nonapparel
Nonapparel
 $20.00M ▲$20.00M ▲$20.00M ▲$10.00M ▼
Other
Other
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Other Products And Services
Other Products And Services
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Torrid’s sales have leveled off after a strong rebound earlier in the decade. Revenue peaked a couple of years ago and has eased slightly since, suggesting a more mature, slower‑growth phase. Profitability is positive but thin: the company is making money, but not by a wide margin. Gross profit has held relatively steady in dollar terms, while operating profit and earnings have trended down from earlier highs. This indicates that costs, discounting, or mix shifts are pressuring margins. Overall, the income statement shows a business that is stable and modestly profitable, but with limited cushion if sales soften or costs rise further.

Balance Sheet

Balance Sheet The balance sheet is a key watch‑area. Total assets have gradually edged down, while cash has fallen significantly from earlier, more comfortable levels and only recently ticked up a bit. Debt remains high relative to the size of the business, and reported equity is negative, which signals a leveraged capital structure. This does not mean the business is failing, but it does mean financial flexibility is more constrained, and the company depends heavily on consistent cash generation and lender support. Any operational setback would matter more because the balance sheet is not particularly conservative.

Cash Flow

Cash Flow Despite balance sheet pressure, cash generation has been a relative bright spot. The company has produced positive operating cash flow every year shown, though the level has slipped from earlier peaks. Free cash flow has also stayed positive, even after funding ongoing investments in technology and infrastructure. Capital spending has been modest, and management appears to be prioritizing projects that support digital capabilities and efficiency. In plain terms, the business is still throwing off cash, but not in abundance, and there is not a lot of room for large missteps given the debt burden.

Competitive Edge

Competitive Edge Torrid operates in a clearly defined niche: plus‑size women’s apparel, with a strong emphasis on fit, body positivity, and community. This focus, combined with a predominantly direct‑to‑consumer model and a very active loyalty program, has created meaningful brand loyalty and a differentiated customer experience. Its data‑driven approach online gives it insight into what customers want and how they shop. However, the plus‑size segment is attracting more attention from mainstream retailers and online players, which narrows Torrid’s advantage. Its moat is real but not unassailable, relying on continued strength in fit, fashion relevance, and customer engagement to hold off growing competition.

Innovation and R&D

Innovation and R&D Torrid’s “innovation” is less about traditional R&D and more about product design, customer data, and digital experience. The company builds garments specifically around plus‑size bodies rather than scaling up smaller sizes, which is a critical point of differentiation. It is investing in personalization technology, search and discovery tools, and a stronger e‑commerce platform to deepen engagement and lift conversion. The push into sub‑brands and refreshed product lines (activewear, denim, different style aesthetics) is an important growth and relevancy lever, especially with younger customers. Store optimization and a digital‑first strategy show the company is trying to adapt its footprint to how customers actually shop. The effectiveness of these initiatives will be a major driver of future performance.

Summary

Torrid combines a focused niche brand with a more strained financial foundation. On the positive side, it has carved out a loyal customer base, enjoys a clear identity in plus‑size fashion, and continues to generate positive cash flow while investing in digital tools and new product concepts. On the risk side, revenue momentum has cooled, profit margins are modest, leverage is high, and balance sheet flexibility is limited. The company’s future trajectory will likely hinge on three things: its ability to reignite growth without eroding margins, its discipline in managing debt and liquidity, and its success in defending and deepening its niche advantage as competition in plus‑size apparel intensifies.

NEWS

November 19, 2025 · 4:05 PM UTC

Torrid Announces Reporting Date for Third Quarter Fiscal 2025 Financial Results

Read more