Torrid (CURV) financial statements
Torrid reported revenue of $1.0B in fiscal 2026, down 0.6% a year over 6 years.
Net income was -$7M and the operating margin 2.1%, against 7.4% in 2020.
Free cash flow was -$22M, and the company returned $20M in net buybacks.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Torrid's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $984M | $1.3B | $1.3B | $1.2B | $1.1B | $1.0B |
| Cost of revenue | $641M | $643M | $760M | $829M | $746M | $690M | $652M |
| Gross profit | $396M | $341M | $537M | $460M | $406M | $413M | $348M |
| Selling, general and admin | $253M | $233M | $439M | $298M | $293M | $302M | $269M |
| Operating income | $77M | $57M | $45M | $102M | $57M | $57M | $21M |
| Interest expense | $16M | $21M | $29M | $30M | $39M | — | — |
| Pre-tax income | $61M | $36M | $16M | $72M | $18M | $22M | -$10M |
| Income tax | $19M | $11M | $46M | $21M | $6M | $5M | -$3M |
| Net income | $42M | $25M | -$30M | $50M | $12M | $16M | -$7M |
| EPS (diluted) | $0.38 | $0.22 | -$0.27 | $0.48 | $0.11 | $0.15 | -$0.07 |
| Diluted shares | 110M | 110M | 110M | 104M | 104M | 106M | 101M |
| Gross margin | 38.2% | 34.6% | 41.4% | 35.7% | 35.2% | 37.5% | 34.8% |
| Operating margin | 7.4% | 5.8% | 3.5% | 7.9% | 5.0% | 5.2% | 2.1% |
| Net margin | 4.0% | 2.5% | -2.3% | 3.9% | 1.0% | 1.5% | -0.7% |
Balance sheet
Fiscal years, from Torrid's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $29M | $123M | $29M | $14M | $12M | $49M | $20M |
| Inventory | — | $106M | $171M | $180M | $142M | $148M | $136M |
| Total current assets | — | $242M | $221M | $216M | $179M | $226M | $193M |
| Property, plant and equipment | — | $143M | $128M | $114M | $104M | $78M | $52M |
| Total assets | — | $648M | $579M | $527M | $477M | $488M | $400M |
| Total current liabilities | — | $261M | $297M | $267M | $232M | $263M | $249M |
| Long-term debt | — | $193M | $321M | $305M | $289M | $272M | $256M |
| Total liabilities | — | $711M | $837M | $757M | $689M | $680M | $614M |
| Shareholders' equity | -$95M | -$63M | -$258M | -$230M | -$212M | -$191M | -$213M |
| Net debt | -$29M | $82M | $312M | $307M | $293M | $240M | $252M |
Cash flow
Fiscal years, from Torrid's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $99M | $152M | $121M | $53M | $43M | $77M | -$13M |
| Capital spending | $26M | $12M | $18M | $23M | $26M | $14M | $9M |
| Free cash flow | $73M | $140M | $104M | $30M | $17M | $63M | -$22M |
| Stock-based compensation | $12M | $8M | $160M | $10M | $8M | $8M | $5M |
| Share buybacks (net) | $0 | $0 | -$23M | -$32M | $0 | $0 | -$20M |
| Free cash flow margin | 7.0% | 14.3% | 8.0% | 2.3% | 1.5% | 5.7% | -2.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CURV.
Open CURV in InvestinglyQuestions
What was Torrid's revenue in 2026?
$1.0B in fiscal 2026, from its 10-K filing.
How much free cash flow does Torrid generate?
-$22M in fiscal 2026 (operating cash flow minus capital spending).
From Torrid's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.