Torrid Holdings Inc.
CURV NYSE Retail-Apparel & Accessory Stores Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.0B
9.4%
vs prior year
Operating margin
Operating income as a share of revenue.
2.1%
3.0 pts
Net income
Profit after all expenses, interest and tax.
−$7.0M
143.1%
Free cash flow
Cash from operations minus capital spending.
−$21.9M
134.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
43.4%
44.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.10 EPS (TTM)
What Torrid Holdings Inc. does
No business description yet.
- Legal name
- Torrid Holdings Inc.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001792781-26-000007
0001792781
Revenue and margins
Torrid Holdings Inc. had $1.0B of revenue in fiscal 2025, down 9.4% on the year before.
FY19
Revenue $1.0B
FY20
Revenue $984M
FY21
Revenue $1.3B
FY22
Revenue $1.3B
FY23
Revenue $1.2B
FY24
Revenue $1.1B
FY25
Revenue $1.0B
Q3 '23
Revenue $275M
Q4 '23
Revenue $294M
Q1 '24
Revenue $280M
Q2 '24
Revenue $285M
Q3 '24
Revenue $264M
Q4 '24
Revenue $276M
Q1 '25
Revenue $266M
Q2 '25
Revenue $263M
Q3 '25
Revenue $235M
Q4 '25
Revenue $236M
Q1 '26
Revenue $246M
Q2 '26
Revenue $232M
FY19
Gross 38.2%
Operating 7.4%
Net 4.0%
FCF 7.0%
FY20
Gross 34.6%
Operating 5.8%
Net 2.5%
FCF 14.3%
FY21
Gross 41.4%
Operating 3.5%
Net −2.3%
FCF 8.0%
FY22
Gross 35.7%
Operating 7.9%
Net 3.9%
FCF 2.3%
FY23
Gross 35.2%
Operating 5.0%
Net 1.0%
FCF 1.5%
FY24
Gross 37.5%
Operating 5.2%
Net 1.5%
FCF 5.7%
FY25
Gross 34.8%
Operating 2.1%
Net −0.7%
FCF −2.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 33.2%
Operating 2.5%
Net −1.0%
FCF −1.3%
Q4 '23
Gross 34.5%
Operating 1.4%
Net −1.4%
FCF −0.6%
Q1 '24
Gross 41.3%
Operating 9.3%
Net 4.4%
FCF 7.4%
Q2 '24
Gross 38.7%
Operating 7.2%
Net 2.9%
FCF 13.2%
Q3 '24
Gross 36.1%
Operating 2.7%
Net −0.5%
FCF −2.1%
Q4 '24
Gross 33.6%
Operating 1.3%
Net −1.1%
FCF 3.7%
Q1 '25
Gross 38.1%
Operating 6.0%
Net 2.2%
FCF −7.7%
Q2 '25
Gross 35.6%
Operating 3.9%
Net 0.6%
FCF 5.6%
Q3 '25
Gross 34.9%
Operating 0.1%
Net −2.7%
FCF −2.8%
Q4 '25
Gross 30.0%
Operating −2.1%
Net −3.4%
FCF −3.9%
Q1 '26
Gross 35.3%
Operating 3.5%
Net 0.2%
FCF 2.3%
Q2 '26
Gross 38.7%
Operating 6.3%
Net 2.2%
FCF −1.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $41.9M
FY20
Net income $24.5M
FY21
Net income −$29.9M
FY22
Net income $50.2M
FY23
Net income $11.6M
FY24
Net income $16.3M
FY25
Net income −$7.0M
Q3 '23
Net income −$2.7M
Q4 '23
Net income −$4.1M
Q1 '24
Net income $12.2M
Q2 '24
Net income $8.3M
Q3 '24
Net income −$1.2M
Q4 '24
Net income −$3.0M
Q1 '25
Net income $5.9M
Q2 '25
Net income $1.6M
Q3 '25
Net income −$6.4M
Q4 '25
Net income −$8.1M
Q1 '26
Net income $0.4M
Q2 '26
Net income $5.2M
FY19
Diluted EPS $0.38
FY20
Diluted EPS $0.22
FY21
Diluted EPS −$0.27
FY22
Diluted EPS $0.48
FY23
Diluted EPS $0.11
FY24
Diluted EPS $0.15
FY25
Diluted EPS −$0.07
Q3 '23
Diluted EPS −$0.03
Q4 '23
Diluted EPS −$0.03
Q1 '24
Diluted EPS $0.12
Q2 '24
Diluted EPS $0.08
Q3 '24
Diluted EPS −$0.01
Q4 '24
Diluted EPS −$0.04
Q1 '25
Diluted EPS $0.06
Q2 '25
Diluted EPS $0.02
Q3 '25
Diluted EPS −$0.06
Q4 '25
Diluted EPS −$0.09
Q1 '26
Diluted EPS $0.00
Q2 '26
Diluted EPS $0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital 208.9%
Return on equity —
Return on assets 3.8%
FY21
Return on capital 54.6%
Return on equity —
Return on assets −4.9%
FY22
Return on capital 92.4%
Return on equity —
Return on assets 9.1%
FY23
Return on capital 45.7%
Return on equity —
Return on assets 2.3%
FY24
Return on capital 88.3%
Return on equity —
Return on assets 3.4%
FY25
Return on capital 43.4%
Return on equity —
Return on assets −1.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$21.9M in fiscal 2025, −2.2% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $72.8M
FY20
Free cash flow $140M
FY21
Free cash flow $104M
FY22
Free cash flow $29.9M
FY23
Free cash flow $16.8M
FY24
Free cash flow $63.0M
FY25
Free cash flow −$21.9M
Q3 '23
Free cash flow −$3.6M
Q4 '23
Free cash flow −$1.7M
Q1 '24
Free cash flow $20.6M
Q2 '24
Free cash flow $37.7M
Q3 '24
Free cash flow −$5.5M
Q4 '24
Free cash flow $10.2M
Q1 '25
Free cash flow −$20.6M
Q2 '25
Free cash flow $14.6M
Q3 '25
Free cash flow −$6.6M
Q4 '25
Free cash flow −$9.3M
Q1 '26
Free cash flow $5.7M
Q2 '26
Free cash flow −$3.0M
FY19
Cash from operations $99.1M
Capital spending $26.3M
FY20
Cash from operations $152M
Capital spending $11.6M
FY21
Cash from operations $121M
Capital spending $17.6M
FY22
Cash from operations $53.3M
Capital spending $23.4M
FY23
Cash from operations $42.8M
Capital spending $26.0M
FY24
Cash from operations $77.4M
Capital spending $14.4M
FY25
Cash from operations −$13.0M
Capital spending $8.9M
Cash from operations
Capital spending
Q3 '23
Cash from operations $2.0M
Capital spending $5.6M
Q4 '23
Cash from operations $9.0M
Capital spending $10.8M
Q1 '24
Cash from operations $27.6M
Capital spending $7.0M
Q2 '24
Cash from operations $40.8M
Capital spending $3.2M
Q3 '24
Cash from operations −$3.1M
Capital spending $2.4M
Q4 '24
Cash from operations $12.0M
Capital spending $1.8M
Q1 '25
Cash from operations −$18.0M
Capital spending $2.5M
Q2 '25
Cash from operations $15.7M
Capital spending $1.1M
Q3 '25
Cash from operations −$4.9M
Capital spending $1.8M
Q4 '25
Cash from operations −$5.9M
Capital spending $3.4M
Q1 '26
Cash from operations $11.2M
Capital spending $5.5M
Q2 '26
Cash from operations −$1.1M
Capital spending $1.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Torrid Holdings Inc. returned $20.1M to shareholders in fiscal 2025. The diluted share count fell 4.0%.
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $23.4M
FY22
Dividends —
Buybacks $31.7M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $20.1M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $20.0M
Q3 '25
Dividends —
Buybacks $0.1M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.2M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares 0.11B
FY20
Diluted shares 0.11B
FY21
Diluted shares 0.11B
FY22
Diluted shares 0.10B
FY23
Diluted shares 0.10B
FY24
Diluted shares 0.11B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Torrid Holdings Inc. can carry it.
FY19
Cash $29.0M
Debt —
FY20
Cash $123M
Debt $205M
FY21
Cash $29.0M
Debt $341M
FY22
Cash $13.6M
Debt $321M
FY23
Cash $11.7M
Debt $305M
FY24
Cash $48.5M
Debt $289M
FY25
Cash $20.0M
Debt $272M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $29.0M | $13.6M | $11.7M | $48.5M | $20.0M |
| Debt incl. finance leases | $341M | $321M | $305M | $289M | $272M |
| Net debt / EBITDA | 3.8x | 2.2x | 3.1x | 2.5x | 4.4x |
| Interest coverage | 1.5x | 3.4x | 1.5x | — | — |
| Current ratio | 0.7x | 0.8x | 0.8x | 0.9x | 0.8x |
| Quick ratio | 0.2x | 0.1x | 0.2x | 0.3x | 0.2x |
| Total assets | $579M | $527M | $477M | $488M | $400M |
| Total liabilities | $837M | $757M | $689M | $680M | $614M |
| Shareholders' equity | −$258M | −$230M | −$212M | −$191M | −$213M |
| Net debt (− = net cash) | $312M | $307M | $293M | $240M | $252M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | ✕ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 5 / 9 | 7 / 9 | 4 / 9 | 7 / 9 | 2 / 9 |
| Accruals ratio | — | −19.6% | −24.6% | −0.6% | −6.2% | −12.7% | 1.3% |
| Altman Z'' | — | −0.07 | −2.79 | −1.88 | −2.62 | −2.22 | −3.67 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $1.0B | $984M | $1.3B | $1.3B | $1.2B | $1.1B | $1.0B |
| Gross profit | $396M | $341M | $537M | $460M | $406M | $413M | $348M |
| Operating income | $77.0M | $56.8M | $45.4M | $102M | $57.1M | $57.2M | $21.4M |
| Interest expense | $16.5M | $21.3M | $29.5M | $29.7M | $39.2M | — | — |
| Pretax income | $60.7M | $35.5M | $15.8M | $71.7M | $18.0M | $21.6M | −$9.6M |
| Income tax | $18.8M | $11.0M | $45.8M | $21.5M | $6.4M | $5.3M | −$2.5M |
| Net income | $41.9M | $24.5M | −$29.9M | $50.2M | $11.6M | $16.3M | −$7.0M |
| Net income to common | — | — | — | — | $11.6M | $16.3M | −$7.0M |
| Diluted EPS | $0.38 | $0.22 | −$0.27 | $0.48 | $0.11 | $0.15 | −$0.07 |
| Diluted shares | 0.11B | 0.11B | 0.11B | 0.10B | 0.10B | 0.11B | 0.10B |
| Cash flow | |||||||
| Cash from operations | $99.1M | $152M | $121M | $53.3M | $42.8M | $77.4M | −$13.0M |
| Capital expenditure | $26.3M | $11.6M | $17.6M | $23.4M | $26.0M | $14.4M | $8.9M |
| Free cash flow | $72.8M | $140M | $104M | $29.9M | $16.8M | $63.0M | −$21.9M |
| Depreciation and amortization | $31.2M | $34.6M | $36.7M | $37.6M | $38.0M | $37.2M | $36.1M |
| Stock-based compensation | $12.0M | $7.8M | $160M | $10.0M | $8.0M | $7.6M | $5.2M |
| Share buybacks | $0.0M | $0.0M | $23.4M | $31.7M | $0.0M | $0.0M | $20.1M |
| Dividends and buybacks | $0.0M | $0.0M | $23.4M | $31.7M | $0.0M | $0.0M | $20.1M |
| Balance sheet | |||||||
| Cash and short-term investments | $29.0M | $123M | $29.0M | $13.6M | $11.7M | $48.5M | $20.0M |
| Total debt | — | $205M | $341M | $321M | $305M | $289M | $272M |
| Current assets | — | $242M | $221M | $216M | $179M | $226M | $193M |
| Current liabilities | — | $261M | $297M | $267M | $232M | $263M | $249M |
| Inventory | — | $106M | $171M | $180M | $142M | $148M | $136M |
| Property and equipment, net | — | $143M | $128M | $114M | $104M | $77.7M | $51.6M |
| Intangible assets | — | $8.4M | $8.4M | $8.4M | $8.4M | $8.4M | $8.4M |
| Total assets | — | $648M | $579M | $527M | $477M | $488M | $400M |
| Total liabilities | — | $711M | $837M | $757M | $689M | $680M | $614M |
| Preferred stock | — | — | — | — | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$95.5M | −$63.2M | −$258M | −$230M | −$212M | −$191M | −$213M |
| Margins | |||||||
| 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% |
| EBITDA margin | 10.4% | 9.3% | 6.3% | 10.8% | 8.3% | 8.6% | 5.8% |
| Net margin | 4.0% | 2.5% | −2.3% | 3.9% | 1.0% | 1.5% | −0.7% |
| FCF margin | 7.0% | 14.3% | 8.0% | 2.3% | 1.5% | 5.7% | −2.2% |
| Returns | |||||||
| Return on capital | — | 208.9% | 54.6% | 92.4% | 45.7% | 88.3% | 43.4% |
| Return on capital employed | — | 14.7% | 16.1% | 39.1% | 23.3% | 25.4% | 14.1% |
| Return on assets | — | 3.8% | −4.9% | 9.1% | 2.3% | 3.4% | −1.6% |
| Growth | |||||||
| Revenue growth | — | −5.1% | 31.8% | −0.7% | −10.6% | −4.2% | −9.4% |
| Net income growth | — | −41.4% | −222.1% | — | −76.9% | 40.4% | −143.1% |
| EPS growth | — | −42.1% | −222.7% | — | −77.1% | 36.4% | −146.7% |
| FCF growth | — | 92.8% | −26.1% | −71.1% | −44.0% | 275.7% | −134.7% |
| Share count change | — | 0.0% | −0.1% | −4.9% | −0.1% | 1.2% | −4.0% |
| Financial health | |||||||
| Net debt / EBITDA | — | 0.9x | 3.8x | 2.2x | 3.1x | 2.5x | 4.4x |
| Interest coverage | 4.7x | 2.7x | 1.5x | 3.4x | 1.5x | — | — |
| Current ratio | — | 0.9x | 0.7x | 0.8x | 0.8x | 0.9x | 0.8x |
| Quick ratio | — | 0.5x | 0.2x | 0.1x | 0.2x | 0.3x | 0.2x |
| Capital allocation | |||||||
| Capex / revenue | 2.5% | 1.2% | 1.4% | 1.8% | 2.3% | 1.3% | 0.9% |
| Stock comp / revenue | 1.2% | 0.8% | 12.3% | 0.8% | 0.7% | 0.7% | 0.5% |
| Payouts / FCF | 0.0% | 0.0% | 22.5% | 105.9% | 0.0% | 0.0% | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 7.0 | 4.0 | 7.0 | 2.0 |
| Altman Z'' | — | −0.1 | −2.8 | −1.9 | −2.6 | −2.2 | −3.7 |
| Accruals ratio | — | −19.6% | −24.6% | −0.6% | −6.2% | −12.7% | 1.3% |
Source: SEC EDGAR XBRL filings (CIK 0001792781). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.