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Torrid Hldgs Inc Financials

CURV
Source SEC Filings (10-K/10-Q) Updated Nov 1, 2025 Currency USD FYE February

This page shows Torrid Hldgs Inc (CURV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 28 / 100
Financial Profile 28/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
34

Torrid Hldgs Inc has an operating margin of 5.2%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is up from 5.0% the prior year.

Growth
26

Torrid Hldgs Inc's revenue declined 4.2% year-over-year, from $1.2B to $1.1B. This contraction results in a growth score of 26/100.

Liquidity
12

Torrid Hldgs Inc's current ratio of 0.87 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.

Cash Flow
39

Torrid Hldgs Inc has a free cash flow margin of 5.7%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Grey Zone
1.95

Torrid Hldgs Inc scores 1.95, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong
7/9

Torrid Hldgs Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
4.74x

For every $1 of reported earnings, Torrid Hldgs Inc generates $4.74 in operating cash flow ($77.4M OCF vs $16.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
2.0x

Torrid Hldgs Inc earns $2.0 in operating income for every $1 of interest expense ($57.2M vs $28.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.1B
YoY-4.2%
5Y CAGR+1.3%

Torrid Hldgs Inc generated $1.1B in revenue in fiscal year 2025. This represents a decrease of 4.2% from the prior year.

EBITDA
$94.4M
YoY-0.7%
5Y CAGR-2.7%

Torrid Hldgs Inc's EBITDA was $94.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.7% from the prior year.

Net Income
$16.3M
YoY+40.4%
5Y CAGR-17.2%

Torrid Hldgs Inc reported $16.3M in net income in fiscal year 2025. This represents an increase of 40.4% from the prior year.

EPS (Diluted)
$0.15
YoY+36.4%
5Y CAGR-17.0%

Torrid Hldgs Inc earned $0.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 36.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$63.0M
YoY+275.7%
5Y CAGR-2.8%

Torrid Hldgs Inc generated $63.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 275.7% from the prior year.

Cash & Debt
$23.7M
YoY+15.8%
5Y CAGR-28.1%

Torrid Hldgs Inc held $23.7M in cash against $268.4M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
105M
YoY+0.6%
5Y CAGR-0.9%

Torrid Hldgs Inc had 105M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin
37.5%
YoY+2.2pp
5Y CAGR-0.7pp

Torrid Hldgs Inc's gross margin was 37.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.

Operating Margin
5.2%
YoY+0.2pp
5Y CAGR-2.2pp

Torrid Hldgs Inc's operating margin was 5.2% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.

Net Margin
1.5%
YoY+0.5pp
5Y CAGR-2.6pp

Torrid Hldgs Inc's net profit margin was 1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
$0

Torrid Hldgs Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$14.4M
YoY-44.7%
5Y CAGR-11.4%

Torrid Hldgs Inc invested $14.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.7% from the prior year.

CURV Income Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Revenue $235.2M-10.5% $262.8M-1.2% $266.0M-8.1% $289.4M+9.7% $263.8M-7.3% $284.6M+1.7% $279.8M-9.1% $307.6M
Cost of Revenue $153.0M-9.7% $169.3M+2.9% $164.6M-9.9% $182.7M+8.4% $168.6M-3.3% $174.4M+6.1% $164.3M-22.2% $211.2M
Gross Profit $82.2M-12.1% $93.5M-7.8% $101.4M-4.9% $106.7M+12.1% $95.2M-13.7% $110.3M-4.5% $115.4M+19.8% $96.4M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $66.3M-6.0% $70.5M+0.7% $70.0M-12.8% $80.3M+7.2% $74.9M-2.5% $76.8M+0.5% $76.5M+1.4% $75.4M
Operating Income $205K-98.0% $10.2M-36.6% $16.0M+18.1% $13.6M+88.4% $7.2M-64.7% $20.4M-21.9% $26.1M+564.4% $3.9M
Interest Expense N/A N/A N/A N/A N/A N/A $9.4M-10.4% $10.5M
Income Tax -$1.5M-415.0% $487K-81.5% $2.6M+778.4% -$388K-1392.3% -$26K-100.8% $3.1M-31.6% $4.5M+361.3% -$1.7M
Net Income -$6.4M-510.1% $1.6M-73.6% $5.9M+83.1% $3.2M+371.7% -$1.2M-114.3% $8.3M-31.6% $12.2M+374.5% -$4.4M
EPS (Diluted) $-0.06-400.0% $0.02-66.7% $0.06 N/A $-0.01-112.5% $0.08-33.3% $0.12 N/A

CURV Balance Sheet

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Total Assets $402.9M-2.8% $414.5M-8.2% $451.4M-7.6% $488.4M-0.9% $493.0M+1.1% $487.5M+1.6% $479.7M+0.6% $476.9M
Current Assets $188.7M-0.2% $189.1M-6.6% $202.4M-10.5% $226.2M+1.6% $222.6M+2.5% $217.2M+11.8% $194.3M+8.5% $179.1M
Cash & Equivalents $17.2M-20.1% $21.5M-9.1% $23.7M-51.2% $48.5M+10.4% $44.0M-18.5% $53.9M+163.6% $20.5M+74.4% $11.7M
Inventory $128.8M-1.1% $130.2M-12.9% $149.6M+0.7% $148.5M+7.4% $138.3M+7.7% $128.4M-11.3% $144.8M+1.8% $142.2M
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $609.5M-1.0% $615.6M-3.1% $635.2M-6.5% $679.5M-0.4% $682.3M+0.9% $676.4M-0.3% $678.3M-1.5% $688.7M
Current Liabilities $232.8M+2.0% $228.2M-1.6% $232.0M-11.8% $263.1M+4.8% $251.0M+2.2% $245.6M+4.8% $234.3M+1.0% $232.1M
Long-Term Debt $260.3M-1.5% $264.3M-1.5% $268.4M-1.5% $272.4M-1.5% $276.4M-1.4% $280.5M-1.4% $284.5M-1.4% $288.6M
Total Equity -$206.5M-2.7% -$201.1M-9.4% -$183.8M+3.8% -$191.1M-1.0% -$189.3M-0.2% -$188.9M+4.9% -$198.6M+6.2% -$211.7M
Retained Earnings -$330.2M-2.0% -$323.8M+0.5% -$325.3M+1.8% -$331.3M-0.9% -$328.3M-0.4% -$327.1M+2.5% -$335.4M+3.5% -$347.6M

CURV Cash Flow Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow -$4.9M-130.8% $15.7M+187.4% -$18.0M-249.8% $12.0M+490.3% -$3.1M-107.5% $40.8M+47.8% $27.6M+205.5% $9.0M
Capital Expenditures $1.8M+56.0% $1.1M-55.9% $2.5M+43.5% $1.8M-27.2% $2.4M-23.2% $3.2M-54.7% $7.0M-35.0% $10.8M
Free Cash Flow -$6.6M-145.2% $14.6M+171.1% -$20.6M-300.6% $10.2M+285.7% -$5.5M-114.7% $37.7M+82.6% $20.6M+1289.6% -$1.7M
Investing Cash Flow -$1.8M-56.0% -$1.1M+55.9% -$2.5M-43.5% -$1.8M+27.2% -$2.4M+23.2% -$3.2M+54.7% -$7.0M+35.0% -$10.8M
Financing Cash Flow $2.4M+114.6% -$16.8M-259.3% -$4.7M-13.1% -$4.1M+5.7% -$4.4M-6.4% -$4.1M+65.2% -$11.9M-443.2% -$2.2M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $85K N/A N/A $0 $0 N/A N/A $0

CURV Financial Ratios

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Gross Margin 34.9%-0.6pp 35.6%-2.6pp 38.1%+1.3pp 36.9%+0.8pp 36.1%-2.7pp 38.7%-2.5pp 41.3%+9.9pp 31.3%
Operating Margin 0.1%-3.8pp 3.9%-2.2pp 6.0%+1.3pp 4.7%+2.0pp 2.7%-4.4pp 7.2%-2.2pp 9.3%+8.1pp 1.3%
Net Margin -2.7%-3.3pp 0.6%-1.6pp 2.2%+1.1pp 1.1%+1.6pp -0.4%-3.4pp 2.9%-1.4pp 4.3%+5.8pp -1.4%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets -1.6%-2.0pp 0.4%-0.9pp 1.3%+0.7pp 0.7%+0.9pp -0.2%-1.9pp 1.7%-0.8pp 2.5%+3.5pp -0.9%
Current Ratio 0.81-0.0 0.83-0.0 0.87+0.0 0.86-0.0 0.890.0 0.88+0.1 0.83+0.1 0.77
Debt-to-Equity -1.26+0.1 -1.31+0.1 -1.46-0.0 -1.43+0.0 -1.46+0.0 -1.48-0.1 -1.43-0.1 -1.36
FCF Margin -2.8%-8.4pp 5.6%+13.3pp -7.7%-11.3pp 3.5%+5.6pp -2.1%-15.3pp 13.2%+5.9pp 7.4%+7.9pp -0.6%

Note: Shareholder equity is negative (-$183.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Torrid Hldgs Inc (CURV) reported $1.1B in total revenue for fiscal year 2025. This represents a -4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Torrid Hldgs Inc (CURV) revenue declined by 4.2% year-over-year, from $1.2B to $1.1B in fiscal year 2025.

Yes, Torrid Hldgs Inc (CURV) reported a net income of $16.3M in fiscal year 2025, with a net profit margin of 1.5%.

Torrid Hldgs Inc (CURV) reported diluted earnings per share of $0.15 for fiscal year 2025. This represents a 36.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Torrid Hldgs Inc (CURV) had EBITDA of $94.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Torrid Hldgs Inc (CURV) had $23.7M in cash and equivalents against $268.4M in long-term debt.

Torrid Hldgs Inc (CURV) had a gross margin of 37.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Torrid Hldgs Inc (CURV) had an operating margin of 5.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Torrid Hldgs Inc (CURV) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Torrid Hldgs Inc (CURV) generated $63.0M in free cash flow during fiscal year 2025. This represents a 275.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Torrid Hldgs Inc (CURV) generated $77.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Torrid Hldgs Inc (CURV) had $451.4M in total assets as of fiscal year 2025, including both current and long-term assets.

Torrid Hldgs Inc (CURV) invested $14.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Torrid Hldgs Inc (CURV) had 105M shares outstanding as of fiscal year 2025.

Torrid Hldgs Inc (CURV) had a current ratio of 0.87 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Torrid Hldgs Inc (CURV) had a debt-to-equity ratio of -1.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Torrid Hldgs Inc (CURV) had a return on assets of 3.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Torrid Hldgs Inc (CURV) has negative shareholder equity of -$183.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Torrid Hldgs Inc (CURV) has an Altman Z-Score of 1.95, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Torrid Hldgs Inc (CURV) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Torrid Hldgs Inc (CURV) has an earnings quality ratio of 4.74x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Torrid Hldgs Inc (CURV) has an interest coverage ratio of 2.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Torrid Hldgs Inc (CURV) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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