# Torrid Holdings Inc. (CURV) Informational only - not investment advice. CIK: 0001792781 SIC: 5600 Retail-Apparel & Accessory Stores SIC breadcrumb: [Retail Trade](/division/G/) > [SIC Major Group 56](/major-group/56/) > [SIC 5600 Retail-Apparel & Accessory Stores](/industry/5600/) Latest 10-K filed: 2026-03-31 SEC page: https://www.sec.gov/edgar/browse/?CIK=1792781 Filing source: https://www.sec.gov/Archives/edgar/data/1792781/000179278126000007/thi-20260131.htm ## At a glance FY2026 · period end 2026-01-31 · filed 2026-03-31 · accession 0001792781-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001792781.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,000,092,000 USD | 2026 | verified | | Net income | -7,034,000 USD | 2026 | verified | | Assets | 400,340,000 USD | 2026 | verified | | Free cash flow | -21,865,000 USD | 2026 | computed | | Net margin | -0.70% | 2026 | computed | | Operating margin | 2.14% | 2026 | computed | | Revenue YoY | -9.39% | 2026 | computed | Stockholders' equity was not positive at FY2026 year-end (-213,407,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CURV | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -0.7% | 4.0% | 0 | 16 | | Operating margin | 2.1% | 4.1% | 29 | 15 | | Revenue growth | -9.4% | 5.0% | 0 | 16 | | FCF margin | -2.2% | 4.7% | 0 | 16 | | ROA | -1.8% | 4.6% | 0 | 16 | | Current ratio | 0.78 | 1.55 | 0 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 56 SIC Major Group 56, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1000092000 | USD | 2026 | 2026-03-31 | | Net income | -7034000 | USD | 2026 | 2026-03-31 | | Assets | 400340000 | USD | 2026 | 2026-03-31 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001792781.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,036,984,000 | 984,170,000 | 1,297,271,000 | 1,288,144,000 | 1,151,945,000 | 1,103,737,000 | 1,000,092,000 | | Net income | | 41,869,000 | 24,532,000 | -29,944,000 | 50,209,000 | 11,619,000 | 16,318,000 | -7,034,000 | | Operating income | | 76,993,000 | 56,819,000 | 45,382,000 | 101,625,000 | 57,148,000 | 57,208,000 | 21,402,000 | | Gross profit | | 396,075,000 | 340,955,000 | 537,445,000 | 459,539,000 | 405,978,000 | 413,471,000 | 347,962,000 | | Diluted EPS | | 0.38 | 0.22 | -0.27 | 0.48 | 0.11 | 0.15 | -0.07 | | Operating cash flow | | 99,090,000 | 151,821,000 | 121,220,000 | 53,311,000 | 42,771,000 | 77,390,000 | -13,013,000 | | Capital expenditures | | 26,333,000 | 11,570,000 | 17,552,000 | 23,369,000 | 26,002,000 | 14,392,000 | 8,852,000 | | Share buybacks | | 0.00 | 0.00 | 23,352,000 | 31,700,000 | 0.00 | 0.00 | 20,085,000 | | Assets | | | 648,209,000 | 578,501,000 | 527,264,000 | 476,947,000 | 488,441,000 | 400,340,000 | | Liabilities | | | 711,382,000 | 836,820,000 | 757,488,000 | 688,664,000 | 679,530,000 | 613,747,000 | | Stockholders' equity | 126,422,000 | -95,498,000 | -63,173,000 | -258,319,000 | -230,224,000 | -211,717,000 | -191,089,000 | -213,407,000 | | Cash and cash equivalents | | | 122,953,000 | 29,025,000 | 13,569,000 | 11,735,000 | 48,523,000 | 20,023,000 | | Free cash flow | | 72,757,000 | 140,251,000 | 103,668,000 | 29,942,000 | 16,769,000 | 62,998,000 | -21,865,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 4.04% | 2.49% | -2.31% | 3.90% | 1.01% | 1.48% | -0.70% | | Operating margin | | 7.42% | 5.77% | 3.50% | 7.89% | 4.96% | 5.18% | 2.14% | | Return on assets | | | 3.78% | -5.18% | 9.52% | 2.44% | 3.34% | -1.76% | | Current ratio | | | 0.93 | 0.74 | 0.81 | 0.77 | 0.86 | 0.78 | ## As-reported value updates 4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CURV/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001792781.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-07-30 | | | 0.22 | reported discrete quarter | | 2022-Q3 | 2022-10-29 | | | 0.07 | reported discrete quarter | | 2023-Q1 | 2023-04-29 | | | 0.11 | reported discrete quarter | | 2023-Q2 | 2023-04-29 | | 11,808,000 | | reported discrete quarter | | 2023-Q2 | 2023-07-29 | 289,144,000 | | 0.06 | reported discrete quarter | | 2023-Q3 | 2023-07-29 | | 6,629,000 | | reported discrete quarter | | 2023-Q3 | 2023-10-28 | 275,408,000 | | -0.03 | reported discrete quarter | | 2023-Q4 | 2024-02-03 | 293,539,000 | -4,070,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-05-04 | 279,771,000 | 12,172,000 | 0.12 | reported discrete quarter | | 2024-Q2 | 2024-05-04 | | 12,172,000 | | reported discrete quarter | | 2024-Q2 | 2024-08-03 | 284,638,000 | | 0.08 | reported discrete quarter | | 2024-Q3 | 2024-08-03 | | 8,328,000 | | reported discrete quarter | | 2024-Q3 | 2024-11-02 | 263,766,000 | | -0.01 | reported discrete quarter | | 2024-Q4 | 2025-02-01 | 275,562,000 | -2,988,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-05-03 | 265,965,000 | 5,940,000 | 0.06 | reported discrete quarter | | 2025-Q2 | 2025-05-03 | | 5,940,000 | | reported discrete quarter | | 2025-Q2 | 2025-08-02 | 262,806,000 | | 0.02 | reported discrete quarter | | 2025-Q3 | 2025-08-02 | | 1,567,000 | | reported discrete quarter | | 2025-Q3 | 2025-11-01 | 235,153,000 | | -0.06 | reported discrete quarter | | 2025-Q4 | 2026-01-31 | 236,168,000 | -8,115,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-05-02 | 245,800,000 | 414,000 | 0.00 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CURV's latest 10-K: [/company/CURV/business/](/company/CURV/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CURV's latest 10-K: [/company/CURV/risk-factors/](/company/CURV/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1792781/000179278126000034/thi-20260502.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-06-11 Report date: 2026-05-02 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and the related notes thereto included elsewhere in this Form 10-Q. This discussion contains forward-looking statements that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those described below and in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K and in our other filings with the SEC and public communications. Overview We are a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for the curvy woman. Specializing in sizes 10 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers’ lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality. This allows us to build a meaningful connection with our customers, distinguishing us from other brands that often overlook plus- and mid-size consumers. Our brand experience and product offerings establish us as a differentiated and reliable choice for plus- and mid-size customers, which we believe sets us apart in the market. We strive to be everything our customer needs in her closet, consistently delivering products that make her feel confident and stylish. In fiscal year 2025, we implemented a retail store optimization strategy to better align our distribution with the demands of our customers who have increasingly demonstrated a preference for our online experience. We believe this strategy will enhance our customer experience, significantly reduce our cost structure, and improve working capital and cash flow generation, allowing us to reinvest more aggressively in customer reactivation and acquisition initiatives to support long-term revenue growth. In connection with this strategy, we closed 151 stores in fiscal year 2025 and 20 stores in the first quarter of fiscal year 2026, and intend to close up to 10 additional stores in the second quarter of fiscal year 2026. Key Financial and Operating Metrics We use the following metrics to assess the progress of our business, inform how we allocate our time and capital, and assess the near-term and longer-term performance of our business. [[GREPCENT_TABLE]] [["","Three Months Ended"],["","May 2, 2026","","May 3, 2025"],["Number of stores (as of end of period)","463","","","632"],["Comparable sales","(1.7)","%","","(3.5)","%"],["Net income (in thousands)","$","414","","","$","5,940"],["Adjusted EBITDA(A) (in thousands)","$","17,639","","","$","27,128"]] [[/GREPCENT_TABLE]] (A)Refer to “Results of Operations” for a reconciliation of net income to Adjusted EBITDA. Comparable Sales. We define comparable sales for any given period as the sales of our e-Commerce operations and stores that we have included in our comparable sales base during that period. We include a new store in our comparable sales base after it has been open for 15 full fiscal months. If a store is closed during a fiscal year, it is only included in the computation of comparable sales for the full fiscal months in which it was open. We also determine when certain store remodels and relocations are reintegrated into our comparable sales base. Partial fiscal months are excluded from the computation of comparable sales. We apply current year foreign currency exchange rates to both current year and prior year comparable sales to remove the impact of foreign currency fluctuation and achieve a consistent basis for comparison. Comparable sales allow us to evaluate how our unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. Torrid Holdings Inc. | Q1 2026 Form 10-Q | 16 Table of Contents Number of Stores. Store count reflects all stores open at the end of a reporting period. Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with GAAP and our calculation thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other (income) expense, plus provision for/less (benefit from) income taxes, depreciation and amortization (“EBITDA”), and share-based compensation, noncash deductions and charges and other expenses. We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives. Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income, income from operations or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Among other limitations, Adjusted EBITDA does not reflect: •interest expense; •interest income, net of other (income) expense; •provision for (benefit from) income taxes; •depreciation and amortization; •share-based compensation; •noncash deductions and charges; and •other expenses. Factors Affecting Our Performance We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and elsewhere in this Form 10-Q and in the section titled “Risk Factors” in our 2025 Form 10-K. Customer Acquisition and Retention. Our success is impacted not only by efficient and profitable customer acquisition, but also by our ability to retain customers and encourage repeat purchases. It is important to maintain reasonable costs for these marketing efforts relative to the net sales and profit we expect to derive from customers. Failure to effectively attract customers on a cost-efficient basis would adversely impact our profitability and operating results. Requirements for consumer disclosures regarding privacy practices and application tracking transparency framework that requires opt-in consent for certain types of tracking has increased the difficulty and cost of acquiring and retaining customers. These changes may adversely affect our results of operations. Customer Migration from Single to Omni-channel. We have a history of converting customers from single-channel customers to omni-channel customers, defined as active customers who shopped both online and in-store within the last 12 months. Customers that shop across multiple channels purchase from us more frequently and spend approximately 3.5 times more per year than our single-channel customer. Torrid Holdings Inc. | Q1 2026 Form 10-Q | 17 Table of Contents Overall Economic Trends. Our results of operations during any given period are often impacted by the overall economic conditions in the markets in which we operate. Consumer purchases of clothing generally remain constant or may increase during stable economic periods and decline during recessionary periods, inflationary periods and other periods when disposable income is adversely affected. Recent historic high rates of inflation have led to a softening of consumer demand. We have encountered inflation on our wages, transportation and product costs, and a material increase in these costs without any meaningful offsetting price increases may reduce our future profits. Government actions in various countries relating to tariffs, particularly countries in the East and Southeast Asia region, have introduced significant uncertainty to the current U.S. trade environment resulting in increased cost of goods sold and impacted gross margins. Beginning in early 2025, the U.S. government announced a series of broad import tariff increases, including new and expanded duties on goods imported from major sourcing countries that collectively supply a significant portion of our imports. The tariff environment has remained highly fluid, with executive orders, temporary pauses, partial reversals, and ongoing negotiations between the U.S. and its trading partners creating continuing uncertainty. In early 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”) and other laws to collect certain tariffs. Following that ruling, the U.S. Customs and Border Protection was directed to process refunds of the IEEPA tariffs which remain subject to ongoing litigation. On April 20, 2026, we submitted a refund application seeking the first phase of reimbursement of certain previously paid IEEPA tariff amounts totaling approximately $11.4 million. The degree of our exposure is dependent on (among other things) the countries in which the merchandise is manufactured, rates imposed, timing of the tariffs and potential refunds of such tariffs. Higher tariffs may adversely impact our results. Demographic Changes. The growth of our business is impacted, in part, by the size of the plus- and mid-size population. Slower or negative growth in this demographic, specific to certain geographic markets, income levels, the increasing use of GLP-1 medications or overall, could adversely affect our results of operations. Growth in Brand Awareness. We intend to continue investing in our brand, with a specific focus on growing brand awareness, customer engagement, and conversion through targeted investments in performance and brand marketing. We have made significant historical investments to strengthen the Torrid brand through our marketing efforts, brand partnerships, events and expansion of our social media presence. If we fail to cost-effectively promote our brand or convert impressions into new customers, our net sales growth and profitability may be adversely affected. Inventory Management. Our strategy is built around a base of core products that provide our customer with year-round style. At the same time, we introduce new lines of merchandise approximately 16 ti [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1792781/000179278126000007/thi-20260131.htm Complete FY 2026 MD&A: /company/CURV/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-31 Report date: 2026-01-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes thereto included elsewhere in this Form 10-K. This discussion contains forward-looking statements that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Form 10-K, particularly in the section entitled “Risk Factors.” Overview We are a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for the curvy woman. Specializing in sizes 10 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers’ lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality. This allows us to build a meaningful connection with our customers, distinguishing us from other brands that often overlook plus- and mid-size consumers. Our brand experience and product offerings establish us as a differentiated and reliable choice for plus- and mid-size customers, which we believe sets us apart in the market. We strive to be everything our customer needs in her closet, consistently delivering products that make her feel confident and stylish. We have implemented a retail store optimization strategy to better align our distribution with the demands of our customers who have increasingly demonstrated a preference for our online experience. We believe this strategy will enhance our customer experience, significantly reduce our cost structure, and improve working capital and cash flow generation, allowing us to reinvest more aggressively in customer reactivation and acquisition initiatives to support long-term revenue growth. We closed 151 stores in fiscal year 2025 and intend to target up to 40 additional store closures in fiscal year 2026. Key Financial and Operating Metrics We use the following metrics to assess the progress of our business, inform how we allocate our time and capital, and assess the near-term and longer-term performance of our business. [[GREPCENT_TABLE]] [["","Fiscal Year Ended"],["","January 31, 2026","","February 1, 2025","","February 3, 2024"],["Active customers (in thousands, as of end of period)(A)","3,441","","","3,656","","","3,761"],["Net sales per active customer(A)","$","291","","","$","302","","","$","306"],["Comparable sales(B)","(7)","%","","(5)","%","","(12)","%"],["Number of stores (as of end of period)","483","","","634","","","655"],["Net (loss) income (in thousands)","$","(7,034)","","","$","16,318","","","$","11,619"],["Adjusted EBITDA(C) (in thousands)","$","63,577","","","$","109,120","","","$","106,219"]] [[/GREPCENT_TABLE]] (A)Active customers and net sales per active customer calculated on a preceding four quarters basis. (B)The computation of fiscal year 2024 comparable sales compares sales in fiscal year 2024 to sales in the 52-week period ended February 3, 2024. The computation of fiscal year 2023 comparable sales compares sales in fiscal year 2023 to sales in the 53-week period ended February 4, 2023. (C)Refer to “Results of Operations” for a reconciliation of net (loss) income to Adjusted EBITDA. Torrid Holdings Inc. | FY 2025 Form 10-K | 39 Table of Contents Active Customers. We define an active customer as a distinct, identifiable customer who has completed at least one purchase transaction either in-store or online in the preceding four quarters. We are able to identify the vast majority of our customers primarily through our robust loyalty program, which gives us access to extensive customer and sales data. We have improved our customer tracking capabilities and have maintained the proportion of our net sales attributable to active customers over time. The proportion of net sales, excluding PLCC Funds (as defined below), that we are able to attribute to active customers was 97% for each of fiscal years 2025, 2024 and 2023. We view the number of active customers as a key indicator of our performance, the reach of our e-Commerce and stores platform, the value proposition and consumer awareness of our brand and our customers’ desire to purchase our products. Net Sales per Active Customer. We define net sales per active customer for any given period as the net sales in the preceding four quarters, divided by the total number of active customers at the end of that period. We view net sales per active customer as a key indicator of our customers’ purchasing patterns, including their initial and repeat purchase behavior, and we continue to closely monitor this metric each year. Comparable Sales. We define comparable sales for any given period as the sales of our e-Commerce operations and stores that we have included in our comparable sales base during that period. We include a new store in our comparable sales base after it has been open for 15 full fiscal months. If a store is closed during a fiscal year, it is only included in the computation of comparable sales for the full fiscal months in which it was open. We also determine when certain store remodels and relocations are reintegrated into our comparable sales base. The computation of fiscal year 2024 comparable sales compares sales in fiscal year 2024 to sales in the 52-week period ended February 3, 2024. The computation of fiscal year 2023 comparable sales compares sales in fiscal year 2023 to sales in the 53-week period ended February 4, 2023. Partial fiscal months are excluded from the computation of comparable sales. We apply current year foreign currency exchange rates to both current year and prior year comparable sales to remove the impact of foreign currency fluctuation and achieve a consistent basis for comparison. Comparable sales allow us to evaluate how our unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. Number of Stores. Store count reflects all stores open at the end of a reporting period. Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and our calculation thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other (income) expense, plus provision for less (benefit from) income taxes, depreciation and amortization (“EBITDA”), and share-based compensation, noncash deductions and charges and other expenses. We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives. Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income, income from operations or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Among other limitations, Adjusted EBITDA does not reflect: •interest expense; •interest income, net of other (income) expense; •(benefit from) provision for income taxes; •depreciation and amortization; •share-based compensation; Torrid Holdings Inc. | FY 2025 Form 10-K | 40 Table of Contents •noncash deductions and charges; and •other expenses. Factors Affecting Our Performance We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and elsewhere in this Form 10-K and in the section titled “Risk Factors.” Customer Acquisition and Retention. Our success is impacted not only by efficient and profitable customer acquisition, but also by our ability to retain customers and encourage repeat purchases. It is important to maintain reasonable costs for these marketing efforts relative to the net sales and profit we expect to derive from customers. Failure to effectively attract customers on a cost-efficient basis would adversely impact our profitability and operating results. Requirements for consumer disclosures regarding privacy practices and application tracking transparency framework that requires opt-in consent for certain types of tracking has increased the difficulty and cost of acquiring and retaining customers. These changes may adversely affect our results of operations. Customer Migration from Single to Omni-channel. We have a history of converting customers from single-channel customers to omni-channel customers, defined as active customers who shopped both online and in-store within the last 12 months. Customers that shop across multiple channels purchase from us more frequently and spend approximately 3.5 times more per year than our single-channel customer. Overall Economic Trends. Our results of operations during any given period are often impacted by the overall economic conditions in the markets in which we operate. Consumer purchases of clothing generally remain constant or may increase during stable economic periods and decline during recessionary periods, inflationary periods and other periods when disposable income is adversely affected. Recent historic high rates of inflation have led to a softening of consumer demand. We have encountered inflation on our wages, transportation and product costs, and a material increase in these costs without any meaningful offsetting price increases may reduce our future profits. Government actions in various countries relating to tariffs, particularly countries in the East and Southeast Asia region, have introduced significant uncertainty to the current U.S. trade environment resulting in increased cost of goods sold and impacted gross margins. Beginning in early 2025, the U.S. government announced a series of broad import tariff increases, including new and expanded duties on goods imported from major sourcing countries that collectively supply a significant portion of our i [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/CURV/mda/fy2026/ All MD&A years: /company/CURV/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/CURV/mda/fy2025/): filed 2025-04-01; accession 0001628280-25-015891 (https://www.sec.gov/Archives/edgar/data/1792781/000162828025015891/thi-20250201.htm) - [FY 2024 MD&A](/company/CURV/mda/fy2024/): filed 2024-04-02; accession 0001628280-24-014351 (https://www.sec.gov/Archives/edgar/data/1792781/000162828024014351/thi-20240203.htm) - [FY 2023 MD&A](/company/CURV/mda/fy2023/): filed 2023-03-28; accession 0001628280-23-009533 (https://www.sec.gov/Archives/edgar/data/1792781/000162828023009533/thi-20230128.htm) - [FY 2022 MD&A](/company/CURV/mda/fy2022/): filed 2022-03-30; accession 0001628280-22-007877 (https://www.sec.gov/Archives/edgar/data/1792781/000162828022007877/thi-20220129.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5600 Retail-Apparel & Accessory Stores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CURV.md · JSON record: /company/CURV.json · verified financials: /company/CURV/financials.json / /company/CURV/financials.csv · machine TOC for the whole site: /llms.txt