Rent the Runway, Inc. RENT
Our mission is to power women to feel their best every day.
Since our founding in November 2009, we have built the world's first shared designer closet with thousands of styles by hundreds of brand partners. We give customers access to our "unlimited closet" through our subscription offering ("Subscription") or the ability to rent a-la-carte through our reserve offering ("Reserve"). We also give our subscribers and customers the ability to buy our products through our Resale offering. Our Closet in the Cloud offers a wide assortment of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. We have served approximately 3.5 million lifetime customers across all of our offerings and we had 183,552 total subscribers (active and paused) as of January 31, 2026. We had 143,796 active subscribers as of January 31, 2026. In fiscal year 2025, 90% of our total revenue was generated by subscribers compared to 88% in fiscal year 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $43.8M | $40.7M | $33.3M | $27.8M | $17.5M | $21.6M | $21.5M | — |
| Cost of revenue | $88.5M | $82.8M | $86.0M | $92.2M | $61.9M | $53.0M | $118.1M | — |
| Gross profit | -$44.7M | -$42.1M | -$52.7M | -$64.4M | -$44.4M | -$31.4M | -$96.6M | — |
| SG&A | $88.8M | $86.8M | $101.6M | $109.0M | $104.4M | $77.2M | $98.9M | — |
| Total operating expenses | $387.3M | $353.7M | $378.2M | $400.0M | $329.2M | $288.0M | $386.9M | — |
| Operating income | -$57.5M | -$47.5M | -$80.0M | -$103.6M | -$125.9M | -$130.5M | -$130.0M | — |
| Interest expense | — | — | $33.7M | $36.8M | $53.0M | $46.6M | $24.0M | — |
| Pre-tax income | $22.7M | -$69.6M | -$113.0M | -$138.9M | -$212.1M | -$171.1M | -$154.1M | — |
| Income tax | $100.0K | $300.0K | $200.0K | $200.0K | $300.0K | $0 | $200.0K | — |
| Net income | $22.6M | -$69.9M | -$113.2M | -$138.7M | -$211.8M | -$171.1M | -$153.9M | — |
| EPS, basic | 1.89 | -17.62 | -31.52 | -43.17 | -170.30 | -15.36 | -14.04 | — |
| EPS, diluted | 1.88 | -17.62 | -31.52 | -43.17 | -170.30 | -15.36 | -14.04 | — |
| Shares, diluted (wtd. avg.) | 12.0M | 4.0M | 3.6M | 3.2M | 1.2M | 11.1M | 11.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $50.4M | $77.4M | $84.0M | $163.6M | $259.6M | $109.2M | $41.9M | $40.2M |
| Total current assets | $66.7M | $93.9M | $102.2M | $172.1M | $264.7M | $103.4M | — | — |
| Property, plant and equipment | $24.0M | $28.3M | $35.7M | $44.7M | $57.2M | — | — | — |
| Other intangibles | $2.0M | $2.4M | $3.4M | $4.1M | $6.4M | $7.8M | — | — |
| Total assets | $221.0M | $240.0M | $278.5M | $336.2M | $447.5M | $320.7M | — | — |
| Accounts payable | $9.9M | $6.2M | $5.8M | $12.4M | $15.9M | $7.2M | — | — |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $900.0K | — | — |
| Total current liabilities | $63.2M | $47.4M | $48.1M | $60.0M | $68.8M | $40.6M | — | — |
| Long-term debt | $156.6M | $333.7M | $306.7M | $272.5M | $260.8M | $355.1M | — | — |
| Total liabilities | $257.1M | $422.5M | $400.8M | $371.5M | $376.4M | $459.3M | — | — |
| Retained earnings | -$1.10B | -$1.12B | -$1.05B | -$939.9M | -$801.2M | -$589.4M | — | — |
| Total equity | -$36.1M | -$182.5M | -$122.3M | -$35.3M | $71.1M | -$526.7M | -$364.3M | -$221.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.5M | $12.9M | -$15.7M | -$47.7M | -$42.3M | -$42.8M | -$37.6M | — |
| Depreciation and amortisation | $8.4M | $10.3M | $12.0M | $12.7M | $14.8M | $18.4M | $16.5M | — |
| Stock-based compensation | $4.2M | $9.7M | $26.2M | $25.4M | $26.6M | $8.2M | $6.8M | — |
| Investing cash flow | -$49.5M | -$20.1M | -$54.6M | -$44.3M | -$22.5M | -$58.4M | -$138.6M | — |
| Financing cash flow | $18.6M | -$300.0K | $700.0K | -$4.0M | $215.2M | $168.5M | $177.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001468327-26-000020.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $21.5M | $21.6M | $17.5M | $27.8M | $33.3M | $40.7M | $43.8M |
| Gross profit | — | -$96.6M | -$31.4M | -$44.4M | -$64.4M | -$52.7M | -$42.1M | -$44.7M |
| Net income | — | -$153.9M | -$171.1M | -$211.8M | -$138.7M | -$113.2M | -$69.9M | $22.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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