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.
Others in SIC 5990
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ULTA | Ulta Beauty, Inc. | $24.12B | 22.0x | 9.7% |
| BBWI | Bath & Body Works, Inc. | $3.93B | 6.3x | -0.2% |
| SBH | Sally Beauty Holdings, Inc. | $1.56B | 8.8x | -0.4% |
| WOOF | Petco Health & Wellness Company, Inc. | $771.2M | 90.0x | -2.5% |
| TITN | Titan Machinery Inc. | $617.0M | — | -10.2% |
| SGU | STAR GROUP, L.P. | $418.0M | — | 1.0% |
| NEGG | Newegg Commerce, Inc. | $321.3M | — | 16.9% |
| FLWS | 1 800 FLOWERS COM INC | $239.0M | — | -8.0% |