Earnings summaries and quarterly performance for TheRealReal.
Executive leadership at TheRealReal.
Board of directors at TheRealReal.
Research analysts who have asked questions during TheRealReal earnings calls.
AO
Ashley Owens
KeyBanc Capital Markets
6 questions for REAL
Also covers: AKA, BOOT, BRLT +7 more
JS
Jay Sole
UBS
5 questions for REAL
Also covers: , AEO, AS +27 more
MA
Mark Altschwager
Robert W. Baird & Co.
5 questions for REAL
Also covers: BBWI, BIRK, BURL +12 more
Marvin Fong
BTIG, LLC
5 questions for REAL
Also covers: ATER, CARG, CARS +10 more
Anna Glaessgen
B. Riley Securities
3 questions for REAL
Also covers: ASO, BC, BRLT +12 more
BB
Bobby Brooks
Northland Capital Markets
3 questions for REAL
Also covers: ATMU, BELFA, CECO +13 more
IB
Ike Boruchow
Wells Fargo
3 questions for REAL
Also covers: AS, BBWI, BURL +18 more
RB
Robert Brooks
Northland Capital Markets
3 questions for REAL
Also covers: ATMU, BELFA, CECO +10 more
Dylan Carden
William Blair & Company
2 questions for REAL
Also covers: ANF, BIRD, BOOT +14 more
IB
Irwin Boruchow
Wells Fargo Securities
2 questions for REAL
Also covers: , BBWI, BURL +18 more
Matt Koranda
ROTH Capital Partners
2 questions for REAL
Also covers: AOUT, BYRN, CDRE +16 more
KM
Kunal Madhukar
Water Tower Research
1 question for REAL
Also covers: SURG, TDUP, ZIP
Recent press releases and 8-K filings for REAL.
The RealReal Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong Q4 2025 results, with GMV growing 22% to $616 million and total revenue increasing 18% to $194 million, achieving $22 million in Adjusted EBITDA (11.3% margin). For Full Year 2025, GMV reached $2.13 billion (up 16%) and revenue was $693 million (up 15%), with Adjusted EBITDA of $42 million (6.1% margin), marking the first year of positive Adjusted EBITDA in every quarter.
- The company issued Q1 2026 guidance projecting GMV growth of 19%-22% and revenue growth of 16%-18%, with Adjusted EBITDA between $11 million and $13 million. For Full Year 2026, GMV growth is expected at 12%-15% and revenue growth at 10%-13%, targeting Adjusted EBITDA of $57 million-$65 million (8% margin at midpoint).
- Operational efficiency was driven by the AI-enabled Athena intake process, which handled 35% of units by the end of 2025, contributing to operating leverage.
- New AI-driven initiatives, including Smart Sales for supply procurement and natural language search for buyers, are enhancing sales team productivity and new customer conversion.
8 days ago
The RealReal Reports Strong Q4 and Full Year 2025 Results, Provides Optimistic 2026 Guidance
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong Q4 2025 financial results, with GMV of $616 million (up 22% year-over-year) and an Adjusted EBITDA margin of 11%. For the full year 2025, the company achieved $2.1 billion in GMV and its first year of positive Adjusted EBITDA in every quarter, totaling $42 million (6.1% of total revenue).
- The company issued an optimistic full year 2026 outlook, forecasting GMV growth of 12%-15% and revenue growth of 10%-13%. Adjusted EBITDA is projected to be $57 million-$65 million, representing an 8% margin at the midpoint, an expansion of nearly 200 basis points versus 2025.
- Operational efficiency was significantly enhanced by Athena, their proprietary AI-enabled intake process, which processed 35% of all units by the end of 2025, contributing to a 330 basis point leverage in Austin Tech expenses. This initiative is expected to expand to mid and higher-value items in 2026.
- Growth was also driven by an acceleration in active buyer growth to 9% and a successful "flywheel" strategy, where 40% of new consignors originate from the existing buyer base. The sales team's tenure reached an all-time high, with experienced reps delivering approximately 20% more value.
8 days ago
The RealReal Reports Strong Q4 and Full-Year 2025 Results, Provides Optimistic 2026 Outlook
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong Q4 2025 results, with GMV growing 22% to $616 million and Adjusted EBITDA reaching $22 million (11.3% of total revenue), alongside $43 million in free cash flow.
- For the full year 2025, the company achieved $2.13 billion in GMV (up 16%) and its first year of positive Adjusted EBITDA in every quarter, totaling $42 million (6.1% of total revenue), with $5 million in free cash flow.
- Strategic initiatives like the AI-enabled Athena system processed 35% of all units by year-end 2025, contributing to operational efficiency and operating leverage.
- The company provided a positive outlook for 2026, projecting full-year GMV growth of 12%-15% and Adjusted EBITDA between $57 million and $65 million, representing an 8% margin at the midpoint.
8 days ago
TheRealReal announces Q4 2025 financial results and 2026 outlook
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- TheRealReal reported Q4 2025 GMV of $616M, an increase of 22% year-over-year, and revenue of $194M, up 18% year-over-year.
- For the full year 2025, the company surpassed $2 billion in GMV, reaching $2.13 billion, and achieved its first year with four quarters of positive Adjusted EBITDA, totaling $42M.
- Adjusted EBITDA for Q4 2025 was $21.9M, or 11.3% of total revenue, and Free Cash Flow generated in Q4 was $43M, a $23M improvement year-over-year.
- The company provided a Full Year 2026 outlook, projecting GMV between $2.39B and $2.45B and Adjusted EBITDA between $57M and $65M.
- Operational highlights include achieving the year-end goal of 35% of all units flowing through its AI-enabled product intake process (Athena) and delivering 600 basis points of OpEx leverage year-over-year as a percent of revenue in Q4.
8 days ago
The RealReal Announces Fourth Quarter and Full Year 2025 Results
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal surpassed $2 billion in GMV and exceeded its 2025 financial guidance, achieving positive Adjusted EBITDA in every quarter for the first time in 2025.
- For Q4 2025, GMV increased 22% to $616 million, total revenue increased 18% to $194 million, and Adjusted EBITDA improved by $11 million to $22 million compared to Q4 2024.
- For Full Year 2025, GMV increased 16% to $2.13 billion, total revenue increased 15% to $693 million, and Adjusted EBITDA improved by $33 million to $42 million compared to Full Year 2024.
- The company provided Q1 2026 guidance for GMV between $585 million and $600 million, total revenue between $185 million and $189 million, and Adjusted EBITDA between $11 million and $13 million.
- Full Year 2026 guidance includes GMV between $2.39 billion and $2.45 billion, total revenue between $765 million and $780 million, and Adjusted EBITDA between $57 million and $65 million.
8 days ago
The RealReal Announces Fourth Quarter and Full Year 2025 Results
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong financial performance for Q4 2025, with GMV up 22% to $616 million and total revenue up 18% to $194 million compared to Q4 2024.
- For Full Year 2025, GMV surpassed $2 billion to reach $2.13 billion (up 16% year-over-year) and total revenue grew 15% to $693 million.
- The company achieved positive Adjusted EBITDA of $42 million (6.1% of total revenue) and positive Free Cash Flow of $5 million for Full Year 2025, marking significant improvements over 2024.
- Net Loss for Full Year 2025 improved by $92 million to $42 million compared to $134 million in 2024.
- The RealReal provided Q1 2026 guidance projecting GMV between $585 million and $600 million, Total Revenue between $185 million and $189 million, and Adjusted EBITDA between $11 million and $13 million.
8 days ago
The RealReal Implements Motorola Solutions AI Video Security
REAL
New Projects/Investments
- The RealReal has deployed Motorola Solutions' AI-enabled video security solutions to transform its inventory intake process, converting a multi-day manual operation into a streamlined digital workflow.
- This implementation has led to a reduction in asset protection operating expenses by approximately 60%.
- The AI-enabled system provides granular visibility and proactive protection for luxury merchandise, enhancing efficiency and profitability by enabling rapid product location and identifying unusual activity.
Jan 8, 2026, 2:00 PM
The RealReal Reports Strong Growth and Margin Expansion, Driven by Strategic Initiatives
REAL
Revenue Acceleration/Inflection
Guidance Update
New Projects/Investments
- The RealReal, a market leader in luxury resale, reported strong GMV growth of 14% in Q2 and 20% in Q3 of FY 2025, closing in on $2 billion in GMV.
- The company achieved 380 basis points of EBITDA margin expansion in Q3 and expects to close FY 2025 at 5.5% EBITDA margin, with a medium-term target of 15%-20% within 4-6 years.
- Strategic initiatives like the AI-enabled Athena product intake process are driving efficiency, processing 27% of items in Q3 and projected to reach 30%-40% by the end of 2025, reducing processing time from 14 days to 7 days.
- The RealReal is focused on unlocking a $200 billion untapped supply in consumers' closets, with 50% of new consignors never having sold before, and is expanding supply through initiatives like Dropship.
- The company has strengthened its balance sheet by reducing debt by $86 million since early last year and pushing maturities to early 2028, reporting positive free cash flow in Q3 and expecting to be free cash flow positive in FY 2025.
Dec 3, 2025, 3:30 PM
The RealReal Discusses Luxury Resale Market Growth, Efficiency, and Financial Outlook
REAL
Revenue Acceleration/Inflection
Guidance Update
New Projects/Investments
- The RealReal is a market leader in luxury resale, approaching $2 billion in GMV, operating within an $85 billion U.S. consumer market for luxury goods, and targeting an estimated $200 billion in untapped supply in consumers' closets.
- The company reported strong GMV growth of 14% in Q2 and 20% in Q3. This growth is attributed to efforts to unlock supply through a "growth playbook" that includes sales teams, marketing, and retail presence, with 50% of new consignors never having sold before.
- The RealReal is achieving significant EBITDA margin expansion, reporting 380 basis points in Q3 and guiding to 5.5% for the full year FY 2025 at the midpoint, with a medium-term target of 15%-20%. This is supported by improved gross margins (from 58% to 74%-75%) and OPEX leverage.
- The AI-enabled Athena process, which automates product intake, authentication, and pricing, processed 27% of items in Q3 and is expected to reach 30%-40% by the end of FY 2025, significantly reducing costs and processing time.
- The company has reduced its debt by $86 million since the beginning of last year, pushed out maturities until early 2028, and expects to be free cash flow positive next year.
Dec 3, 2025, 3:30 PM
The RealReal Reports Strong Q3 2025 Results and Raises Full-Year Guidance
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal (REAL) reported robust Q3 2025 financial results, with Gross Merchandise Volume (GMV) reaching $520 million, a 20% increase year-over-year, and revenue growing 17% to $174 million.
- Adjusted EBITDA for Q3 2025 was $9.3 million, or 5.4% of total revenue, marking a 380 basis point expansion year-over-year, alongside $14 million in free cash flow.
- The company raised its full-year 2025 outlook, projecting GMV between $2.10 billion and $2.11 billion and revenue between $687 million and $690 million.
- For Q4 2025, REAL anticipates GMV in the range of $585 million to $595 million and adjusted EBITDA between $17.5 million and $18.5 million.
- Strategic initiatives, including a new sales compensation plan, AI-driven tools like Smart Sales and Athena, and retail stores, are credited for driving supply, efficiency, and customer trust.
Nov 10, 2025, 10:00 PM
Quarterly earnings call transcripts for TheRealReal.
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