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
4 questions for REAL
Also covers: AKA, BOOT, BRLT +7 more
JS
Jay Sole
UBS
3 questions for REAL
Also covers: , AEO, AS +27 more
MA
Mark Altschwager
Robert W. Baird & Co.
3 questions for REAL
Also covers: BBWI, BIRK, BURL +11 more
Marvin Fong
BTIG, LLC
3 questions for REAL
Also covers: ATER, CARG, CARS +10 more
RB
Robert Brooks
Northland Capital Markets
3 questions for REAL
Also covers: ATMU, BELFA, CECO +10 more
IB
Irwin Boruchow
Wells Fargo Securities
2 questions for REAL
Also covers: , BBWI, BURL +18 more
Anna Glaessgen
B. Riley Securities
1 question for REAL
Also covers: ASO, BC, CLAR +9 more
BB
Bobby Brooks
Northland Capital Markets
1 question for REAL
Also covers: ATMU, CECO, CXT +11 more
IB
Ike Boruchow
Wells Fargo
1 question for REAL
Also covers: AS, BBWI, BURL +18 more
KM
Kunal Madhukar
Water Tower Research
1 question for REAL
Also covers: SURG, TDUP
Recent press releases and 8-K filings for REAL.
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
The RealReal Reports Strong Q3 2025 Results and Raises Full-Year Guidance
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong Q3 2025 financial results, with Gross Merchandise Volume (GMV) increasing 20% year-over-year to $520 million and revenue growing 17% to $174 million.
- The company achieved adjusted EBITDA of $9.3 million, or 5.4% of total revenue, representing a 380 basis point expansion year-over-year, and generated $14 million in free cash flow for Q3 2025.
- Management raised its full-year 2025 guidance, now expecting GMV between $2.10 billion and $2.11 billion and revenue between $687 million and $690 million, with adjusted EBITDA projected to be $37.7 million to $38.7 million.
- Strategic initiatives, including a new sales compensation plan and the AI-enabled Athena product intake process, are driving growth and efficiency, with Athena touching 27% of items in Q3 2025 and aiming for 30%-40% by year-end.
Nov 10, 2025, 10:00 PM
The RealReal Reports Strong Q3 2025 Results and Raises Full-Year Guidance
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong Q3 2025 financial results, with GMV of $520 million, an increase of 20% year-over-year, and revenue of $174 million, up 17% year-over-year. The company achieved Adjusted EBITDA of $9.3 million, representing 5.4% of total revenue and a 380 basis point expansion year-over-year.
- For Q4 2025, the company expects GMV in the range of $585 million-$595 million and revenue between $188 million-$191 million, reflecting 17% and 16% growth respectively at the midpoint. Adjusted EBITDA is projected to be $17.5 million-$18.5 million, approximately 9.5% of total revenue.
- The RealReal raised its full-year 2025 guidance, now anticipating GMV of $2.10 billion-$2.11 billion and revenue of $687 million-$690 million, both representing 15% growth at the midpoint. Full-year Adjusted EBITDA is expected to be $37.7 million-$38.7 million, with a 5.5% margin.
- Operational efficiency is being driven by the Athena AI-enabled product intake process, which processed 27% of all items in Q3 2025 and is on track to reach 30%-40% by year-end, with a goal to reduce processing time from 14 to 7 days.
- The company's trailing 12-month active buyer base increased 7% year-over-year to over 1 million, marking a new all-time high.
Nov 10, 2025, 10:00 PM
The RealReal announces Q3 2025 financial results
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported Q3 2025 revenue of $174 million, an increase of 17% year-over-year.
- Gross Merchandise Volume (GMV) reached a record quarterly $520 million, up 20% year-over-year.
- Adjusted EBITDA for Q3 2025 was $9.3 million, with the margin expanding 380 basis points year-over-year to 5.4% of total revenue.
- The company generated $14 million in Free Cash Flow during Q3 2025.
- The Full-Year 2025 Adjusted EBITDA outlook was raised, reflecting approximately 400 basis points margin expansion versus 2024 at the guidance midpoint.
Nov 10, 2025, 10:00 PM
The RealReal Announces Third Quarter 2025 Results and Raised Full-Year Guidance
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported strong Q3 2025 results, with Gross Merchandise Value (GMV) reaching $520 million, a 20% year-over-year increase, and Total Revenue of $174 million, up 17% from Q3 2024.
- The company achieved profitable growth in Q3 2025, with Adjusted EBITDA of $9.3 million, representing 5.4% of total revenue, an increase of 380 basis points compared to the prior year period.
- Despite the positive Adjusted EBITDA, the Net Loss for Q3 2025 was $(54) million, or $(0.47) GAAP basic net loss per share, which includes a $(44) million adjustment from the change in fair value of warrant liability.
- The RealReal is raising its full-year 2025 guidance, now expecting Full Year 2025 GMV between $2.099 - $2.109 billion and Total Revenue between $687 - $690 million.
Nov 10, 2025, 9:15 PM
The RealReal Announces Third Quarter 2025 Results
REAL
Earnings
Guidance Update
Revenue Acceleration/Inflection
- The RealReal reported record high quarterly Revenue of $174 million, an increase of 17% compared to the third quarter of 2024, and Gross Merchandise Value (GMV) of $520 million, up 20% year-over-year.
- The company achieved an Adjusted EBITDA of $9.3 million, or 5.4% of total revenue, a significant increase from $2.3 million or 1.6% in the prior year period.
- For the third quarter ended September 30, 2025, the company reported a Net Loss of $(54) million.
- Based on continued momentum, The RealReal is raising its full-year outlook.
Nov 10, 2025, 9:05 PM
Quarterly earnings call transcripts for TheRealReal.
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