The RealReal (REAL) Financial Statements & Analysis

The RealReal (REAL) Income Statement

The RealReal reported revenue of $692.85M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 15.4% from $600.48M a year earlier. The RealReal posted a net loss of $41.80M, compared with a net loss of $134.20M a year earlier. Gross margin was 74.6% and operating margin -3.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $192.57M, up 16.6% from the same quarter a year earlier.

The RealReal Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

The RealReal, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	692.85	600.48	549.30	603.49	467.69	299.95	316.35	207.38	137.52
Cost of Revenue	176.02	152.96	173.03	254.80	194.22	112.38	114.83	70.46	49.88
Gross Profit	516.82	447.52	376.28	348.69	273.48	187.57	201.52	136.92	87.64
Operating Expenses
Research & Development	242.91	227.73	225.35	0.00	212.30	144.96	0.00	104.93	58.68
Selling, General & Administrative	264.84	242.99	499.11	258.33	239.17	196.58	158.40	105.89	80.75
Operating Expenses	540.76	503.82	542.57	537.85	488.39	360.38	301.63	210.82	139.43
Operating Income	-23.93	-56.30	-166.29	-189.16	-214.91	-172.82	-100.11	-73.90	-51.78
Other Income/Expense
Interest Income	4.26	7.94	8.81	3.19	0.37	2.52	4.59	1.05	0.36
Interest Expense	27.70	21.38	10.70	10.47	21.53	5.26	0.62	1.15	0.76
Other Income/Expense	5.94	-64.19	-1.90	-7.11	-21.14	-2.92	1.88	-1.76	-0.47
Income
Income Before Tax	-41.44	-133.93	-168.19	-196.27	-236.05	-175.73	-98.23	-75.67	-52.25
Income Tax Expense	0.36	0.28	0.28	0.17	0.06	0.10	0.20	0.10	0.06
Net Income	-41.80	-134.20	-168.47	-196.45	-236.11	-175.83	-98.43	-75.77	-52.31
Net Income - Continuous Operations	-41.80	-134.20	-168.47	-196.45	-236.11	-175.83	-98.43	-75.77	-52.31
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	19.27	-79.44	-125.79	-158.13	-171.55	-135.56	-84.21	-65.22	-45.86
EBIT	-13.74	-112.54	-157.49	-185.80	-214.52	-171.71	-	-	-
Depreciation & Amortization	33.00	33.10	31.70	27.67	42.97	34.91	13.41	9.29	5.63
Earnings Per Share
Basic EPS	-	-1.00	-2.00	-2.00	-3.00	-2.00	-1.00	-1.00	-1.00
Diluted EPS	-1.00	-1.00	-2.00	-2.00	-3.00	-2.00	-1.00	-1.00	-1.00
Basic Shares Outstanding	114.87	107.88	101.81	95.92	91.41	87.59	85.87	62.53	62.53
Diluted Shares Outstanding	116.51	107.88	101.81	95.92	91.41	87.59	85.87	62.53	62.53

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The RealReal Financial Statements

What was The RealReal's revenue in fiscal 2025?

The RealReal reported revenue of $692.85M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 15.4% from $600.48M a year earlier.

Is The RealReal profitable?

No. The RealReal reported a net loss of $41.80M in fiscal 2025. In fiscal 2024 it lost $134.20M.

What is The RealReal's operating margin?

The RealReal's operating income was −$23.93M on revenue of $692.85M in fiscal 2025, an operating margin of -3.5%, compared with -9.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition