TheRealReal, Inc. (REAL) Financial Statements
Industry: Miscellaneous Retail (Retail)
In fiscal 2025, TheRealReal reported revenue of $692.8M, up 15.4% from $600.5M the year before. Net income was -$41.8M (a -6.0% net margin), or -$0.70 per diluted share. Gross margin was 74.6% and operating margin was -3.5%. Operating activities generated $37.0M of cash, leaving $18.4M of free cash flow. At fiscal year end, TheRealReal held $409.0M in total assets against $824.6M in total liabilities, including $151.2M of cash and equivalents.
Open the full interactive TheRealReal financials → Quarterly statements, key ratios, valuation history and price charts.
TheRealReal Key Stats
| Share Price | $9.81 |
|---|---|
| Market Cap | $1.19B |
| Revenue YoY Growth | +15.4% |
| 52-Week Range | $8.12 – $16.90 |
| Shares Outstanding | 121.0 million (basic, 2026 Q2) |
TheRealReal Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $299.9M | $467.7M | $603.5M | $549.3M | $600.5M | $692.8M |
| Gross Profit | $187.6M | $273.5M | $348.7M | $376.3M | $447.5M | $516.8M |
| Operating Income | -$172.8M | -$214.9M | -$189.2M | -$166.3M | -$56.5M | -$23.9M |
| Pre-Tax Income | -$175.7M | -$236.1M | -$196.3M | -$168.2M | -$133.9M | -$41.4M |
| Income Tax | $101,000 | $56,000 | $172,000 | $283,000 | $276,000 | $363,000 |
| Net Income | -$175.8M | -$236.1M | -$196.4M | -$168.5M | -$134.2M | -$41.8M |
| Diluted EPS | -$2.01 | -$2.58 | -$2.05 | -$1.65 | -$1.24 | -$0.70 |
TheRealReal Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $173.6M | $194.1M | $189.7M | $192.6M |
| Net Income | -$54.1M | -$38.8M | $38.9M | -$27.2M |
| Diluted EPS | -$0.49 | -$0.33 | -$0.07 | -$0.23 |
TheRealReal Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $350.8M | $418.2M | $293.8M | $175.7M | $172.2M | $151.2M |
| Current Assets | $421.5M | $517.8M | $372.3M | $235.9M | $232.7M | $227.5M |
| Total Assets | $605.1M | $754.9M | $615.6M | $446.9M | $423.1M | $409.0M |
| Current Liabilities | $148.3M | $188.0M | $207.5M | $188.9M | $248.7M | $264.2M |
| Total Long-Term Debt | $149.2M | $348.4M | $449.8M | $452.4M | $437.9M | $371.8M |
| Total Liabilities | $413.8M | $681.8M | $785.7M | $750.2M | $830.5M | $824.6M |
| Shareholders' Equity | $191.3M | $73.1M | -$170.1M | -$303.3M | -$407.4M | -$415.5M |
TheRealReal Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$134.4M | -$142.2M | -$91.6M | -$61.3M | $26.8M | $37.0M |
| Cash From Investing | $178.0M | -$43.4M | -$36.9M | -$42.1M | -$25.6M | -$29.2M |
| Cash From Financing | $152.8M | $252.9M | $4.1M | $226,000 | -$4.8M | -$28.9M |
| Free Cash Flow | -$152.7M | -$179.6M | -$114.4M | -$90.4M | $12.6M | $18.4M |
Figures from TheRealReal's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full TheRealReal financials page for every line item.
TheRealReal Company Profile
| Ticker | REAL |
|---|---|
| Exchange | Nasdaq |
| Industry | Miscellaneous Retail (Retail) |
| Headquarters | San Francisco, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001573221 |
Frequently Asked Questions
What was TheRealReal's revenue in fiscal 2025?
TheRealReal (REAL) reported revenue of $692.8M for fiscal 2025.
What is TheRealReal's annual revenue history?
TheRealReal's annual revenue by fiscal year: 2020: $299.9M; 2021: $467.7M; 2022: $603.5M; 2023: $549.3M; 2024: $600.5M; 2025: $692.8M.
What was TheRealReal's net income in fiscal 2025?
TheRealReal reported net income of -$41.8M for fiscal 2025.
What was TheRealReal's earnings per share (EPS) in fiscal 2025?
TheRealReal's diluted EPS was -$0.70 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did TheRealReal generate in fiscal 2025?
TheRealReal generated $18.4M of free cash flow in fiscal 2025.
What was TheRealReal's revenue last quarter?
In its most recent reported quarter (2026 Q2), TheRealReal reported revenue of $192.6M.
How much debt does TheRealReal have?
TheRealReal reported $371.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of TheRealReal are outstanding?
TheRealReal reported a weighted average of 121.0 million basic shares outstanding in 2026 Q2.
What is TheRealReal's market cap?
Based on its latest closing price, TheRealReal (REAL) has a market capitalization of about $1.19B.
When does TheRealReal's fiscal year end?
TheRealReal's fiscal year end, as registered with the SEC, is December 31.
Where is TheRealReal headquartered?
TheRealReal lists its business address in San Francisco, California in its SEC filings.