TheRealReal, Inc.REALEarnings & Financial Report
Nasdaq · Recommerce
The RealReal, Inc. is an online marketplace for users to buy and sell luxury goods that are authenticated by experts. It has more than 38 million members, and has sold nearly 40 million items as of Sept. 30, 2023.
REAL Q3 2025 Key Financial Metrics
Revenue
$173.6M
Gross Profit
$128.9M
Operating Profit
$-7.5M
Net Profit
$-54.1M
Gross Margin
74.3%
Operating Margin
-4.3%
Net Margin
-31.1%
YoY Growth
17.5%
EPS
$-0.49
Financial Flow
TheRealReal, Inc. Q3 2025 Financial Summary
TheRealReal, Inc. reported revenue of $173.6M for Q3 2025, with a net profit of $-54.1M (-31.1% margin). Cost of goods sold was $44.7M, operating expenses totaled $136.5M.
Key Financial Metrics
| Total Revenue | $173.6M |
|---|---|
| Net Profit | $-54.1M |
| Gross Margin | 74.3% |
| Operating Margin | -4.3% |
| Report Period | Q3 2025 |
TheRealReal, Inc. Annual Revenue by Year
TheRealReal, Inc. annual revenue history includes year-by-year totals (for example, 2024 revenue was $600.5M).
| Year | Annual Revenue |
|---|---|
| 2024 | $600.5M |
| 2023 | $549.3M |
| 2022 | $603.5M |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $143.4M | $143.8M | $144.9M | $147.8M | $164.0M | $160.0M | $165.2M | $173.6M |
| YoY Growth | -10.2% | 1.3% | 10.8% | 11.0% | 14.4% | 11.3% | 14.0% | 17.5% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $446.9M | $431.6M | $407.4M | $406.3M | $423.1M | $400.4M | $349.4M | $366.2M |
| Liabilities | $750.2M | $758.6M | $742.7M | $751.7M | $830.5M | $736.4M | $687.6M | $751.3M |
| Equity | $-303.3M | $-327.1M | $-335.3M | $-345.4M | $-407.4M | $-336.1M | $-338.2M | $-385.1M |
Cash Flow
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $10.5M | $-3.5M | $-6.8M | $9.1M | $28.0M | $-28.3M | $-3.6M | $19.3M |
