The RealReal, Inc.
therealreal.comWhat Do They Do?
Runs an online marketplace and retail stores where consumers consign authenticated, pre-owned luxury goods and buyers shop fashion, jewelry, and watches.
10-K for FY2025, filed Feb 26, 2026We offer a wide selection of authenticated, primarily pre-owned luxury goods on our online marketplace bearing the brands of thousands of…View ↗
We operate neighborhood retail stores which are typically 1,800 to 3,500 square feet with items for sale reflecting a selection of the…View ↗
We deliver an end-to-end service experience. We remove friction from the consignment process by providing multiple consignment methods. We…View ↗
We offer a seamless buying experience. Buyers access our omni-channel online marketplace through our website, mobile app and retail stores…View ↗
How Do They Make Money?
It keeps a percentage of consignment-sale proceeds when an item sells. It earns the sale proceeds on company-owned goods when they ship to buyers and charges buyers for shipping services.
10-K for FY2025, filed Feb 26, 2026Consignment revenue. When we sell goods through our online marketplace or retail stores on behalf of our consignors, we retain a percentage…View ↗
The Company recognizes consignment revenue upon purchase of the consigned good by the buyer as its performance obligation of providing…View ↗
The Company generates direct revenue from the sale of Company-owned inventory. The Company recognizes direct revenue on a gross basis upon…View ↗
The Company provides a service to ship purchased items to buyers and a service to ship items from buyers back to the Company. The Company…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$692.8M
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10-K for FY2025, filed Feb 26, 2026
$692.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Consignment revenue
Mix
10-K for FY2025, filed Feb 26, 2026 |
77%
FY2022: 64%
|
Consignment revenue, FY2025
$535.9M Sources
|
Mix |
|
Direct revenue
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
13%
FY2022: 26%
|
Direct revenue, FY2025
$91.1M Sources
|
Sold outright |
|
Shipping services revenue
Usage-based
10-K for FY2025, filed Feb 26, 2026 |
9.5%
FY2022: 9.9%
|
Shipping services revenue, FY2025
$65.9M Sources
|
Usage-based |
Who Are Their Customers?
Consumers consign goods through at-home or virtual appointments, drop-off locations, stores, and shipping; buyers shop through the website, mobile app, and retail stores.
10-K for FY2025, filed Feb 26, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $41.8M in FY2025, but brought in more cash than it spent: $18.4M of free cash flow.
10-K for FY2025, filed Feb 26, 2026
−$23.9MView ↗
10-K for FY2025, filed Feb 26, 2026
−$41.8MView ↗
10-K for FY2025, filed Feb 26, 2026
$18.4MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$27.2MView ↗
- ▲ +140% (Loss)
- vs −$11.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Raised full-year outlook
The company also issued revenue and Adjusted EBITDA guidance for the third quarter.
Sources
8-K, filed Aug 6, 2026
Levesque continued, "Entering the year, we said 2026 would be the year our advantages begin to compound, and we're delivering on that…View ↗
Growing. Revenue grew 48% in 4 years, from $467.7M in FY2021 to $692.8M in FY2025, about 10% a year.
Broader item condition
The older report describes accepting luxury goods in fair condition; the latest report also describes accepting items in as-is condition, including goods that may show extensive wear or need repair.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026Fair Condition Program. This new program has enabled us to offer more secondhand, luxury items and has the effect of increasing the total…View ↗
aid buyers in assessing the condition of items in our online marketplace, we assign each item a condition level. In the first quarter of…View ↗
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