REAL earnings analysis
What we found in REAL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The RealReal reported Q1 2026 results with total revenue of $189.7 million, a notable increase of 18% from $160.0 million in Q1 2025. The company incurred a net income of $38.9 million, reflecting a decrease from the prior year's income of $62.4 million, largely due to higher operational costs and fluctuations in earnings due to the fair value of warrants. Management anticipates continued growth driven by strong consignment and direct sales despite macroeconomic challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 18% YoY
- Total revenue rose to $189.7 million from $160.0 million in Q1 2025.
- Increased Direct Revenue
- Direct revenue increased to $25.8 million, up $5.4 million or 26% compared to Q1 2025.
- Strong Consignment Revenue
- Consignment revenue grew by $22.1 million, an 18% increase year-over-year.
- Improved AOV
- Average Order Value increased to $646 from $564 compared to Q1 2025.
- Operational Cost Control
- Selling, General & Administrative expenses decreased to 27.6% of revenue from 31.2% in Q1 2025.
- Cash Position Maintained
- As of March 31, 2026, cash and cash equivalents stand at $124.0 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operational Costs
- Total operating expenses increased to $143.6 million from $132.8 million YoY.
- Negative Cash Flow Impact
- Operating cash outflow was $16.6 million, an improvement from $28.3 million in Q1 2025 but still negative.
- Decrease in Net Income
- Net income fell from $62.4 million in Q1 2025 to $38.9 million in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $38.936
- Gross margin
- 74.5%
- Segment
- Consignment Revenue: $145.9M
- Segment
- Direct Revenue: $25.8M
- Segment
- Shipping Services Revenue: $18.0M
What they said about what is next.
Management anticipates revenue for Q2 2026 in the range of $186 to $189 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 26, 2026
- The RealReal positions itself as the world’s largest online marketplace for authenticated luxury resale and emphasizes a three-pillar strategy: unlocking supply, driving operational efficiency via technology/automation,…
- 10-Q · May 8, 2025
- The RealReal reported revenue of $160,033,000 for the three months ended March 31, 2025, up $16,233,000 (11.3%) versus $143,800,000 in Q1 2024 and delivered GAAP net income of $62,400,000 (basic EPS $0.56, diluted…
- 10-Q · August 6, 2024
- The RealReal reported Q2 revenue of $144.934M (up from $130.855M a year ago) and expanded gross profit to $107.466M, reflecting a gross margin of 74.2%. Operating loss narrowed versus the year-ago quarter (loss from…
- 10-Q · May 7, 2024
- REAL reported revenue of $143.8M for the three months ended March 31, 2024, up modestly from $141.9M a year ago, while gross margin expanded to 74.6% and operating loss narrowed to $(17.9)M from $(81.8)M in the prior…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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