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,…
Earnings analysis · 10-Q
REAL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $38.936
- Gross margin
- 74.5%
What stood out
-
Revenue Growth of 18% YoY
Total revenue rose to $189.7 million from $160.0 million in Q1 2025.
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Increased Direct Revenue
Direct revenue increased to $25.8 million, up $5.4 million or 26% compared to Q1 2025.
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Strong Consignment Revenue
Consignment revenue grew by $22.1 million, an 18% increase year-over-year.
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Improved AOV
Average Order Value increased to $646 from $564 compared to Q1 2025.
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Operational Cost Control
Selling, General & Administrative expenses decreased to 27.6% of revenue from 31.2% in Q1 2025.
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Cash Position Maintained
As of March 31, 2026, cash and cash equivalents stand at $124.0 million.
What to watch
-
Increased Operational Costs
Total operating expenses increased to $143.6 million from $132.8 million YoY.
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Negative Cash Flow Impact
Operating cash outflow was $16.6 million, an improvement from $28.3 million in Q1 2025 but still negative.
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Decrease in Net Income
Net income fell from $62.4 million in Q1 2025 to $38.9 million in Q1 2026.
Management's outlook
Management anticipates revenue for Q2 2026 in the range of $186 to $189 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.