TheRealReal, Inc. (REAL)
As-reported financials and SEC filings for TheRealReal, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About TheRealReal, Inc.
The RealReal, Inc. operates an online marketplace specializing in authenticated, primarily pre-owned luxury goods. It offers a wide range of products including women's and men's fashion, jewelry, and watches from thousands of luxury brands such as Cartier, Chanel, Gucci, and Louis Vuitton. The company serves both consignors who provide luxury items for resale and buyers seeking authenticated luxury products through its online platform and physical retail stores.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at TheRealReal
- Revenue grew 15.4% to $693M in FY2025, faster than the 9.3% the year before.
- Operating margin is -3.5% in FY2025, +42.5 pp against -46.0% in FY2021.
- Most recent quarter Q2 FY2026: revenue $193M, up 16.6% from Q2 FY2025.
- Free cash flow was $18M in FY2025, 2.7% of revenue.
- Net loss narrowed to $42M in FY2025, from $134M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where TheRealReal’s fundamentals sit among the 403 Consumer Discretionary companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
TheRealReal’s gross margin of 74.6% ranks in the 97th percentile of the 275 Consumer Discretionary companies reporting it. TheRealReal’s revenue growth of +15.4% ranks in the 85th percentile of the 394 Consumer Discretionary companies reporting it.
No reported insider purchases (code P) in the last 90 days; 16 insider sales totaling $1.9M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 1 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| D. E. Shawquant | Q2 2026 | $57.6M | 4.9M | Added |
| Two Sigma Investmentsquant | Q2 2026 | $47.1M | 4.0M | Reduced |
| AQR Capital Managementquant | Q2 2026 | $25.4M | 2.2M | Added |
| Citadel Advisorsquant | Q2 2026 | $20.4M | 1.7M | Reduced |
| Point72 Asset Managementquant | Q2 2026 | $8.9M | 751.0K | Reduced |
| Polen Capital Management | Q2 2026 | $5.9M | 496.6K | Added |
| Renaissance Technologiesquant | Q2 2026 | $5.7M | 483.9K | Reduced |
| Millennium Managementquant | Q2 2026 | $4.2M | 354.5K | Reduced |
No longer held by: Gotham Asset Management (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-08-21 filed 2026-08-24 | Sahi Levesque RatiChief Executive Officer | Sell | 56.1K | $10.98 | $616K |
2026-08-21 filed 2026-08-24 | Madan Gopal AjayChief Financial Officer | Sell | 23.6K | $10.98 | $259K |
2026-08-21 filed 2026-08-24 | Sahi Levesque RatiChief Executive Officer | Sell | 20.2K | $10.98 | $222K |
2026-08-21 filed 2026-08-24 | Suko Todd AChief Legal Officer and Secret | Sell | 10.9K | $10.97 | $120K |
2026-08-21 filed 2026-08-24 | Lo Steve MingChief Accounting Officer | Sell | 9.0K | $10.97 | $99K |
2026-08-21 filed 2026-08-24 | Friang Luke ThomasChief Product & Tech Officer | Sell | 8.5K | $10.98 | $94K |
2026-08-21 filed 2026-08-24 | Friang Luke ThomasChief Product & Tech Officer | Sell | 8.5K | $10.98 | $93K |
2026-08-21 filed 2026-08-24 | Sahi Levesque RatiChief Executive Officer | Sell | 8.1K | $10.98 | $89K |
2026-08-21 filed 2026-08-24 | Madan Gopal AjayChief Financial Officer | Sell | 8.1K | $10.98 | $89K |
2026-08-21 filed 2026-08-24 | Madan Gopal AjayChief Financial Officer | Sell | 4.8K | $10.98 | $52K |
2026-08-21 filed 2026-08-24 | Suko Todd AChief Legal Officer and Secret | Sell | 4.2K | $10.98 | $46K |
2026-08-21 filed 2026-08-24 | Friang Luke ThomasChief Product & Tech Officer | Sell | 2.5K | $10.98 | $28K |
Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 14.8M | -6.2% | 3.63 |
| 2026-07-31 | 15.8M | -12.3% | 6.18 |
| 2026-07-15 | 18.1M | +1.9% | 6.43 |
| 2026-06-30 | 17.7M | +0.9% | 4.48 |
| 2026-06-15 | 17.6M | +1.4% | 6.22 |
| 2026-05-29 | 17.3M | +3.3% | 5.72 |
| 2026-05-15 | 16.8M | +6.2% | 3.19 |
| 2026-04-30 | 15.8M | -13.2% | 5.43 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $692.8M | $600.5M | $549.3M | $603.5M | $467.7M |
| Gross profit | $516.8M | $447.5M | $376.3M | $348.7M | $273.5M |
| Operating income | $-23.9M | $-56.5M | $-166.3M | $-189.2M | $-214.9M |
| Net income | $-41.8M | $-134.2M | $-168.5M | $-196.4M | $-236.1M |
| Diluted EPS | $-0.70 | $-1.24 | $-1.65 | $-2.05 | $-2.58 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $151.2M | $172.2M | $175.7M | $293.8M | $418.2M |
| Current assets | $227.5M | $232.7M | $235.9M | $372.3M | $517.8M |
| Total assets | $409.0M | $423.1M | $446.9M | $615.6M | $754.9M |
| Current liabilities | $264.2M | $248.7M | $188.9M | $207.5M | $188.0M |
| Long-term debt | — | — | — | — | — |
| Total liabilities | $824.6M | $830.5M | $750.2M | $785.7M | $681.8M |
| Total equity | $-415.5M | $-407.4M | $-303.3M | $-170.1M | $73.1M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $37.0M | $26.8M | $-61.3M | $-91.6M | $-142.2M |
| Capital expenditure | $18.6M | $14.2M | $29.2M | $22.9M | $37.5M |
| Free cash flow | $18.4M | $12.6M | $-90.4M | $-114.4M | $-179.6M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $192.6M | 16.6% | $-27.2M | $-0.23 |
| Q1 FY2026 | $189.7M | 18.5% | $38.9M | — |
| Q4 FY2025 | $194.1M | 18.3% | $-38.8M | $-0.39 |
| Q3 FY2025 | $173.6M | 17.5% | $-54.1M | $-0.49 |
| Q2 FY2025 | $165.2M | 14.0% | $-11.4M | $-0.13 |
| Q1 FY2025 | $160.0M | 11.3% | $62.4M | — |
| Q4 FY2024 | $164.0M | 14.4% | $-68.5M | $-0.62 |
| Q3 FY2024 | $147.8M | 11.0% | $-17.9M | $-0.17 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest Consumer Discretionary peers
Monitor REAL
Get an alert when TheRealReal files something material, see which superinvestors own it, and ask its filings a question with cited answers.
Monitor REAL freeIncludes one free filing-grounded research answer. Or check your whole portfolio, no account needed.
Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.