REAL · Therealreal, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $189.72M | - | $173.57M | $165.19M | $160.03M | - | $147.75M | $144.93M | $143.80M | - |
| Cost of Revenue | $48.38M | - | $44.65M | $42.51M | $40.01M | - | $37.04M | $37.47M | $36.52M | - |
| Gross Profit | $141.33M | - | $128.92M | $122.68M | $120.02M | - | $110.71M | $107.47M | $107.28M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $52.33M | - | $51.62M | $48.03M | $49.96M | - | $47.51M | $47.08M | $46.77M | - |
| Total Operating Expenses | $143.61M | - | $136.47M | $132.56M | $132.79M | - | $125.31M | $126.26M | $125.22M | - |
| D&A | $8.09M | - | $8.20M | $8.20M | $8.38M | - | $8.10M | $8.10M | $8.31M | - |
| Operating Income | ($2.27M) | - | ($7.55M) | ($9.88M) | ($12.77M) | - | ($14.60M) | ($18.80M) | ($17.94M) | - |
| Interest Expense | $7.22M | - | $7.08M | $7.04M | $3.75M | - | $5.95M | $5.77M | $3.75M | - |
| Income Tax | $108.0K | - | $24.0K | $89.0K | $95.0K | - | $72.0K | $35.0K | $71.0K | - |
| Net Income | $38.94M | - | ($54.05M) | ($11.37M) | $62.40M | - | ($17.94M) | ($16.71M) | ($31.10M) | - |
| EPS - Basic | $0.33 | - | ($0.47) | ($0.10) | $0.56 | - | ($0.16) | ($0.16) | ($0.30) | - |
| EPS - Diluted | ($0.07) | - | ($0.49) | ($0.13) | ($0.14) | - | ($0.17) | ($0.20) | ($0.30) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $123.95M | $151.23M | $108.42M | $94.34M | $139.60M | $172.21M | $153.18M | $150.75M | $166.00M | $175.71M |
| Accounts Receivable | $24.88M | $23.82M | $24.34M | $22.77M | $27.75M | $13.96M | $15.95M | $16.45M | $19.82M | $17.23M |
| Inventory | $33.92M | $30.84M | $29.70M | $28.78M | $26.47M | $23.58M | $19.92M | $21.12M | $21.12M | $22.25M |
| Accounts Payable | $14.94M | $14.56M | $11.12M | $13.59M | $19.76M | $11.00M | $10.79M | $12.65M | $14.13M | $8.96M |
| Current Assets | $202.96M | $227.49M | $182.42M | $160.33M | $208.15M | $232.67M | $211.73M | $207.45M | $225.32M | $235.95M |
| Total Assets | $385.91M | $409.03M | $366.21M | $349.38M | $400.37M | $423.10M | $406.25M | $407.42M | $431.58M | $446.92M |
| Current Liabilities | $241.10M | $264.24M | $226.09M | $199.49M | $239.99M | $248.68M | $225.70M | $211.80M | $193.69M | $188.86M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $745.28M | $824.55M | $751.26M | $687.63M | $736.44M | $830.47M | $751.66M | $742.68M | $758.63M | $750.22M |
| Stockholders' Equity | ($359.37M) | ($415.52M) | ($385.05M) | ($338.24M) | ($336.07M) | ($407.38M) | ($345.41M) | ($335.25M) | ($327.05M) | ($303.30M) |
| Retained Earnings | ($1.26B) | ($1.30B) | ($1.26B) | ($1.20B) | ($1.19B) | ($1.25B) | ($1.19B) | ($1.17B) | ($1.15B) | ($1.12B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($16.62M) | - | - | - | ($28.27M) | - | - | - | ($3.47M) | - |
| Investing Cash Flow | ($10.64M) | - | - | - | ($5.86M) | - | - | - | ($5.32M) | - |
| Financing Cash Flow | ($16.0K) | - | - | - | $1.47M | - | - | - | ($929.0K) | - |
| CapEx | $7.47M | - | - | - | $4.71M | - | - | - | $2.14M | - |
| Free Cash Flow | ($24.09M) | - | - | - | ($32.98M) | - | - | - | ($5.61M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 74.5% | - | 74.3% | 74.3% | 75.0% | - | 74.9% | 74.1% | 74.6% | - |
| Operating margin | -1.2% | - | -4.3% | -6.0% | -8.0% | - | -9.9% | -13.0% | -12.5% | - |
| EBITDA margin | 3.1% | - | 0.4% | -1.0% | -2.7% | - | -4.4% | -7.4% | -6.7% | - |
| Net margin | 20.5% | - | -31.1% | -6.9% | 39.0% | - | -12.1% | -11.5% | -21.6% | - |
| Free cash flow margin | -12.7% | - | - | - | -20.6% | - | - | - | -3.9% | - |
| FCF / Net income | -0.62 | - | - | - | -0.53 | - | - | - | 0.18 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 27.6% | - | 29.7% | 29.1% | 31.2% | - | 32.2% | 32.5% | 32.5% | - |
| Effective tax rate | 0.3% | - | - | - | 0.2% | - | - | - | - | - |
| Return on assets | 10.1% | - | -14.8% | -3.3% | 15.6% | - | -4.4% | -4.1% | -7.2% | - |
| Return on equity | -10.8% | - | 14.0% | 3.4% | -18.6% | - | 5.2% | 5.0% | 9.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.84 | 0.86 | 0.81 | 0.80 | 0.87 | 0.94 | 0.94 | 0.98 | 1.16 | 1.25 |
| Quick ratio | 0.70 | 0.74 | 0.68 | 0.66 | 0.76 | 0.84 | 0.85 | 0.88 | 1.05 | 1.13 |
| Cash ratio | 0.51 | 0.57 | 0.48 | 0.47 | 0.58 | 0.69 | 0.68 | 0.71 | 0.86 | 0.93 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -0.3x | - | -1.1x | -1.4x | -3.4x | - | -2.5x | -3.3x | -4.8x | - |
| Equity multiplier | -1.07 | -0.98 | -0.95 | -1.03 | -1.19 | -1.04 | -1.18 | -1.22 | -1.32 | -1.47 |
| Liabilities / Assets | 1.93 | 2.02 | 2.05 | 1.97 | 1.84 | 1.96 | 1.85 | 1.82 | 1.76 | 1.68 |
| Efficiency | ||||||||||
| Asset turnover | 0.49 | - | 0.47 | 0.47 | 0.40 | - | 0.36 | 0.36 | 0.33 | - |
| Inventory turnover | 1.43 | - | 1.50 | 1.48 | 1.51 | - | 1.86 | 1.77 | 1.73 | - |
| Days sales outstanding | 48d | - | 51d | 50d | 63d | - | 39d | 41d | 50d | - |
| Days inventory outstanding | 256d | - | 243d | 247d | 241d | - | 196d | 206d | 211d | - |
| Days payable outstanding | 113d | - | 91d | 117d | 180d | - | 106d | 123d | 141d | - |
| Cash conversion cycle | 191d | - | 203d | 181d | 124d | - | 129d | 124d | 120d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 6.0x | - | 7.2x | 3.5x | 4.1x | - | 2.4x | 2.4x | 2.9x | - |
| EV / EBITDA | 174.8x | - | 1742.9x | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 18.5% | - | 17.5% | 14.0% | 11.3% | - | 11.0% | 10.8% | 1.3% | - |
| Revenue CAGR (3y) | 10.2% | - | 6.7% | 2.3% | 2.9% | - | 7.5% | 11.4% | 13.3% | - |
| Revenue CAGR (5y) | 13.9% | - | 17.3% | 23.5% | 15.4% | - | 23.3% | 15.3% | - | - |
| Gross profit growth (YoY) | 17.8% | - | 16.4% | 14.2% | 11.9% | - | 17.7% | 24.7% | 19.2% | - |
| Operating income growth (YoY) | 82.2% | - | 48.3% | 47.4% | 28.8% | - | 35.1% | 54.1% | 78.1% | - |
| Net income growth (YoY) | -37.6% | - | -201.3% | 32.0% | - | - | 21.8% | 59.6% | 62.3% | - |
| EPS growth (YoY) | 50.0% | - | -188.2% | 35.0% | 53.3% | - | 22.7% | 51.2% | 63.9% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 26.9% | - | - | - | -488.2% | - | - | - | 86.7% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -6.9% | -2.0% | -11.5% | -0.9% | -2.8% | -34.3% | -19.1% | -21.7% | -34.3% | -78.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$692.85M totalReportable Segment$692.85M · 100.0%
Product / service
$692.85M totalService$535.88M · 77.3%
Product$91.09M · 13.1%
Shipping And Handling$65.88M · 9.5%
Peer comparison
Same SIC group: Retail-Miscellaneous Retail
Comparing TheRealReal against the 5 most active filers in the same SIC group.