TheRealReal, Inc. income statement REAL

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, TheRealReal, Inc. reported revenue of $692.8 million, up 15.4% from the year before. It recorded a net loss of $41.8 million. The operating loss came to $23.9 million, an operating margin of -3.5%. Diluted earnings per share were -$0.70. Over the twelve months ended Sep 30, 2026, revenue was $782.5 million and the net loss was $11.1 million. Across the 7 fiscal years shown, revenue grew from $316.4 million in fiscal 2019 to $692.8 million in fiscal 2025, about 14.0% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2026 Sep 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019
Revenue	782 +18.1%	693 +15.4%	600 +9.3%	549 -9.0%	603 +29.0%	468 +55.9%	300 -5.2%	316
Cost of revenue	198 +17.3%	176 +15.1%	153 -11.6%	173 -32.1%	255 +31.2%	194 +72.8%	112 -2.1%	115
Gross profit	584 +18.3%	517 +15.5%	448 +18.9%	376 +7.9%	349 +27.5%	273 +45.8%	188 -6.9%	202
Selling, general and administrative	213 +8.6%	202 +7.4%	188 +2.1%	184 -5.9%	195 +10.8%	176 +25.3%	141 +27.1%	111
Restructuring and impairment	—	0 -100.0%	0 -99.5%	43	—	—	—	—
Operating income	3 +109.0%	-24 +57.6%	-56 +66.0%	-166 +12.1%	-189 +12.0%	-215 -24.4%	-173 -72.6%	-100
Pretax income	-11 +85.1%	-41 +69.1%	-134 +20.4%	-168 +14.3%	-196 +16.9%	-236 -34.3%	-176 -78.9%	-98
Income tax	0 +55.2%	0 +31.5%	0 -2.5%	0 +64.5%	0 +207.1%	0 -44.6%	0 -49.2%	0
Net income	-11 +84.5%	-42 +68.9%	-134 +20.3%	-168 +14.2%	-196 +16.8%	-236 -34.3%	-176 -78.6%	-98
Basic EPS	-0.09 +85.4%	-0.36 +71.0%	-1.24 +24.8%	-1.65 +19.5%	-2.05 +20.5%	-2.58	—	—
Diluted EPS	-0.09 +84.7%	-0.70 +43.5%	-1.24 +24.8%	-1.65 +19.5%	-2.05 +20.5%	-2.58	—	—
Weighted average shares, basic	120 +6.4%	115 +6.5%	108 +6.0%	102 +6.1%	96 +4.9%	91	—	—
Weighted average shares, diluted	120 +1.1%	117 +8.0%	108 +6.0%	102 +6.1%	96 +4.9%	91	—	—
Other measures
Depreciation and amortization	32 -3.0%	33 -0.3%	33 +4.4%	32 +14.6%	28 +17.6%	24 +24.9%	19 +40.6%	13
EBITDA	35 +1687.7%	9 +138.8%	-23 +82.6%	-135 +16.7%	-161 +15.6%	-191 -24.3%	-154 -77.6%	-87
Interest coverage	0.11x	-0.86x	-2.64x	—	—	—	—	—
Margins
Gross margin	74.66%	74.59%	74.53%	68.50%	57.78%	58.47%	62.53%	63.70%
Operating margin	0.41%	-3.45%	-9.41%	-30.27%	-31.34%	-45.95%	-57.62%	-31.64%
Pretax margin	-1.35%	-5.98%	-22.30%	-30.62%	-32.52%	-50.47%	-58.59%	-31.05%
Profit margin	-1.42%	-6.03%	-22.35%	-30.67%	-32.55%	-50.48%	-58.62%	-31.11%
EBITDA margin	4.52%	1.31%	-3.90%	-24.50%	-26.76%	-40.92%	-51.33%	-27.41%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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Company profile

Industry: Retail-Miscellaneous Retail (SIC 5900)
Listed as: REAL (Nasdaq)
Fiscal year ends: December 31
Incorporated in: DE
Headquarters: San Francisco, CA
SEC filer status: Accelerated filer
SEC CIK: 1573221

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.