The RealReal, Inc. (REAL) Income Statement
REAL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsREAL revenue and net income
Where REAL's revenue goes
2025Each bar shows an amount and its share of revenue. REAL kept −6.0% of revenue as net income.
REAL profit margins
REAL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.4% | +4.7% | +18.2% | — |
| Gross profit | +8.1% | +11.5% | +20.9% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
REAL quarterly EPS vs estimates
RealReal beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.05).
REAL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $692.8M | $600.5M | $549.3M | $603.5M | $467.7M | $299.9M | $316.4M | $207.4M | $137.5M |
| Cost of revenue | $209.0M | $153.0M | $173.0M | $254.8M | $194.2M | $112.4M | $114.8M | $70.5M | $49.9M |
| Gross profit | $483.8M | $447.5M | $376.3M | $348.7M | $273.5M | $187.6M | $201.5M | $136.9M | $87.6M |
| Research & development | $242.9M | $227.7M | $225.3M | $251.4M | $212.3M | $145.0M | $129.8M | $104.9M | $58.7M |
| Sales, general & admin | $264.8M | $243.0M | $440.8M | $258.3M | $239.2M | $196.6M | $158.4M | $168.7M | $102.7M |
| Total operating expenses | $507.8M | $504.0M | $542.6M | $537.9M | $488.4M | $360.4M | $301.6M | $210.8M | $139.4M |
| Operating income | −$23.9M | −$56.5M | −$166.3M | −$189.2M | −$214.9M | −$172.8M | −$100.1M | −$73.9M | −$51.8M |
| Interest income | $4.3M | $7.9M | $8.5M | $3.2M | $365,000 | $2.5M | $4.6M | $1.0M | $355,000 |
| Interest expense | $27.7M | $21.4M | $10.7M | $10.5M | $21.5M | $5.3M | $616,000 | $1.2M | $762,000 |
| Income before taxes | −$41.4M | −$133.9M | −$168.2M | −$196.3M | −$236.1M | −$175.7M | −$98.2M | −$75.7M | −$52.3M |
| Income taxes | $363,000 | $276,000 | $283,000 | $172,000 | $56,000 | $101,000 | $199,000 | $99,000 | $57,000 |
| Net income | −$41.8M | −$134.2M | −$168.5M | −$196.4M | −$236.1M | −$175.8M | −$98.4M | −$75.8M | −$52.3M |
| EBITDA | $19.3M | −$79.4M | −$125.8M | −$158.1M | −$191.0M | −$151.6M | −$84.2M | −$65.2M | −$45.9M |
| EPS (diluted) | −$0.24 | −$0.35 | −$0.88 | −$1.54 | −$1.88 | −$1.71 | −$1.03 | −$0.89 | −$6.54 |
| Gross margin | 69.8% | 74.5% | 68.5% | 57.8% | 58.5% | 62.5% | 63.7% | 66.0% | 63.7% |
| Operating margin | −3.5% | −9.4% | −30.3% | −31.3% | −46.0% | −57.6% | −31.6% | −35.6% | −37.7% |
| Net margin | −6.0% | −22.3% | −30.7% | −32.6% | −50.5% | −58.6% | −31.1% | −36.5% | −38.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $192.6M | $189.7M | $194.1M | $173.6M | $165.2M | $160.0M | $164.0M | $147.8M | $144.9M | $143.8M | $143.4M | $133.2M |
| Cost of revenue | $49.4M | $56.5M | $57.0M | $44.7M | $42.5M | $40.0M | $41.9M | $37.0M | $45.6M | $36.5M | $37.3M | $39.1M |
| Gross profit | $143.2M | $133.2M | $137.0M | $128.9M | $122.7M | $120.0M | $122.1M | $110.7M | $99.4M | $107.3M | $106.0M | $94.1M |
| Research & development | — | $64.6M | $61.1M | $62.5M | $60.7M | $58.6M | $57.5M | $58.1M | $57.3M | $54.8M | $54.2M | $53.3M |
| Sales, general & admin | $70.8M | $70.9M | $69.7M | $65.8M | $63.6M | $65.8M | $61.0M | $59.1M | $60.8M | $62.1M | $57.3M | $56.4M |
| Total operating expenses | $145.5M | $135.5M | $130.8M | $136.5M | $132.6M | $132.8M | $127.2M | $125.3M | $118.2M | $125.2M | $127.1M | $116.6M |
| Operating income | −$2.3M | −$2.3M | $6.3M | −$7.5M | −$9.9M | −$12.8M | −$5.2M | −$14.6M | −$18.8M | −$17.9M | −$21.1M | −$22.5M |
| Interest income | $902,000 | $1.0M | $956,000 | $818,000 | $1.1M | $1.4M | $1.7M | $1.9M | $2.3M | $2.1M | $2.1M | $2.3M |
| Interest expense | $7.3M | $7.2M | $7.3M | $7.1M | $7.0M | $6.3M | $5.9M | $5.9M | $5.8M | $3.8M | $2.7M | $2.7M |
| Income before taxes | −$27.1M | $39.0M | −$38.6M | −$54.0M | −$11.3M | $62.5M | −$68.4M | −$17.9M | −$16.7M | −$31.0M | −$21.7M | −$22.9M |
| Income taxes | $101,000 | $108,000 | $155,000 | $24,000 | $89,000 | $95,000 | $98,000 | $72,000 | $35,000 | $71,000 | $36,000 | $47,000 |
| Net income | −$27.2M | $38.9M | −$38.8M | −$54.1M | −$11.4M | $62.4M | −$68.5M | −$17.9M | −$16.7M | −$31.1M | −$21.7M | −$22.9M |
| EBITDA | −$12.0M | $54.4M | −$23.2M | −$38.7M | $8.0M | $81.2M | −$49.8M | −$3.6M | −$2.7M | −$19.0M | −$7.1M | −$12.5M |
| EPS (diluted) | −$0.07 | −$0.01 | $0.01 | −$0.04 | −$0.13 | −$0.08 | −$0.01 | −$0.09 | −$0.13 | −$0.12 | −$0.07 | −$0.15 |
| Gross margin | 74.4% | 70.2% | 70.6% | 74.3% | 74.3% | 75.0% | 74.4% | 74.9% | 68.6% | 74.6% | 74.0% | 70.6% |
| Operating margin | −1.2% | −1.2% | 3.2% | −4.3% | −6.0% | −8.0% | −3.1% | −9.9% | −13.0% | −12.5% | −14.7% | −16.9% |
| Net margin | −14.1% | 20.5% | −20.0% | −31.1% | −6.9% | 39.0% | −41.7% | −12.1% | −11.5% | −21.6% | −15.1% | −17.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in REAL's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
REAL financial results
In fiscal year 2025 (ended December 31, 2025), RealReal reported revenue of $692.8 million, up 15.4% from the year before. It had a net loss of $41.8 million, a net profit margin of −6.0%. Diluted earnings per share came to −$0.24. Over five years revenue grew at an average rate of 18.2% a year.
See the REAL stock overview for the latest quote and news, or the REAL chart for price history and technical indicators.
REAL income statement FAQ
What is RealReal's annual revenue?
RealReal reported total revenue of $692.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 15.4% from $600.5 million the previous year.
Is RealReal profitable?
No. RealReal reported a net loss of $41.8 million in fiscal 2025, a net profit margin of −6.0%; its operating margin was −3.5%.
What is RealReal's gross margin?
RealReal's gross margin was 69.8% in fiscal 2025: for every $100 of revenue, RealReal kept $70 after the direct cost of its products and services.
How much does RealReal spend on research and development?
RealReal spent $242.9 million on research and development in fiscal 2025, 35.1% of revenue.
How fast is RealReal growing?
Revenue grew 18.2% a year on average over the last five fiscal years, from $299.9 million to $692.8 million.
What are RealReal's earnings per share?
RealReal earned $-0.24 per diluted share in fiscal 2025, compared with $-0.35 a year earlier.
When will RealReal report its next earnings?
RealReal is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does RealReal's fiscal year end?
RealReal's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.