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RealReal (REAL) Financials

RealReal logo
$12.09 +0.04 (+0.33%)
Closing price 10/24/2025 04:00 PM Eastern
Extended Trading
$12.12 +0.03 (+0.28%)
As of 10/24/2025 07:53 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for RealReal

Annual Income Statements for RealReal

This table shows RealReal's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -196 -168 -134
Consolidated Net Income / (Loss)		 -196 -168 -134
Net Income / (Loss) Continuing Operations		 -196 -168 -134
Total Pre-Tax Income 		-196 -168 -134
Total Operating Income		 -189 -166 -56
Total Gross Profit		 349 376 448
Total Revenue		 603 549 600
Operating Revenue		 603 549 600
Total Cost of Revenue		 255 173 153
Operating Cost of Revenue		 255 173 153
Total Operating Expenses		 538 543 504
Selling, General & Admin Expense		 195 184 188
Marketing Expense		 63 58 55
Other Operating Expenses / (Income)		 279 257 261
Restructuring Charge		 0.90 43 0.00
Total Other Income / (Expense), net		 -7.11 -1.90 -77
Interest Expense		 10 11 17
Interest & Investment Income		 3.19 8.81 7.94
Other Income / (Expense), net		 0.17 0.00 -68
Income Tax Expense		 0.17 0.28 0.28
Basic Earnings per Share		 ($2.05) ($1.65) ($1.24)
Weighted Average Basic Shares Outstanding		 95.92M 101.81M 107.88M
Diluted Earnings per Share		 ($2.05) ($1.65) ($1.24)
Weighted Average Diluted Shares Outstanding		 95.92M 101.81M 107.88M
Weighted Average Basic & Diluted Shares Outstanding		 99.25M 104.69M 111.25M

Quarterly Income Statements for RealReal

This table shows RealReal's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -47 -39 -83 -41 -23 -22 -31 -17 -18 -68
Consolidated Net Income / (Loss)		 -47 -39 -83 -41 -23 -22 -31 -17 -18 -68
Net Income / (Loss) Continuing Operations		 -47 -39 -83 -41 -23 -22 -31 -17 -18 -68
Total Pre-Tax Income 		-47 -39 -82 -41 -23 -22 -31 -17 -18 -68
Total Operating Income		 -46 -38 -82 -41 -22 -21 -18 -19 -15 -5.15
Total Gross Profit		 86 97 90 86 94 106 107 107 111 122
Total Revenue		 143 160 142 131 133 143 144 145 148 164
Operating Revenue		 143 160 142 131 133 143 144 145 148 164
Total Cost of Revenue		 57 63 52 45 39 37 37 37 37 42
Operating Cost of Revenue		 57 63 52 45 39 37 37 37 37 42
Total Operating Expenses		 131 135 172 127 117 127 125 126 125 127
Selling, General & Admin Expense		 47 48 50 44 45 45 47 47 48 46
Marketing Expense		 14 15 18 15 12 14 15 14 12 15
Other Operating Expenses / (Income)		 71 71 68 66 61 62 63 65 66 66
Restructuring Charge		 0.00 0.62 36 1.86 -0.86 6.07 0.20 0.00 0.00 -0.20
Total Other Income / (Expense), net		 -1.67 -0.59 -0.61 -0.27 -0.41 -0.60 -13 2.12 -3.26 -63
Interest Expense		 2.68 2.46 2.67 2.68 2.67 2.68 -0.43 5.77 5.95 5.92
Interest & Investment Income		 1.00 1.83 2.05 2.40 2.26 2.09 2.07 2.26 1.94 1.67
Other Income / (Expense), net		 0.01 0.04 0.00 0.00 0.00 - -16 5.63 0.74 -59
Income Tax Expense		 0.06 0.08 0.09 0.11 0.05 0.04 0.07 0.04 0.07 0.10
Basic Earnings per Share		 ($0.49) ($0.39) ($0.83) ($0.41) ($0.22) ($0.19) ($0.30) ($0.16) ($0.16) ($0.62)
Weighted Average Basic Shares Outstanding		 96.70M 95.92M 99.61M 100.97M 102.65M 101.81M 105.21M 106.88M 109.02M 107.88M
Diluted Earnings per Share		 ($0.49) ($0.39) ($0.83) ($0.41) ($0.22) ($0.19) ($0.30) ($0.20) ($0.17) ($0.57)
Weighted Average Diluted Shares Outstanding		 96.70M 95.92M 99.61M 100.97M 102.65M 101.81M 105.21M 111.12M 112.42M 107.88M
Weighted Average Basic & Diluted Shares Outstanding		 98.07M 99.25M 100.17M 102.14M 103.35M 104.69M 105.97M 108.50M 109.69M 111.25M

Annual Cash Flow Statements for RealReal

This table details how cash moves in and out of RealReal's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -124 -103 -3.50
Net Cash From Operating Activities		 -92 -61 27
Net Cash From Continuing Operating Activities		 -92 -61 27
Net Income / (Loss) Continuing Operations		 -196 -168 -134
Consolidated Net Income / (Loss)		 -196 -168 -134
Depreciation Expense		 28 32 33
Non-Cash Adjustments To Reconcile Net Income		 75 105 125
Changes in Operating Assets and Liabilities, net		 2.65 -29 2.84
Net Cash From Investing Activities		 -37 -42 -26
Net Cash From Continuing Investing Activities		 -37 -42 -26
Purchase of Property, Plant & Equipment		 -37 -42 -26
Other Investing Activities, net		 0.00 0.00 0.46
Net Cash From Financing Activities		 4.10 0.23 -4.76
Net Cash From Continuing Financing Activities		 4.10 0.23 -4.76
Repayment of Debt		 0.00 0.00 -5.30
Issuance of Common Equity		 1.40 0.89 1.41
Other Financing Activities, net		 2.70 -0.66 -0.87
Cash Interest Paid		 8.10 8.13 11
Cash Income Taxes Paid		 0.26 0.23 0.20

Quarterly Cash Flow Statements for RealReal

This table details how cash moves in and out of RealReal's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -15 -6.65 -47 -41 -19 4.06 -9.72 -15 2.43 19
Net Cash From Operating Activities		 -7.35 3.70 -30 -30 -11 11 -3.47 -6.75 9.07 28
Net Cash From Continuing Operating Activities		 -7.35 3.70 -30 -30 -11 10 -3.47 -6.75 9.07 28
Net Income / (Loss) Continuing Operations		 -47 -39 -83 -41 -23 -22 -31 -17 -18 -68
Consolidated Net Income / (Loss)		 -47 -39 -83 -41 -23 -22 -31 -17 -18 -68
Depreciation Expense		 7.20 7.41 7.82 7.97 7.74 8.17 8.31 8.23 8.27 8.29
Non-Cash Adjustments To Reconcile Net Income		 18 17 52 17 1.21 34 25 13 11 77
Changes in Operating Assets and Liabilities, net		 14 18 -8.15 -14 3.17 -10 -5.52 -11 8.10 12
Net Cash From Investing Activities		 -10 -11 -16 -11 -8.12 -6.73 -5.32 -4.96 -6.48 -8.83
Net Cash From Continuing Investing Activities		 -10 -11 -16 -11 -8.12 -6.73 -5.32 -4.96 -6.48 -8.83
Purchase of Property, Plant & Equipment		 -10 -11 -16 -11 -8.12 -6.73 -5.32 -4.96 -6.94 -8.83
Net Cash From Financing Activities		 1.94 0.32 -0.30 0.33 -0.07 0.26 -0.93 -3.54 -0.16 -0.13
Net Cash From Continuing Financing Activities		 1.94 0.32 -0.30 0.33 -0.07 0.26 -0.93 -3.54 -0.16 -0.13
Issuance of Common Equity		 - 0.50 - - - 0.44 - - - 0.79
Other Financing Activities, net		 1.94 -0.18 -0.30 -0.11 -0.07 -0.18 0.10 0.05 -0.10 -0.92
Cash Interest Paid		 1.45 2.61 1.46 2.61 1.46 2.61 2.35 0.42 7.39 0.52
Cash Income Taxes Paid		 - - 0.00 0.22 0.01 - 0.01 0.19 - 0.00

Annual Balance Sheets for RealReal

This table presents RealReal's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 616 447 423
Total Current Assets		 372 236 233
Cash & Equivalents		 294 176 172
Accounts Receivable		 12 17 14
Inventories, net		 43 22 24
Prepaid Expenses		 23 21 23
Plant, Property, & Equipment, net		 113 104 94
Total Noncurrent Assets		 131 107 96
Other Noncurrent Operating Assets		 131 107 96
Total Liabilities & Shareholders' Equity		 616 447 423
Total Liabilities		 786 750 830
Total Current Liabilities		 208 189 249
Short-Term Debt		 - 0.00 27
Accounts Payable		 12 8.96 11
Accrued Expenses		 82 77 90
Other Current Liabilities		 114 103 121
Total Noncurrent Liabilities		 578 561 582
Long-Term Debt		 450 452 411
Other Noncurrent Operating Liabilities		 128 109 171
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -170 -303 -407
Total Preferred & Common Equity		 -170 -303 -407
Total Common Equity		 -170 -303 -407
Common Stock		 781 816 846
Retained Earnings		 -951 -1,120 -1,254

Quarterly Balance Sheets for RealReal

This table presents RealReal's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 634 512 459 453 432 407 406
Total Current Assets		 399 311 240 230 225 207 212
Cash & Equivalents		 300 247 189 171 166 151 153
Accounts Receivable		 8.75 8.94 5.99 14 20 16 16
Inventories, net		 63 31 26 25 21 21 20
Prepaid Expenses		 27 24 19 21 18 19 23
Plant, Property, & Equipment, net		 100 102 106 107 101 97 95
Total Noncurrent Assets		 136 99 113 116 105 103 99
Other Noncurrent Operating Assets		 136 99 113 116 105 103 99
Total Liabilities & Shareholders' Equity		 634 512 459 453 432 407 406
Total Liabilities		 776 755 734 743 759 743 752
Total Current Liabilities		 194 184 168 177 194 212 226
Short-Term Debt		 - - - - - 27 27
Accounts Payable		 9.90 8.87 13 8.09 14 13 11
Accrued Expenses		 72 72 62 67 76 65 73
Other Current Liabilities		 112 103 93 102 104 107 115
Total Noncurrent Liabilities		 582 571 566 566 565 531 526
Long-Term Debt		 449 450 451 452 434 407 408
Other Noncurrent Operating Liabilities		 133 121 115 114 131 123 118
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -141 -244 -276 -290 -327 -335 -345
Total Preferred & Common Equity		 -141 -244 -276 -290 -327 -335 -345
Total Common Equity		 -141 -244 -276 -290 -327 -335 -345
Common Stock		 771 790 799 808 824 832 840
Retained Earnings		 -913 -1,034 -1,075 -1,098 -1,151 -1,167 -1,185

Annual Metrics And Ratios for RealReal

This table displays calculated financial ratios and metrics derived from RealReal's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 29.04% -8.98% 9.32%
EBITDA Growth		 15.69% 16.57% 31.97%
EBIT Growth		 12.05% 12.01% 25.03%
NOPAT Growth		 11.98% 12.09% 66.03%
Net Income Growth		 16.80% 14.24% 20.34%
EPS Growth		 20.54% 19.51% 24.85%
Operating Cash Flow Growth		 35.59% 33.08% 143.82%
Free Cash Flow Firm Growth		 31.59% 9.72% 172.72%
Invested Capital Growth		 -520.65% -89.41% -432.81%
Revenue Q/Q Growth		 2.47% -2.88% 3.56%
EBITDA Q/Q Growth		 5.84% 11.56% -88.24%
EBIT Q/Q Growth		 4.19% 9.20% -52.75%
NOPAT Q/Q Growth		 4.17% 9.22% 21.97%
Net Income Q/Q Growth		 6.47% 9.13% -53.48%
EPS Q/Q Growth		 7.66% 10.81% -44.19%
Operating Cash Flow Q/Q Growth		 19.70% 10.02% 186.36%
Free Cash Flow Firm Q/Q Growth		 14.97% 7.19% 1,641.04%
Invested Capital Q/Q Growth		 -293.35% -193.39% -121.06%
Profitability Metrics		 - - -
Gross Margin		 57.78% 68.50% 74.53%
EBITDA Margin		 -26.73% -24.50% -15.25%
Operating Margin		 -31.34% -30.27% -9.41%
EBIT Margin		 -31.32% -30.27% -20.76%
Profit (Net Income) Margin		 -32.55% -30.67% -22.35%
Tax Burden Percent		 100.09% 100.17% 100.21%
Interest Burden Percent		 103.85% 101.14% 107.43%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00%
Return on Equity (ROE)		 405.19% 71.18% 37.77%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -27.58% -31.30% -28.66%
Return on Assets (ROA)		 -28.67% -31.71% -30.85%
Return on Common Equity (ROCE)		 405.19% 71.18% 37.77%
Return on Equity Simple (ROE_SIMPLE)		 115.49% 55.55% 32.94%
Net Operating Profit after Tax (NOPAT)		 -132 -116 -40
NOPAT Margin		 -21.94% -21.19% -6.59%
Net Nonoperating Expense Percent (NNEP)		 148.45% 24.06% 34.90%
Return On Investment Capital (ROIC_SIMPLE)		 -47.33% -78.06% -129.43%
Cost of Revenue to Revenue		 42.22% 31.50% 25.47%
SG&A Expenses to Revenue		 32.37% 33.46% 31.26%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 89.12% 98.77% 83.90%
Earnings before Interest and Taxes (EBIT)		 -189 -166 -125
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -161 -135 -92
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.20 0.38 2.00
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.46 0.88 2.44
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 54.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 19.39
Leverage & Solvency		 - - -
Debt to Equity		 -2.64 -1.49 -1.08
Long-Term Debt to Equity		 -2.64 -1.49 -1.01
Financial Leverage		 -0.89 -0.91 -0.76
Leverage Ratio		 -14.14 -2.24 -1.22
Compound Leverage Factor		 -14.68 -2.27 -1.32
Debt to Total Capital		 160.80% 303.39% 1,433.30%
Short-Term Debt to Total Capital		 0.00% 0.00% 87.23%
Long-Term Debt to Total Capital		 160.80% 303.39% 1,346.07%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -60.80% -203.39% -1,333.30%
Debt to EBITDA		 -2.79 -3.36 -4.78
Net Debt to EBITDA		 -0.97 -2.06 -2.90
Long-Term Debt to EBITDA		 -2.79 -3.36 -4.49
Debt to NOPAT		 -3.40 -3.89 -11.07
Net Debt to NOPAT		 -1.18 -2.38 -6.72
Long-Term Debt to NOPAT		 -3.40 -3.89 -10.40
Altman Z-Score		 -1.78 -3.21 -2.88
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 1.79 1.25 0.94
Quick Ratio		 1.47 1.02 0.75
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -115 -104 76
Operating Cash Flow to CapEx		 -247.97% -145.43% 103.06%
Free Cash Flow to Firm to Interest Expense		 -10.99 -9.71 4.39
Operating Cash Flow to Interest Expense		 -8.74 -5.73 1.56
Operating Cash Flow Less CapEx to Interest Expense		 -12.27 -9.66 0.05
Efficiency Ratios		 - - -
Asset Turnover		 0.88 1.03 1.38
Accounts Receivable Turnover		 60.43 37.33 38.51
Inventory Turnover		 4.47 5.31 6.68
Fixed Asset Turnover		 5.98 5.07 6.05
Accounts Payable Turnover		 31.06 16.59 15.32
Days Sales Outstanding (DSO)		 6.04 9.78 9.48
Days Inventory Outstanding (DIO)		 81.64 68.78 54.68
Days Payable Outstanding (DPO)		 11.75 22.01 23.82
Cash Conversion Cycle (CCC)		 75.93 56.56 40.34
Capital & Investment Metrics		 - - -
Invested Capital		 -14 -27 -142
Invested Capital Turnover		 -112.80 -27.04 -7.14
Increase / (Decrease) in Invested Capital		 -17 -13 -115
Enterprise Value (EV)		 279 484 1,465
Market Capitalization		 123 208 1,199
Book Value per Share		 ($1.73) ($2.93) ($3.71)
Tangible Book Value per Share		 ($1.73) ($2.93) ($3.71)
Total Capital		 280 149 31
Total Debt		 450 452 438
Total Long-Term Debt		 450 452 411
Net Debt		 156 277 266
Capital Expenditures (CapEx)		 37 42 26
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -129 -129 -162
Debt-free Net Working Capital (DFNWC)		 165 47 11
Net Working Capital (NWC)		 165 47 -16
Net Nonoperating Expense (NNE)		 64 52 95
Net Nonoperating Obligations (NNO)		 156 277 266
Total Depreciation and Amortization (D&A)		 28 32 33
Debt-free, Cash-free Net Working Capital to Revenue		 -21.38% -23.42% -26.91%
Debt-free Net Working Capital to Revenue		 27.30% 8.57% 1.77%
Net Working Capital to Revenue		 27.30% 8.57% -2.67%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($2.05) ($1.65) ($1.24)
Adjusted Weighted Average Basic Shares Outstanding		 95.92M 101.81M 107.88M
Adjusted Diluted Earnings per Share		 ($2.05) ($1.65) ($1.24)
Adjusted Weighted Average Diluted Shares Outstanding		 95.92M 101.81M 107.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 99.25M 104.69M 111.25M
Normalized Net Operating Profit after Tax (NOPAT)		 -132 -86 -40
Normalized NOPAT Margin		 -21.84% -15.65% -6.59%
Pre Tax Income Margin		 -32.52% -30.62% -22.30%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -18.05 -15.54 -7.24
NOPAT to Interest Expense		 -12.64 -10.88 -2.30
EBIT Less CapEx to Interest Expense		 -21.57 -19.48 -8.76
NOPAT Less CapEx to Interest Expense		 -16.17 -14.81 -3.81
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for RealReal

This table displays calculated financial ratios and metrics derived from RealReal's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 20.08% 10.01% -3.27% -15.27% -6.68% -10.20% 1.34% 10.76% 10.95% 14.38%
EBITDA Growth		 15.05% 24.69% -52.59% 25.09% 61.53% 57.71% 65.91% 85.02% 62.10% -332.80%
EBIT Growth		 11.00% 17.92% -49.14% 19.27% 50.60% 44.44% 59.02% 67.84% 38.38% -204.40%
NOPAT Growth		 11.00% 17.84% -49.52% 19.69% 50.60% 44.49% 78.07% 54.09% 35.07% 75.53%
Net Income Growth		 17.38% 26.03% -43.70% 22.26% 51.44% 43.82% 62.30% 59.57% 21.84% -215.56%
EPS Growth		 20.97% 30.36% -36.07% 26.79% 55.10% 51.28% 63.86% 51.22% 22.73% -200.00%
Operating Cash Flow Growth		 79.04% 119.71% 38.34% 21.08% -48.73% 184.56% 88.61% 77.80% 182.99% 166.03%
Free Cash Flow Firm Growth		 50.76% 81.64% 100.44% 117.17% 102.00% 76.13% 2,580.87% 155.35% 7,627.89% 5,181.75%
Invested Capital Growth		 -28.49% -520.65% -331.89% -152.75% -224.82% -89.41% -48.13% -289.70% -607.15% -432.81%
Revenue Q/Q Growth		 -7.60% 11.88% -11.12% -7.79% 1.77% 7.66% 0.30% 0.79% 1.95% 10.99%
EBITDA Q/Q Growth		 12.93% 20.44% -142.61% 55.42% 55.29% 12.53% -95.52% 80.41% -13.12% -898.89%
EBIT Q/Q Growth		 10.24% 16.73% -115.79% 49.95% 45.07% 6.35% -59.17% 60.72% -5.25% -362.64%
NOPAT Q/Q Growth		 10.70% 16.66% -115.58% 49.95% 45.07% 6.35% 14.81% -4.77% 22.32% 64.70%
Net Income Q/Q Growth		 11.11% 18.30% -113.68% 49.90% 44.47% 5.47% -43.37% 46.28% -7.36% -281.62%
EPS Q/Q Growth		 12.50% 20.41% -112.82% 50.60% 46.34% 13.64% -57.89% 33.33% 15.00% -235.29%
Operating Cash Flow Q/Q Growth		 80.93% 150.31% -922.96% 0.03% 64.07% 196.25% -132.95% -94.81% 234.34% 208.54%
Free Cash Flow Firm Q/Q Growth		 50.18% 68.29% 102.75% 3,848.46% -94.20% -478.37% 409.23% 276.08% 75.63% 148.81%
Invested Capital Q/Q Growth		 -71.31% -293.35% -186.27% 66.79% 32.10% -193.39% -123.89% 12.62% -23.20% -121.06%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 60.11% 60.51% 63.41% 65.85% 70.64% 73.97% 74.60% 74.15% 74.93% 74.43%
EBITDA Margin		 -26.86% -19.10% -52.13% -25.20% -11.07% -9.00% -17.54% -3.41% -3.78% -34.04%
Operating Margin		 -31.90% -23.77% -57.64% -31.29% -16.89% -14.69% -12.48% -12.97% -9.88% -3.14%
EBIT Margin		 -31.90% -23.74% -57.64% -31.29% -16.89% -14.69% -23.31% -9.08% -9.38% -39.09%
Profit (Net Income) Margin		 -33.12% -24.18% -58.14% -31.58% -17.23% -15.13% -21.63% -11.53% -12.14% -41.74%
Tax Burden Percent		 100.13% 100.20% 100.10% 100.28% 100.21% 100.17% 100.23% 100.21% 100.40% 100.14%
Interest Burden Percent		 103.68% 101.65% 100.75% 100.67% 101.84% 102.83% 92.56% 126.63% 128.92% 106.62%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -1,510.73% 0.00% 0.00% -2,107.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1,574.92% 0.00% 0.00% -2,113.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 2,472.95% 0.00% 0.00% 2,179.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 962.21% 405.19% 141.63% 72.45% 85.97% 71.18% 41.04% 30.27% 27.52% 37.77%
Cash Return on Invested Capital (CROIC)		 -1,553.86% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -26.73% -20.91% -57.04% -32.51% -17.57% -15.19% -27.24% -11.86% -12.66% -53.97%
Return on Assets (ROA)		 -27.75% -21.30% -57.52% -32.81% -17.93% -15.64% -25.27% -15.05% -16.39% -57.62%
Return on Common Equity (ROCE)		 962.21% 405.19% 141.63% 72.45% 85.97% 71.18% 41.04% 30.27% 27.52% 37.77%
Return on Equity Simple (ROE_SIMPLE)		 148.69% 0.00% 90.97% 76.09% 63.92% 0.00% 35.80% 27.58% 25.31% 0.00%
Net Operating Profit after Tax (NOPAT)		 -32 -27 -57 -29 -16 -15 -13 -13 -10 -3.61
NOPAT Margin		 -22.33% -16.64% -40.35% -21.90% -11.82% -10.28% -8.73% -9.08% -6.92% -2.20%
Net Nonoperating Expense Percent (NNEP)		 64.18% 27.93% 17.41% 6.42% 3.36% 3.21% 7.88% 1.30% 2.74% 23.91%
Return On Investment Capital (ROIC_SIMPLE)		 - -9.49% - - - -9.89% - - - -11.81%
Cost of Revenue to Revenue		 39.89% 39.49% 36.59% 34.15% 29.36% 26.03% 25.40% 25.85% 25.07% 25.57%
SG&A Expenses to Revenue		 32.94% 30.02% 35.13% 33.87% 33.63% 31.27% 32.52% 32.49% 32.16% 28.28%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 92.01% 84.28% 121.06% 97.14% 87.53% 88.66% 87.08% 87.12% 84.81% 77.45%
Earnings before Interest and Taxes (EBIT)		 -46 -38 -82 -41 -22 -21 -34 -13 -14 -64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -38 -30 -74 -33 -15 -13 -25 -4.94 -5.59 -56
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.24 0.20 0.21 0.39 0.38 0.38 0.74 0.60 0.59 2.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 40.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.50 0.46 0.55 0.84 0.88 0.88 1.23 1.10 1.07 2.44
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 66.35 54.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 143.39 19.39
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 -3.18 -2.64 -1.85 -1.64 -1.56 -1.49 -1.33 -1.29 -1.26 -1.08
Long-Term Debt to Equity		 -3.18 -2.64 -1.85 -1.64 -1.56 -1.49 -1.33 -1.22 -1.18 -1.01
Financial Leverage		 -1.57 -0.89 -0.93 -1.03 -1.00 -0.91 -0.83 -0.89 -0.88 -0.76
Leverage Ratio		 -46.04 -14.14 -3.87 -2.89 -2.52 -2.24 -1.65 -1.42 -1.35 -1.22
Compound Leverage Factor		 -47.73 -14.37 -3.90 -2.91 -2.57 -2.31 -1.53 -1.80 -1.74 -1.31
Debt to Total Capital		 145.91% 160.80% 217.66% 256.99% 279.30% 303.39% 407.18% 439.56% 487.68% 1,433.30%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26.89% 29.86% 87.23%
Long-Term Debt to Total Capital		 145.91% 160.80% 217.66% 256.99% 279.30% 303.39% 407.18% 412.67% 457.83% 1,346.07%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -45.91% -60.80% -117.66% -156.99% -179.30% -203.39% -307.18% -339.56% -387.68% -1,333.30%
Debt to EBITDA		 -2.62 -2.79 -2.41 -2.57 -2.97 -3.36 -5.05 -7.51 -8.93 -4.78
Net Debt to EBITDA		 -0.87 -0.97 -1.09 -1.49 -1.85 -2.06 -3.12 -4.90 -5.78 -2.90
Long-Term Debt to EBITDA		 -2.62 -2.79 -2.41 -2.57 -2.97 -3.36 -5.05 -7.05 -8.39 -4.49
Debt to NOPAT		 -3.25 -3.40 -2.98 -3.13 -3.52 -3.89 -6.05 -7.72 -8.57 -11.07
Net Debt to NOPAT		 -1.07 -1.18 -1.34 -1.82 -2.19 -2.38 -3.73 -5.04 -5.55 -6.72
Long-Term Debt to NOPAT		 -3.25 -3.40 -2.98 -3.13 -3.52 -3.89 -6.05 -7.25 -8.05 -10.40
Altman Z-Score		 -0.82 -0.97 -1.79 -1.95 -2.00 -2.14 -2.30 -2.47 -2.54 -2.41
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 2.06 1.79 1.69 1.43 1.30 1.25 1.16 0.98 0.94 0.94
Quick Ratio		 1.59 1.47 1.39 1.16 1.04 1.02 0.96 0.79 0.75 0.75
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -29 -9.19 0.25 9.99 0.58 -2.19 6.78 26 45 111
Operating Cash Flow to CapEx		 -73.25% 34.67% -191.16% -267.87% -134.64% 156.36% -65.16% -136.20% 130.75% 317.07%
Free Cash Flow to Firm to Interest Expense		 -10.83 -3.74 0.09 3.73 0.22 -0.82 0.00 4.42 7.53 18.84
Operating Cash Flow to Interest Expense		 -2.75 1.50 -11.41 -11.36 -4.09 3.92 0.00 -1.17 1.53 4.73
Operating Cash Flow Less CapEx to Interest Expense		 -6.50 -2.84 -17.38 -15.60 -7.13 1.41 0.00 -2.03 0.36 3.24
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.84 0.88 0.99 1.04 1.04 1.03 1.17 1.31 1.35 1.38
Accounts Receivable Turnover		 75.88 60.43 69.95 93.08 50.69 37.33 38.33 50.37 39.29 38.51
Inventory Turnover		 4.04 4.47 4.57 4.33 4.54 5.31 6.07 6.40 6.66 6.68
Fixed Asset Turnover		 6.42 5.98 6.23 5.79 5.48 5.07 5.43 5.58 5.74 6.05
Accounts Payable Turnover		 28.24 31.06 31.48 20.43 22.10 16.59 13.71 11.66 15.71 15.32
Days Sales Outstanding (DSO)		 4.81 6.04 5.22 3.92 7.20 9.78 9.52 7.25 9.29 9.48
Days Inventory Outstanding (DIO)		 90.34 81.64 79.95 84.21 80.47 68.78 60.16 57.05 54.84 54.68
Days Payable Outstanding (DPO)		 12.92 11.75 11.59 17.87 16.52 22.01 26.62 31.31 23.23 23.82
Cash Conversion Cycle (CCC)		 82.23 75.93 73.57 70.26 71.15 56.56 43.06 32.99 40.90 40.34
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 7.26 -14 -40 -13 -9.06 -27 -60 -52 -64 -142
Invested Capital Turnover		 67.65 -112.80 -52.39 96.21 -627.73 -27.04 -11.06 -17.30 -15.86 -7.14
Increase / (Decrease) in Invested Capital		 -2.89 -17 -58 -39 -16 -13 -19 -39 -55 -115
Enterprise Value (EV)		 292 279 328 485 496 484 677 621 622 1,465
Market Capitalization		 143 123 125 222 216 208 409 338 341 1,199
Book Value per Share		 ($1.48) ($1.73) ($2.45) ($2.75) ($2.84) ($2.93) ($3.12) ($3.16) ($3.18) ($3.71)
Tangible Book Value per Share		 ($1.48) ($1.73) ($2.45) ($2.75) ($2.84) ($2.93) ($3.12) ($3.16) ($3.18) ($3.71)
Total Capital		 308 280 207 176 162 149 106 99 89 31
Total Debt		 449 450 450 451 452 452 434 434 435 438
Total Long-Term Debt		 449 450 450 451 452 452 434 407 408 411
Net Debt		 149 156 203 262 281 277 268 283 281 266
Capital Expenditures (CapEx)		 10 11 16 11 8.12 6.73 5.32 4.96 6.94 8.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -95 -129 -120 -117 -118 -129 -134 -129 -141 -162
Debt-free Net Working Capital (DFNWC)		 205 165 127 72 53 47 32 22 13 11
Net Working Capital (NWC)		 205 165 127 72 53 47 32 -4.36 -14 -16
Net Nonoperating Expense (NNE)		 15 12 25 13 7.21 6.95 19 3.55 7.72 65
Net Nonoperating Obligations (NNO)		 149 156 203 262 281 277 268 283 281 266
Total Depreciation and Amortization (D&A)		 7.20 7.41 7.82 7.97 7.74 8.17 8.31 8.23 8.27 8.29
Debt-free, Cash-free Net Working Capital to Revenue		 -16.18% -21.38% -20.04% -20.38% -20.82% -23.42% -24.38% -22.74% -24.24% -26.91%
Debt-free Net Working Capital to Revenue		 34.84% 27.30% 21.24% 12.47% 9.38% 8.57% 5.74% 3.93% 2.18% 1.77%
Net Working Capital to Revenue		 34.84% 27.30% 21.24% 12.47% 9.38% 8.57% 5.74% -0.77% -2.41% -2.67%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.49) ($0.39) ($0.83) ($0.41) ($0.22) ($0.19) ($0.30) ($0.16) ($0.16) ($0.62)
Adjusted Weighted Average Basic Shares Outstanding		 96.70M 95.92M 99.61M 100.97M 102.65M 101.81M 105.21M 106.88M 109.02M 107.88M
Adjusted Diluted Earnings per Share		 ($0.49) ($0.39) ($0.83) ($0.41) ($0.22) ($0.19) ($0.30) ($0.20) ($0.17) ($0.57)
Adjusted Weighted Average Diluted Shares Outstanding		 96.70M 95.92M 99.61M 100.97M 102.65M 101.81M 105.21M 111.12M 112.42M 107.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 98.07M 99.25M 100.17M 102.14M 103.35M 104.69M 105.97M 108.50M 109.69M 111.25M
Normalized Net Operating Profit after Tax (NOPAT)		 -32 -26 -32 -27 -16 -10 -12 -13 -10 -3.75
Normalized NOPAT Margin		 -22.33% -16.36% -22.40% -20.90% -12.27% -7.32% -8.64% -9.08% -6.92% -2.28%
Pre Tax Income Margin		 -33.07% -24.14% -58.08% -31.50% -17.20% -15.11% -21.58% -11.50% -12.09% -41.68%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -17.02 -15.42 -30.67 -15.29 -8.41 -7.85 0.00 -2.28 -2.33 -10.84
NOPAT to Interest Expense		 -11.91 -10.81 -21.47 -10.70 -5.89 -5.50 0.00 -2.28 -1.72 -0.61
EBIT Less CapEx to Interest Expense		 -20.77 -19.76 -36.64 -19.53 -11.45 -10.36 0.00 -3.14 -3.50 -12.33
NOPAT Less CapEx to Interest Expense		 -15.67 -15.15 -27.44 -14.94 -8.93 -8.00 0.00 -3.14 -2.89 -2.10
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

RealReal (REAL) Quarterly Financial Summary and Trends:

RealReal has reported its latest quarterly results for Q4 2024, alongside historical quarterly data from Q1 2023 through Q4 2024. Here are key observations and trends from the financial statements over the last few years:

  • Q4 2024 revenue increased to $164.0 million, showing growth from prior quarters like Q3 2024 ($147.8M) and Q4 2023 ($143.4M), indicating expanding top-line performance.
  • Gross profit in Q4 2024 rose significantly to $122.1 million compared to $110.7 million in Q3 2024 and $106.0 million in Q4 2023, suggesting improved margin control or sales mix.
  • Operating expenses remain elevated but fairly consistent, with Q4 2024 totaling $127.0 million indicating the company is managing operating cost growth near revenue growth.
  • Net cash from operating activities improved to $27.99 million in Q4 2024 from $9.07 million in Q3 2024 and negative cash flow in earlier quarters, signaling improved operational cash generation.
  • Cash and equivalents remain substantial at approximately $153 million as of Q3 2024, maintaining liquidity despite ongoing losses.
  • Operating income, while improving, remains negative at -$5.15 million in Q4 2024, showing ongoing investment or cost pressures.
  • Net income/loss continues to be negative, with a loss of $68.5 million in Q4 2024, which is wider than losses in Q3 2024 ($17.9M) and Q4 2023 ($21.7M), partly due to significant other expenses.
  • Interest expense around $5.9 million in Q4 2024 is steady over recent quarters, indicating consistent financing costs.
  • Total liabilities have remained very high, around $750 million as of Q3 2024, with negative shareholders’ equity, reflecting ongoing financial leverage and accumulated losses.
  • Significant negative other income/expense items (-$58.96 million in Q4 2024) heavily impact net income, suggesting one-time charges or impairments.
  • Diluted EPS remains negative every quarter, with Q4 2024 at -$0.57 and Q1 2023 hitting -$0.83, which indicates continued challenges in profitability.
  • Long-term debt remains high at over $407 million (Q3 2024) compared to cash reserves, signaling potential leverage risks.
  • Operating costs of revenue saw spikes in early 2023, peaking at over $51.9 million in Q1 2023, pressuring gross margins.
  • Cash flow from investing activities consistently negative as the company invests in property, plant & equipment, reflecting capital expenditure needs but impacting cash.

Summary: TheRealReal has shown a steady increase in revenues and gross profit, reflecting growth potential in its luxury resale market. However, ongoing losses, high operating expenses, significant other expenses, and elevated debt levels present risks. Improved operating cash flow in recent quarters is a positive sign, but profitability remains elusive. Investors should monitor the company's ability to control costs, reduce losses, and manage its debt burden while sustaining top-line growth.

10/25/25 01:13 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About RealReal's Financials

When does RealReal's financial year end?

According to the most recent income statement we have on file, RealReal's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has RealReal's net income changed over the last 2 years?

RealReal's net income appears to be on a downward trend, with a most recent value of -$134.20 million in 2024, falling from -$196.45 million in 2022. The previous period was -$168.47 million in 2023. Find out what analysts predict for RealReal in the coming months.

What is RealReal's operating income?
RealReal's total operating income in 2024 was -$56.50 million, based on the following breakdown:
  • Total Gross Profit: $447.52 million
  • Total Operating Expenses: $503.82 million
How has RealReal's revenue changed over the last 2 years?

Over the last 2 years, RealReal's total revenue changed from $603.49 million in 2022 to $600.48 million in 2024, a change of -0.5%.

How much debt does RealReal have?

RealReal's total liabilities were at $830.47 million at the end of 2024, a 10.7% increase from 2023, and a 5.7% increase since 2022.

How much cash does RealReal have?

In the past 2 years, RealReal's cash and equivalents has ranged from $172.21 million in 2024 to $293.79 million in 2022, and is currently $172.21 million as of their latest financial filing in 2024.

How has RealReal's book value per share changed over the last 2 years?

Over the last 2 years, RealReal's book value per share changed from -1.73 in 2022 to -3.71 in 2024, a change of 114.1%.


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This page (NASDAQ:REAL) was last updated on 10/25/2025 by MarketBeat.com Staff
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