What is RealReal's operating income?

RealReal's total operating income in 2025 was -$23.93 million, based on the following breakdown: Total Gross Profit: $516.82 million Total Operating Expenses: $540.76 million

RealReal (REAL) Financials

$10.68 +0.08 (+0.75%)

Closing price 07/13/2026 04:00 PM Eastern

Extended Trading

$10.72 +0.04 (+0.38%)

As of 08:50 AM Eastern

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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	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-85	-102	-176	-236	-196	-168	-134	-42
Consolidated Net Income / (Loss)	-76	-98	-176	-236	-196	-168	-134	-42
Net Income / (Loss) Continuing Operations	198	-98	-176	-236	-196	-168	-134	-42
Total Pre-Tax Income	-76	-98	-176	-236	-196	-168	-134	-41
Total Operating Income	-74	-100	-173	-215	-189	-166	-56	-24
Total Gross Profit	274	202	188	273	349	376	448	517
Total Revenue	427	316	300	468	603	549	600	693
Operating Revenue	427	316	300	468	603	549	600	693
Total Cost of Revenue	154	115	112	194	255	173	153	176
Operating Cost of Revenue	154	115	112	194	255	173	153	176
Total Operating Expenses	74	302	360	488	538	543	504	541
Selling, General & Admin Expense	64	111	141	176	195	184	188	202
Marketing Expense	42	48	55	63	63	58	55	63
Other Operating Expenses / (Income)	242	143	164	234	279	257	261	276
Restructuring Charge	-	-	-	2.31	0.90	43	0.00	0.00
Total Other Income / (Expense), net	-1.76	1.88	-2.92	-21	-7.11	-1.90	-77	-18
Interest Expense	1.15	0.62	5.26	22	10	11	17	-13
Interest & Investment Income	1.05	4.59	2.52	0.37	3.19	8.81	7.94	4.26
Other Income / (Expense), net	-1.66	-2.10	-0.17	0.02	0.17	0.00	-68	-35
Income Tax Expense	0.10	0.20	0.10	0.06	0.17	0.28	0.28	0.36
Basic Earnings per Share	($10.12)	($2.14)	($2.01)	($2.58)	($2.05)	($1.65)	($1.24)	($0.36)
Weighted Average Basic Shares Outstanding	8.37M	47.48M	87.59M	91.41M	95.92M	101.81M	107.88M	114.87M
Diluted Earnings per Share	($10.12)	($2.14)	($2.01)	($2.58)	($2.05)	($1.65)	($1.24)	($0.70)
Weighted Average Diluted Shares Outstanding	8.37M	47.48M	87.59M	91.41M	95.92M	101.81M	107.88M	116.51M
Weighted Average Basic & Diluted Shares Outstanding	8.37M	47.48M	87.59M	93.06M	99.25M	104.69M	111.25M	118.98M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-23	-22	-31	-17	-18	-68	62	-11	-54	-39	39
Consolidated Net Income / (Loss)	-23	-22	-31	-17	-18	-68	62	-11	-54	-39	39
Net Income / (Loss) Continuing Operations	-23	-22	-31	-17	-18	-68	62	-11	-54	-39	39
Total Pre-Tax Income	-23	-22	-31	-17	-18	-68	62	-11	-54	-39	39
Total Operating Income	-22	-21	-18	-19	-15	-5.15	-13	-9.89	-7.55	6.27	-2.27
Total Gross Profit	94	106	107	107	111	122	120	123	129	145	141
Total Revenue	133	143	144	145	148	164	160	165	174	194	190
Operating Revenue	133	143	144	145	148	164	160	165	174	194	190
Total Cost of Revenue	39	37	37	37	37	42	40	43	45	49	48
Operating Cost of Revenue	39	37	37	37	37	42	40	43	45	49	48
Total Operating Expenses	117	127	125	126	125	127	133	133	136	139	144
Selling, General & Admin Expense	45	45	47	47	48	46	50	48	52	52	52
Marketing Expense	12	14	15	14	12	15	16	16	14	18	19
Other Operating Expenses / (Income)	61	62	63	65	66	66	67	69	71	69	73
Total Other Income / (Expense), net	-0.41	-0.60	-13	2.12	-3.26	-63	75	-1.39	-46	-45	41
Interest Expense	2.67	2.68	-0.43	5.77	5.95	5.92	-31	7.04	3.40	7.26	7.22
Interest & Investment Income	2.26	2.09	2.07	2.26	1.94	1.67	1.37	1.11	0.82	0.96	1.00
Other Income / (Expense), net	0.00	-	-16	5.63	0.74	-59	43	4.54	-44	-39	48
Income Tax Expense	0.05	0.04	0.07	0.04	0.07	0.10	0.10	0.09	0.02	0.16	0.11
Basic Earnings per Share	($0.22)	($0.19)	($0.30)	($0.16)	($0.16)	($0.62)	$0.56	($0.10)	($0.47)	($0.35)	$0.33
Weighted Average Basic Shares Outstanding	102.65M	101.81M	105.21M	106.88M	109.02M	107.88M	112.04M	114.04M	115.89M	114.87M	119.52M
Diluted Earnings per Share	($0.22)	($0.19)	($0.30)	($0.20)	($0.17)	($0.57)	($0.14)	($0.13)	($0.49)	$0.06	($0.07)
Weighted Average Diluted Shares Outstanding	102.65M	101.81M	105.21M	111.12M	112.42M	107.88M	120.78M	119.48M	116.77M	116.51M	125.72M
Weighted Average Basic & Diluted Shares Outstanding	103.35M	104.69M	105.97M	108.50M	109.69M	111.25M	113.10M	115.24M	116.68M	118.98M	120.49M

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	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	25	109	196	67	-124	-103	-3.50	-21
Net Cash From Operating Activities	-47	-54	-134	-142	-92	-61	27	37
Net Cash From Continuing Operating Activities	-47	-54	-134	-142	-92	-61	27	37
Net Income / (Loss) Continuing Operations	-76	-98	-176	-236	-196	-168	-134	-42
Consolidated Net Income / (Loss)	-76	-98	-176	-236	-196	-168	-134	-42
Depreciation Expense	9.29	13	19	24	28	32	33	33
Non-Cash Adjustments To Reconcile Net Income	6.65	9.91	44	85	75	105	125	55
Changes in Operating Assets and Liabilities, net	13	21	-22	-15	2.65	-29	2.84	-9.26
Net Cash From Investing Activities	-34	-215	178	-43	-37	-42	-26	-29
Net Cash From Continuing Investing Activities	-34	-215	178	-43	-37	-42	-26	-29
Purchase of Property, Plant & Equipment	-19	-34	-27	-47	-37	-42	-26	-32
Other Investing Activities, net	-	-	-	-	0.00	0.00	0.46	2.31
Net Cash From Financing Activities	106	379	153	253	4.10	0.23	-4.76	-29
Net Cash From Continuing Financing Activities	106	379	153	253	4.10	0.23	-4.76	-29
Repayment of Debt	-5.05	-9.25	-23	-34	0.00	0.00	-5.30	-33
Issuance of Common Equity	0.00	316	0.97	2.34	1.40	0.89	1.41	1.65
Other Financing Activities, net	0.61	2.60	8.11	6.00	2.70	-0.66	-0.87	2.78
Cash Interest Paid	0.67	0.55	0.01	6.58	8.10	8.13	11	17
Cash Income Taxes Paid	0.05	0.10	0.09	0.09	0.26	0.23	0.20	0.33

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-19	4.06	-9.72	-15	2.43	19	-33	-45	14	43	-27
Net Cash From Operating Activities	-11	11	-3.47	-6.75	9.07	28	-28	-3.57	19	50	-17
Net Cash From Continuing Operating Activities	-11	10	-3.47	-6.75	9.07	28	-28	-3.22	19	50	-17
Net Income / (Loss) Continuing Operations	-23	-22	-31	-17	-18	-68	62	-11	-54	-39	39
Consolidated Net Income / (Loss)	-23	-22	-31	-17	-18	-68	62	-11	-54	-39	39
Depreciation Expense	7.74	8.17	8.31	8.23	8.27	8.29	8.38	8.26	8.21	8.16	8.09
Non-Cash Adjustments To Reconcile Net Income	1.21	34	25	13	11	77	-68	22	32	74	-38
Changes in Operating Assets and Liabilities, net	3.17	-10	-5.52	-11	8.10	12	-31	-22	33	5.96	-25
Net Cash From Investing Activities	-8.12	-6.73	-5.32	-4.96	-6.48	-8.83	-5.86	-11	-5.61	-6.92	-11
Net Cash From Continuing Investing Activities	-8.12	-6.73	-5.32	-4.96	-6.48	-8.83	-5.86	-11	-5.61	-6.92	-11
Purchase of Property, Plant & Equipment	-8.12	-6.73	-5.32	-4.96	-6.94	-8.83	-7.58	-11	-5.61	-6.92	-11
Other Investing Activities, net	-	-	0.00	-	-	-	1.72	0.59	-	-	0.00
Net Cash From Financing Activities	-0.07	0.26	-0.93	-3.54	-0.16	-0.13	1.47	-31	0.36	0.16	-0.02
Net Cash From Continuing Financing Activities	-0.07	0.26	-0.93	-3.54	-0.16	-0.13	1.47	-31	0.36	0.16	-0.02
Repayment of Debt	-	-	-1.03	-4.21	-0.07	-	-0.00	-32	-0.21	-1.34	0.00
Other Financing Activities, net	-0.07	-0.18	0.10	0.05	-0.10	-0.92	1.47	0.06	0.57	0.68	-0.02
Cash Interest Paid	1.46	2.61	2.35	0.42	7.39	0.52	6.53	0.42	10	0.02	10
Cash Income Taxes Paid	0.01	-	0.01	0.19	-	0.00	0.01	0.33	-0.00	-	0.01

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	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	135	465	605	755	616	447	423	409
Total Current Assets	89	407	421	518	372	236	233	227
Cash & Equivalents	34	154	351	418	294	176	172	151
Accounts Receivable	7.57	7.78	7.21	7.77	12	17	14	24
Inventories, net	10	22	42	71	43	22	24	31
Prepaid Expenses	9.70	14	17	21	23	21	23	22
Plant, Property, & Equipment, net	33	56	63	89	113	104	94	96
Total Noncurrent Assets	13	2.66	120	148	131	107	96	85
Other Noncurrent Operating Assets	13	2.66	120	148	131	107	96	85
Total Liabilities & Shareholders' Equity	135	465	605	755	616	447	423	409
Total Liabilities	99	128	414	682	786	750	830	825
Total Current Liabilities	88	119	148	188	208	189	249	264
Accounts Payable	5.15	11	14	4.50	12	8.96	11	15
Accrued Expenses	77	107	119	165	82	77	90	111
Other Current Liabilities	-	0.00	15	18	114	103	121	138
Total Noncurrent Liabilities	11	9.46	266	494	578	561	582	560
Long-Term Debt	3.25	0.00	149	348	450	452	411	372
Other Noncurrent Operating Liabilities	7.30	9.46	116	145	128	109	171	188
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-258	337	191	73	-170	-303	-407	-416
Total Preferred & Common Equity	-258	337	191	73	-170	-303	-407	-416
Total Common Equity	-258	337	191	73	-170	-303	-407	-416
Common Stock	0.00	693	723	841	781	816	846	880
Retained Earnings	-258	-356	-532	-768	-951	-1,120	-1,254	-1,296

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	634	512	459	453	432	407	406	400	349	366	386
Total Current Assets	399	311	240	230	225	207	212	208	160	182	203
Cash & Equivalents	300	247	189	171	166	151	153	140	94	108	124
Accounts Receivable	8.75	8.94	5.99	14	20	16	16	28	23	24	25
Inventories, net	63	31	26	25	21	21	20	26	29	30	34
Prepaid Expenses	27	24	19	21	18	19	23	14	14	20	20
Plant, Property, & Equipment, net	100	102	106	107	101	97	95	98	98	95	98
Total Noncurrent Assets	136	99	113	116	105	103	99	95	91	89	85
Other Noncurrent Operating Assets	136	99	113	116	105	103	99	95	91	89	85
Total Liabilities & Shareholders' Equity	634	512	459	453	432	407	406	400	349	366	386
Total Liabilities	776	755	734	743	759	743	752	736	688	751	745
Total Current Liabilities	194	184	168	177	194	212	226	240	199	226	241
Accounts Payable	9.90	8.87	13	8.09	14	13	11	20	14	11	15
Accrued Expenses	72	72	62	67	76	65	73	82	76	87	102
Other Current Liabilities	112	103	93	102	104	107	115	111	110	128	124
Total Noncurrent Liabilities	582	571	566	566	565	531	526	496	488	525	504
Long-Term Debt	449	450	451	452	434	407	408	372	373	371	375
Other Noncurrent Operating Liabilities	133	121	115	114	131	123	118	124	115	154	129
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	-336	-338	-385	-359
Total Preferred & Common Equity	-141	-244	-276	-290	-327	-335	-345	-336	-338	-385	-359
Total Common Equity	-141	-244	-276	-290	-327	-335	-345	-336	-338	-385	-359
Common Stock	771	790	799	808	824	832	840	855	865	872	897
Retained Earnings	-913	-1,034	-1,075	-1,098	-1,151	-1,167	-1,185	-1,191	-1,203	-1,257	-1,257

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	85,791,236.00	88,577,407.00	92,387,816.00	-	-	-	116,682,847.00
DEI Adjusted Shares Outstanding	0.00	85,791,236.00	88,577,407.00	92,387,816.00	-	-	-	116,682,847.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-1.19	-1.99	-2.56	-	-	-	-0.36
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-25.99%	-5.19%	55.92%	29.04%	-8.98%	9.32%	15.38%
EBITDA Growth	0.00%	-34.50%	-73.24%	-24.07%	15.69%	16.57%	31.97%	71.85%
EBIT Growth	0.00%	-35.27%	-69.25%	-24.22%	12.05%	12.01%	25.03%	52.85%
NOPAT Growth	0.00%	-35.45%	-72.63%	-24.36%	11.98%	12.09%	66.03%	57.64%
Net Income Growth	0.00%	-29.91%	-78.64%	-34.28%	16.80%	14.24%	20.34%	68.85%
EPS Growth	0.00%	78.85%	6.07%	-28.36%	20.54%	19.51%	24.85%	43.55%
Operating Cash Flow Growth	0.00%	-15.46%	-146.69%	-5.75%	35.59%	33.08%	143.82%	37.86%
Free Cash Flow Firm Growth	0.00%	0.00%	-121.61%	-26.81%	31.59%	9.72%	172.72%	-51.64%
Invested Capital Growth	0.00%	-64.89%	44.71%	123.20%	-520.65%	-89.41%	-432.81%	-37.61%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	84.44%	2.47%	-2.88%	3.56%	4.53%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	1.43%	5.84%	11.56%	-88.24%	55.12%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1.04%	4.19%	9.20%	-52.75%	35.10%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1.00%	4.17%	9.22%	21.97%	32.31%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	45.31%	6.47%	9.13%	-53.48%	41.52%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.77%	7.66%	10.81%	-44.19%	47.37%
Operating Cash Flow Q/Q Growth	0.00%	17.05%	-45.49%	12.14%	19.70%	10.02%	186.36%	139.02%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	14.97%	7.19%	1,641.04%	9.45%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-67.13%	-293.35%	-193.39%	-121.06%	-59.52%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	64.06%	63.70%	62.53%	58.47%	57.78%	68.50%	74.53%	74.59%
EBITDA Margin	-15.48%	-28.14%	-51.42%	-40.91%	-26.73%	-24.50%	-15.25%	-3.72%
Operating Margin	-17.29%	-31.64%	-57.62%	-45.95%	-31.34%	-30.27%	-9.41%	-3.45%
EBIT Margin	-17.68%	-32.31%	-57.67%	-45.95%	-31.32%	-30.27%	-20.76%	-8.48%
Profit (Net Income) Margin	-17.72%	-31.11%	-58.62%	-50.48%	-32.55%	-30.67%	-22.35%	-6.03%
Tax Burden Percent	100.13%	100.20%	100.06%	100.02%	100.09%	100.17%	100.21%	100.88%
Interest Burden Percent	100.14%	96.11%	101.59%	109.85%	103.85%	101.14%	107.43%	70.50%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-207.52%	-52.67%	-66.54%	-178.58%	405.19%	71.18%	37.77%	10.16%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-5,039.10%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-55.80%	-34.03%	-32.32%	-31.60%	-27.58%	-31.30%	-28.66%	-14.13%
Return on Assets (ROA)	-55.95%	-32.77%	-32.85%	-34.72%	-28.67%	-31.71%	-30.85%	-10.05%
Return on Common Equity (ROCE)	1,464.68%	-11.21%	-66.54%	-178.58%	405.19%	71.18%	37.77%	10.16%
Return on Equity Simple (ROE_SIMPLE)	29.40%	-29.19%	-91.92%	-322.87%	115.49%	55.55%	32.94%	0.00%
Net Operating Profit after Tax (NOPAT)	-52	-70	-121	-150	-132	-116	-40	-17
NOPAT Margin	-12.10%	-22.15%	-40.33%	-32.17%	-21.94%	-21.19%	-6.59%	-2.42%
Net Nonoperating Expense Percent (NNEP)	-45.96%	-13.65%	-19.29%	-62.20%	148.45%	24.06%	34.90%	10.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-47.33%	-78.06%	-129.43%	38.33%
Cost of Revenue to Revenue	35.94%	36.30%	37.47%	41.53%	42.22%	31.50%	25.47%	25.41%
SG&A Expenses to Revenue	14.91%	34.98%	46.89%	37.68%	32.37%	33.46%	31.26%	29.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.29%	95.35%	120.15%	104.42%	89.12%	98.77%	83.90%	78.05%
Earnings before Interest and Taxes (EBIT)	-76	-102	-173	-215	-189	-166	-125	-59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-66	-89	-154	-191	-161	-135	-92	-26
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	4.80	9.05	14.67	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	4.80	9.05	14.67	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.70	5.11	5.77	2.29	0.20	0.38	2.00	2.66
Price to Earnings (P/E)	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%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	300.52	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.27	3.96	5.08	2.14	0.46	0.88	2.44	2.98
Enterprise Value to EBITDA (EV/EBITDA)	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
Enterprise Value to NOPAT (EV/NOPAT)	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	54.56	55.71
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	19.39	56.45
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.00	0.78	4.76	-2.64	-1.49	-1.08	-0.89
Long-Term Debt to Equity	0.09	0.00	0.78	4.76	-2.64	-1.49	-1.01	-0.89
Financial Leverage	-1.43	-1.11	-1.08	-1.04	-0.89	-0.91	-0.76	-0.59
Leverage Ratio	3.71	1.61	2.03	5.14	-14.14	-2.24	-1.22	-1.01
Compound Leverage Factor	3.71	1.54	2.06	5.65	-14.68	-2.27	-1.32	-0.71
Debt to Total Capital	20.20%	0.00%	43.82%	82.65%	160.80%	303.39%	1,433.30%	-850.73%
Short-Term Debt to Total Capital	13.09%	0.00%	0.00%	0.00%	0.00%	0.00%	87.23%	0.00%
Long-Term Debt to Total Capital	7.10%	0.00%	43.82%	82.65%	160.80%	303.39%	1,346.07%	-850.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	643.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-563.27%	100.00%	56.18%	17.35%	-60.80%	-203.39%	-1,333.30%	950.73%
Debt to EBITDA	-0.14	0.00	-0.97	-1.82	-2.79	-3.36	-4.78	-14.43
Net Debt to EBITDA	0.79	0.00	1.33	0.36	-0.97	-2.06	-2.90	-8.56
Long-Term Debt to EBITDA	-0.05	0.00	-0.97	-1.82	-2.79	-3.36	-4.49	-14.43
Debt to NOPAT	-0.18	0.00	-1.23	-2.32	-3.40	-3.89	-11.07	-22.19
Net Debt to NOPAT	1.01	0.00	1.70	0.46	-1.18	-2.38	-6.72	-13.17
Long-Term Debt to NOPAT	-0.06	0.00	-1.23	-2.32	-3.40	-3.89	-10.40	-22.19
Altman Z-Score	0.48	7.21	1.37	-0.28	-1.78	-3.21	-2.88	-1.98
Noncontrolling Interest Sharing Ratio	805.81%	78.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	1.01	3.43	2.84	2.75	1.79	1.25	0.94	0.86
Quick Ratio	0.78	3.13	2.44	2.27	1.47	1.02	0.75	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-60	-133	-168	-115	-104	76	37
Operating Cash Flow to CapEx	-246.89%	-160.13%	-499.12%	-299.66%	-247.97%	-145.43%	103.06%	117.37%
Free Cash Flow to Firm to Interest Expense	0.00	-97.14	-25.19	-7.81	-10.99	-9.71	4.39	0.00
Operating Cash Flow to Interest Expense	-40.97	-88.46	-25.54	-6.60	-8.74	-5.73	1.56	0.00
Operating Cash Flow Less CapEx to Interest Expense	-57.56	-143.70	-30.65	-8.81	-12.27	-9.66	0.05	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	3.16	1.05	0.56	0.69	0.88	1.03	1.38	1.67
Accounts Receivable Turnover	56.46	41.22	40.01	62.44	60.43	37.33	38.51	36.68
Inventory Turnover	14.84	7.12	3.50	3.43	4.47	5.31	6.68	6.47
Fixed Asset Turnover	12.84	7.10	5.03	6.12	5.98	5.07	6.05	7.27
Accounts Payable Turnover	29.84	14.08	8.81	20.61	31.06	16.59	15.32	13.77
Days Sales Outstanding (DSO)	6.46	8.86	9.12	5.85	6.04	9.78	9.48	9.95
Days Inventory Outstanding (DIO)	24.60	51.29	104.32	106.50	81.64	68.78	54.68	56.43
Days Payable Outstanding (DPO)	12.23	25.92	41.42	17.71	11.75	22.01	23.82	26.51
Cash Conversion Cycle (CCC)	18.83	34.23	72.02	94.63	75.93	56.56	40.34	39.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	-16	-26	-14	3.34	-14	-27	-142	-195
Invested Capital Turnover	-27.10	-15.14	-14.85	-84.69	-112.80	-27.04	-7.14	-4.12
Increase / (Decrease) in Invested Capital	0.00	-10	12	18	-17	-13	-115	-53
Enterprise Value (EV)	542	1,254	1,525	1,003	279	484	1,465	2,062
Market Capitalization	300	1,617	1,731	1,073	123	208	1,199	1,841
Book Value per Share	($30.80)	$3.93	$2.16	$0.79	($1.73)	($2.93)	($3.71)	($3.56)
Tangible Book Value per Share	($30.80)	$3.93	$2.16	$0.79	($1.73)	($2.93)	($3.71)	($3.56)
Total Capital	46	337	340	422	280	149	31	-44
Total Debt	9.24	0.00	149	348	450	452	438	372
Total Long-Term Debt	3.25	0.00	149	348	450	452	411	372
Net Debt	-52	-363	-206	-70	156	277	266	221
Capital Expenditures (CapEx)	19	34	27	47	37	42	26	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-55	-75	-82	-88	-129	-129	-162	-188
Debt-free Net Working Capital (DFNWC)	6.78	288	273	330	165	47	11	-37
Net Working Capital (NWC)	0.79	288	273	330	165	47	-16	-37
Net Nonoperating Expense (NNE)	24	28	55	86	64	52	95	25
Net Nonoperating Obligations (NNO)	-52	-363	-206	-70	156	277	266	221
Total Depreciation and Amortization (D&A)	9.37	13	19	24	28	32	33	33
Debt-free, Cash-free Net Working Capital to Revenue	-12.81%	-23.72%	-27.22%	-18.89%	-21.38%	-23.42%	-26.91%	-27.13%
Debt-free Net Working Capital to Revenue	1.59%	91.10%	91.09%	70.52%	27.30%	8.57%	1.77%	-5.30%
Net Working Capital to Revenue	0.19%	91.10%	91.09%	70.52%	27.30%	8.57%	-2.67%	-5.30%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.01)	($2.58)	($2.05)	($1.65)	($1.24)	($0.36)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	89.84M	91.41M	95.92M	101.81M	107.88M	114.87M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.01)	($2.58)	($2.05)	($1.65)	($1.24)	($0.70)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	89.84M	91.41M	95.92M	101.81M	107.88M	116.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($2.01)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	87.59M	93.06M	99.25M	104.69M	111.25M	118.98M
Normalized Net Operating Profit after Tax (NOPAT)	-52	-70	-120	-139	-132	-86	-40	-17
Normalized NOPAT Margin	-12.10%	-22.15%	-40.07%	-29.82%	-21.84%	-15.65%	-6.59%	-2.42%
Pre Tax Income Margin	-17.70%	-31.05%	-58.59%	-50.47%	-32.52%	-30.62%	-22.30%	-5.98%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-65.59	-165.92	-32.86	-9.98	-18.05	-15.54	-7.24	0.00
NOPAT to Interest Expense	-44.91	-113.76	-22.98	-6.99	-12.64	-10.88	-2.30	0.00
EBIT Less CapEx to Interest Expense	-82.18	-221.16	-37.98	-12.18	-21.57	-19.48	-8.76	0.00
NOPAT Less CapEx to Interest Expense	-61.50	-169.00	-28.10	-9.19	-16.17	-14.81	-3.81	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	111,246,608.00	113,095,329.00	115,237,276.00	116,682,847.00	118,982,805.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	111,246,608.00	113,095,329.00	115,237,276.00	116,682,847.00	118,982,805.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.56	-0.10	-0.47	-0.33	0.33
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.68%	-10.20%	1.34%	10.76%	10.95%	14.38%	11.29%	13.97%	17.47%	18.33%	18.55%
EBITDA Growth	61.53%	57.71%	65.91%	85.02%	62.10%	-332.80%	253.53%	158.87%	-673.71%	56.71%	37.82%
EBIT Growth	50.60%	44.44%	59.02%	67.84%	38.38%	-204.40%	190.50%	59.38%	-271.22%	49.58%	49.19%
NOPAT Growth	50.60%	44.49%	78.07%	54.09%	35.07%	75.53%	-1.53%	47.41%	48.29%	221.69%	82.22%
Net Income Growth	51.44%	43.82%	62.30%	59.57%	21.84%	-215.56%	300.64%	31.97%	-201.32%	43.35%	-37.60%
EPS Growth	55.10%	51.28%	63.86%	51.22%	22.73%	-200.00%	53.33%	35.00%	-188.24%	110.53%	50.00%
Operating Cash Flow Growth	-48.73%	184.56%	88.61%	77.80%	182.99%	166.03%	-715.40%	47.14%	113.05%	76.90%	41.20%
Free Cash Flow Firm Growth	102.00%	76.13%	2,580.87%	155.35%	7,627.89%	5,181.75%	-34.08%	-96.26%	17.94%	-48.26%	548.24%
Invested Capital Growth	-224.82%	-89.41%	-48.13%	-289.70%	-607.15%	-432.81%	-28.93%	-15.14%	-90.70%	-37.61%	-40.72%
Revenue Q/Q Growth	1.77%	7.66%	0.30%	0.79%	1.95%	10.99%	-2.42%	3.22%	5.08%	11.80%	-2.23%
EBITDA Q/Q Growth	55.29%	12.53%	-95.52%	80.41%	-13.12%	-898.89%	169.36%	-92.49%	-1,586.76%	44.12%	320.84%
EBIT Q/Q Growth	45.07%	6.35%	-59.17%	60.72%	-5.25%	-362.64%	147.32%	-117.63%	-861.93%	37.16%	240.03%
NOPAT Q/Q Growth	45.07%	6.35%	14.81%	-4.77%	22.32%	64.70%	-253.44%	45.74%	23.62%	183.07%	-151.65%
Net Income Q/Q Growth	44.47%	5.47%	-43.37%	46.28%	-7.36%	-281.62%	191.15%	-118.21%	-375.55%	28.25%	200.40%
EPS Q/Q Growth	46.34%	13.64%	-57.89%	33.33%	15.00%	-235.29%	75.44%	7.14%	-276.92%	112.24%	-216.67%
Operating Cash Flow Q/Q Growth	64.07%	196.25%	-132.95%	-94.81%	234.34%	208.54%	-200.99%	87.37%	641.46%	156.18%	-133.57%
Free Cash Flow Firm Q/Q Growth	-94.20%	-478.37%	409.23%	276.08%	75.63%	148.81%	-95.99%	-78.65%	5,435.57%	9.14%	-49.74%
Invested Capital Q/Q Growth	32.10%	-193.39%	-123.89%	12.62%	-23.20%	-121.06%	45.82%	21.97%	-104.06%	-59.52%	44.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.64%	73.97%	74.60%	74.15%	74.93%	74.43%	75.00%	74.26%	74.27%	74.83%	74.50%
EBITDA Margin	-11.07%	-9.00%	-17.54%	-3.41%	-3.78%	-34.04%	24.19%	1.76%	-24.91%	-12.45%	28.13%
Operating Margin	-16.89%	-14.69%	-12.48%	-12.97%	-9.88%	-3.14%	-7.98%	-5.98%	-4.35%	3.23%	-1.20%
EBIT Margin	-16.89%	-14.69%	-23.31%	-9.08%	-9.38%	-39.09%	18.96%	-3.24%	-29.64%	-16.66%	23.86%
Profit (Net Income) Margin	-17.23%	-15.13%	-21.63%	-11.53%	-12.14%	-41.74%	38.99%	-6.88%	-31.14%	-19.99%	20.52%
Tax Burden Percent	100.21%	100.17%	100.23%	100.21%	100.40%	100.14%	99.85%	100.79%	100.04%	100.40%	99.72%
Interest Burden Percent	101.84%	102.83%	92.56%	126.63%	128.92%	106.62%	205.98%	210.86%	105.02%	119.50%	86.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%	0.00%	0.00%	0.00%	0.28%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	85.97%	71.18%	41.04%	30.27%	27.52%	37.77%	12.28%	10.50%	19.57%	10.16%	18.77%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-17.57%	-15.19%	-27.24%	-11.86%	-12.66%	-53.97%	28.11%	-5.45%	-50.86%	-27.74%	43.85%
Return on Assets (ROA)	-17.93%	-15.64%	-25.27%	-15.05%	-16.39%	-57.62%	57.81%	-11.58%	-53.44%	-33.28%	37.72%
Return on Common Equity (ROCE)	85.97%	71.18%	41.04%	30.27%	27.52%	37.77%	12.28%	10.50%	19.57%	10.16%	18.77%
Return on Equity Simple (ROE_SIMPLE)	63.92%	0.00%	35.80%	27.58%	25.31%	0.00%	12.11%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-15	-13	-13	-10	-3.61	-13	-6.92	-5.29	4.39	-2.27
NOPAT Margin	-11.82%	-10.28%	-8.73%	-9.08%	-6.92%	-2.20%	-7.97%	-4.19%	-3.04%	2.26%	-1.20%
Net Nonoperating Expense Percent (NNEP)	3.36%	3.21%	7.88%	1.30%	2.74%	23.91%	-28.53%	1.58%	17.92%	17.76%	-16.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.89%	-	-	-	-11.81%	-20.29%	-20.08%	38.35%	-10.05%	-14.22%
Cost of Revenue to Revenue	29.36%	26.03%	25.40%	25.85%	25.07%	25.57%	25.00%	25.74%	25.73%	25.17%	25.50%
SG&A Expenses to Revenue	33.63%	31.27%	32.52%	32.49%	32.16%	28.28%	31.22%	29.07%	29.74%	26.79%	27.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	87.53%	88.66%	87.08%	87.12%	84.81%	77.45%	82.98%	80.25%	78.62%	71.60%	75.70%
Earnings before Interest and Taxes (EBIT)	-22	-21	-34	-13	-14	-64	30	-5.35	-51	-32	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	-13	-25	-4.94	-5.59	-56	39	2.91	-43	-24	53
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	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	0.00
Price to Revenue (P/Rev)	0.38	0.38	0.74	0.60	0.59	2.00	0.97	0.85	1.85	2.66	1.50
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	0.00
Dividend Yield	0.00%	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%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.88	0.88	1.23	1.10	1.07	2.44	1.39	1.29	2.24	2.98	1.84
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	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	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	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	66.35	54.56	420.43	156.89	96.09	55.71	27.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	143.39	19.39	0.00	0.00	44.59	56.45	60.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.56	-1.49	-1.33	-1.29	-1.26	-1.08	-1.19	-1.10	-0.96	-0.89	-1.04
Long-Term Debt to Equity	-1.56	-1.49	-1.33	-1.22	-1.18	-1.01	-1.11	-1.10	-0.96	-0.89	-1.04
Financial Leverage	-1.00	-0.91	-0.83	-0.89	-0.88	-0.76	-0.79	-0.83	-0.75	-0.59	-0.73
Leverage Ratio	-2.52	-2.24	-1.65	-1.42	-1.35	-1.22	-1.25	-1.12	-1.06	-1.01	-1.13
Compound Leverage Factor	-2.57	-2.31	-1.53	-1.80	-1.74	-1.31	-2.58	-2.37	-1.11	-1.21	-0.98
Debt to Total Capital	279.30%	303.39%	407.18%	439.56%	487.68%	1,433.30%	634.69%	1,081.61%	-2,693.88%	-850.73%	2,353.12%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	26.89%	29.86%	87.23%	42.49%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	279.30%	303.39%	407.18%	412.67%	457.83%	1,346.07%	592.20%	1,081.61%	-2,693.88%	-850.73%	2,353.12%
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%	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%	0.00%
Common Equity to Total Capital	-179.30%	-203.39%	-307.18%	-339.56%	-387.68%	-1,333.30%	-534.69%	-981.61%	2,793.88%	950.73%	-2,253.12%
Debt to EBITDA	-2.97	-3.36	-5.05	-7.51	-8.93	-4.78	-14.44	-18.84	-6.46	-14.43	-33.72
Net Debt to EBITDA	-1.85	-2.06	-3.12	-4.90	-5.78	-2.90	-9.39	-14.07	-4.58	-8.56	-22.58
Long-Term Debt to EBITDA	-2.97	-3.36	-5.05	-7.05	-8.39	-4.49	-13.47	-18.84	-6.46	-14.43	-33.72
Debt to NOPAT	-3.52	-3.89	-6.05	-7.72	-8.57	-11.07	-11.10	-12.55	-15.00	-22.19	-39.90
Net Debt to NOPAT	-2.19	-2.38	-3.73	-5.04	-5.55	-6.72	-7.22	-9.38	-10.62	-13.17	-26.72
Long-Term Debt to NOPAT	-3.52	-3.89	-6.05	-7.25	-8.05	-10.40	-10.36	-12.55	-15.00	-22.19	-39.90
Altman Z-Score	-2.00	-2.14	-2.30	-2.47	-2.54	-2.41	-1.98	-2.71	-2.62	-1.77	-1.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.25	1.16	0.98	0.94	0.94	0.87	0.80	0.81	0.86	0.84
Quick Ratio	1.04	1.02	0.96	0.79	0.75	0.75	0.70	0.59	0.59	0.66	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.58	-2.19	6.78	26	45	111	4.47	0.95	53	58	29
Operating Cash Flow to CapEx	-134.64%	156.36%	-65.16%	-136.20%	130.75%	317.07%	-373.05%	-31.25%	344.44%	715.61%	-156.23%
Free Cash Flow to Firm to Interest Expense	0.22	-0.82	0.00	4.42	7.53	18.84	0.00	0.14	15.54	7.95	4.01
Operating Cash Flow to Interest Expense	-4.09	3.92	0.00	-1.17	1.53	4.73	0.00	-0.51	5.68	6.82	-2.30
Operating Cash Flow Less CapEx to Interest Expense	-7.13	1.41	0.00	-2.03	0.36	3.24	0.00	-2.13	4.03	5.87	-3.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.03	1.17	1.31	1.35	1.38	1.48	1.68	1.72	1.67	1.84
Accounts Receivable Turnover	50.69	37.33	38.33	50.37	39.29	38.51	25.93	32.48	32.90	36.68	27.45
Inventory Turnover	4.54	5.31	6.07	6.40	6.66	6.68	6.57	6.47	6.82	6.47	6.11
Fixed Asset Turnover	5.48	5.07	5.43	5.58	5.74	6.05	6.20	6.54	6.98	7.27	7.39
Accounts Payable Turnover	22.10	16.59	13.71	11.66	15.71	15.32	9.23	12.31	15.43	13.77	10.63
Days Sales Outstanding (DSO)	7.20	9.78	9.52	7.25	9.29	9.48	14.08	11.24	11.10	9.95	13.29
Days Inventory Outstanding (DIO)	80.47	68.78	60.16	57.05	54.84	54.68	55.52	56.38	53.55	56.43	59.78
Days Payable Outstanding (DPO)	16.52	22.01	26.62	31.31	23.23	23.82	39.53	29.65	23.65	26.51	34.35
Cash Conversion Cycle (CCC)	71.15	56.56	43.06	32.99	40.90	40.34	30.06	37.97	40.99	39.87	38.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-9.06	-27	-60	-52	-64	-142	-77	-60	-122	-195	-108
Invested Capital Turnover	-627.73	-27.04	-11.06	-17.30	-15.86	-7.14	-9.05	-11.38	-7.12	-4.12	-7.82
Increase / (Decrease) in Invested Capital	-16	-13	-19	-39	-55	-115	-17	-7.87	-58	-53	-31
Enterprise Value (EV)	496	484	677	621	622	1,465	859	820	1,488	2,062	1,332
Market Capitalization	216	208	409	338	341	1,199	600	542	1,225	1,841	1,080
Book Value per Share	($2.84)	($2.93)	($3.12)	($3.16)	($3.18)	($3.71)	($3.02)	($2.99)	($3.34)	($3.56)	($3.02)
Tangible Book Value per Share	($2.84)	($2.93)	($3.12)	($3.16)	($3.18)	($3.71)	($3.02)	($2.99)	($3.34)	($3.56)	($3.02)
Total Capital	162	149	106	99	89	31	63	34	-14	-44	16
Total Debt	452	452	434	434	435	438	399	373	371	372	375
Total Long-Term Debt	452	452	434	407	408	411	372	373	371	372	375
Net Debt	281	277	268	283	281	266	259	278	263	221	251
Capital Expenditures (CapEx)	8.12	6.73	5.32	4.96	6.94	8.83	7.58	11	5.61	6.92	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-118	-129	-134	-129	-141	-162	-145	-133	-152	-188	-162
Debt-free Net Working Capital (DFNWC)	53	47	32	22	13	11	-5.14	-39	-44	-37	-38
Net Working Capital (NWC)	53	47	32	-4.36	-14	-16	-32	-39	-44	-37	-38
Net Nonoperating Expense (NNE)	7.21	6.95	19	3.55	7.72	65	-75	4.45	49	43	-41
Net Nonoperating Obligations (NNO)	281	277	268	283	281	266	259	278	263	221	251
Total Depreciation and Amortization (D&A)	7.74	8.17	8.31	8.23	8.27	8.29	8.38	8.26	8.21	8.16	8.09
Debt-free, Cash-free Net Working Capital to Revenue	-20.82%	-23.42%	-24.38%	-22.74%	-24.24%	-26.91%	-23.47%	-20.96%	-22.95%	-27.13%	-22.43%
Debt-free Net Working Capital to Revenue	9.38%	8.57%	5.74%	3.93%	2.18%	1.77%	-0.83%	-6.15%	-6.59%	-5.30%	-5.28%
Net Working Capital to Revenue	9.38%	8.57%	5.74%	-0.77%	-2.41%	-2.67%	-5.16%	-6.15%	-6.59%	-5.30%	-5.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	($0.19)	($0.30)	($0.16)	($0.16)	($0.62)	$0.56	($0.10)	($0.47)	($0.35)	$0.33
Adjusted Weighted Average Basic Shares Outstanding	102.65M	101.81M	105.21M	106.88M	109.02M	107.88M	112.04M	114.04M	115.89M	114.87M	119.52M
Adjusted Diluted Earnings per Share	($0.22)	($0.19)	($0.30)	($0.20)	($0.17)	($0.57)	($0.14)	($0.13)	($0.49)	$0.06	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	102.65M	101.81M	105.21M	111.12M	112.42M	107.88M	120.78M	119.48M	116.77M	116.51M	125.72M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	103.35M	104.69M	105.97M	108.50M	109.69M	111.25M	113.10M	115.24M	116.68M	118.98M	120.49M
Normalized Net Operating Profit after Tax (NOPAT)	-16	-10	-12	-13	-10	-3.75	-13	-6.92	-5.29	4.39	-2.27
Normalized NOPAT Margin	-12.27%	-7.32%	-8.64%	-9.08%	-6.92%	-2.28%	-7.97%	-4.19%	-3.04%	2.26%	-1.20%
Pre Tax Income Margin	-17.20%	-15.11%	-21.58%	-11.50%	-12.09%	-41.68%	39.05%	-6.83%	-31.13%	-19.91%	20.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.41	-7.85	0.00	-2.28	-2.33	-10.84	0.00	-0.76	-15.13	-4.45	6.27
NOPAT to Interest Expense	-5.89	-5.50	0.00	-2.28	-1.72	-0.61	0.00	-0.98	-1.55	0.60	-0.31
EBIT Less CapEx to Interest Expense	-11.45	-10.36	0.00	-3.14	-3.50	-12.33	0.00	-2.38	-16.78	-5.41	4.79
NOPAT Less CapEx to Interest Expense	-8.93	-8.00	0.00	-3.14	-2.89	-2.10	0.00	-2.61	-3.20	-0.35	-1.79
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%	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%	0.00%

Financials Breakdown Chart

Key Financial Trends

The RealReal’s latest quarter shows a sharp improvement in profitability, but the balance sheet still reflects a leveraged and highly volatile business. In Q1 2026, revenue rose modestly year over year to $189.7 million from $160.0 million in Q1 2025, while the company posted net income of $38.9 million versus a $62.4 million loss a year ago. However, that headline profit was helped by large non-operating items, and operating cash flow remained negative.

Revenue growth has re-accelerated after a weaker 2025. Quarterly revenue moved from $143.8 million in Q1 2024 to $160.0 million in Q1 2025 and then to $189.7 million in Q1 2026. That suggests the business is still growing, and the latest quarter was the strongest first quarter in the period provided.

Margins improved meaningfully, especially at the operating level. Gross profit in Q1 2026 was $141.3 million, or about 74.5% of revenue, versus roughly 75.0% in Q1 2025. More importantly, operating expenses were controlled enough to keep the company near breakeven at the operating level, with operating loss narrowing to $2.3 million from $12.8 million in Q1 2025.

But the bottom line is still not yet structurally clean. Q1 2026 pre-tax income of $39.0 million was much stronger than operating income, implying a heavy contribution from “other income / expense” items. That makes profitability less predictable and suggests investors should not assume the latest net income level is fully repeatable.

Cash generation remains the biggest concern. In Q1 2026, operating cash flow was negative $16.6 million, compared with positive $49.5 million in Q4 2025 and negative $28.3 million in Q1 2025. The swing was driven by working-capital changes and a large negative non-cash adjustment. A business can report accounting profit and still burn cash, and that’s what happened here.

Liquidity is still adequate for now, but leverage remains high. The company ended Q1 2026 with $124.0 million in cash and equivalents, down from $139.6 million at Q1 2025 and $153.2 million at Q3 2024. Long-term debt stood at $375.3 million, while total liabilities were $745.3 million versus total assets of $385.9 million. Book equity remains negative at $(359.4) million, which is a red flag for financial flexibility.

Share count has been drifting higher. Basic weighted-average shares increased to 119.5 million in Q1 2026 from 112.0 million in Q1 2025 and 99.6 million in Q1 2023. That dilution can make per-share progress harder to sustain unless operating performance improves faster than the share count grows.

Revenue grew to $189.7 million in Q1 2026, the strongest first-quarter revenue in the period provided.
Gross profit reached $141.3 million, showing the core resale model can still generate attractive gross margins.
Operating loss narrowed to just $2.3 million, a notable improvement from prior quarters.
Net income turned positive at $38.9 million, versus a loss in Q1 2025.
Cash balance remained above $123 million, giving the company near-term liquidity cushion.
Q4 2025 showed positive operating cash flow of $49.5 million, indicating cash generation can be lumpy but capable of turning positive.
Capital spending stayed relatively modest at $10.6 million in Q1 2026.
Accounts receivable and inventory rose alongside revenue, which is not unusual but worth monitoring for working-capital pressure.
Operating cash flow was negative in Q1 2026, despite reported net income.
Debt remains heavy at $375.3 million, and equity is still deeply negative.

Bottom line: RealReal is showing real progress in revenue and operating efficiency, but the company is not yet on fully stable financial footing. For retail investors, the key question is whether the recent profitability improvement can be sustained without relying on volatile non-operating gains and while consistently generating positive operating cash flow.

07/14/26 07:19 AM ETAI Generated. May Contain Errors.

RealReal Financials - Frequently Asked Questions

According to the most recent income statement we have on file, RealReal's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 7 years, RealReal's net income has ranged from -$236.11 million in 2021 to -$41.80 million in 2025, and is currently -$41.80 million as of their latest financial filing in 2025. Check out RealReal's forecast to explore projected trends and price targets.

RealReal's total operating income in 2025 was -$23.93 million, based on the following breakdown:

Total Gross Profit: $516.82 million
Total Operating Expenses: $540.76 million

Over the last 7 years, RealReal's total revenue changed from $427.46 million in 2018 to $692.85 million in 2025, a change of 62.1%.

RealReal's total liabilities were at $824.55 million at the end of 2025, a 0.7% decrease from 2024, and a 733.7% increase since 2018.

In the past 7 years, RealReal's cash and equivalents has ranged from $34.39 million in 2018 to $418.17 million in 2021, and is currently $151.23 million as of their latest financial filing in 2025.

Over the last 7 years, RealReal's book value per share changed from -30.80 in 2018 to -3.56 in 2025, a change of -88.4%.

Related Companies

Financial statements for NASDAQ:REAL last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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RealReal (REAL) Financials

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RealReal (REAL) Financials

Annual Income Statements for RealReal

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RealReal Financials - Frequently Asked Questions

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