TheRealReal Inc
NASDAQ: REAL · CONSUMER CYCLICAL · LUXURY GOODS
Updated 2026-06-05
TheRealReal Inc (REAL) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2017 | $137.52M | $-52.31M | 63.73% | -37.66% | -38.04% |
| 2018 | $207.38M | $-75.77M | 66.02% | -35.64% | -36.54% |
| 2019 | $316.35M | $-98.43M | 63.70% | -31.64% | -31.11% |
| 2020 | $299.95M | $-175.83M | 62.53% | -57.62% | -58.62% |
| 2021 | $467.69M | $-236.11M | 58.47% | -45.95% | -50.48% |
| 2022 | $603.49M | $-196.44M | 57.78% | -31.34% | -32.55% |
| 2023 | $549.30M | $-168.47M | 68.50% | -30.27% | -30.67% |
| 2024 | $600.48M | $-134.20M | 74.53% | -9.41% | -22.35% |
| 2025 | $692.85M | $-41.80M | 69.83% | -3.45% | -6.03% |
Frequently asked questions
What is TheRealReal Inc's revenue?
TheRealReal Inc's trailing twelve-month revenue is $722.53M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is REAL?
In its most recent fiscal year, REAL ran a gross margin of 69.83%, an operating margin of -3.45%, and a net margin of -6.03%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does REAL generate?
REAL produced $18.37M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is REAL's balance sheet healthy?
REAL holds $151.23M in cash and equivalents against $371.81M in long-term debt, on $-415.52M of shareholder equity. That debt is best read against the cash flow the business throws off each year.