NASDAQ : REAL
The RealReal, Inc. — Financial statements
Consumer Discretionary · Luxury Goods · United States
Last price 11.96 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.46B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
The RealReal, Inc. (REAL) reported revenue of 782.45M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 782.45M | 692.85M | 600.48M | 549.30M | 603.49M | 467.69M |
| Cost of Revenue | 198.31M | 176.02M | 152.96M | 173.03M | 254.80M | 194.22M |
| Gross Profit | 584.14M | 516.82M | 447.52M | 376.28M | 348.69M | 273.48M |
| Selling, General & Admin | 581.05M | 540.86M | 503.12M | 499.11M | 535.96M | 472.68M |
| Operating Expenses | 581.05M | 540.86M | 503.12M | 499.11M | 535.96M | 472.68M |
| Operating Income | 3.09M | -24.03M | -55.60M | -122.83M | -187.27M | -199.21M |
| Interest Expense | -29.28M | -27.70M | -21.38M | -10.70M | -10.47M | -21.53M |
| Interest & Investment Income | 3.71M | 4.26M | 7.94M | 8.80M | 3.19M | 365.00K |
| Other Non Operating Income (Expenses) | 11.79M | -34.84M | -68.17M | 171.00K | 23.00K | |
| EBT Excluding Unusual Items | -10.70M | -82.32M | -137.21M | -124.73M | -194.38M | -220.35M |
| Merger & Restructuring Charges | -196.00K | -43.46M | -896.00K | -2.31M | ||
| Legal Settlements | -13.39M | |||||
| Other Unusual Items | 40.78M | 3.48M | -1.00M | |||
| Pretax Income | -10.60M | -41.44M | -133.93M | -168.19M | -196.27M | -236.05M |
| Income Tax Expense | 475.00K | 363.00K | 276.00K | 283.00K | 172.00K | 56.00K |
| Net Income | -11.07M | -41.80M | -134.20M | -168.47M | -196.44M | -236.11M |
| Net Income to Common | -11.07M | -41.80M | -134.20M | -168.47M | -196.44M | -236.11M |
| Shares Outstanding (Basic) | 120.20M | 114.87M | 107.88M | 101.81M | 95.92M | 91.41M |
| Shares Outstanding (Diluted) | 120.20M | 116.51M | 107.88M | 101.81M | 95.92M | 91.41M |
| EPS (Basic) | -0.09 | -0.36 | -1.24 | -1.65 | -2.05 | -2.58 |
| EPS (Diluted) | -0.48 | -0.70 | -1.24 | -1.65 | -2.05 | -2.58 |
| Free Cash Flow | 34.64M | 18.37M | 12.60M | -90.44M | -114.42M | -179.62M |
| Free Cash Flow Per Share | 0.29 | 0.16 | 0.12 | -0.89 | -1.19 | -1.97 |
| Gross Margin | 74.66% | 74.59% | 74.53% | 68.50% | 57.78% | 58.47% |
| Operating Margin | 0.40% | -3.47% | -9.26% | -22.36% | -31.03% | -42.59% |
| Profit Margin | -1.42% | -6.03% | -22.35% | -30.67% | -32.55% | -50.48% |
| Free Cash Flow Margin | 4.43% | 2.65% | 2.10% | -16.46% | -18.96% | -38.41% |
| EBITDA | 35.24M | 8.97M | -22.50M | -91.14M | -159.60M | -175.67M |
| EBITDA Margin | 4.50% | 1.29% | -3.75% | -16.59% | -26.45% | -37.56% |
| D&A For EBITDA | 32.16M | 33.00M | 33.10M | 31.70M | 27.67M | 23.53M |
| EBIT | 3.09M | -24.03M | -55.60M | -122.83M | -187.27M | -199.21M |
| EBIT Margin | 0.40% | -3.47% | -9.26% | -22.36% | -31.03% | -42.59% |
| Revenue as Reported | 782.45M | 692.85M | 600.48M | 549.30M | 603.49M | 467.69M |
| Advertising Expenses | 48.60M | 42.90M | 48.40M | 49.00M | 46.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 130.41M | 151.23M | 172.21M | 175.71M | 293.79M | 418.17M |
| Cash & Short-Term Investments | 130.41M | 151.23M | 172.21M | 175.71M | 293.79M | 418.17M |
| Accounts Receivable | 27.87M | 23.82M | 13.96M | 17.23M | 12.21M | 7.77M |
| Other Receivables | 2.50M | |||||
| Receivables | 27.87M | 23.82M | 16.46M | 17.23M | 12.21M | 7.77M |
| Inventory | 37.45M | 30.84M | 23.58M | 22.25M | 42.97M | 71.02M |
| Prepaid Expenses | 22.48M | 21.59M | 20.41M | 20.77M | 23.29M | 20.86M |
| Total Current Assets | 218.20M | 227.49M | 232.67M | 235.95M | 372.26M | 517.81M |
| Property, Plant & Equipment | 164.04M | 160.79M | 170.16M | 190.44M | 240.63M | 234.60M |
| Other Long-Term Assets | 21.43M | 20.75M | 20.27M | 20.54M | 2.75M | 2.54M |
| Total Assets | 403.68M | 409.03M | 423.10M | 446.92M | 615.64M | 754.94M |
| Accounts Payable | 13.82M | 14.56M | 11.00M | 8.96M | 11.90M | 4.50M |
| Accrued Expenses | 54.76M | 57.13M | 49.15M | 38.63M | 39.74M | 52.19M |
| Current Portion of Long-Term Debt | 26.65M | |||||
| Current Portion of Leases | 23.17M | 24.64M | 22.84M | 20.09M | 20.78M | 18.25M |
| Current Unearned Revenue | 3.72M | 3.11M | 2.44M | 2.21M | 3.55M | 3.39M |
| Other Current Liabilities | 165.44M | 164.79M | 136.60M | 118.97M | 131.55M | 109.65M |
| Total Current Liabilities | 260.91M | 264.24M | 248.68M | 188.86M | 207.51M | 187.99M |
| Long-Term Debt | 379.56M | 371.81M | 411.28M | 452.42M | 449.85M | 348.38M |
| Long-Term Leases | 60.12M | 66.79M | 85.79M | 104.86M | 125.12M | 143.16M |
| Other Long-Term Liabilities | 57.51M | 121.70M | 84.73M | 4.08M | 3.25M | 2.29M |
| Total Liabilities | 758.10M | 824.55M | 830.47M | 750.22M | 785.73M | 681.82M |
| Common Stock | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K | 1.00K |
| Additional Paid-In Capital | 913.49M | 880.11M | 846.45M | 816.33M | 781.06M | 841.25M |
| Retained Earnings | -1.27B | -1.30B | -1.25B | -1.12B | -951.15M | -768.13M |
| Total Common Equity | -354.43M | -415.52M | -407.38M | -303.30M | -170.09M | 73.13M |
| Shareholders' Equity | -354.43M | -415.52M | -407.38M | -303.30M | -170.09M | 73.13M |
| Total Liabilities & Equity | 403.68M | 409.03M | 423.10M | 446.92M | 615.64M | 754.94M |
| Total Debt | 462.86M | 463.25M | 546.55M | 577.37M | 595.74M | 509.79M |
| Net Cash (Debt) | -332.45M | -312.02M | -374.34M | -401.66M | -301.95M | -91.62M |
| Net Cash Per Share | -2.77 | -2.68 | -3.47 | -3.95 | -3.15 | -1.00 |
| Filing Date Shares Outstanding | 124.71M | 118.98M | 111.25M | 104.69M | 99.25M | 93.06M |
| Total Common Shares Outstanding | 122.65M | 118.32M | 111.24M | 104.67M | 99.09M | 92.96M |
| Working Capital | -42.71M | -36.75M | -16.01M | 47.09M | 164.75M | 329.83M |
| Book Value Per Share | -2.89 | -3.51 | -3.66 | -2.90 | -1.72 | 0.79 |
| Tangible Book Value | -354.43M | -415.52M | -407.38M | -303.30M | -170.09M | 73.13M |
| Tangible Book Value Per Share | -2.89 | -3.51 | -3.66 | -2.90 | -1.72 | 0.79 |
| Machinery | 85.24M | 69.05M | 53.99M | 49.46M | 49.81M | 41.68M |
| Leasehold Improvements | 96.80M | 93.72M | 88.84M | 84.14M | 86.99M | 66.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -11.07M | -41.80M | -134.20M | -168.47M | -196.44M | -236.11M |
| Depreciation & Amortization | 32.16M | 33.00M | 33.10M | 31.70M | 27.67M | 23.53M |
| Other Amortization | 2.12M | 2.21M | 2.13M | 2.57M | 2.37M | 13.99M |
| Loss (Gain) From Sale of Assets | 546.00K | |||||
| Asset Writedown & Restructuring Costs | 39.74M | |||||
| Stock-Based Compensation | 27.79M | 28.94M | 29.08M | 34.27M | 46.14M | 48.80M |
| Provision & Write-off of Bad Debts | 2.48M | 2.61M | 2.50M | 1.96M | 1.68M | 1.03M |
| Other Operating Activities | 15.63M | 21.31M | 91.41M | 26.01M | 24.38M | 20.91M |
| Change in Accounts Receivable | -6.01M | -12.47M | 767.00K | -6.98M | -6.12M | -1.59M |
| Change in Inventory | -10.81M | -9.47M | -3.68M | 10.94M | 23.97M | -29.20M |
| Change in Accounts Payable | 1.19M | 1.61M | 910.00K | -425.00K | 4.95M | -9.99M |
| Change in Other Net Operating Assets | 6.02M | 11.06M | 4.84M | -32.58M | -20.15M | 25.93M |
| Operating Cash Flow | 59.49M | 37.01M | 26.85M | -61.27M | -91.56M | -142.15M |
| Capital Expenditures | -24.85M | -18.64M | -14.25M | -29.18M | -22.86M | -37.47M |
| Sale (Purchase) of Intangibles | -14.12M | -12.89M | -11.80M | -12.95M | -14.06M | -9.97M |
| Investment in Securities | 4.00M | |||||
| Other Investing Activities | 2.31M | 461.00K | ||||
| Investing Cash Flow | -38.97M | -29.22M | -25.59M | -42.13M | -36.92M | -43.44M |
| Long-Term Debt Issued | 278.23M | |||||
| Long-Term Debt Repaid | -26.75M | |||||
| Net Debt Issued (Repaid) | -26.75M | 278.23M | ||||
| Issuance of Common Stock | 2.87M | 2.68M | 1.79M | 905.00K | 4.31M | 8.35M |
| Repurchase of Common Stock | -158.00K | -160.00K | -1.65M | -679.00K | -205.00K | -5.00K |
| Other Financing Activities | -1.34M | -4.64M | -4.90M | -33.67M | ||
| Financing Cash Flow | 1.38M | -28.87M | -4.76M | 226.00K | 4.10M | 252.91M |
| Net Cash Flow | 21.90M | -21.08M | -3.50M | -103.17M | -124.38M | 67.33M |
| Free Cash Flow | 34.64M | 18.37M | 12.60M | -90.44M | -114.42M | -179.62M |
| Free Cash Flow Margin | 4.43% | 2.65% | 2.10% | -16.46% | -18.96% | -38.41% |
| Free Cash Flow Per Share | 0.29 | 0.16 | 0.12 | -0.89 | -1.19 | -1.97 |
| Levered Free Cash Flow | 28.65M | 24.89M | 20.35M | -56.79M | -46.15M | -95.64M |
| Unlevered Free Cash Flow | 44.84M | 40.00M | 31.59M | -52.67M | -41.98M | -96.17M |
| Cash Interest Paid | 20.89M | 17.46M | 10.68M | 8.13M | 8.10M | 6.58M |
| Cash Income Tax Paid | 397.00K | 331.00K | 200.00K | 227.00K | 256.00K | 94.00K |
| Change in Working Capital | -9.61M | -9.26M | 2.84M | -29.05M | 2.65M | -14.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.62B | 1.84B | 1.20B | 207.74M | 122.58M | 1.07B |
| Enterprise Value | 1.96B | 2.20B | 1.59B | 618.46M | 421.59M | 1.13B |
| Last Close Price | 11.96 | 15.78 | 10.93 | 2.01 | 1.25 | 11.61 |
| PS Ratio | 2.11 | 2.66 | 2.00 | 0.38 | 0.20 | 2.29 |
| PB Ratio | -4.43 | -2.94 | -0.69 | -0.72 | 14.67 | |
| P/TBV Ratio | 14.67 | |||||
| P/FCF Ratio | 47.59 | 100.25 | 95.17 | |||
| P/OCF Ratio | 27.71 | 49.75 | 44.66 | |||
| EV/Sales Ratio | 2.53 | 3.18 | 2.65 | 1.13 | 0.70 | 2.42 |
| EV/EBITDA Ratio | 56.22 | 245.38 | ||||
| EV/FCF Ratio | 57.19 | 119.84 | 126.53 | |||
| Debt / Equity Ratio | -1.31 | -1.11 | -1.34 | -1.90 | -3.50 | 6.97 |
| Debt / EBITDA Ratio | 6.12 | 9.73 | 36.94 | |||
| Debt / FCF Ratio | 13.36 | 25.22 | 43.38 | |||
| Net Debt / Equity Ratio | -0.94 | -0.75 | -0.92 | -1.32 | -1.77 | 1.25 |
| Net Debt / EBITDA Ratio | 9.43 | 34.78 | -16.64 | -4.41 | -1.89 | -0.52 |
| Net Debt / FCF Ratio | 9.60 | 16.99 | 29.71 | -4.44 | -2.64 | -0.51 |
| Asset Turnover | 2.03 | 1.67 | 1.38 | 1.03 | 0.88 | 0.69 |
| Inventory Turnover | 5.91 | 6.47 | 6.67 | 5.31 | 4.47 | 3.43 |
| Quick Ratio | 0.61 | 0.66 | 0.76 | 1.02 | 1.48 | 2.27 |
| Current Ratio | 0.84 | 0.86 | 0.94 | 1.25 | 1.79 | 2.75 |
| Return on Equity (ROE) | -178.58% | |||||
| Return on Assets (ROA) | 0.50% | -3.61% | -7.99% | -14.45% | -17.08% | -18.31% |
| Return on Capital Employed (ROCE) | 2.20% | -16.60% | -31.90% | -47.60% | -45.90% | -35.10% |
| Earnings Yield | -3.70% | -2.27% | -11.19% | -81.10% | -160.26% | -22.01% |
| FCF Yield | 2.10% | 1.00% | 1.05% | -43.54% | -93.34% | -16.75% |
| Buyback Yield / Dilution | -6.43% | -8.00% | -5.96% | -6.13% | -4.94% | -4.36% |