REALThe RealReal, Inc.

$3B

Q4 2025 Earnings

Consumer Cyclical Luxury Goods

Income Statement

Revenue

$194M+18.3% YoY

Gross Profit

$137M70.6% margin

Operating Income

$6M3.2% margin

Net Income

-$39M-20.0% margin

EPS (Diluted)

$-0.33

QoQ Revenue Growth

+11.8%

Cash Flow

Operating Cash Flow

$50M

Free Cash Flow

$43M

Stock-Based Comp.

$7M

Balance Sheet

Total Assets

$409M

Total Liabilities

$825M

Stockholders' Equity

-$416M

Cash & Equivalents

$151M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$194M	$164M	+18.3%
Gross Profit	$137M	$122M	+12.3%
Operating Income	$6M	-$5M	+221.7%
Net Income	-$39M	-$68M	+43.3%

Revenue Segments

Service

$149M77%

Product

$27M14%

Shipping and Handling

$18M9%

REAL Q4 2025 Earnings — The RealReal, Inc. Revenue & Financial Results | Market Cap Arena