TheRealReal (REAL) financial statements
TheRealReal reported revenue of $693M in fiscal 2025, up 22.4% a year over 8 years.
Net income was -$42M and the operating margin -3.5%, against -37.7% in 2017.
Free cash flow was $5M.
The diluted share count rose 1330% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TheRealReal's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $138M | $214M | $316M | $300M | $468M | $603M | $549M | $600M | $693M |
| Cost of revenue | $50M | $77M | $115M | $112M | $194M | $255M | $173M | $153M | $176M |
| Gross profit | $88M | $137M | $202M | $188M | $273M | $349M | $376M | $448M | $517M |
| Selling, general and admin | $44M | $64M | $111M | $141M | $176M | $195M | $184M | $188M | $202M |
| Operating income | -$52M | -$74M | -$100M | -$173M | -$215M | -$189M | -$166M | -$56M | -$24M |
| Interest expense | $762,000 | $1M | $616,000 | $5M | $22M | $10M | $11M | $21M | $28M |
| Pre-tax income | -$52M | -$76M | -$98M | -$176M | -$236M | -$196M | -$168M | -$134M | -$41M |
| Income tax | $57,000 | $99,000 | $199,000 | $101,000 | $56,000 | $172,000 | $283,000 | $276,000 | $363,000 |
| Net income | -$52M | -$76M | -$98M | -$176M | -$236M | -$196M | -$168M | -$134M | -$42M |
| EPS (diluted) | -$6.74 | -$10.12 | -$2.14 | -$2.01 | -$2.58 | -$2.05 | -$1.65 | -$1.24 | -$0.70 |
| Diluted shares | 8M | 8M | 47M | 88M | 91M | 96M | 102M | 108M | 117M |
| Gross margin | 63.7% | 64.1% | 63.7% | 62.5% | 58.5% | 57.8% | 68.5% | 74.5% | 74.6% |
| Operating margin | -37.7% | -34.6% | -31.6% | -57.6% | -46.0% | -31.3% | -30.3% | -9.4% | -3.5% |
| Net margin | -38.0% | -35.4% | -31.1% | -58.6% | -50.5% | -32.6% | -30.7% | -22.3% | -6.0% |
Balance sheet
Fiscal years, from TheRealReal's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $62M | $363M | $355M | $418M | $294M | $176M | $172M | $151M |
| Receivables | — | $8M | $8M | $7M | $8M | $12M | $17M | $14M | $24M |
| Inventory | — | $10M | $22M | $42M | $71M | $43M | $22M | $24M | $31M |
| Total current assets | — | $89M | $407M | $421M | $518M | $372M | $236M | $233M | $227M |
| Property, plant and equipment | — | $33M | $56M | $63M | $89M | $113M | $104M | $94M | $96M |
| Total assets | — | $135M | $465M | $605M | $755M | $616M | $447M | $423M | $409M |
| Total current liabilities | — | $88M | $119M | $148M | $188M | $208M | $189M | $249M | $264M |
| Long-term debt | — | $3M | — | — | — | — | — | — | — |
| Total liabilities | — | $99M | $128M | $414M | $682M | $786M | $750M | $830M | $825M |
| Shareholders' equity | -$177M | -$258M | $337M | $191M | $73M | -$170M | -$303M | -$407M | -$416M |
| Net debt | -$16M | -$25M | -$154M | -$351M | -$418M | -$294M | -$176M | -$172M | -$151M |
Cash flow
Fiscal years, from TheRealReal's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$39M | -$47M | -$54M | -$134M | -$142M | -$92M | -$61M | $27M | $37M |
| Capital spending | $14M | $19M | $34M | $27M | $47M | $37M | $42M | $26M | $32M |
| Free cash flow | -$53M | -$66M | -$89M | -$161M | -$190M | -$128M | -$103M | $798,000 | $5M |
| Stock-based compensation | $2M | $3M | $8M | $24M | $49M | $46M | $34M | $29M | $29M |
| Net borrowing | -$1M | -$4M | -$9M | $0 | $0 | — | — | — | — |
| Free cash flow margin | -38.3% | -31.0% | -28.0% | -53.8% | -40.5% | -21.3% | -18.8% | 0.1% | 0.8% |
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Open REAL in InvestinglyQuestions
What was TheRealReal's revenue in 2025?
$693M in fiscal 2025, from its 10-K filing.
How much free cash flow does TheRealReal generate?
$5M in fiscal 2025 (operating cash flow minus capital spending).
From TheRealReal's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.