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TheRealReal (REAL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · TheRealReal (REAL) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $206M · 8¢ of every $1 of revenue kept as net profit · operating margin 0.7%
TheRealReal made $206M in Q3 2026 (+19% Y/Y): Consignment revenue $159M, Direct revenue $27.4M, Shipping services revenue $19.6M. Operating margin 0.7%, net earnings $16.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $206.1M in Q3 2026, up 19% year over year and up 7% from the previous quarter. Consignment revenue was the largest line at 77% of revenue. Consignment revenue added $24.7M year over year (up 18%), 76% of the total change.
Gross margin was 74.9%, up 0.6 points from Q3 2025. Operating profit was $1.5M, a 0.7% margin (up 5.1 points year over year). Operating expenses grew 12% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $16.0M. The effective tax rate was 0.7%. Non-operating items added $14.6M, 91% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $25.0M (up 29% year over year), 156% of net earnings. Non-cash charges added back $8.1M of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items used $6.3M. Capital expenditures of $9.7M left free cash flow of $15.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $206M | +19% | 0.7% | $16.0M | $25.0M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $193M | +17% | -1.2% | −$27.2M | $1.6M |
| Q1 2026 | 10-Q | May 7, 2026 | $190M | +18% | -1.2% | $38.9M | −$16.6M |
| Q4 2025 | 10-K | Feb 26, 2026 | $194M | +18% | 3.2% | −$38.8M | $49.5M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $174M | +18% | -4.3% | −$54.1M | $19.3M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $165M | +14% | -6.0% | −$11.4M | −$3.6M |
| Q1 2025 | 10-Q | May 8, 2025 | $160M | +11% | -8.0% | $62.4M | −$28.3M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About TheRealReal
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since our inception, we have cultivated a loyal and engaged consignor and buyer base through continuous investment in our technology platform, logistics infrastructure, brand and people. We offer a wide selection of authenticated, primarily pre-owned luxury goods on our online marketplace bearing the brands of thousands of luxury and premium designers. The top-selling luxury designers on our online marketplace include Cartier, Chanel, Christian Dior, Gucci, Hermès, Louis Vuitton, Prada, Rolex, Saint Laurent, Tiffany & Co., Van Cleef & Arpels and Bvlgari.
In its own words, from its 10-K, filed Feb 26, 2026.
TheRealReal against its Retail-Miscellaneous Retail peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +18%. Operating margin: 0.7% against the peers' median 9.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| REAL TheRealReal | Q3 2026 | $206M | +19% | 0.7% |
| FCFS FirstCash Holdings | Q3 2026 | $1.1B | +18% | 12.6% |
| SVV Savers Value Village | Q3 2026 | $463M | +8% | 9.8% |
| EZPW Ezcorp | Q3 FY26 | $419M | +35% | 13.1% |
| SPH Suburban Propane Partners LP | Q3 FY26 | $261M | +0.5% | 0.9% |
| TMS Teamshares | Q2 2026 | $149M | +20% | 2.0% |
| LIVE Live Ventures | Q3 FY26 | $109M | -3% | 4.9% |
| PLBY Playboy | Q3 2026 | $31.7M | +9% | 12.6% |
| WINA Winmark | Q3 2026 | $27.9M | +23% | 56.6% |
Source: TheRealReal 10-Q on SEC EDGAR · CIK 1573221 · Retail-Miscellaneous Retail
13F: who owns REAL and who is buying
More on REAL
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results