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TheRealReal cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$15.3M in Q3 2026 · $34.6M over twelve months

Operating cash flow$25.0M
Capital spending−$9.7M
Free cash flow+$15.3M
Cash / net income1.6×
Cash conversion cycle50 days

Analysis

In Q3 2026, TheRealReal generated $25.0M of operating cash flow and spent $9.7M on capital projects, leaving free cash flow of $15.3M. That is $1.6M less than in Q3 2025 ($16.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $59.5M; the largest uses were capital spending ($24.8M), other investing ($14.1M), taxes on employees’ shares ($158K); besides operations, cash came from shares issued ($1.0M), other financing ($496K); the cash balance rose by $21.9M.

Operating cash flow was $25.0M against net income of $16.0M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$20.4M, receivables −$8.4M, depreciation & amortization +$8.1M.

Its cash conversion cycle was 50 days (receivables 11 + inventory 65 − payables 26).

Free cash flow

TheRealReal: free cash flow by quarterTheRealReal: free cash flow by quarter$22.9MQ4 2024−$33.0MQ1 2025−$11.4MQ2 2025$16.9MQ3 2025$45.8MQ4 2025−$24.1MQ1 2026−$2.4MQ2 2026$15.3MQ3 2026
Operating cash flow less capital spending.
TheRealReal: operating cash flow against capital spendingTheRealReal: operating cash flow against capital spendingOperating cash flowCapital spending$28.0M$5.1MQ4 2024−$28.3M$4.7MQ1 2025−$3.6M$7.8MQ2 2025$19.3M$2.4MQ3 2025$49.5M$3.7MQ4 2025−$16.6M$7.5MQ1 2026$1.6M$4.0MQ2 2026$25.0M$9.7MQ3 2026
Latest (Q3 2026): Operating cash flow $25.0M, Capital spending $9.7M.

Capital allocation, year by year

TheRealReal: where the cash came from (up) and went (down), by fiscal yearTheRealReal: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$142MFY2021: Net borrowing $278MFY2021: Shares issued $8.3MFY2021: Capital spending −$37.5M$287MFY2021FY2022: Operating cash flow −$91.6MFY2022: Shares issued $4.3MFY2022: Capital spending −$22.9M$4.3MFY2022FY2023: Operating cash flow −$61.3MFY2023: Shares issued $905KFY2023: Capital spending −$29.2M$905KFY2023FY2024: Operating cash flow $26.8MFY2024: Shares issued $376KFY2024: Capital spending −$14.2M$27.2MFY2024FY2025: Operating cash flow $37.0MFY2025: Net borrowing −$26.7MFY2025: Shares issued $1.0MFY2025: Capital spending −$18.6M$38.0MFY2025
Over these 5 years operating cash flow totalled −$231M; the largest uses were operating cash flow ($295M) and capital spending ($122M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$130M
Debtnone
Net cash$130M

TheRealReal funds itself: free cash flow was $34.6M over the last twelve months, with $130M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

TheRealReal: sources (+) and uses (−) of cash, Q3 2026TheRealReal: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$25.0MCash drawn (+) / kept (−)−$11.3MCapital spending−$9.7MOther investing−$4.1MShares issued$14KTaxes on employees’ shares−$9K
TheRealReal: sources (+) and uses (−) of cash, TTM to Q3 2026TheRealReal: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$59.5MCapital spending−$24.8MCash drawn (+) / kept (−)−$21.9MOther investing−$14.1MShares issued$1.0MOther financing$496KTaxes on employees’ shares−$158K

From profit to cash

TheRealReal: net income to operating cash flow, Q3 2026TheRealReal: net income to operating cash flow, Q3 2026Net income$16.0MDepreciation & amortization$8.1MStock-based pay$7.2MOther non-cash−$63KReceivables−$8.4MInventory−$3.3MPayables$501KAccrued liabilities$20.4MPrepaid and other assets−$3.8MOther liabilities−$2.0MOperating cash flow$25.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202611652650
Q2 202611642847
Q1 202612602744
Q4 202511572444
Q3 202512602547
Q2 202514593637
Q1 202512563533
Q4 20248482432

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$25.0M−$9.7M$14K−$11.3M$15.3M
Q2 2026$1.6M−$4.0M$227K$4.9M−$2.4M
Q1 2026−$16.6M−$7.5M$81K$27.3M−$24.1M
Q4 2025$49.5M−$3.7M$720K−$42.8M$45.8M
Q3 2025$19.3M−$2.4M$196K−$14.1M$16.9M
Q2 2025−$3.6M−$7.8M$90K$45.3M−$11.4M
Q1 2025−$28.3M−$4.7M$24K$32.7M−$33.0M
Q4 2024$28.0M−$5.1M$258K−$19.0M$22.9M

TheRealReal: income statement and cash flow

TheRealReal, Q3 2026: revenue $206M (+19% year over year), operating margin 0.7%. The chart follows the revenue to costs, profit and cash.

TheRealReal: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.