Filing Flows › TheRealReal (REAL) › Q2 2025
TheRealReal (REAL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
TheRealReal (REAL) reported revenue of $165M for the second quarter 2025 (Q2 2025), +14% from a year earlier and +3% from the quarter before. Operating margin was -6.0%, net loss $11.4M (6.9% of revenue).
TheRealReal, Q2 2025: revenue $165M (+14% year over year), operating margin -6.0%, net loss $11.4M, operating cash flow −$3.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $165M | +3% | +14% |
| Operating profit | −$9.9M | — | — |
| Net earnings | −$11.4M | -118% | — |
| Operating cash flow | −$3.6M | — | — |
What changed
Revenue was $165.2M in Q2 2025, up 14% year over year and up 3% from the previous quarter. Consignment revenue was the largest line at 78% of revenue. Consignment revenue added $15.9M year over year (up 14%), 79% of the total change.
Gross margin was 74.3%, up 0.1 points from a year earlier. Operating costs exceeded revenue by $9.9M, an operating margin of -6.0%. Operating expenses grew 5% against revenue growth of 14%. The quarter ended with a net loss of $11.4M, after a profit of $62.4M the previous quarter.
Operating cash flow was −$3.6M. Non-cash charges added back $8.3M of depreciation and amortization and $8.2M of share-based compensation. Working capital and other items used $8.7M. Capital expenditures of $7.8M exceeded it, leaving free cash flow of −$11.4M.
Questions
What was TheRealReal's revenue in the second quarter 2025?
TheRealReal (REAL) reported revenue of $165M for the second quarter 2025 (Q2 2025), +14% from a year earlier and +3% from the quarter before.
Was TheRealReal profitable in the second quarter 2025?
Operating loss was $9.9M (-6.0% of revenue) and net loss $11.4M.
Source: TheRealReal 10-Q on SEC EDGAR.