Filing Flows › TheRealReal (REAL) › Q2 2026 › vs Q2 2025
TheRealReal (REAL) Q2 2026 vs Q2 2025 (year over year)
TheRealReal's revenue rose $27.4M (+17%) from $165M in Q2 2025 to $193M in Q2 2026. The biggest changes: Consignment revenue +$19.6M (+15%); Direct revenue +$5.3M (+26%); Shipping services revenue +$2.5M (+16%).
TheRealReal, Q2 2026: revenue $193M (+17% year over year), operating margin -1.2%, net loss $27.2M, operating cash flow $1.6M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Consignment revenue | $148M | $129M | $19.6M | +15% |
| Direct revenue | $25.8M | $20.5M | $5.3M | +26% |
| Shipping services revenue | $18.6M | $16.1M | $2.5M | +16% |
| Revenue | $193M | $165M | $27.4M | +17% |
| Net loss | $27.2M | $11.4M | $15.9M | +140% |
| Costs & expenses | $220M | $177M | $43.2M | +24% |
| Operating costs | $195M | $175M | $19.8M | +11% |
| Interest & other, net | $24.8M | $1.4M | $23.5M | 18× |
| Income tax | $101K | $89K | $12K | +13% |
| Cost of revenue | $49.4M | $42.5M | $6.9M | +16% |
| SG&A | $52.4M | $48.0M | $4.4M | +9% |
| Other operating costs | $93.1M | $84.5M | $8.6M | +10% |
| Operating cash sources | $28.8M | $7.8M | $21.1M | +270% |
| Depreciation & amortization | $7.8M | $8.3M | −$433K | -5% |
| Share-based compensation | $7.6M | $8.2M | −$633K | -8% |
| Working capital & other | $13.4M | −$8.7M | $22.1M | — |
| Net loss absorbed | $27.2M | $11.4M | $15.9M | +140% |
| Operating cash flow | $1.6M | −$3.6M | $5.2M | — |
| Capital expenditures | $4.0M | $7.8M | −$3.8M | -48% |
| Negative free cash flow (OCF − capex) | $2.4M | $11.4M | −$9.0M | -79% |
Questions
How much did TheRealReal's revenue grow year over year in Q2 2026?
TheRealReal's revenue rose $27.4M (+17%) from $165M in Q2 2025 to $193M in Q2 2026.
What drove TheRealReal's revenue change in Q2 2026?
Consignment revenue +$19.6M (+15%); Direct revenue +$5.3M (+26%); Shipping services revenue +$2.5M (+16%).