Filing Flows › TheRealReal (REAL) › Q2 2026
TheRealReal (REAL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
TheRealReal (REAL) reported revenue of $193M for the second quarter 2026 (Q2 2026), +17% from a year earlier and +2% from the quarter before. Operating margin was -1.2%, net loss $27.2M (14.1% of revenue).
TheRealReal, Q2 2026: revenue $193M (+17% year over year), operating margin -1.2%, net loss $27.2M, operating cash flow $1.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $193M | +2% | +17% |
| Operating profit | −$2.3M | — | — |
| Net earnings | −$27.2M | -170% | — |
| Operating cash flow | $1.6M | — | — |
What changed
Revenue was $192.6M in Q2 2026, up 17% year over year and up 2% from the previous quarter. Consignment revenue was the largest line at 77% of revenue. Consignment revenue added $19.6M year over year (up 15%), 72% of the total change.
Gross margin was 74.4%, up 0.1 points from Q2 2025. Operating costs exceeded revenue by $2.3M, an operating margin of -1.2%. Operating expenses grew 10% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+10%). The quarter ended with a net loss of $27.2M, after a profit of $38.9M the previous quarter. Net interest and other expense of $24.8M was the main reason.
Operating cash flow was $1.6M. Non-cash charges added back $7.8M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items added $13.4M. Capital expenditures of $4.0M exceeded it, leaving free cash flow of −$2.4M.
Questions
What was TheRealReal's revenue in the second quarter 2026?
TheRealReal (REAL) reported revenue of $193M for the second quarter 2026 (Q2 2026), +17% from a year earlier and +2% from the quarter before.
Was TheRealReal profitable in the second quarter 2026?
Operating loss was $2.3M (-1.2% of revenue) and net loss $27.2M.
Source: TheRealReal 10-Q on SEC EDGAR.