Filing Flows › TheRealReal (REAL) › Q3 2025
TheRealReal (REAL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
TheRealReal (REAL) reported revenue of $174M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +5% from the quarter before. Operating margin was -4.3%, net loss $54.1M (31.1% of revenue).
TheRealReal, Q3 2025: revenue $174M (+18% year over year), operating margin -4.3%, net loss $54.1M, operating cash flow $19.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +5% | +17% |
| Operating profit | −$7.5M | — | — |
| Net earnings | −$54.1M | — | — |
| Operating cash flow | $19.3M | — | +113% |
| Free cash flow | $16.9M | — | +235% |
What changed
Revenue was $173.6M in Q3 2025, up 17% year over year and up 5% from the previous quarter. Consignment revenue was the largest line at 77% of revenue. Consignment revenue added $17.5M year over year (up 15%), 68% of the total change.
Gross margin was 74.3%, down 0.7 points from a year earlier. Operating costs exceeded revenue by $7.5M, an operating margin of -4.3%. Operating expenses grew 9% against revenue growth of 17%. The quarter ended with a net loss of $54.1M, wider than the previous quarter's $11.4M loss. Net interest and other expense of $46.5M was the main reason.
Operating cash flow was $19.3M (up 113% year over year). Non-cash charges added back $8.2M of depreciation and amortization and $6.6M of share-based compensation. Working capital and other items added $58.6M. Capital expenditures of $2.4M left free cash flow of $16.9M.
Questions
What was TheRealReal's revenue in the third quarter 2025?
TheRealReal (REAL) reported revenue of $174M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +5% from the quarter before.
Was TheRealReal profitable in the third quarter 2025?
Operating loss was $7.5M (-4.3% of revenue) and net loss $54.1M.
Source: TheRealReal 10-Q on SEC EDGAR.