Filing Flows › TheRealReal (REAL) › Q3 2026 › vs Q2 2026
TheRealReal (REAL) Q3 2026 vs Q2 2026 (quarter over quarter)
TheRealReal's revenue rose $13.5M (+7%) from $193M in Q2 2026 to $206M in Q3 2026. The biggest changes: Consignment revenue +$10.9M (+7%); Direct revenue +$1.6M (+6%); Shipping services revenue +$1.0M (+6%). Gross margin 74.9% against 74.4% (+0.5 pts).
TheRealReal, Q3 2026: revenue $206M (+19% year over year), operating margin 0.7%, net earnings $16.0M, operating cash flow $25.0M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 74.9% | 74.4% | +0.5 pts |
| Operating margin | 0.7% | -1.2% | +1.9 pts |
| Net margin | 7.8% | -14.1% | +21.9 pts |
| Free cash flow margin | 7.4% | -1.3% | +8.7 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Consignment revenue | $159M | $148M | $10.9M | +7% |
| Direct revenue | $27.4M | $25.8M | $1.6M | +6% |
| Shipping services revenue | $19.6M | $18.6M | $1.0M | +6% |
| Revenue | $206M | $193M | $13.5M | +7% |
| Gross profit | $154M | $143M | $11.2M | +8% |
| Cost of revenue | $51.7M | $49.4M | $2.3M | +5% |
| Other income, net | $14.6M | −$24.8M | $39.5M | — |
| Operating profit | $1.5M | −$2.3M | $3.8M | — |
| Operating expenses | $153M | $145M | $7.4M | +5% |
| Pre-tax earnings | $16.1M | −$27.1M | $43.2M | — |
| SG&A | $56.2M | $52.4M | $3.8M | +7% |
| Other operating costs | $96.7M | $93.1M | $3.6M | +4% |
| Net earnings | $16.0M | −$27.2M | $43.2M | — |
| Income tax | $111K | $101K | $10K | +10% |
| Depreciation & amortization | $8.1M | $7.8M | $251K | +3% |
| Share-based compensation | $7.2M | $7.6M | −$403K | -5% |
| Working capital & other | $6.3M | −$13.4M | $19.7M | — |
| Operating cash flow | $25.0M | $1.6M | $23.4M | 15× |
| Free cash flow (OCF − capex) | $15.3M | −$2.4M | $17.7M | — |
| Capital expenditures | $9.7M | $4.0M | $5.6M | +140% |
Questions
How much did TheRealReal's revenue grow quarter over quarter in Q3 2026?
TheRealReal's revenue rose $13.5M (+7%) from $193M in Q2 2026 to $206M in Q3 2026.
What drove TheRealReal's revenue change in Q3 2026?
Consignment revenue +$10.9M (+7%); Direct revenue +$1.6M (+6%); Shipping services revenue +$1.0M (+6%).