Filing Flows › TheRealReal (REAL) › Q3 2026 › vs Q3 2025
TheRealReal (REAL) Q3 2026 vs Q3 2025 (year over year)
TheRealReal's revenue rose $32.5M (+19%) from $174M in Q3 2025 to $206M in Q3 2026. The biggest changes: Consignment revenue +$24.7M (+18%); Direct revenue +$4.5M (+19%); Shipping services revenue +$3.4M (+21%). Gross margin 74.9% against 74.3% (+0.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 74.9% | 74.3% | +0.6 pts |
| Operating margin | 0.7% | -4.3% | +5.1 pts |
| Net margin | 7.8% | -31.1% | +38.9 pts |
| Free cash flow margin | 7.4% | 9.7% | -2.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Consignment revenue | $159M | $134M | $24.7M | +18% |
| Direct revenue | $27.4M | $22.9M | $4.5M | +19% |
| Shipping services revenue | $19.6M | $16.2M | $3.4M | +21% |
| Revenue | $206M | $174M | $32.5M | +19% |
| Gross profit | $154M | $129M | $25.5M | +20% |
| Cost of revenue | $51.7M | $44.7M | $7.1M | +16% |
| Other income, net | $14.6M | −$46.5M | $61.1M | — |
| Operating profit | $1.5M | −$7.5M | $9.0M | — |
| Operating expenses | $153M | $136M | $16.5M | +12% |
| Pre-tax earnings | $16.1M | −$54.0M | $70.1M | — |
| SG&A | $56.2M | $51.6M | $4.6M | +9% |
| Other operating costs | $96.7M | $84.8M | $11.9M | +14% |
| Net earnings | $16.0M | −$54.1M | $70.1M | — |
| Income tax | $111K | $24K | $87K | +362% |
| Depreciation & amortization | $8.1M | $8.2M | −$135K | -2% |
| Share-based compensation | $7.2M | $6.6M | $567K | +9% |
| Working capital & other | $6.3M | −$58.6M | $64.8M | — |
| Operating cash flow | $25.0M | $19.3M | $5.6M | +29% |
| Free cash flow (OCF − capex) | $15.3M | $16.9M | −$1.6M | -9% |
| Capital expenditures | $9.7M | $2.4M | $7.2M | +296% |
Questions
How much did TheRealReal's revenue grow year over year in Q3 2026?
TheRealReal's revenue rose $32.5M (+19%) from $174M in Q3 2025 to $206M in Q3 2026.
What drove TheRealReal's revenue change in Q3 2026?
Consignment revenue +$24.7M (+18%); Direct revenue +$4.5M (+19%); Shipping services revenue +$3.4M (+21%).