Filing Flows › TheRealReal (REAL) › Q3 2026
TheRealReal (REAL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
TheRealReal (REAL) reported revenue of $206M for the third quarter 2026 (Q3 2026), +19% from a year earlier and +7% from the quarter before. Operating margin was 0.7%, net earnings $16.0M (7.8% of revenue).
TheRealReal, Q3 2026: revenue $206M (+19% year over year), operating margin 0.7%, net earnings $16.0M, operating cash flow $25.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $206M | +7% | +19% |
| Gross profit | $154M | +8% | +20% |
| Operating profit | $1.5M | — | — |
| Net earnings | $16.0M | — | — |
| Operating cash flow | $25.0M | 15× | +29% |
| Free cash flow | $15.3M | — | -9% |
What changed
Revenue was $206.1M in Q3 2026, up 19% year over year and up 7% from the previous quarter. Consignment revenue was the largest line at 77% of revenue. Consignment revenue added $24.7M year over year (up 18%), 76% of the total change.
Gross margin was 74.9%, up 0.6 points from Q3 2025. Operating profit was $1.5M, a 0.7% margin (up 5.1 points year over year). Operating expenses grew 12% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $16.0M. The effective tax rate was 0.7%. Non-operating items added $14.6M, 91% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $25.0M (up 29% year over year), 156% of net earnings. Non-cash charges added back $8.1M of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items used $6.3M. Capital expenditures of $9.7M left free cash flow of $15.3M.
Questions
What was TheRealReal's revenue in the third quarter 2026?
TheRealReal (REAL) reported revenue of $206M for the third quarter 2026 (Q3 2026), +19% from a year earlier and +7% from the quarter before.
Was TheRealReal profitable in the third quarter 2026?
Operating profit was $1.5M (0.7% of revenue) and net earnings $16.0M.
Source: TheRealReal 10-Q on SEC EDGAR.