Filing Flows › TheRealReal (REAL) › Q4 2025
TheRealReal (REAL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
TheRealReal (REAL) reported revenue of $194M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +12% from the quarter before. Operating margin was 3.2%, net loss $38.8M (20.0% of revenue).
TheRealReal, Q4 2025: revenue $194M (+18% year over year), operating margin 3.2%, net loss $38.8M, operating cash flow $49.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $194M | +12% | +18% |
| Operating profit | $6.3M | — | — |
| Net earnings | −$38.8M | — | — |
| Operating cash flow | $49.5M | +156% | +77% |
| Free cash flow | $45.8M | +171% | +100% |
What changed
Revenue was $194.1M in Q4 2025, up 18% year over year and up 12% from the previous quarter. Consignment revenue was the largest line at 77% of revenue.
Gross margin was 74.8%, up 0.4 points from a year earlier. Operating profit was $6.3M, a 3.2% margin (up 6.4 points year over year). Operating expenses grew 9% against revenue growth of 18%. The fastest-growing cost line was SG&A (+12%). The quarter ended with a net loss of $38.8M, narrower than the previous quarter's $54.1M loss. Net interest and other expense of $44.9M was the main reason.
Operating cash flow was $49.5M (up 77% year over year). Non-cash charges added back $8.2M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items added $73.4M. Capital expenditures of $3.7M left free cash flow of $45.8M.
Questions
What was TheRealReal's revenue in the fourth quarter 2025?
TheRealReal (REAL) reported revenue of $194M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +12% from the quarter before.
Was TheRealReal profitable in the fourth quarter 2025?
Operating profit was $6.3M (3.2% of revenue) and net loss $38.8M.
Source: TheRealReal 10-K on SEC EDGAR.