Filing Flows › Comparisons › SPH vs REAL
Suburban Propane Partners LP vs TheRealReal: SPH and REAL compared
Suburban Propane Partners LP is the larger company: $261M of revenue in its latest quarter (Q3 FY26) against $206M for TheRealReal (Q3 2026). TheRealReal is growing faster (+19% against +0.5% a year earlier). Suburban Propane Partners LP is more profitable, with an operating margin of 0.9% against 0.7%.
Where the money goes: SPH and REAL
Suburban Propane Partners LP (SPH) · Q3 FY26
Suburban Propane Partners LP, Q3 FY26: revenue $261M (+0.5% year over year), operating margin 0.9%, net loss $17.5M, operating cash flow $71.0M. The chart follows the revenue to costs, profit and cash.
TheRealReal (REAL) · Q3 2026
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.
| Suburban Propane Partners LP (SPH) | TheRealReal (REAL) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $261M | $206M |
| Revenue growth, Y/Y | +0.5% | +19% |
| Gross margin | — | 74.9% |
| Operating margin | 0.9% | 0.7% |
| Net earnings | −$17.5M | $16.0M |
| Net margin | -6.7% | 7.8% |
| Operating cash flow | $71.0M | $25.0M |
| Free cash flow | $49.5M | $15.3M |
| Market value | $1.1B | $1.4B |
| P/E | 8.7× | — |
| Analysts’ mean target | $17.00 | $17.75 |
Where the revenue comes from
Suburban Propane Partners LP
- Propane: $227M (87%)
- Other Sales Revenue Net: $18.2M (7%)
- Fuel Oil and Refined Fuels: $11.7M (4%)
- Natural Gas and Electricity: $4.5M (2%)
TheRealReal
- Consignment revenue: $159M (77%)
- Direct revenue: $27.4M (13%)
- Shipping services revenue: $19.6M (10%)
Questions
Which is bigger, Suburban Propane Partners LP or TheRealReal?
Suburban Propane Partners LP is the larger company: $261M of revenue in its latest quarter (Q3 FY26) against $206M for TheRealReal (Q3 2026).
Is Suburban Propane Partners LP or TheRealReal growing faster?
TheRealReal is growing faster (+19% against +0.5% a year earlier).
Which is more profitable, Suburban Propane Partners LP or TheRealReal?
Suburban Propane Partners LP is more profitable, with an operating margin of 0.9% against 0.7%.
More: Suburban Propane Partners LP earnings · how Suburban Propane Partners LP makes money · TheRealReal earnings · how TheRealReal makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 6, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.