Loading...
•
Dec 31, 2025
RealReal Q4 2025 Earnings Report
The RealReal reported strong fourth quarter 2025 growth with double-digit GMV and revenue increases and improved profitability.
Key Takeaways
The RealReal delivered Q4 2025 GMV of 615683000 and revenue of 194051000, with gross margin expansion to 74.8% and Adjusted EBITDA of 21861000, while net loss narrowed year-over-year.
GMV increased 22% year-over-year to 615683000.
Total revenue rose 18% year-over-year to 194051000.
Gross margin expanded to 74.8% from the prior year.
Adjusted EBITDA improved to 21861000, representing 11.3% margin.
Revenue by Segment
Forward Guidance
For Q1 2026, the Company expects GMV between 585000000 and 600000000, revenue between 185000000 and 189000000, and Adjusted EBITDA between 11000000 and 13000000. For full year 2026, GMV is expected between 2390000000 and 2450000000 and revenue between 765000000 and 780000000.
Positive Outlook
- Full year 2026 GMV guidance of 2390000000 to 2450000000.
- Full year 2026 revenue guidance of 765000000 to 780000000.
- Full year 2026 Adjusted EBITDA guidance of 57000000 to 65000000.
- Q1 2026 revenue guidance of 185000000 to 189000000.
- Continued positive Adjusted EBITDA expected in 2026.
Challenges Ahead
- Q1 2026 Adjusted EBITDA guidance of 11000000 to 13000000 implies sequential decline from Q4.
- Take rate declined year-over-year to 36.5%.
- Company remains GAAP net loss generating.
- Exposure to macroeconomic uncertainty and luxury demand trends.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...