Earnings

The RealReal Raises Full-Year Outlook After Record Quarter

The Tip Desk · November 10, 2026 · 2 min read

Third-quarter GMV reached $642 million, up 23%, as the company lifted 2026 guidance for a third straight time.

The RealReal, Inc. (REAL), the online marketplace for authenticated resale luxury goods, reported record third-quarter GMV, revenue and orders and raised its full-year 2026 outlook for a third consecutive time.

Gross merchandise value was $642 million, up 23% from the year-earlier quarter, after 22% growth in the second quarter. Total revenue was $206 million, up 19%, after 17% growth in the prior quarter.

Orders were 1,020 thousand, up 15% year over year, which Chief Executive Officer Rati Levesque called the company’s strongest quarterly order growth since 2022. Trailing-twelve-month active buyers were 1,152,000, up 13%, after 11% growth in the second quarter. Average order value was $629, up 8%.

Consignment revenue was $159.1 million, up 18% from the year-earlier period, after 15% growth in the second quarter. Direct revenue was $27.4 million, up 19%. Shipping services revenue was $19.6 million. Take rate was 36.8%.

Gross profit was $154 million. Gross margin was 74.9%, up 64 basis points from the year-earlier quarter, after only 10 basis points of year-over-year expansion in the second quarter.

Adjusted EBITDA was $17.0 million, or 8.3% of revenue, compared with $9.3 million, or 5.4%, a year earlier. Adjusted EBITDA margin in the second quarter was 7.0%.

GAAP results swung to net income of $16.0 million, or 7.8% of revenue, from a $54.1 million loss, or 31.1% of revenue, in the third quarter of 2025. The company said third-quarter net income includes a $21.2 million non-cash adjustment from the change in fair value of warrant liability. GAAP basic net income was $0.13 a share. Diluted net loss was $0.04 a share. Non-GAAP basic and diluted net income was $0.02 a share.

Levesque said the company completed a refinancing in October that extended its debt maturity profile. Cash and cash equivalents were $130.4 million at September 30, 2026. Convertible senior notes, net, were $231.9 million and non-convertible notes, net, were $147.7 million. Stockholders’ deficit was $354.4 million.

For the fourth quarter of 2026, the company guided to GMV of $720 million to $735 million, total revenue of $218 million to $222 million, and Adjusted EBITDA of $27.5 million to $29.0 million. Full-year 2026 guidance is GMV of $2.585 billion to $2.600 billion, total revenue of $806 million to $810 million, and Adjusted EBITDA of $71.1 million to $72.6 million.

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