TheRealReal, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $692.8M | $600.5M | $549.3M | $603.5M | $467.7M |
| Cost of revenue | $176.0M | $153.0M | $173.0M | $254.8M | $194.2M |
| Gross profit | $516.8M | $447.5M | $376.3M | $348.7M | $273.5M |
| Selling, general & administrative | $201.6M | $187.7M | $183.8M | $195.3M | $176.2M |
| Operating expenses | $540.8M | $504.0M | $542.6M | $537.9M | $488.4M |
| Operating income | -$23.9M | -$56.5M | -$166.3M | -$189.2M | -$214.9M |
| Interest expense | $27.7M | $21.4M | $10.7M | $10.5M | $21.5M |
| Pretax income | -$41.4M | -$133.9M | -$168.2M | -$196.3M | -$236.1M |
| Income tax expense | $363,000 | $276,000 | $283,000 | $172,000 | $56,000 |
| Net income | -$41.8M | -$134.2M | -$168.5M | -$196.4M | -$236.1M |
| Balance Sheet | |||||
| Cash and equivalents | $151.2M | $172.2M | $175.7M | $293.8M | $418.2M |
| Current assets | $227.5M | $232.7M | $235.9M | $372.3M | $517.8M |
| Total assets | $409.0M | $423.1M | $446.9M | $615.6M | $754.9M |
| Current liabilities | $264.2M | $248.7M | $188.9M | $207.5M | $188.0M |
| Total liabilities | $824.6M | $830.5M | $750.2M | $785.7M | $681.8M |
| Stockholders' equity | -$415.5M | -$407.4M | -$303.3M | -$170.1M | $73.1M |
| Cash Flow Statement | |||||
| Cash from operations | $37.0M | $26.8M | -$61.3M | -$91.6M | -$142.2M |
| Depreciation and amortization | $33.0M | $33.1M | $31.7M | $27.7M | $23.5M |
| Stock-based compensation | $28.9M | $29.1M | $34.3M | $46.1M | $48.8M |
| Capital expenditure | $18.6M | $14.2M | $29.2M | $22.9M | $37.5M |
| Free cash flow | $18.4M | $12.6M | -$90.4M | -$114.4M | -$179.6M |
| Impairments | $0 | $0 | $39.7M | $0 | $0 |
Shares outstanding 120.5M · Free float 89.6%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.