The significant improvement in profitability combined with strong revenue growth and optimistic 2026 guidance suggests TheRealReal's turnaround is gaining traction. Traders should monitor whether the company can maintain this momentum and expand margins further in 2026.
Price Chart
Executive Summary
TheRealReal reported strong fourth quarter and full year 2025 results, with Q4 revenue up 18% YoY to $194 million and Adjusted EBITDA improving to $22 million. The company surpassed $2 billion in annual GMV and provided 2026 guidance projecting revenue of $765-$780 million and Adjusted EBITDA of $57-$65 million, indicating continued growth momentum.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $194 million, up 18% YoY
- Full year 2025 revenue was $693 million, up 15% YoY
- Q4 Adjusted EBITDA was $22 million (11.3% margin), up from $11 million in Q4 2024
- Full year Adjusted EBITDA was $42 million (6.1% margin), up from $9 million in 2024
- Company guided to 2026 revenue of $765-$780 million and Adjusted EBITDA of $57-$65 million
- Trailing 12-month active buyers grew 9% to 1,056,000
Financial Impact
Revenue growth of 15-18% YoY with significant improvement in profitability (Adjusted EBITDA up from $9M to $42M annually)
Risk Factors
- GAAP net loss remains significant ($42 million in 2025) despite Adjusted EBITDA improvement
- Guidance includes non-GAAP measures that exclude substantial items like warrant liability changes
- Company has substantial debt ($230.8 million in convertible notes and $141.0 million in non-convertible notes)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001573221-26-000009 |
| Document: 0001573221-26-000009-index.html | 0001573221-26-000009 |
| Document: 0001573221-26-000009.txt | 0001573221-26-000009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 8-K | $10.54 | awaiting T+60 | — | $10.99 (+4.27%) |
Oct 14, 2026 13d ago | Press Release | $10.54 | awaiting T+60 | — | $10.99 (+4.27%) |
Aug 24, 2026 9w ago | Insider Cluster | $11.12 | awaiting T+60 | — | $10.99 (−1.17%) |
Jul 16, 2026 14w ago | Press Release | $11.21 $9.69 | ▼ −13.56% | ▼ −18.24% | $10.99 (−1.96%) |
May 22, 2026 22w ago | Insider Cluster | $9.50 $11.78 | ▲ +24.00% | ▲ +21.28% | $10.99 (+15.68%) |
May 8, 2026 24w ago | S-3ASR | $9.97 $12.65 | ▲ +26.88% | ▲ +22.49% | $10.99 (+10.23%) |
May 7, 2026 24w ago | 8-K | $10.26 $12.72 | ▲ +23.98% | ▲ +19.14% | $10.99 (+7.12%) |
Apr 27, 2026 26w ago | DEFA14A | $11.78 $11.37 | ▼ −3.48% | ▼ −7.47% | $10.99 (−6.71%) |
Apr 16, 2026 27w ago | Press Release | $12.08 $10.88 | ▼ −9.93% | ▼ −16.08% | $10.99 (−9.02%) |
Feb 26, 2026 34w ago | 8-K | $12.26 $9.50 | ▼ −22.51% | ▼ −31.90% | $10.99 (−10.36%) |
US Market Status
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