The RealReal (ADR)
Authenticates and consigns pre-owned luxury fashion, jewelry, and watches online and in stores.
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Profile
Operates an online marketplace and U.S. stores for authenticated, primarily pre-owned luxury fashion, fine jewelry, and watches. Most revenue comes from commissions on consigned sales, with additional direct-inventory and shipping revenue; the single-segment model depends on consignor supply, buyer trust, and reliable processing and fulfillment.
Runs an online marketplace and U.S. retail stores for authenticated, primarily pre-owned luxury goods across women's fashion, men's fashion, fine jewelry, and watches. Its full-service consignment offering handles virtual and in-home consultations, drop-off, authentication, pricing, photography, listing, fulfillment, and returns.
Most revenue comes from commissions retained when consigned goods sell. Smaller streams come from sales of company-owned inventory, buyer shipping fees, and an early-access subscription.
Proprietary transaction data and single-item inventory systems support authentication, pricing, merchandising, and processing, while stores help source goods and serve buyers. Operations form one reportable segment, with substantially all revenue and long-lived assets in the United States. The model depends on recurring consignor supply, buyer trust in authentication, efficient fulfillment and returns, and third-party shipping providers.
Company facts
Categories
Key statistics
Year to date −30.9% · Average volume (30d) 3.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 7, 2026 | Roth Capital | Reiterate | Buy | $17 | $19 |
| May 8, 2026 | Robert W. Baird | Target | $15 | $13 | |
| May 8, 2026 | Roth Capital | Target | $17.50 | $17 | |
| May 8, 2026 | BTIG | Reiterate | Buy | $18 | $17 |
| May 8, 2026 | UBS | Reiterate | Neutral | $16 | $14 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.02 | −$0.01 | +43.2% | $188.1M | $192.6M | +2.4% | −3.68% |
| May 7, 2026Q1 FY26 | −$0.01 | −$0.01 | 0.0% | $187.8M | $189.7M | +1.0% | −17.26% |
| Feb 26, 2026Q4 FY25 | $0.04 | $0.06 | +50.0% | $188.7M | $194.1M | +2.8% | −1.05% |
| Nov 10, 2025Q3 FY25 | −$0.06 | −$0.49 | −708.2% | $169.0M | $173.6M | +2.7% | +38.09% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $160.0M | $165.2M | $173.6M | $194.1M | $189.7M | $192.6M | |
| Gross profit | $120.0M | $122.7M | $128.9M | $137.0M | $133.2M | $143.2M | |
| Operating income | −$12.8M | −$9.9M | −$7.6M | $6.3M | −$2.3M | −$2.3M | |
| Net income | $62.4M | −$11.4M | −$54.1M | −$38.8M | $38.9M | −$27.2M | |
| Diluted EPS | $0.52 | −$0.13 | −$0.49 | −$0.33 | −$0.07 | −$0.23 | |
| Gross margin | 75.0% | 74.3% | 74.3% | 70.6% | 70.2% | 74.4% | |
| Operating margin | -8.0% | -6.0% | -4.3% | 3.2% | -1.2% | -1.2% |
Fiscal years (4-quarter sums)FY21 $467.7M · FY22 $603.5M · FY23 $549.3M · FY24 $600.5M · FY25 $692.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $119.1M · Total debt $463.3M · Total assets $378.3M · Shareholders' equity −$377.7M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 120.49M · Float 100.73M · 83.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.41M | 9.47% | 13F | Aug 7, 2026 |
| Divisadero Street Capital Management, LP | 9.20M | 7.63% | 13F | Aug 14, 2026 |
| Angela A. Riley | 7.64M | 7.00% | 13G/A | Oct 1, 2024 |
| David L. Kanen | 7.35M | 6.80% | 13D | Nov 1, 2024 |
| FMR LLC | 5.05M | 4.19% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Levesque Rati Sahi | officer: Chief Executive Officer | −84,432 | $10.98 |
| Aug 21, 2026 | Todd A. Suko | officer: Chief Legal Officer and Secret | −17,567 | $10.97 |
| Aug 21, 2026 | Steve Ming Lo | officer: Chief Accounting Officer | −12,559 | $10.97 |
| Aug 21, 2026 | Luke Thomas Friang | officer: Chief Product & Tech Officer | −22,028 | $10.98 |
| Aug 21, 2026 | Gopal Ajay Madan | officer: Chief Financial Officer | −36,418 | $10.98 |
Peers
- eBay
Broad marketplace for authenticated luxury resale
- ThredUp
Managed fashion resale with clean-out supply overlap
- Etsy
Depop fashion resale and Etsy vintage discovery overlap
- Coupang
Farfetch adds online luxury marketplace overlap
- 1stDibs
Luxury marketplace overlap in jewelry, watches, and fashion
- Rent the Runway
Adjacent designer-fashion access and resale overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| The RealReal (ADR) | $10.93 | +0.05% | $1.32B | — | 59.7 | 1.8 | +16.6% |
| eBay | $105.17 | −0.42% | $46.90B | 21.9 | 16.8 | 3.9 | +14.8% |
| ThredUp | $2.72 | +0.18% | $351.0M | — | — | 1.0 | +16.9% |
| Etsy | $83.11 | −0.59% | $7.93B | 45.7 | 17.7 | 2.8 | −0.7% |
| Coupang | $16.55 | +0.15% | $29.69B | — | 118.8 | 0.8 | +3.9% |
| 1stDibs | $4.46 | −0.22% | $157.6M | — | — | 1.7 | +5.3% |
| Rent the Runway | $3.57 | −0.28% | $120.6M | 0.6 | — | 0.3 | +29.2% |
| Median | 21.9 | 17.7 | 1.4 | +10.1% |