REALNasdaqRetail-Miscellaneous RetailUS GAAP · USD

TheRealReal, Inc.

TheRealReal, Inc. operates an online marketplace for authenticated, pre-owned luxury goods, connecting consignors and buyers through a managed resale platform. The company also runs retail stores and authentication centers in the United States to support intake, verification, merchandising, and fulfillment across its luxury categories.

Liikevaihto693milj. USD
+15,4 %v/v
Liikevoitto (EBIT)−23,9milj. USD
+57,6 %v/v
EBIT-marginaali−3,5%
+6,0 %-yks.v/v
Nettotulos−41,8milj. USD
+68,9 %v/v
Vapaa kassavirta18,4milj. USD
+45,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−400−2000200400600800milj. USD2020: 300 milj. USD2020: EBIT −173 milj. USD20202021: 468 milj. USD2021: EBIT −215 milj. USD20212022: 603 milj. USD2022: EBIT −189 milj. USD20222023: 549 milj. USD2023: EBIT −166 milj. USD20232024: 600 milj. USD2024: EBIT −56 milj. USD20242025: 693 milj. USD2025: EBIT −24 milj. USD2025693−24
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Consignment revenue85 %

Commission revenue earned when luxury goods are sold on behalf of consignors.

Direct revenue10 %

Revenue from goods the company owns and resells through its marketplace and stores.

Shipping services revenue5 %

Fees charged for outbound shipping and handling and related return shipping services.

Tuotteet

Raportoitu · osuus liikevaihdosta
77,3%13,1%9,5%FY2025100 %
  • Services77,3 %
  • Products13,1 %
  • Shipping and Handling9,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The company serves luxury buyers looking for authenticated pre-owned designer goods and consignors who want a managed way to sell items they no longer use. Its customer base includes individual consumers, repeat buyers who also consign, and businesses or consignors that provide inventory through the platform. The model depends on both sides of the marketplace because supply quality and buyer demand reinforce each other.

Luxury buyers

Buy authenticated pre-owned luxury goods online or in stores for access, value, and trust.

Consignors

Individuals and businesses consign luxury items to monetize unused goods with a managed process.

Buyer-consignors

Customers who both buy and consign, creating repeat engagement and marketplace liquidity.

Retail store shoppers

Customers who discover and purchase curated inventory through neighborhood and flagship stores.

Business sellers

Businesses and other sellers that provide direct-purchase inventory or out-of-policy returns.

Strategia

The company’s strategy centers on unlocking more luxury supply, improving operating efficiency through technology and automation, and delivering strong service to both buyers and consignors. It also uses its retail stores and authentication infrastructure to support omnichannel discovery, in-person consignment, and trust in the resale process.

Unlock more luxury supplyLyhyt aikaväli

Marketplace liquidity depends on attracting consignors and recurring inventory.

Automate authentication and merchandisingKeskipitkä aikaväli

Single-SKU luxury inventory requires efficient item-level processing and pricing.

Strengthen omnichannel serviceKeskipitkä aikaväli

Stores and digital channels help attract customers and support trust in resale.

Maantiede

TheRealReal is based in the United States and operates its authentication centers in Arizona and New Jersey. It sells through an online marketplace with a global member base, while its physical retail footprint is concentrated in major U.S. cities such as San Francisco, Los Angeles, and New York. Geography matters because the company’s intake, authentication, and fulfillment operations are U.S.-based even as its buyer audience is global.

Riskit

The business depends on attracting both consignors and buyers, so weak demand, supply shortages, or ineffective marketing can directly reduce marketplace activity. It also faces execution risk in retail expansion, international growth, and technology investment, while authentication, brand trust, and litigation exposure are central to the model. Because the company handles high-value goods and uses estimates for returns, reserves, and debt valuations, accounting judgments can materially affect reported results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Insufficient supply of pre-owned luxury goods1Buyer acquisition and retention risk2Marketing efficiency and traffic dependence3Intellectual property and counterfeit protection4Retail strategy execution risk5Litigation and regulatory uncertainty6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Insufficient supply of pre-owned luxury goodsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The marketplace needs recurring consignments to maintain assortment and sales velocity.

    Kohdistuu: Consignment inventory and marketplace liquidity

  2. Buyer acquisition and retention riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Revenue depends on attracting new buyers and keeping repeat buyers active.

    Kohdistuu: Marketing spend and customer lifetime value

  3. Marketing efficiency and traffic dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company relies on advertising and third-party traffic sources to drive marketplace visits.

    KohdistuuDigital marketingTVDirect mailReferral channels
  4. Intellectual property and counterfeit protectionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Trust in authentication and brand protection is central to the resale proposition.

    KohdistuuTrademarkTrade secretAuthentication processes
  5. Retail strategy execution riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Store openings and format decisions require capital and operational execution.

    Kohdistuu: Neighborhood stores and flagship stores

  6. Litigation and regulatory uncertaintyVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company is exposed to claims and legal disputes common in consumer marketplaces.

    Kohdistuu: Legal costs and reputational damage

Kirjanpito

Harkinnanvaraiset erät
Consignment revenue recognition

Revenue depends on take rates and netting of returns, cancellations, and incentives.

Vaikutus: Affects reported net revenue and comparability across periods

Return reserves and buyer incentives

Management must estimate future returns and promotional offsets on luxury sales.

Vaikutus: Can materially change net revenue and gross margin presentation

Convertible note fair value and extinguishment accounting

Debt exchanges require valuation judgments and can generate gains or losses on extinguishment.

Vaikutus: Can create non-operating earnings volatility

Lease accounting

Authentication centers and stores create significant operating lease commitments.

Vaikutus: Affects reported liabilities and fixed-cost visibility

Inventory valuation for direct sales

Owned goods must be carried and sold at appropriate values in a resale model.

Vaikutus: Can affect cost of revenue and write-down risk

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026

TheRealReal, Inc. (REAL) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo