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Stocks · Consumer discretionary · Retail-Miscellaneous Retail

TheRealReal, Inc.

REAL Clue Score41
United States Fiscal year ends December CIK 0001573221
$9.75 +1.35% Close, 9 Oct 2026
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Price $9.75 −13.64% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 28 Jun 2019. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue137.5Operating income−51.8Net income−52.3Fiscal year 2018Revenue213.7 +55.4%Operating income−73.9Net income−75.8Fiscal year 2019Revenue316.4 +48.0%Operating income−100.1Net income−98.4EPS, diluted−2.14Fiscal year 2020Revenue299.9 −5.2%Operating income−172.8Net income−175.8EPS, diluted−2.01Fiscal year 2021Revenue467.7 +55.9%Operating income−214.9Net income−236.1EPS, diluted−2.58Fiscal year 2022Revenue603.5 +29.0%Operating income−189.2Net income−196.4EPS, diluted−2.05Fiscal year 2023Revenue549.3 −9.0%Operating income−166.3Net income−168.5EPS, diluted−1.65Fiscal year 2024Revenue600.5 +9.3%Operating income−56.5Net income−134.2EPS, diluted−1.24Fiscal year 2025Revenue692.8 +15.4%Operating income−23.9Net income−41.8EPS, diluted−0.70
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 137.5 213.7 316.4 299.9 467.7 603.5 549.3 600.5 692.8
Growth +55.4% +48.0% −5.2% +55.9% +29.0% −9.0% +9.3% +15.4%
Operating income −51.8 −73.9 −100.1 −172.8 −214.9 −189.2 −166.3 −56.5 −23.9
Net income −52.3 −75.8 −98.4 −175.8 −236.1 −196.4 −168.5 −134.2 −41.8
Growth
EPS, diluted n/a n/a −2.14 −2.01 −2.58 −2.05 −1.65 −1.24 −0.70

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin63.7%Operating margin−37.7%Net margin−38.0%Free cash flow margin−36.5%Fiscal year 2018Gross margin64.1%Operating margin−34.6%Net margin−35.4%Free cash flow margin−28.3%Fiscal year 2019Gross margin63.7%Operating margin−31.6%Net margin−31.1%Free cash flow margin−25.1%Fiscal year 2020Gross margin62.5%Operating margin−57.6%Net margin−58.6%Free cash flow margin−50.9%Fiscal year 2021Gross margin58.5%Operating margin−46.0%Net margin−50.5%Free cash flow margin−38.4%Fiscal year 2022Gross margin57.8%Operating margin−31.3%Net margin−32.6%Free cash flow margin−19.0%Fiscal year 2023Gross margin68.5%Operating margin−30.3%Net margin−30.7%Free cash flow margin−16.5%Fiscal year 2024Gross margin74.5%Operating margin−9.4%Net margin−22.3%Free cash flow margin2.1%Fiscal year 2025Gross margin74.6%Operating margin−3.5%Net margin−6.0%Free cash flow margin2.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 63.7% 64.1% 63.7% 62.5% 58.5% 57.8% 68.5% 74.5% 74.6%
Operating margin −37.7% −34.6% −31.6% −57.6% −46.0% −31.3% −30.3% −9.4% −3.5%
Net margin −38.0% −35.4% −31.1% −58.6% −50.5% −32.6% −30.7% −22.3% −6.0%
Free cash flow margin −36.5% −28.3% −25.1% −50.9% −38.4% −19.0% −16.5% 2.1% 2.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−38.6Capital expenditure−11.6Free cash flow−50.2Fiscal year 2018Operating cash flow−47.2Capital expenditure−13.4Free cash flow−60.6Fiscal year 2019Operating cash flow−54.5Capital expenditure−24.8Free cash flow−79.3Fiscal year 2020Operating cash flow−134.4Capital expenditure−18.3Free cash flow−152.7Fiscal year 2021Operating cash flow−142.2Capital expenditure−37.5Free cash flow−179.6Fiscal year 2022Operating cash flow−91.6Capital expenditure−22.9Free cash flow−114.4Fiscal year 2023Operating cash flow−61.3Capital expenditure−29.2Free cash flow−90.4Fiscal year 2024Operating cash flow26.8Capital expenditure−14.2Free cash flow12.6Fiscal year 2025Operating cash flow37.0Capital expenditure−18.6Free cash flow18.4 +45.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −38.6 −47.2 −54.5 −134.4 −142.2 −91.6 −61.3 26.8 37.0
Capital expenditure −11.6 −13.4 −24.8 −18.3 −37.5 −22.9 −29.2 −14.2 −18.6
Free cash flow −50.2 −60.6 −79.3 −152.7 −179.6 −114.4 −90.4 12.6 18.4
Growth +45.8%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash16.5Shareholders’ equity−177.0Fiscal year 2018Cash34.4Total debt9.2Net cash (debt)25.2Shareholders’ equity−257.7Fiscal year 2019Cash154.4Shareholders’ equity337.2Fiscal year 2020Cash350.8Shareholders’ equity191.3Fiscal year 2021Cash418.2Shareholders’ equity73.1Fiscal year 2022Cash293.8Shareholders’ equity−170.1Fiscal year 2023Cash175.7Shareholders’ equity−303.3Fiscal year 2024Cash172.2Shareholders’ equity−407.4Fiscal year 2025Cash151.2Shareholders’ equity−415.5
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 16.5 34.4 154.4 350.8 418.2 293.8 175.7 172.2 151.2
Total debt n/a 9.2 n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) n/a 25.2 n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity −177.0 −257.7 337.2 191.3 73.1 −170.1 −303.3 −407.4 −415.5

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
63.7% 64.1% 63.7% 62.5% 58.5% 57.8% 68.5% 74.5% 74.6%
−37.7% −34.6% −31.6% −57.6% −46.0% −31.3% −30.3% −9.4% −3.5%
−38.0% −35.4% −31.1% −58.6% −50.5% −32.5% −30.6% −22.3% −6.0%
−38.0% −35.4% −31.1% −58.6% −50.5% −32.6% −30.7% −22.3% −6.0%
−36.5% −28.3% −25.1% −50.9% −38.4% −19.0% −16.5% 2.1% 2.7%
Spending
32.0% 29.8% 35.0% 46.9% 37.7% 32.4% 33.5% 31.3% 29.1%
8.4% 6.3% 7.8% 6.1% 8.0% 3.8% 5.3% 2.4% 2.7%
Returns
n/a n/a −29.2% −91.9% −322.9% n/a n/a n/a n/a
n/a −55.9% −21.2% −29.1% −31.3% −31.9% −37.7% −31.7% −10.2%
Balance and payout
n/a 73.0% 27.5% 68.4% 90.3% 127.6% 167.9% 196.3% 201.6%