Earnings Releases·Oct 29, 2026, 4:17 PM ET

The RealReal — Third Quarter 2026 Earnings Summary

Q3 2026 revenue reached $206.1 million (up 19% YoY) with GMV at $642 million (up 23% YoY), driving a shift from a $54.1 million net loss in Q3 2025 to $16.0 million net income in Q3 2026.
Adjusted EBITDA improved to $17.0 million (8.3% margin) from $9.3 million (5.4% margin) in the prior year period, supported by a 64 basis point expansion in gross margin to 74.9%.
The company raised full-year 2026 guidance, projecting GMV of $2.585–$2.600 billion, Total Revenue of $806–$810 million, and Adjusted EBITDA of $71.1–$72.6 million.
Strategic milestones include a key debt refinancing to extend maturity profiles, a $21.2 million non-cash gain from warrant liability adjustments, and record order growth of 15% in Q3.