REAL at a glance
TheRealReal, Inc. (REAL, SEC CIK 1573221) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and Form 4 insider filings as recently as October 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), TheRealReal, Inc. (REAL) reported revenue of $692.8 million (up 15.4% from FY2024) and a net loss of $41.8 million. Diluted EPS was -$0.70.
- The most recent insider open-market sale reported on Form 4 was by Madan Gopal Ajay on August 21, 2026 of 8,067 shares at $10.98 per share.
- In the last 90 days, REAL insiders reported 0 open-market purchases ($0) and 16 open-market sales ($1.9M) on Form 4, a net sale of $1.9M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $692.8M
- +15.4% vs prior year
- Insiders · 90 days
- 0 buys · 16 sells
- Net −$1.9M
- Latest 8-K
- Aug 6, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Online marketplace for authenticated resale luxury goods with end-to-end consignment services worldwide
- Emphasized multi-channel retail with neighborhood stores (1,800-3,500 sq ft) and flagship stores (8,000-10,000 sq ft) to enhance customer and consignor engagement
- Strategic focus on technology, automation, proprietary data to drive operational efficiency and growth via network effects between consignors and buyers
- Network effect creates flywheel; high-quality supply attracts buyers, boosting sales velocity and consignor commissions
- Retail stores drive increased average order value, lifetime value, lower return rates, and accelerated brand awareness in 2026 filing year
Risk Factors
- Regulatory risk: Compliance with data privacy laws affecting personal information processing, including potential fines and governmental enforcement actions
- Macroeconomic threat: Exposure to reduced consumer discretionary spending due to inflation, recessions, and geopolitical instability from Russia-Ukraine and Israel-Hamas conflicts
- Operational vulnerability: Dependence on specialized sales professionals to secure consignor supply amid intense employee competition and turnover risks
- Competitive risk: Challenges from national retailers setting competitive prices on new luxury goods, impacting the resale value proposition
- Financial risk: Large accumulated deficit of $1,295.6 million as of December 31, 2025, with net losses of $41.8 million in 2025 signaling ongoing profitability challenges
Management Discussion & Analysis
- Revenue not explicitly stated; net loss improved to $41.8M in 2025 from $134.2M in 2024 and $168.5M in 2023
- Adjusted EBITDA $42.1M in 2025 vs $9.3M in 2024 and ($55.2M) in 2023, indicating profitability improvement
- Operating segment performance not detailed by revenue; primary cash uses include operating lease obligations, compensation, marketing
- Net cash from operating activities $37.0M in 2025 vs $26.8M in 2024; investing cash outflows $29.2M including $18.6M capex and $12.9M software; financing outflows $28.9M mainly debt repayment
- Management highlights convertible note exchanges reducing debt burden with gains on extinguishment $40.8M in 2025; key risks include lease and debt obligations of $281.3M and $213.6M respectively, and warrant fair value volatility impacting earnings
AI summary of the REAL 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $192.571M, up 17% YoY from $165.188M
- Gross margin 74% vs 75% YoY; net margin (16%) vs (5%)
- Direct revenue best performer, $25.787M, up 26% YoY
- Take rate 35.9% vs 37.9%; consignment revenue gross margin down 15 basis points
- Adjusted EBITDA $13.532M vs $6.839M; operations and technology investment expected to continue
Risk Factors
- Newly emphasized tariff and global-trade-policy exposure, with potential effects on luxury consumer discretionary spending
- Profitability risk, with net income $11.7 million for six months ended June 30, 2026 versus accumulated deficit of $1,283.9 million
- Regulatory risk from personal-information processing, including potential fines, penalties, or operational restrictions for noncompliance
- Near-term demand risk from inflation, interest rates, geopolitical instability, and weaker luxury purchase activity
- Liquidity risk from potential additional financing needs and debt covenants that may restrict capital raising
AI summary of the REAL 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results covered quarter ended June 30, 2026
- Press release issued August 6, 2026
Item EX-99.1: Item EX-99.1
- Q2 GMV reached record $617 million, up 22%, with revenue up 17% to $193 million
- Adjusted EBITDA rose to $13.5 million, expanding margin to 7.0% from 4.1%
Item 5.07: Submission of Matters to a Vote of Security Holders
- Stockholders elected Caretha Coleman, Karen Katz, and Mark McCaffrey to three-year Class I director terms ending in 2029
- KPMG LLP ratified as independent auditor for fiscal year ending December 31, 2026, with 99,751,033 votes in favor
Item 2.02: Results of Operations and Financial Condition
- Q1 2026 results for quarter ended March 31, 2026, released May 7, 2026
- Detailed financial results and management commentary contained in Exhibit 99.1
AI summaries of REAL 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for REAL
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| McCaffrey Mark | A | Sep 30, 2026 | 1,414 | - |
| KATZ KAREN | A | Sep 30, 2026 | 2,262 | - |
| Madan Gopal Ajay | Sell | Aug 21, 2026 | 8,067 | $10.98 |
| Lo Steve Ming | Sell | Aug 21, 2026 | 1,407 | $10.98 |
| Sahi Levesque Rati | Sell | Aug 21, 2026 | 20,216 | $10.98 |
| Sahi Levesque Rati | Sell | Aug 21, 2026 | 56,145 | $10.98 |
| Sahi Levesque Rati | Sell | Aug 21, 2026 | 8,071 | $10.98 |
| Lo Steve Ming | Sell | Aug 21, 2026 | 2,167 | $10.97 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $549.3M | $600.5M | $692.8M |
| Gross Profit | - | $447.5M | $516.8M |
| Operating Income | - | -$56.5M | -$23.9M |
| Net Income | - | -$134.2M | -$41.8M |
| Gross Margin | - | 74.5% | 74.6% |
| Op. Margin | - | -9.4% | -3.5% |
| Net Margin | - | -22.3% | -6.0% |
| Balance Sheet | |||
| Total Assets | - | $423.1M | $409.0M |
| Equity | - | -$407.4M | -$415.5M |
| ROE | - | 32.9% | 10.1% |
| Per Share | |||
| EPS | - | $-1.24 | $-0.70 |
| Cash Flow | |||
| Operating CF | - | $26.8M | $37.0M |
| CapEx | $29.2M | $14.2M | $18.6M |
Source: XBRL data in TheRealReal, Inc. (REAL)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
REAL filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| SC 13G | Jun 30, 2026 | - | - | |
| 8-K | Jun 12, 2026 | - | Analysis | - |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis |
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REAL SEC filings: frequently asked questions
Are REAL insiders buying or selling?
In the last 90 days, TheRealReal, Inc. (REAL) officers, directors and 10% owners reported no open-market purchases and 16 open-market sales worth $1.9 million by 5 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
What was REAL's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), TheRealReal, Inc. (REAL) reported revenue of $692.8 million (up 15.4% from FY2024) and a net loss of $41.8 million. Diluted EPS was -$0.70. The figures come from the XBRL data in the 10-K.
What are the main risks in REAL's latest 10-K?
In the 10-K filed February 26, 2026, TheRealReal, Inc. (REAL) flagged: Regulatory risk: Compliance with data privacy laws affecting personal information processing, including potential fines and governmental enforcement actions. Macroeconomic threat: Exposure to reduced consumer discretionary spending due to inflation, recessions, and geopolitical instability from Russia-Ukraine and Israel-Hamas conflicts. (AI summary of the Risk Factors section.)
What did REAL report in its latest 8-K?
TheRealReal, Inc. (REAL) filed an 8-K on August 6, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 results covered quarter ended June 30, 2026.
What are the latest REAL SEC filings?
TheRealReal, Inc. (REAL) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and a Form 4 insider filing on October 1, 2026.
What is REAL's SEC CIK number?
TheRealReal, Inc. (REAL)'s SEC Central Index Key (CIK) is 1573221. EDGAR lists every REAL filing under that number.
Ask anything about REAL
The research agent reads REAL's filings, financials, insider trades and 13F holders, then answers with sources.