TheRealReal, Inc. (REAL) FY2025 10-K Annual Report
TheRealReal, Inc. (REAL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TheRealReal, Inc. FY2025 10-K Analysis
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
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
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
TheRealReal, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$693M
▲ +15.4% YoY
Net Income
-$42M
▲ +68.9% YoY
Gross Margin
74.6%
▲ +7bp YoY
Operating Margin
-3.5%
▲ +595bp YoY
Net Margin
-6.0%
▲ +1632bp YoY
ROE
10.1%
▼ -2288bp YoY
Total Assets
$409M
▼ -3.3% YoY
EPS (Diluted)
$-0.70
▲ +43.5% YoY
Operating Cash Flow
$37M
▲ +37.9% YoY
Source: XBRL data from TheRealReal, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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