The RealReal, Inc. (REAL) Earnings
The RealReal, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.02. REAL has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -128.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.01 | $-0.01 | +0.0% | $190M | +1.0% |
| Aug 7, 2025 | $-0.15 | $-0.13 | +13.3% | $165M | -2.5% |
| May 8, 2025 | $-0.13 | $-0.14 | -7.7% | $160M | +0.2% |
| Feb 20, 2025 | $-0.10 | $-0.62 | -520.0% | $164M | -0.1% |
| Feb 29, 2024 | $-0.11 | $-0.07 | +36.4% | $143M | +0.7% |
| Feb 28, 2023 | $-0.36 | $-0.29 | +19.4% | $160M | +1.2% |
| Feb 23, 2022 | $-0.38 | $-0.42 | -10.5% | $145M | +7.5% |
| Feb 22, 2021 | $-0.38 | $-0.49 | -28.9% | $85M | +21.8% |
| Aug 6, 2020 | $-0.37 | $-0.42 | -13.5% | $57M | +16.7% |
| May 6, 2020 | $-0.41 | $-0.39 | +4.9% | $78M | -7.1% |
| Feb 25, 2020 | $-0.18 | $-0.17 | +5.6% | $97M | -10.5% |
| Aug 13, 2019 | $-0.34 | $-0.28 | +17.6% | $71M | -13.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Q1 was fourth consecutive quarter of double-digit top-line growth and third consecutive quarter of growth exceeding 20%, with adjusted EBITDA margin expanded over 400 basis points year-over-year. Trailing 12-month active buyers grew double digits. 2024 was about stabilization, 2025 about optimization, 2026 and beyond about compounding. Three strategic pillars: growth playbook to unlock supply and drive flywheel behavior, obsessing over service to turn transactions into relationships, operational excellence to improve unit economics and enable scale. Growth playbook includes deepening sales team as competitive asset, extending reach via referral programs, stores deepening consigner relationship and new markets added. Obsessing over service includes My Closet suite for sellers and buyers. Operational excellence includes AI-enabled intake system Athena automating intake, AI-powered image embedding for pricing, and automated storage and retrieval system to increase capacity.
Guidance
Based on strong performance, increasing full-year outlook. Full-year GMB raised to range of 2.42 billion to 2.47 billion, representing 14% to 16% growth year-over-year. Revenue expected to be between 770 million to 784 million, 11% to 13% growth versus last year. Adjusted EBITDA expected in range of 59 million to 67 million, 8.1% margin at midpoint. Second quarter GMV expected in range of 590 million to 600 million, 17% to 19% growth year-over-year. Revenue expected to be between 186 million to 189 million, 13% to 14% growth versus last year. Second quarter adjusted EBITDA expected to be between 11 million and 12 million, 6.1% margin at midpoint and approximately 200 basis points of margin expansion year over year.
Segment performance
Q1 demonstrated strength with fourth consecutive quarter of double-digit top-line growth and third consecutive quarter of growth exceeding 20%. Adjusted EBITDA margin expanded by over 400 basis points year-over-year. Trailing 12-month active buyers grew double digits. Q1 GMV was 606 million, up 24% year-over-year. Total revenue was 190 million, up 19% year-over-year. Consignment revenue grew 18% and direct revenue increased 26%. Average order value was 646, up 15% versus last year. Take rate was 36.4%, declined 220 basis points year-over-year due to favorable mix into higher value items. Gross profit was 141 million, up 18% year-over-year. Gross margin was 74.5%, decreased 50 basis points. Operating expenses leveraged 730 basis points year-over-year as a percent of revenue. Adjusted EBITDA was 13.1 million, an increase of 9 million versus prior year, and 6.9% of total revenue.
Analyst Q&A
Q: Marvin Fong with BTIG asked about Middle East conflict and surging fuel prices on demand and supply, and
A: Response on customer resilience, value props, and top of funnel metrics being healthy.
Q: Marvin Fong followed up on AOV surge and sustainability,
A: Response on trust built, marketplace flexibility.
Q: Dylan Cardin with William Blair asked about balance of year and marketing/customer acquisition,
A: Response on active buyers growth and mix of customer growth and higher priced items.
Q: Bobby Brooks with Northland Capital Markets asked about consigner growth matching buyer growth and international supply pipeline,
A: Response on new consignors from buyer population, and international supply pipeline being crawl, walk, run.
Q: Matt Coranda with Roth Capital asked about ONT expense and Athena leverage,
A: Response on operations and tech as source of operating leverage.
Q: Mark Altshwager with Baird asked about supply visibility and AOV momentum,
A: Response on strong supply for high value items and balance between price and volume.
Q: Ashley Owens with KeyBank asked about consumer pressure and resale adoption,
A: Response on supply pipeline and consumer buying into value play.
Q: Jay Sol with UBS asked about AI and operational throughput,
A: Response on Athena as source of efficiencies and broader AI strategy.
Q: Marnie Shapiro with the Retail Tracker asked about customer experience enhancement,
A: Response on focusing on service, price estimator, My Closet, and operational excellence