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RealReal (REAL)
NASDAQ:REAL
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.02Last Year’s EPS
-0.08Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong top-line growth (GMV +22% Q4; full year GMV +16%), meaningful margin expansion and improving cash generation, driven by AI/automation (Athena), sales productivity and product initiatives. Management met key operational targets (35% Athena coverage) and provided constructive 2026 guidance while outlining further investments in AI, search, MyCloset and supply initiatives. Notable concerns include a decline in take rate due to mix (impacting revenue conversion), direct-channel margin variability, modest full-year free cash flow, and the need to scale Athena and other pilots across higher-value items. Overall, positive execution and momentum were balanced with a set of execution and mix risks that the company is actively addressing.Company Guidance
Strong GMV Growth and Annual Milestone
Q4 GMV of $616 million, up 22% year-over-year; full year 2025 GMV of $2.13 billion, up 16%, and the company surpassed $2 billion GMV for the year — a stated milestone indicating scale and market leadership.
Revenue Expansion
Q4 total revenue of $194 million, up 18% year-over-year; full year revenue of $693 million, up 15% versus prior year, driven by both consignment and direct channels.
Adjusted EBITDA and Margin Expansion
Q4 adjusted EBITDA of $22 million (11.3% of revenue), up $11 million versus prior year; full year adjusted EBITDA of $42 million (6.1% of revenue), a 450 basis point improvement year-over-year. 2026 guidance targets $57–$65 million (approx. 8% at midpoint).
Improved Cash Generation and Strong Q4 Cash Flow
Q4 operating cash flow of $49 million (+$21 million YoY) and Q4 free cash flow of $43 million (+$23 million YoY). Cash, cash equivalents and restricted cash of $166 million at quarter end; full year free cash flow of $5 million and operating cash flow of $37 million.
Gross Profit and Margin Gains
Q4 gross profit of $145 million (+19% YoY) and gross margin of 74.8%, +40 basis points YoY. Consignment gross margin improved to 89.6% (+60 bps YoY); direct gross margin increased to 26% in Q4 (up >1,200 bps YoY).
Operational Leverage from Athena and Automation
Reached target of 35% of units fully processed through Athena by year-end, credited as a primary driver of ops and tech leverage (330 bps of leverage called out). Company emphasized further automation ambitions for listings and fulfillment.
AI-Enabled Sales & Product Initiatives Driving Supply and Conversion
Rolled out Smart Sales and an AI pricing/valuation tool; active buyer growth accelerated to 9% on a trailing 12-month basis, orders +10% YoY and average order value +11% YoY. Natural language search tests showed improved new customer conversion.
Sales Force Productivity and Retention
Sales team tenure reached an all-time high with 54% of sales team at TRR for 2+ years. Experienced sales reps deliver ~20% more value than first-year reps, enhancing supply capture efficiency.
Intellectual Property and Competitive Moat
Company holds 12 patents related to luxury resale innovations, positioning it to capitalize on AI-enabled authentication and pricing advantages.
REAL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
REAL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $12.39 | $12.26 | -1.05% |
Nov 10, 2025 | $11.21 | $15.48 | +38.09% |
Aug 07, 2025 | $5.51 | $6.40 | +16.15% |
May 08, 2025 | $7.29 | $5.05 | -30.73% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does RealReal (REAL) report earnings?
RealReal (REAL) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is RealReal (REAL) earnings time?
RealReal (REAL) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is REAL EPS forecast?
REAL EPS forecast for the fiscal quarter 2026 (Q1) is -0.02.