Growth & profitability
- Revenue has grown 18.2% per year over the past 5 years.
- Operating margin has expanded, at -3.5% in the latest year.
Financial health
- Operating income covered interest expense -0.9× in the latest year.
REAL Financials Therealreal, Inc.
9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $693M | $41.8B | 74.6% | -3.5% | $18M | — | $151M |
| 2024 | $600M | $134.2B | 74.5% | -9.4% | $13M | — | $172M |
| 2023 | $549M | $168.5B | 68.5% | -30.3% | -$90M | — | $176M |
| 2022 | $603M | $196.4B | 57.8% | -31.3% | -$114M | — | $294M |
| 2021 | $468M | $236.1B | 58.5% | -46.0% | -$180M | — | $418M |
| 2020 | $300M | -$176M | 62.5% | -57.6% | -$153M | — | $351M |
| 2019 | $316M | -$98M | 63.7% | -31.6% | -$79M | — | $154M |
| 2018 | $214M | -$76M | 64.1% | -34.6% | -$61M | $9M | $34M |
| 2017 | $138M | -$52M | 63.7% | -37.7% | -$50M | — | $16M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $190M | $39M | 74.5% | -1.2% | -$24M | — | $124M |
| Dec '25 | $194M | -$39M | 74.8% | 3.2% | $46M | — | $151M |
| Sep '25 | $174M | -$54M | 74.3% | -4.3% | $17M | — | $108M |
| Jun '25 | $165M | -$11M | 74.3% | -6.0% | -$11M | — | $94M |
| Mar '25 | $160M | $62M | 75.0% | -8.0% | -$33M | — | $140M |
| Dec '24 | $164M | -$68M | 74.4% | -3.1% | $23M | — | $172M |
| Sep '24 | $148M | -$18M | 74.9% | -9.9% | $5M | — | $153M |
| Jun '24 | $145M | -$17M | 74.1% | -13.0% | -$10M | — | $151M |
| Mar '24 | $144M | -$31M | 74.6% | -12.5% | -$6M | — | $166M |
| Dec '23 | $143M | -$22M | 74.0% | -14.7% | $7M | — | $176M |
| Sep '23 | $133M | -$23M | 70.6% | -16.9% | -$17M | — | $171M |
| Jun '23 | $131M | -$41M | 65.9% | -31.3% | -$38M | — | $189M |
| Mar '23 | $142M | -$83M | 63.4% | -57.6% | -$42M | — | $247M |
| Dec '22 | $160M | -$39M | 60.5% | -23.8% | -$3M | — | $294M |
| Sep '22 | $143M | -$47M | 60.1% | -31.9% | -$14M | — | $300M |
| Jun '22 | $154M | -$53M | 56.8% | -33.0% | -$43M | — | $316M |
| Mar '22 | $147M | -$57M | 53.6% | -37.3% | -$54M | — | $361M |
| Dec '21 | $145M | -$52M | 55.6% | -31.8% | -$26M | — | $418M |
| Sep '21 | $119M | -$57M | 59.8% | -43.0% | -$45M | — | $445M |
| Jun '21 | $105M | -$71M | 60.4% | -61.8% | -$55M | — | $492M |
Valuation over time
How the market has priced REAL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 0.3× (Mar '23) to 2.2× (Jun '26).
P/S
Frequently asked questions
Is REAL growing its revenue and profit?
Over the past 5 years, Therealreal, Inc.'s revenue has grown 18.2% per year. These are computed facts, not advice.
How much debt does REAL have?
As of FY2025, Therealreal, Inc. reported — of total debt against $151M of cash; operating income covered interest expense -0.9×.
What is REAL's profit margin?
In FY2025, gross margin was 74.6%, operating margin -3.5%, and net margin 6033.0%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.