The RealReal Posts 22% Q4 GMV Growth to $616M, $22M EBITDA
The RealReal’s Q4 GMV rose 22% to $616 million and revenue climbed 18% to $194 million, delivering $22 million in Adjusted EBITDA (11.3% margin) and cutting net loss to $39 million. Full-year 2025 GMV hit $2.13 billion (+16%) with revenue up 15% at $693 million and $42 million Adjusted EBITDA.
1. Fourth Quarter Results
In Q4 2025, GMV increased 22% year-over-year to $616 million and total revenue rose 18% to $194 million. Gross profit climbed by $23 million to $145 million, with gross margin expanding 40 basis points to 74.8%.
2. Full-Year 2025 Performance
For the full year, GMV reached $2.13 billion, a 16% increase, while revenue grew 15% to $693 million. Active buyers rose 9% to 1,056,000 and average order value increased 9% to $594.
3. Profitability and Cash Flow
Adjusted EBITDA improved by $33 million to $42 million (6.1% margin) for the year, with Q4 Adjusted EBITDA of $22 million (11.3% margin). Operating cash flow grew $10 million to $37 million, and free cash flow turned positive at $5 million.
4. 2026 Outlook
The company provided 2026 guidance for GMV, total revenue, capital expenditures and Adjusted EBITDA based on current market conditions, reflecting confidence in continued growth and margin expansion.