The RealReal posted a 36.5% take rate in the quarter, down 120 basis points due to a shift into higher-value items, while active buyers grew 9% on a trailing 12-month basis. Orders rose 10% and average order value climbed 11%, contributing to a 22% increase in GMV to $616 million and an 18% rise in revenue to $194 million. Gross profit increased 19% to $145 million, with gross margin improving to 74.8%, and adjusted EBITDA reached $22 million, or 11.3% of revenue, up $11 million year-over-year.

Automation through the proprietary Athena platform processed 35% of units by year-end, driving efficiency gains that leveraged operating expenses by 600 basis points. Management attributed margin expansion to higher sales team productivity, AI-enabled intake cycles, faster speed-to-site and fixed-cost leverage, with plans to extend Athena to mid- and high-value categories over multiple quarters.

For 2025, GMV hit $2.13 billion, up 16%, and revenue reached $693 million, up 15%. Full-year gross profit rose 15% to $517 million with gross margin at 74.6%, while adjusted EBITDA was $42 million (6.1% margin), representing 450 basis points of expansion. The company generated $37 million in operating cash flow, $5 million in free cash flow and ended the year with $166 million in cash, reducing debt by over $80 million in two years.

The company forecasts 2026 GMV growth of 12–15% and revenue growth of 10–13%, with adjusted EBITDA of $57–$65 million (roughly 8% margin). Q1 guidance calls for 19–22% GMV growth, 16–18% revenue growth and adjusted EBITDA of $11–$13 million (6–7% margin). Management highlighted ongoing dropshipping tests, Smart Sales tools, AI-driven discovery trials and plans to expand the My Closet valuation features to boost consignor engagement.