RealReal (REAL)
Market Price (9/19/2026): $9.45 | Market Cap: $1.1 BilSector: Consumer Discretionary | Industry: Apparel, Accessories & Luxury Goods
RealReal (REAL)
Market Price (9/19/2026): $9.45Market Cap: $1.1 BilSector: Consumer DiscretionaryIndustry: Apparel, Accessories & Luxury Goods
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Sustainable Consumption. Themes include Online Marketplaces, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.8% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Key risksREAL key risks include [1] failures in its core authentication process that undermine brand trust and [2] persistent unprofitability driven by a high-cost business model. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Sustainable Consumption. Themes include Online Marketplaces, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksREAL key risks include [1] failures in its core authentication process that undermine brand trust and [2] persistent unprofitability driven by a high-cost business model. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/16/2026
RealReal (REAL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Optimistic Full-Year Guidance Supported Valuation.
The RealReal delivered robust results for its fiscal Q2 2026, which ended June 30, 2026, announcing a 22% year-over-year increase in Gross Merchandise Value (GMV) to $617 million and a 17% rise in total revenue to $193 million, surpassing analyst estimates. The company also achieved a notable improvement in its Adjusted EBITDA margin, reaching 7.0%, an increase of 290 basis points compared to the prior year. Following this strong performance, management raised its full-year 2026 guidance for GMV to $2.535 - $2.565 billion, total revenue to $788 - $797 million, and Adjusted EBITDA to $66.0 - $69.0 million, instilling investor confidence and providing a floor for the stock's value.
2. Strategic Expansion of Physical Footprint and AI-Driven Operational Efficiencies.
The RealReal continued its strategic expansion with the opening of a new store in West Palm Beach in August 2026, and announced upcoming store launches in Glendale, California (October 1, 2026), and its first Massachusetts store in Chestnut Hill (October 15, 2026), extending its market reach in key luxury areas. Simultaneously, the company emphasized that its advanced AI pricing tools and Athena automation system were instrumental in driving operational efficiencies and contributing to margin improvements in fiscal Q2 2026. These strategic moves to enhance both physical presence and technological leverage contributed to the stock's stability by promising future growth and improved profitability.
Show more
RealReal (REAL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Optimistic Full-Year Guidance Supported Valuation.
The RealReal delivered robust results for its fiscal Q2 2026, which ended June 30, 2026, announcing a 22% year-over-year increase in Gross Merchandise Value (GMV) to $617 million and a 17% rise in total revenue to $193 million, surpassing analyst estimates. The company also achieved a notable improvement in its Adjusted EBITDA margin, reaching 7.0%, an increase of 290 basis points compared to the prior year. Following this strong performance, management raised its full-year 2026 guidance for GMV to $2.535 - $2.565 billion, total revenue to $788 - $797 million, and Adjusted EBITDA to $66.0 - $69.0 million, instilling investor confidence and providing a floor for the stock's value.
2. Strategic Expansion of Physical Footprint and AI-Driven Operational Efficiencies.
The RealReal continued its strategic expansion with the opening of a new store in West Palm Beach in August 2026, and announced upcoming store launches in Glendale, California (October 1, 2026), and its first Massachusetts store in Chestnut Hill (October 15, 2026), extending its market reach in key luxury areas. Simultaneously, the company emphasized that its advanced AI pricing tools and Athena automation system were instrumental in driving operational efficiencies and contributing to margin improvements in fiscal Q2 2026. These strategic moves to enhance both physical presence and technological leverage contributed to the stock's stability by promising future growth and improved profitability.
Show more
Updated on 9/16/2026
RealReal (REAL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Optimistic Full-Year Guidance Supported Valuation.
The RealReal delivered robust results for its fiscal Q2 2026, which ended June 30, 2026, announcing a 22% year-over-year increase in Gross Merchandise Value (GMV) to $617 million and a 17% rise in total revenue to $193 million, surpassing analyst estimates. The company also achieved a notable improvement in its Adjusted EBITDA margin, reaching 7.0%, an increase of 290 basis points compared to the prior year. Following this strong performance, management raised its full-year 2026 guidance for GMV to $2.535 - $2.565 billion, total revenue to $788 - $797 million, and Adjusted EBITDA to $66.0 - $69.0 million, instilling investor confidence and providing a floor for the stock's value.
2. Strategic Expansion of Physical Footprint and AI-Driven Operational Efficiencies.
The RealReal continued its strategic expansion with the opening of a new store in West Palm Beach in August 2026, and announced upcoming store launches in Glendale, California (October 1, 2026), and its first Massachusetts store in Chestnut Hill (October 15, 2026), extending its market reach in key luxury areas. Simultaneously, the company emphasized that its advanced AI pricing tools and Athena automation system were instrumental in driving operational efficiencies and contributing to margin improvements in fiscal Q2 2026. These strategic moves to enhance both physical presence and technological leverage contributed to the stock's stability by promising future growth and improved profitability.
3. Favorable Macroeconomic Trends in the Luxury Resale Market.
The broader luxury resale market provided a strong tailwind, valued at approximately $41.6 billion in 2026 and projected to grow to $60.11 billion by 2030 with a compound annual growth rate of about 9.6%. This market expansion is significantly driven by increasing consumer demand for affordability and sustainability, coupled with the ongoing growth of the e-commerce sector. Specifically, demand for vintage luxury items has seen a substantial surge of 432% since 2020, with Gen Z and Millennials now constituting over half of The RealReal's customer base, indicating a strong and growing consumer base for pre-owned luxury goods. These positive industry dynamics helped underpin RealReal's stock performance.
4. Persistent GAAP Net Losses and Balanced Analyst Sentiment Capped Upside.
Despite strong growth metrics and Adjusted EBITDA improvements, The RealReal continued to report a GAAP net loss of $(27) million in fiscal Q2 2026, which included a non-cash adjustment of $(18.6) million related to warrant liability. This ongoing unprofitability, coupled with some analysts maintaining "Hold" ratings and expressing caution regarding potential macroeconomic impacts on the luxury sector, tempered investor enthusiasm. While the consensus analyst price target for RealReal stood at an average of $17.75 with ratings ranging from "Moderate Buy" to "Strong Buy," concerns about the company's financial strength and lack of consistent GAAP profitability likely offset some of the positive news, contributing to the stock remaining largely at the same level.
Show less
RealReal (REAL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Optimistic Full-Year Guidance Supported Valuation.
The RealReal delivered robust results for its fiscal Q2 2026, which ended June 30, 2026, announcing a 22% year-over-year increase in Gross Merchandise Value (GMV) to $617 million and a 17% rise in total revenue to $193 million, surpassing analyst estimates. The company also achieved a notable improvement in its Adjusted EBITDA margin, reaching 7.0%, an increase of 290 basis points compared to the prior year. Following this strong performance, management raised its full-year 2026 guidance for GMV to $2.535 - $2.565 billion, total revenue to $788 - $797 million, and Adjusted EBITDA to $66.0 - $69.0 million, instilling investor confidence and providing a floor for the stock's value.
2. Strategic Expansion of Physical Footprint and AI-Driven Operational Efficiencies.
The RealReal continued its strategic expansion with the opening of a new store in West Palm Beach in August 2026, and announced upcoming store launches in Glendale, California (October 1, 2026), and its first Massachusetts store in Chestnut Hill (October 15, 2026), extending its market reach in key luxury areas. Simultaneously, the company emphasized that its advanced AI pricing tools and Athena automation system were instrumental in driving operational efficiencies and contributing to margin improvements in fiscal Q2 2026. These strategic moves to enhance both physical presence and technological leverage contributed to the stock's stability by promising future growth and improved profitability.
3. Favorable Macroeconomic Trends in the Luxury Resale Market.
The broader luxury resale market provided a strong tailwind, valued at approximately $41.6 billion in 2026 and projected to grow to $60.11 billion by 2030 with a compound annual growth rate of about 9.6%. This market expansion is significantly driven by increasing consumer demand for affordability and sustainability, coupled with the ongoing growth of the e-commerce sector. Specifically, demand for vintage luxury items has seen a substantial surge of 432% since 2020, with Gen Z and Millennials now constituting over half of The RealReal's customer base, indicating a strong and growing consumer base for pre-owned luxury goods. These positive industry dynamics helped underpin RealReal's stock performance.
4. Persistent GAAP Net Losses and Balanced Analyst Sentiment Capped Upside.
Despite strong growth metrics and Adjusted EBITDA improvements, The RealReal continued to report a GAAP net loss of $(27) million in fiscal Q2 2026, which included a non-cash adjustment of $(18.6) million related to warrant liability. This ongoing unprofitability, coupled with some analysts maintaining "Hold" ratings and expressing caution regarding potential macroeconomic impacts on the luxury sector, tempered investor enthusiasm. While the consensus analyst price target for RealReal stood at an average of $17.75 with ratings ranging from "Moderate Buy" to "Strong Buy," concerns about the company's financial strength and lack of consistent GAAP profitability likely offset some of the positive news, contributing to the stock remaining largely at the same level.
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Stock Movement Drivers
Fundamental Drivers
The -2.0% change in REAL stock from 5/31/2026 to 9/18/2026 was primarily driven by a -4.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.64 | 9.45 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 723 | 750 | 3.8% |
| P/S Multiple | 1.6 | 1.5 | -4.4% |
| Shares Outstanding (Mil) | 120 | 121 | -1.2% |
| Cumulative Contribution | -2.0% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| REAL | -2.0% | |
| Market (SPY) | 0.9% | 41.4% |
| Sector (XLY) | -8.1% | 49.8% |
Fundamental Drivers
The -22.9% change in REAL stock from 2/28/2026 to 9/18/2026 was primarily driven by a -27.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.26 | 9.45 | -22.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 693 | 750 | 8.2% |
| P/S Multiple | 2.1 | 1.5 | -27.0% |
| Shares Outstanding (Mil) | 118 | 121 | -2.4% |
| Cumulative Contribution | -22.9% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| REAL | -22.9% | |
| Market (SPY) | 11.6% | 46.4% |
| Sector (XLY) | -4.8% | 49.1% |
Fundamental Drivers
The 23.9% change in REAL stock from 8/31/2025 to 9/18/2026 was primarily driven by a 17.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.63 | 9.45 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 637 | 750 | 17.7% |
| P/S Multiple | 1.4 | 1.5 | 11.6% |
| Shares Outstanding (Mil) | 114 | 121 | -5.8% |
| Cumulative Contribution | 23.9% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| REAL | 23.9% | |
| Market (SPY) | 19.4% | 42.9% |
| Sector (XLY) | -3.6% | 41.9% |
Fundamental Drivers
The 259.3% change in REAL stock from 8/31/2023 to 9/18/2026 was primarily driven by a 230.3% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.63 | 9.45 | 259.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 575 | 750 | 30.4% |
| P/S Multiple | 0.5 | 1.5 | 230.3% |
| Shares Outstanding (Mil) | 101 | 121 | -16.6% |
| Cumulative Contribution | 259.3% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| REAL | 259.3% | |
| Market (SPY) | 75.6% | 37.1% |
| Sector (XLY) | 33.0% | 38.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| REAL Return | -41% | -89% | 61% | 444% | 44% | -40% | -52% |
| Peers Return | 7% | -63% | 7% | 19% | 84% | -15% | -22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| REAL Win Rate | 50% | 8% | 42% | 50% | 58% | 33% | |
| Peers Win Rate | 50% | 28% | 50% | 43% | 60% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| REAL Max Drawdown | -65% | -91% | -55% | -50% | -56% | -52% | |
| Peers Max Drawdown | -45% | -72% | -50% | -44% | -40% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EBAY, ETSY, TDUP, RVLV, SFIX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | REAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.0% | -18.8% |
| % Gain to Breakeven | 61.3% | 23.1% |
| Time to Breakeven | 132 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.3% | -7.8% |
| % Gain to Breakeven | 39.5% | 8.5% |
| Time to Breakeven | 62 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.6% | -9.5% |
| % Gain to Breakeven | 94.5% | 10.5% |
| Time to Breakeven | 127 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.0% | -6.7% |
| % Gain to Breakeven | 56.3% | 7.1% |
| Time to Breakeven | 35 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -89.9% | -24.5% |
| % Gain to Breakeven | 888.4% | 32.4% |
| Time to Breakeven | 1098 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.8% | -33.7% |
| % Gain to Breakeven | 184.4% | 50.9% |
| Time to Breakeven | 140 days | 140 days |
In The Past
RealReal's stock fell -38.0% during the 2025 US Tariff Shock. Such a loss loss requires a 61.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | REAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.0% | -18.8% |
| % Gain to Breakeven | 61.3% | 23.1% |
| Time to Breakeven | 132 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.3% | -7.8% |
| % Gain to Breakeven | 39.5% | 8.5% |
| Time to Breakeven | 62 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.6% | -9.5% |
| % Gain to Breakeven | 94.5% | 10.5% |
| Time to Breakeven | 127 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.0% | -6.7% |
| % Gain to Breakeven | 56.3% | 7.1% |
| Time to Breakeven | 35 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -89.9% | -24.5% |
| % Gain to Breakeven | 888.4% | 32.4% |
| Time to Breakeven | 1098 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.8% | -33.7% |
| % Gain to Breakeven | 184.4% | 50.9% |
| Time to Breakeven | 140 days | 140 days |
In The Past
RealReal's stock fell -38.0% during the 2025 US Tariff Shock. Such a loss loss requires a 61.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About RealReal (REAL)
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The RealReal, Inc. (REAL) operates a prominent online marketplace specializing in the consignment and resale of authenticated luxury goods. The company serves as a vital platform connecting individuals looking to sell their pre-owned high-end items with buyers seeking authenticated luxury products, effectively participating in the growing circular economy for luxury fashion and lifestyle.
Its extensive product offerings span a wide array of categories, including women's, men's, and children's apparel, accessories, jewelry, watches, and home and art products. A key service provided by The RealReal is the rigorous authentication of all items listed on its platform, ensuring authenticity and building buyer confidence in the secondary market. The company primarily targets affluent consumers and luxury enthusiasts across the United States who are interested in either selling their luxury possessions or purchasing authenticated pre-owned luxury items.
```AI Analysis | Feedback
Here are 1-3 brief analogies for RealReal:
eBay for authenticated luxury goods.
Poshmark for designer luxury.
AI Analysis | Feedback
The RealReal (REAL) provides the following major services and product categories:
- Online Luxury Consignment Marketplace: Provides a platform for buying and selling authenticated, pre-owned luxury goods.
- Luxury Apparel: Offers a wide selection of women's, men's, and kids' designer clothing, shoes, and accessories.
- Luxury Jewelry and Watches: Features a curated collection of high-end jewelry and authenticated luxury timepieces.
- Luxury Home and Art: Includes a diverse range of designer home decor, furniture, and fine art.
AI Analysis | Feedback
The RealReal, Inc. primarily sells to individual consumers through its online marketplace. The company serves various categories of customers:
1. Value-Oriented Luxury Buyers: This category includes consumers who desire luxury brands and products but are looking for more accessible price points than buying new at retail. They are often savvy shoppers seeking discounts, deals, or items that have retained their value well.
2. Sustainability-Focused Consumers: As a prominent player in the circular economy, The RealReal attracts buyers who are conscious about their environmental impact. These customers prefer to purchase pre-owned items to reduce waste, extend the lifecycle of luxury goods, and promote sustainable consumption practices.
3. Fashion Enthusiasts and Collectors: This group comprises individuals actively seeking unique, vintage, rare, or hard-to-find luxury pieces that may no longer be available through traditional retail channels. They use The RealReal to discover distinctive items that enhance their personal style or add to their collections of designer apparel, accessories, jewelry, or art.
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John Koryl Chief Executive Officer
John Koryl became the Chief Executive Officer of The RealReal in February 2023. He has a robust background in e-commerce and digital strategy, having held significant leadership roles at other companies. Prior to joining The RealReal, Koryl served as President of Digital at Canadian Tire Corporation, where he was responsible for transforming their digital experiences. He also modernized Neiman Marcus' omnichannel experience as President of Stores and Online and President of Neiman Marcus Direct. Koryl has also served on the Board of Directors for Guitar Center and Petco.
Ajay Gopal Chief Financial OfficerAjay Gopal has served as the Chief Financial Officer of The RealReal since March 2024. Before joining The RealReal, Gopal was the Chief Financial Officer at Outside Interactive, Inc., where he led the finance organization. He has extensive experience in finance leadership, having also served as CFO for Good Eggs, Helix, and StubHub. His career also includes senior leadership positions at eBay and GE Healthcare.
Rati Sahi Levesque President and Chief Operating OfficerRati Sahi Levesque is the President and Chief Operating Officer of The RealReal. She is a co-founder of the company, joining founder Julie Wainwright in 2011 as the company's first employee. Levesque is responsible for overseeing all of the company's revenue channels, operations, authentication center, retail footprints, and its merchandising, editorial, and creative vision. Prior to co-founding The RealReal, she owned and operated Anica Boutique, a fashion-forward store in San Francisco that also had a significant online presence with e-commerce sales comprising 50% of its business. She combined her experience in consignment and e-commerce when she joined The RealReal.
Todd Suko Chief Legal Officer and SecretaryTodd Suko has served as The RealReal's Chief Legal Officer and Secretary since May 2020, and as Interim Chief People Officer since August 2025. Before joining The RealReal, Suko was the Chief Financial and Legal Officer at OneMarket Limited. He also spent nearly a decade at Harman International Industries, Inc. as Executive Vice President and General Counsel, overseeing all legal affairs. Earlier in his career, he served as Vice President, General Counsel and Secretary at UAP Holding Corp., where he also oversaw environmental health and safety and transportation functions.
Luke Friang Technology and Product OfficerLuke Friang has served as The RealReal's Technology and Product Officer since January 2023. He previously served as the Head of Tech & Digital at Lovevery. Friang was also an original member of Zulily's executive team, where he held the position of Chief Technology and Product Officer. During his tenure at Zulily, he played a key role in helping the company achieve $1 billion in annualized revenue in less than five years and led the technology organization through a period of massive scale, including a successful IPO and subsequent acquisition by Qurate Retail Group.
AI Analysis | Feedback
The RealReal, Inc. (REAL), an online marketplace for consigned luxury goods, faces several key business risks.
Key Risks for The RealReal (REAL):
- History of Losses and Path to Profitability: The RealReal has a documented history of net losses and an ongoing challenge to achieve sustained profitability. While the company has shown improvements in reducing net losses and achieving positive adjusted EBITDA in 2025, it still reported a net loss of $41.8 million in 2025, with an accumulated deficit of $1,295.6 million. The path to consistent GAAP net profitability remains a significant and potentially expensive endeavor, requiring the company to effectively manage operational costs and leverage its high gross margins.
- Authentication Challenges and Counterfeit Risks: The core of The RealReal's business model and its ability to maintain consumer trust rests on its rigorous authentication process for luxury goods. However, the company has faced instances where counterfeit items were sold on its platform, leading to lawsuits and questioning the efficacy of its authentication. The broader luxury resale market is highly susceptible to counterfeit products, and any failure to guarantee 100% authenticity can severely damage brand reputation, erode customer trust, and expose the company to legal and financial liabilities.
- Intense Competition and Economic Sensitivity: The luxury resale market is characterized by intense competition from a growing number of online and offline players. The RealReal must continuously innovate and differentiate its services to maintain its market position against established retailers and emerging platforms. Furthermore, as a provider of discretionary luxury goods, the company's financial performance is sensitive to economic conditions. Economic downturns, recessions, or shifts in consumer spending patterns can directly impact demand for luxury items, adversely affecting The RealReal's revenue and growth prospects.
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The addressable market for The RealReal's main products and services, primarily consigned luxury goods, falls within the broader luxury resale market.
The global luxury resale market was valued at approximately USD 39.5 billion in 2024 and is projected to reach around USD 95.2 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period from 2025 to 2034. Other estimates place the global market size at USD 63.19 billion in 2024, projected to grow to approximately USD 167.66 billion by 2034 with a CAGR of 10.25% from 2025 to 2034. Another source estimates the global market at USD 34063.92 Million in 2026, expected to reach USD 79907.36 Million by 2035.
Specifically for the U.S. market, which is a significant region for The RealReal, the luxury resale market was valued at USD 8.65 billion in 2024 and is projected to reach USD 13.04 billion by 2030, with a CAGR of 7.08%. Another report valued the United States secondhand luxury goods market at USD 8,714.44 Million in 2025 and projects it to reach USD 16,240.23 Million by 2034, growing at a CAGR of 7.16% from 2026-2034.
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The RealReal (NASDAQ: REAL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Growth in Gross Merchandise Volume (GMV) from an expanding base of active buyers and consignors, with a particular focus on high-value categories. The company aims to increase its customer base and transaction volume, leveraging a "buyer-to-consignor flywheel" that reduces acquisition costs. This growth is further supported by an emphasis on categories such as fine jewelry and watches, which typically carry higher average selling prices. The RealReal reported surpassing $2 billion in GMV for 2025, demonstrating strong growth trajectory.
- Enhanced operational efficiency and scalability through the continued deployment of AI and automation tools. Initiatives like the AI-enabled Athena intake system and Smart Sales are crucial for improving operational efficiency, sales team productivity, and speeding up the intake-to-listing cycle times. These technological advancements enable the company to process a larger volume of items more efficiently, thereby supporting increased revenue generation and improving margins.
- Strategic expansion and optimization of its physical retail footprint and multi-channel experience. The RealReal continues to leverage its network of retail stores and Luxury Consignment Offices, which serve as important touchpoints for acquiring inventory from consignors and offering a browsing and shopping experience for buyers. Expanding and optimizing these physical locations contributes to broader market reach and a seamless multi-channel experience, reinforcing the company's supply acquisition and sales channels.
- Capitalizing on the overall growth of the luxury resale market and a fundamental shift in consumer preferences towards circular fashion. The RealReal is positioned as a leader in the authenticated luxury resale market, benefiting from increasing consumer awareness and preference for sustainable consumption. A significant percentage of consumers now consider resale value when purchasing new luxury items, providing a strong macro-level tailwind for the company's business model.
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Capital Allocation Decisions (2021-2025) for The RealReal, Inc. (REAL)
Share Repurchases
No significant share repurchase programs or activities were identified during the 2021-2025 period based on available information.
Share Issuance
- In February 2024, The RealReal completed debt exchange transactions, converting approximately $145.8 million of its 3.00% Convertible Senior Notes due 2025 and $6.5 million of its 1.00% Convertible Senior Notes due 2028 into $135.0 million of new 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029 and warrants to purchase up to 7,894,737 shares of common stock.
- In June 2025, the company paid off the remaining $26.75 million in aggregate principal amount of its 3% Convertible Senior Notes due 2025.
- In August 2025, the company further reduced its total indebtedness by over $6 million through strategic debt exchange transactions, converting approximately $49.5 million of its 1.00% Convertible Senior Notes due 2028 for additional 4.00% Convertible Senior Notes due 2031.
Inbound Investments
No significant large inbound investments by third-parties, such as strategic partners or private equity firms, were explicitly disclosed in the provided information for the 2021-2025 period.
Outbound Investments
No instances of The RealReal making strategic investments in other companies or acquisitions were identified in the provided information for the 2021-2025 period.
Capital Expenditures
- The RealReal reported capital expenditures of approximately $15.9 million in 2021 (comprising $11.7 million in purchases of property and equipment and $4.2 million in capitalized proprietary software development costs) and approximately $8.4 million in 2022 ($5.1 million in purchases of property and equipment and $3.3 million in capitalized proprietary software development costs).
- Capital expenditures were approximately $42.1 million in 2023, $26.1 million in 2024, and $31.5 million in 2025.
- The company anticipates capital expenditures on property, plant, and equipment to be between 2% and 3% of total revenue for the full year 2026, primarily focusing on investments in its technology platform, logistics infrastructure, and automation, including the build-out of authentication centers and new retail stores.
Peer Outperformance in Apparel, Accessories & Luxury Goods
REAL has outperformed 62% of its 26 Apparel, Accessories & Luxury Goods peers over 5Y. Among the peers that beat it are RL and TPR. Apparel, Accessories & Luxury Goods ranks 13th of 23 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Apparel, Accessories & Luxury Goods constituents that REAL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
54%
of 28 industry peers · -11.8% return
3Y
96%
of 28 industry peers · 312.7% return
5Y
62%
of 26 industry peers · -31.7% return
Apparel, Accessories & Luxury Goods peers with revenue growth within 4pp of REAL's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| REAL | RealReal | 9.6% | -14.1x | -11.8% | 312.7% | -31.7% | — |
| RL | Ralph Lauren | 9.1% | 20.5x | 7.9% | 207.2% | 227.8% | +260pp |
| TPR | Tapestry | 6.5% | 15.2x | 2.8% | 306.3% | 223.3% | +255pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Apparel, Accessories & Luxury Goods is REAL's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.6% | 76.9% | 68.6% | LINC 298% · PRDO 228% · UTI 224% |
| Homebuilding | 18 | -13.4% | 25.9% | 47.3% | GRBK 187% · PHM 153% · TOL 123% |
| Specialty Stores | 7 | 1.5% | 39.8% | 4.9% | SIG 31% · FIVE 22% · ASO 14% |
| Hotels, Resorts & Cruise Lines | 22 | 12.0% | 42.6% | 1.5% | RCL 203% · MAR 146% · HLT 136% |
| Home Improvement Retail | 5 | -26.6% | -6.0% | 1.4% | HVT 13% · LOW 1% · HD 1% |
| Automotive Retail | 18 | -21.2% | -4.9% | -2.0% | MUSA 224% · PAG 149% · ORLY 112% |
| Distributors | 4 | -12.8% | -27.1% | -13.0% | ARMK 157% · GPC 21% · LKQ -47% |
| Home Furnishings | 4 | -7.7% | 19.8% | -14.9% | SGI 40% · LZB 1% · MHK -31% |
| Restaurants | 35 | -15.4% | -17.8% | -19.0% | EAT 292% · CAKE 141% · BH-A 126% |
| Specialized Consumer Services | 10 | -17.7% | 18.1% | -21.0% | HRB 108% · FTDR 73% · SCI 37% |
| Footwear | 9 | 45.7% | 41.5% | -21.2% | WEYS 163% · SHOO 19% · DECK 8% |
| Leisure Products | 13 | -26.9% | -22.9% | -36.0% | GOLF 70% · HAS 10% · BC -23% |
| Apparel, Accessories & Luxury Goods ← | 27 | -12.4% | 0.0% | -37.7% | RL 228% · TPR 223% · ELA 198% |
| Leisure Facilities | 11 | -4.7% | 0.0% | -37.9% | OSW 124% · JAKK 110% · ESCA 25% |
| Automotive Parts & Equipment | 38 | -15.4% | -15.6% | -39.9% | MOD 1579% · GTX 309% · BWA 80% |
| Casinos & Gaming | 20 | -14.1% | -30.6% | -41.9% | MCRI 106% · RRR 36% · BYD 25% |
| Apparel Retail | 25 | -9.3% | 10.1% | -43.3% | ANF 264% · URBN 131% · ROST 109% |
| Household Appliances | 18 | -7.1% | 8.5% | -43.9% | KEQU 157% · FLXS 145% · HBB 128% |
| Computer & Electronics Retail | 3 | -12.5% | 29.2% | -55.8% | BBY 7% · GME -56% · UPBD -63% |
| Broadline Retail | 15 | -8.1% | 12.7% | -57.5% | DDS 310% · EBAY 65% · AMZN 47% |
| Automobile Manufacturers | 8 | -79.1% | -52.6% | -73.2% | GM 67% · TSLA 44% · F 33% |
| Consumer Electronics | 11 | -14.6% | -17.8% | -76.6% | AXIL 2695% · GRMN 81% · SONO -58% |
| Other Specialty Retail | 18 | -37.7% | -48.9% | -78.8% | TLF 114% · BBW 65% · WINA 55% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| RealReal Earnings Notes | 12/16/2025 | |
| RealReal Stock Leaps 12% In One Week, Now Is Not The Time To Buy The Stock | 11/12/2025 | |
| With RealReal Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| Day 5 of Gains Streak for RealReal Stock with 43% Return (vs. -28% YTD) [8/14/2025] | 08/15/2025 | |
| RealReal (REAL) Net Income Comparison | 08/08/2025 | |
| RealReal (REAL) Operating Cash Flow Comparison | 08/08/2025 | |
| RealReal (REAL) Operating Income Comparison | 08/08/2025 | |
| RealReal (REAL) Debt Comparison | 08/08/2025 | |
| RealReal (REAL) EBITDA Comparison | 08/08/2025 | |
| RealReal (REAL) Revenue Comparison | 08/08/2025 | |
| ARTICLES | ||
| Where Does RealReal Stock Rank Among Competitors? | 11/12/2025 | |
| RealReal Stock To $11? | 11/12/2025 | |
| REAL Stock Up 43% after 5-Day Win Streak | 08/15/2025 | |
| REAL Stock Up 26% after 5-Day Win Streak | 07/23/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.05 |
| Mkt Cap | 1.3 |
| Rev LTM | 1,323 |
| Op Inc LTM | 37 |
| FCF LTM | 25 |
| FCF 3Y Avg | 28 |
| CFO LTM | 48 |
| CFO 3Y Avg | 40 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.7% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | 13.6% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 27.4% |
| Op Inc Chg 3Y Avg | 32.9% |
| Op Mgn LTM | 2.6% |
| Op Mgn 3Y Avg | -0.4% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 5.6% |
| CFO/Rev 3Y Avg | 3.6% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | 2.2% |
Price Behavior
Price Behavior
| Market Price | $9.45 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 06/28/2019 | |
| Distance from 52W High | -44.1% | |
| 50 Days | 200 Days | |
| DMA Price | $11.03 | $11.81 |
| DMA Trend | down | down |
| Distance from DMA | -14.3% | -20.0% |
| 3M | 1YR | |
| Volatility | 44.5% | 72.2% |
| Downside Capture | 201.29 | 262.82 |
| Upside Capture | 34.21 | 203.63 |
| Correlation (SPY) | 29.8% | 42.5% |
REAL Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.90 | 1.16 | 1.64 | 2.20 | 2.45 | 2.12 |
| Up Beta | 2.24 | 1.01 | 2.26 | 3.63 | 3.09 | 1.68 |
| Down Beta | 0.89 | -0.40 | 1.06 | 1.25 | 1.79 | 1.61 |
| Up Capture | -108% | 75% | 186% | 168% | 467% | 9627% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 19 | 32 | 57 | 123 | 362 |
| Down Capture | 241% | 251% | 146% | 192% | 166% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 22 | 31 | 68 | 125 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REAL | |
|---|---|---|---|---|
| REAL | -9.6% | 72.1% | 0.14 | - |
| Sector ETF (XLY) | -7.6% | 19.5% | -0.53 | 42.2% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 42.6% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 16.6% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | -15.6% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 27.1% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | 22.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REAL | |
|---|---|---|---|---|
| REAL | -5.6% | 96.9% | 0.37 | - |
| Sector ETF (XLY) | 4.8% | 24.1% | 0.16 | 50.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 46.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 6.9% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | 6.1% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 37.5% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | 26.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REAL | |
|---|---|---|---|---|
| REAL | -10.6% | 92.7% | 0.26 | - |
| Sector ETF (XLY) | 11.8% | 22.2% | 0.49 | 49.8% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 45.8% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 5.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 10.0% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 37.5% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -3.7% | -14.3% | -22.8% |
| 5/7/2026 | -17.3% | -24.6% | -25.8% |
| 2/26/2026 | -1.0% | -8.2% | -30.8% |
| 11/10/2025 | 38.1% | 26.5% | 27.2% |
| 8/7/2025 | 16.2% | 42.8% | 49.4% |
| 5/8/2025 | -30.7% | -27.7% | -16.0% |
| 2/20/2025 | -18.8% | -18.0% | -21.7% |
| 11/4/2024 | 20.0% | 23.3% | 101.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 13 | 12 | 14 |
| Median Positive | 15.7% | 21.5% | 27.2% |
| Median Negative | -17.3% | -16.9% | -23.7% |
| Max Positive | 55.9% | 120.3% | 119.8% |
| Max Negative | -30.7% | -28.4% | -30.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -3.7% | -14.3% | -22.8% |
| 5/7/2026 | -17.3% | -24.6% | -25.8% |
| 2/26/2026 | -1.0% | -8.2% | -30.8% |
| 11/10/2025 | 38.1% | 26.5% | 27.2% |
| 8/7/2025 | 16.2% | 42.8% | 49.4% |
| 5/8/2025 | -30.7% | -27.7% | -16.0% |
| 2/20/2025 | -18.8% | -18.0% | -21.7% |
| 11/4/2024 | 20.0% | 23.3% | 101.6% |
| 8/6/2024 | -23.2% | -13.2% | -26.5% |
| 5/7/2024 | 7.9% | 13.8% | 0.3% |
| 2/29/2024 | 55.9% | 120.3% | 119.8% |
| 11/7/2023 | 24.2% | 36.6% | 41.6% |
| 8/8/2023 | 15.2% | 13.1% | 22.6% |
| 5/9/2023 | -7.2% | -3.8% | 28.8% |
| 2/28/2023 | 10.4% | 21.5% | -13.3% |
| 11/8/2022 | -4.5% | 60.0% | 24.1% |
| 8/9/2022 | 1.6% | 10.5% | -29.8% |
| 5/10/2022 | -22.0% | -15.9% | -30.4% |
| 2/23/2022 | 11.3% | 17.6% | 16.0% |
| 1/5/2022 | 4.9% | 2.2% | -24.6% |
| 11/8/2021 | 18.7% | 21.3% | 2.7% |
| 8/9/2021 | -18.0% | -20.3% | -26.9% |
| 5/10/2021 | -19.1% | -28.4% | -7.1% |
| 2/22/2021 | -13.2% | -1.5% | -21.1% |
| 11/9/2020 | -12.6% | -19.6% | -8.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 13 | 12 | 14 |
| Median Positive | 15.7% | 21.5% | 27.2% |
| Median Negative | -17.3% | -16.9% | -23.7% |
| Max Positive | 55.9% | 120.3% | 119.8% |
| Max Negative | -30.7% | -28.4% | -30.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 GMV | Reported | 610.00 Mil | 615.00 Mil | 620.00 Mil | 3.4% | Higher New | Guidance: 595.00 Mil for Q2 2026 | |
| Q3 2026 Total Revenue | Reported | 194.00 Mil | 196.00 Mil | 198.00 Mil | 4.5% | Higher New | Guidance: 187.50 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 13.50 Mil | 14.00 Mil | 14.50 Mil | 21.7% | Higher New | Guidance: 11.50 Mil for Q2 2026 | |
| 2026 GMV | Reported | 2.54 Bil | 2.55 Bil | 2.56 Bil | 4.3% | Raised | Guidance: 2.44 Bil for 2026 | |
| 2026 Total Revenue | Reported | 788.00 Mil | 792.50 Mil | 797.00 Mil | 2.0% | Raised | Guidance: 777.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 66.00 Mil | 67.50 Mil | 69.00 Mil | 7.1% | Raised | Guidance: 63.00 Mil for 2026 | |
Prior: Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 GMV | Reported | 585.00 Mil | 590.00 Mil | 595.00 Mil | ||||
| Q4 2025 Total Revenue | Reported | 188.00 Mil | 189.50 Mil | 191.00 Mil | ||||
| Q4 2025 Adjusted EBITDA | Reported | 17.50 Mil | 18.00 Mil | 18.50 Mil | ||||
| 2025 GMV | Reported | 2.10 Bil | 2.10 Bil | 2.11 Bil | 3.3% | Raised | Guidance: 2.04 Bil for 2025 | |
| 2025 Total Revenue | Reported | 687.00 Mil | 688.50 Mil | 690.00 Mil | 2.7% | Raised | Guidance: 670.50 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 37.70 Mil | 38.20 Mil | 38.70 Mil | 25.2% | Raised | Guidance: 30.50 Mil for 2025 | |
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 8242026 | 10.98 | 36,418 | 399,870 | 12,175,283 | Form |
| 2 | Friang, Luke Thomas | Chief Product & Tech Officer | Direct | Sell | 8242026 | 10.98 | 22,028 | 241,867 | 5,584,955 | Form |
| 3 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 8242026 | 10.97 | 12,559 | 137,786 | 1,940,901 | Form |
| 4 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 8242026 | 10.97 | 17,567 | 192,777 | 6,451,463 | Form |
| 5 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 8242026 | 10.98 | 84,432 | 927,063 | 16,435,347 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 8242026 | 10.98 | 36,418 | 399,870 | 12,175,283 | Form |
| 2 | Friang, Luke Thomas | Chief Product & Tech Officer | Direct | Sell | 8242026 | 10.98 | 22,028 | 241,867 | 5,584,955 | Form |
| 3 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 8242026 | 10.97 | 12,559 | 137,786 | 1,940,901 | Form |
| 4 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 8242026 | 10.97 | 17,567 | 192,777 | 6,451,463 | Form |
| 5 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 8242026 | 10.98 | 84,432 | 927,063 | 16,435,347 | Form |
| 6 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 5222026 | 9.25 | 35,023 | 323,963 | 10,593,822 | Form |
| 7 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 5222026 | 9.25 | 12,077 | 111,712 | 1,752,588 | Form |
| 8 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 5222026 | 9.25 | 17,353 | 160,515 | 5,599,894 | Form |
| 9 | Friang, Luke Thomas | Chief Product & Tech Officer | Direct | Sell | 5222026 | 9.25 | 21,183 | 195,943 | 4,908,753 | Form |
| 10 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 5222026 | 9.25 | 81,194 | 751,044 | 14,626,803 | Form |
| 11 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 3202026 | 9.29 | 51,585 | 479,225 | 10,955,762 | Form |
| 12 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 2242026 | 10.72 | 31,381 | 336,404 | 12,056,902 | Form |
| 13 | Friang, Luke Thomas | Chief Product & Tech Officer | Direct | Sell | 2242026 | 10.72 | 19,609 | 210,208 | 5,141,912 | Form |
| 14 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 2242026 | 10.72 | 45,947 | 492,552 | 6,009,235 | Form |
| 15 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 2242026 | 10.72 | 121,399 | 1,301,397 | 15,895,391 | Form |
| 16 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 2242026 | 10.72 | 16,962 | 181,833 | 1,824,930 | Form |
| 17 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 12092025 | 14.45 | 43,926 | 634,731 | 2,705,011 | Form |
| 18 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 12092025 | 14.19 | 17,874 | 253,672 | 3,280,170 | Form |
| 19 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 12092025 | 14.45 | 555 | 8,021 | 3,598,768 | Form |
| 20 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 11282025 | 14.73 | 28,520 | 420,014 | 17,025,767 | Form |
| 21 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 11282025 | 14.46 | 59,789 | 864,250 | 3,607,289 | Form |
| 22 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 11282025 | 14.10 | 72,933 | 1,028,647 | 8,554,217 | Form |
| 23 | Madan, Gopal Ajay | Chief Financial Officer | Direct | Sell | 11212025 | 13.06 | 30,196 | 394,360 | 15,471,033 | Form |
| 24 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 11212025 | 13.06 | 22,426 | 292,884 | 4,040,007 | Form |
| 25 | Friang, Luke Thomas | Chief Product & Tech Officer | Direct | Sell | 11212025 | 13.06 | 18,619 | 243,164 | 6,520,401 | Form |
| 26 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 11212025 | 13.06 | 97,036 | 1,267,290 | 20,950,565 | Form |
| 27 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 11212025 | 13.06 | 31,611 | 412,840 | 8,873,526 | Form |
| 28 | Suko, Todd A | Chief Legal Officer and Secret | Direct | Sell | 11202025 | 14.08 | 75,693 | 1,065,682 | 10,010,929 | Form |
| 29 | Baird, Gilbert L Iii | Grey Lion | Sell | 11192025 | 13.21 | 7,686,442 | Form | |||
| 30 | Lo, Steve Ming | Chief Accounting Officer | Direct | Sell | 11142025 | 14.27 | 13,542 | 193,244 | 4,734,329 | Form |
| 31 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 8182025 | 7.94 | 260,171 | 2,065,414 | 14,313,789 | Form |
| 32 | Sahi, Levesque Rati | Chief Executive Officer | Direct | Sell | 8182025 | 7.78 | 151,119 | 1,175,627 | 16,050,736 | Form |
| 33 | Lynch, Chatelle Aileen | Chief People Officer | Direct | Sell | 8142025 | 7.46 | 51,455 | 383,695 | 4,575,382 | Form |
Investor Activity (13F)
Updated Sep 19, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Apparel, Accessories & Luxury Goods Resources |
| Vogue Business |
| Jing Daily |
| Luxury Daily |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/18/2026