Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data TheRealReal, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
138
214
316
300
468
603
549
600
693
Cost of revenue
49.9
76.8
115
112
194
255
173
153
176
Gross profit
87.6
137
202
188
273
349
376
448
517
Selling, general and administrative
44
63.7
111
141
176
195
184
188
202
Operating expenses
139
211
302
360
488
538
543
504
541
Operating income
-51.8
-73.9
-100
-173
-215
-189
-166
-56.5
-23.9
Interest expense
0.76
1.15
0.62
5.26
21.5
10.5
10.7
21.4
27.7
Interest income
0.36
1.05
4.59
2.52
0.37
3.19
8.81
7.94
4.26
Other non-operating income
-2.1
-0.17
0.02
0.17
0
0
0.93
Pre-tax income
-52.3
-75.7
-98.2
-176
-236
-196
-168
-134
-41.4
Income tax
0.06
0.1
0.2
0.1
0.06
0.17
0.28
0.28
0.36
Net income
-52.3
-75.8
-98.4
-176
-236
-196
-168
-134
-41.8
EBITDA
-46.2
-64.6
-86.7
-154
-191
-161
-135
-23.4
9.07
EPS, basic
-6.74
-10.12
-2.14
-2.01
-2.58
-2.05
-1.65
-1.24
-0.36
EPS, diluted
-6.74
-10.12
-2.14
-2.01
-2.58
-2.05
-1.65
-1.24
-0.70
Shares, basic (weighted)
8.15
8.37
47.5
87.6
91.4
95.9
102
108
115
Shares, diluted (weighted)
8.15
8.37
47.5
87.6
91.4
95.9
102
108
117
Balance sheet
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
16.5
34.4
154
351
418
294
176
172
151
Short-term investments
27.1
209
4.02
0
Receivables
7.57
7.78
7.21
7.77
12.2
17.2
14
23.8
Inventory
10.4
21.9
42.3
71
43
22.2
23.6
30.8
Other current assets
9.7
13.8
17.1
20.9
23.3
20.8
22.9
21.6
Total current assets
89.1
407
421
518
372
236
233
227
Property, plant and equipment
33.3
55.8
63.5
89.3
113
104
94.4
96.1
Lease right-of-use assets
118
145
128
86.3
75.7
64.6
Other non-current assets
1.75
2.66
2.05
2.54
2.75
5.63
5.36
5.95
Total assets
135
465
605
755
616
447
423
409
Accounts payable
5.15
11.2
14.3
4.5
11.9
8.96
11
14.6
Accrued liabilities
35.3
52.8
57.1
71
81.5
77.1
89.7
111
Deferred revenue
3.18
4.77
1.62
3.39
3.55
2.21
2.44
3.11
Short-term debt
5.99
Total current liabilities
88.4
119
148
188
208
189
249
264
Long-term debt
3.25
0
134
141
Lease liabilities
115
143
125
105
85.8
66.8
Other non-current liabilities
7.3
9.46
1.28
2.29
3.25
4.08
6.14
7.35
Total liabilities
98.9
128
414
682
786
750
830
825
Total debt
9.24
Paid-in capital
693
723
841
781
816
846
880
Retained earnings
-258
-356
-532
-768
-951
-1,120
-1,254
-1,296
Other comprehensive income
-0.03
0.01
0.01
0
Shareholders' equity
-177
-258
337
191
73.1
-170
-303
-407
-416
Total equity
-177
-258
337
191
73.1
-170
-303
-407
-416
Total liabilities and equity
135
465
605
755
616
447
423
409
Shares outstanding
8.59
85.9
89.3
93
99.1
105
111
118
Cash flow statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-52.3
-75.8
-98.4
-176
-236
-196
-168
-134
-41.8
Depreciation and amortization
5.63
9.29
13.4
18.8
23.5
27.7
31.7
33.1
33
Stock-based compensation
1.85
2.91
7.71
24.3
48.8
46.1
34.3
29.1
28.9
Deferred income tax
0
0
0
0
0
0
0
Change in receivables
-4.21
-1.57
-1.58
-0.34
-1.59
-6.12
-6.98
0.77
-12.5
Change in inventory
-3.91
-3.74
-11.6
-20.4
-29.2
24
10.9
-3.68
-9.47
Change in payables
-0.09
-2.58
6.01
2.8
-9.99
4.95
-0.43
0.91
1.61
Cash from operations
-38.6
-47.2
-54.5
-134
-142
-91.6
-61.3
26.8
37
Capital expenditures
-11.6
-13.4
-24.8
-18.3
-37.5
-22.9
-29.2
-14.2
-18.6
Purchases of investments
-27.5
-31.5
-221
-73.3
0
0
Cash from investing
-11.3
-33.9
-215
178
-43.4
-36.9
-42.1
-25.6
-29.2
Debt repaid
-1.25
-4.5
-9.25
0
0
Stock issued
0
0.97
2.34
1.4
0.89
0.38
1.03
Cash from financing
46.7
106
379
153
253
4.1
0.23
-4.76
-28.9
Net change in cash
-3.16
25
109
196
67.3
-124
-103
-3.5
-21.1
Free cash flow
-50.2
-60.6
-79.3
-153
-180
-114
-90.4
12.6
18.4
Interest paid
0.7
0.67
0.55
0.01
6.58
8.1
8.13
10.7
17.5
Income taxes paid
0.02
0.05
0.1
0.09
0.09
0.26
0.23
0.2
0.33
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.83 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
74.5%
Gross profit / revenue.
Operating margin
-0.8%
Operating income / revenue.
EBITDA margin
3.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-10.8%
Pre-tax income / revenue.
Net margin
-10.8%
Net income / revenue.
FCF margin
4.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
7.2%
Cash from operations / revenue.
Return on assets (ROA)
-21.4%
Net income / average total assets.
SG&A / revenue
27.8%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
3.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.4%
Capital expenditures / revenue.
D&A / revenue
4.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
15.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
4.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
18.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
15.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
14.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
22.5%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
37.9%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
45.8%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-3.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-12.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-7.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
8.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
6.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
5.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.83x
Current assets / current liabilities.
Quick ratio
0.60x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.51x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
32.7%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.67
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.20
Revenue / diluted weighted shares.
FCF per share
$0.30
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.44
Cash from operations / diluted weighted shares.
Book value per share
-$3.10
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.43x
Market cap / revenue.
P/FCF
29.7x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
20.0x
Market cap / cash from operations, when positive.
EV/Sales
1.27x
Enterprise value / revenue.
EV/EBITDA
36.2x
Enterprise value / EBITDA, when both are positive.
EV/FCF
26.4x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.4%
Free cash flow / market cap.
Earnings yield
-7.6%
Net income / market cap (the inverse of P/E).
What was TheRealReal, Inc.'s revenue in fiscal 2025?
TheRealReal, Inc. reported revenue of $692.8M for fiscal 2025, 15.4% higher than the year before.
Was TheRealReal, Inc. profitable in fiscal 2025?
No. It reported a net loss of $41.8M.
How much free cash flow did TheRealReal, Inc. generate in fiscal 2025?
Cash from operations of $37.0M minus capital expenditures of $18.6M left free cash flow of $18.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.