The RealReal Q4 2025 GMV +22% to $616M; Adj EBITDA $22M, guides FY 2026 GMV $2.39-2.45B

TheRealReal, Inc.

2025-FY EPS reported -$0.70 revenue$692,845,000

Q4 total revenue $194M (+18% YoY); full-year revenue $693M (+15% YoY).
Q4 Adj EBITDA $22M (11.3% margin) vs $11M in Q4 2024; full-year Adj EBITDA $42M.
Full-year net loss improved to $42M from $134M; full-year operating cash flow $37M.
Active buyers reached 1,056,000 (+9% YoY); AOV $594 (+9% YoY) for full year.
Q1 2026 guidance: GMV $585-600M, Adj EBITDA $11-13M; FY 2026 Adj EBITDA $57-65M.

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