---
schema_version: "secwatch.filing_event.v1"
accession: "0001573221-26-000009"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:35:45.856383+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001573221-26-000009
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000157322126000009/0001573221-26-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000157322126000009/real-20260226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-26-000009
- JSON: https://secwatch.observer/filing/0001573221-26-000009.json
- Plain text: https://secwatch.observer/filing/0001573221-26-000009.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.