secwatch.observer — SEC 8-K summary
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Issuer:     TheRealReal, Inc. (REAL)
CIK:        0001573221
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001573221-26-000009
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1573221/000157322126000009/0001573221-26-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1573221/000157322126000009/real-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001573221-26-000009

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer