REAL on Nasdaq
TheRealReal, Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods.3 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerREAL on Nasdaq1
- IndustryRetail-Miscellaneous Retail1
- HeadquartersSan Francisco, California1
- Incorporated inDE2
- Business address55 Francisco Street, Suite 400, San Francisco, Ca 941332
- Filer categoryAccelerated filer2
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The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since our inception, we have cultivated a loyal and engaged consignor and buyer base through continuous investment in our technology platform, logistics infrastructure, brand and people.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
74.6%Gross margin4
-3.5%Operating margin4
-6.0%Net margin4
15.4%Revenue growth, 20254
$18.4MFree cash flow4
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue25¢$176.0M
- Selling, general and admin29¢$201.6M
- Other costs45¢$314.9M
- Income tax0¢$363.0K
Out of $692.8M in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending50¢$18.6M
- Kept or used elsewhere50¢$18.4M
Out of $37.0M of cash from operations.4
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $316.4M5 | $299.9M6 | $467.7M7 | $603.5M8 | $549.3M4 | $600.5M4 | $692.8M4 |
| Cost of revenue | $114.8M5 | $112.4M6 | $194.2M7 | $254.8M8 | $173.0M4 | $153.0M4 | $176.0M4 |
| Gross profit | $201.5M5 | $187.6M6 | $273.5M7 | $348.7M8 | $376.3M4 | $447.5M4 | $516.8M4 |
| Selling, general and admin | $110.7M5 | $140.7M6 | $176.2M7 | $195.3M8 | $183.8M4 | $187.7M4 | $201.6M4 |
| Operating expenses | $488.4M7 | $537.9M8 | $542.6M4 | $504.0M4 | $540.8M4 | ||
| Operating income | -$100.1M5 | -$172.8M6 | -$214.9M7 | -$189.2M8 | -$166.3M4 | -$56.5M4 | -$23.9M4 |
| Interest | $616.0K5 | $5.3M6 | $21.5M7 | $10.5M7 | $10.7M7 | ||
| Income before tax | -$236.1M7 | -$196.3M8 | -$168.2M4 | -$133.9M4 | -$41.4M4 | ||
| Income tax | $199.0K5 | $101.0K6 | $56.0K7 | $172.0K8 | $283.0K4 | $276.0K4 | $363.0K4 |
| Net income | -$98.4M5 | -$175.8M6 | -$236.1M7 | -$196.4M8 | -$168.5M4 | -$134.2M4 | -$41.8M4 |
| Earnings per share | -$2.145 | -$2.016 | -$2.587 | -$2.058 | -$1.654 | -$1.244 | -$0.364 |
| Earnings per share (diluted) | -$2.145 | -$2.016 | -$2.587 | -$2.058 | -$1.654 | -$1.244 | -$0.704 |
| Shares (weighted, basic) | 91.4M shares7 | 95.9M shares8 | 101.8M shares4 | 107.9M shares4 | 114.9M shares4 | ||
| Shares (weighted, diluted) | 91.4M shares7 | 95.9M shares8 | 101.8M shares4 | 107.9M shares4 | 116.5M shares4 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $154.4M11 | $350.8M5 | $418.2M7 | $293.8M8 | $175.7M4 | $172.2M4 | $151.2M4 |
| Receivables | $7.8M6 | $12.2M7 | $17.2M8 | $14.0M4 | $23.8M4 | ||
| Inventory | $71.0M6 | $43.0M7 | $22.2M8 | $23.6M4 | $30.8M4 | ||
| Current assets | $406.8M11 | $421.5M5 | $517.8M6 | $372.3M7 | $235.9M8 | $232.7M4 | $227.5M4 |
| Property, plant and equipment | $89.3M6 | $112.7M7 | $104.1M8 | $94.4M4 | $96.1M4 | ||
| Total assets | $465.2M11 | $605.1M5 | $754.9M6 | $615.6M7 | $446.9M8 | $423.1M4 | $409.0M4 |
| Accounts payable | $4.5M6 | $11.9M7 | $9.0M8 | $11.0M4 | $14.6M4 | ||
| Current liabilities | $118.5M11 | $148.3M5 | $188.0M6 | $207.5M7 | $188.9M8 | $248.7M4 | $264.2M4 |
| Long-term debt | |||||||
| Total liabilities | $128.0M11 | $413.8M5 | $681.8M6 | $785.7M7 | $750.2M8 | $830.5M4 | $824.6M4 |
| Retained earnings | -$768.1M6 | -$951.2M7 | -$1.1B8 | -$1.3B4 | -$1.3B4 | ||
| Shareholders’ equity | $337.2M6 | $191.3M7 | $73.1M8 | -$170.1M4 | -$303.3M4 | -$407.4M4 | -$415.5M4 |
| Shares outstanding | 85.9M shares11 | 89.3M shares5 | 93.0M shares6 | 99.1M shares7 | 104.7M shares8 | 111.2M shares4 | 118.3M shares4 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -$54.5M5 | -$134.4M6 | -$142.2M7 | -$91.6M8 | -$61.3M4 | $26.8M4 | $37.0M4 |
| Depreciation and amortization | $23.5M7 | $27.7M8 | $31.7M4 | $33.1M4 | $33.0M4 | ||
| Stock-based compensation | $48.8M7 | $46.1M8 | $34.3M4 | $29.1M4 | $28.9M4 | ||
| Capital spending | $24.8M5 | $18.3M6 | $37.5M7 | $22.9M8 | $29.2M4 | $14.2M4 | $18.6M4 |
| Free cash flow | -$79.3M | -$152.7M | -$179.6M | -$114.4M | -$90.4M | $12.6M | $18.4M |
| Cash from investing | -$43.4M7 | -$36.9M8 | -$42.1M4 | -$25.6M4 | -$29.2M4 | ||
| Cash from financing | $252.9M7 | $4.1M8 | $226.0K4 | -$4.8M4 | -$28.9M4 |
Leadership
Who has led TheRealReal, Inc., and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
20202025
- Chief executive officerJohn E. Koryl Feb 8, 2023 to Aug 21, 202412
- Chief executive officerLevesque Rati Sahi Jul 26, 2022 to Feb 8, 202313
- Chief executive officerJulie Wainwright Jun 27, 2019 to May 24, 202214
- ChairJulie Wainwright Jun 27, 2019 to Oct 9, 202014
- PresidentLevesque Rati Sahi Feb 24, 2021 to Aug 21, 202415
- PresidentJulie Wainwright Jun 27, 2019 to Oct 9, 202014
- Chief financial officerGopal Ajay Madan Mar 21, 2024 to now16
- Chief financial officerRobert K. Julian Oct 7, 2021 to Jan 2, 202417
- Chief financial officerMatt Gustke Jun 27, 2019 to Aug 24, 202118
- Chief operating officerLevesque Rati Sahi Jun 27, 2019 to Mar 7, 202319
Board members and other officers (17)
- Chief People OfficerChatelle Aileen Lynch Jan 3, 2024 to now20
- Chief Product & Tech OfficerLuke Thomas Friang Jan 26, 2023 to now21
- Chief Product & Technology OffArnon Katz Jan 11, 2021 to Feb 24, 202222
- Chief Technology OfficerFredrik Bjork Jun 27, 2019 to Dec 28, 202023
- Board memberJennifer McKeehan Mar 16, 2026 to now24
- Board memberMark McCaffrey Aug 14, 2025 to now25
- Board memberJohn E. Koryl Feb 8, 2023 to Aug 21, 202412
- Board memberKaren Katz Feb 24, 2021 to now26
- Board memberCaretha Coleman Aug 6, 2020 to now27
- Board memberCarol A. Melton Aug 6, 2020 to Jul 26, 202428
- Board memberMichael Andrew Kumin Aug 13, 2020 to Dec 23, 202029
- Board memberGilbert L. Baird Iii. Jun 27, 2019 to now30
- Board memberNiki Leondakis Jun 27, 2019 to now31
- Board memberRobert J. Krolik Jun 27, 2019 to now32
- Board memberStefan Larsson Jun 27, 2019 to Jun 27, 201933
- General counselTodd A. Suko May 7, 2020 to now34
- General counselDana Dufrane Jun 27, 2019 to Jun 27, 201935
Timeline
Filings
405 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 250 insider forms, 34 large holders, 55 other. The latest 20:
- Oct 15, 20268-K EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 30, 2026SCHEDULE 13G/A EDGAR
- Jul 29, 20264 EDGAR
- Jul 29, 20264 EDGAR
- Jul 29, 20264 EDGAR
- Jul 29, 20264 EDGAR
- Jul 29, 20264 EDGAR
- Jul 29, 20264 EDGAR
- Jul 8, 2026SCHEDULE 13G/A EDGAR
- Jul 1, 20264 EDGAR
- Jul 1, 20264 EDGAR
The 405 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
119 open-market trades by officers, directors and large owners since October 2021: 5 buys and 114 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Madan Gopal AjayChief Financial Officer | Sale | 36,418 | $10.98 | $399.9K | Form 4 |
| Aug 21, 2026 | Lo Steve MingChief Accounting Officer | Sale | 12,559 | $10.97 | $137.8K | Form 4 |
| Aug 21, 2026 | Sahi Levesque RatiChief Executive Officer | Sale | 84,432 | $10.98 | $927.1K | Form 4 |
| Aug 21, 2026 | Friang Luke ThomasChief Product & Tech Officer | Sale | 22,028 | $10.98 | $241.9K | Form 4 |
| Aug 21, 2026 | Suko Todd AChief Legal Officer and Secret | Sale | 17,567 | $10.97 | $192.8K | Form 4 |
| May 21, 2026 | Madan Gopal AjayChief Financial Officer | Sale | 35,023 | $9.25 | $324.0K | Form 4 |
| May 21, 2026 | Lo Steve MingChief Accounting Officer | Sale | 12,077 | $9.25 | $111.7K | Form 4 |
| May 21, 2026 | Sahi Levesque RatiChief Executive Officer | Sale | 81,194 | $9.25 | $751.0K | Form 4 |
| May 21, 2026 | Friang Luke ThomasChief Product & Tech Officer | Sale | 21,183 | $9.25 | $195.9K | Form 4 |
| May 21, 2026 | Suko Todd AChief Legal Officer and Secret | Sale | 17,353 | $9.25 | $160.5K | Form 4 |
| Mar 19, 2026 | Madan Gopal AjayChief Financial Officer | Sale | 51,585 | $9.29 | $479.2K | Form 4 |
| Feb 23, 2026 | Madan Gopal AjayChief Financial Officer | Sale | 31,381 | $10.72 | $336.4K | Form 4 |
| Feb 23, 2026 | Lo Steve MingChief Accounting Officer | Sale | 16,962 | $10.72 | $181.8K | Form 4 |
| Feb 23, 2026 | Sahi Levesque RatiChief Executive Officer | Sale | 121,399 | $10.72 | $1.3M | Form 4 |
| Feb 23, 2026 | Friang Luke ThomasChief Product & Tech Officer | Sale | 19,609 | $10.72 | $210.2K | Form 4 |
| Feb 23, 2026 | Suko Todd AChief Legal Officer and Secret | Sale | 45,947 | $10.72 | $492.6K | Form 4 |
| Dec 9, 2025 | Lo Steve MingChief Accounting Officer | Sale | 43,926 | $14.45 | $634.7K | Form 4 |
| Dec 8, 2025 | Lo Steve MingChief Accounting Officer | Sale | 17,874 | $14.19 | $253.7K | Form 4 |
| Dec 5, 2025 | Lo Steve MingChief Accounting Officer | Sale | 555 | $14.45 | $8.0K | Form 4 |
| Nov 26, 2025 | Madan Gopal AjayChief Financial Officer | Sale | 28,520 | $14.73 | $420.1K | Form 4 |
All 119 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 3 filings Oct 22, 2024 to Jul 30, 202636
- FMR LLCSCHEDULE 13G/A, 4 filings Feb 9, 2022 to Jul 8, 202637
- Divisadero Street Capital Management, LPSCHEDULE 13G, 1 filing Jun 30, 202638
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Feb 10, 2022 to Mar 27, 202639
- Timothy M. RileySCHEDULE 13G/A, 4 filings Jun 8, 2023 to Jan 16, 202640
- GreyLion Partners LPSCHEDULE 13G/A, 4 filings Feb 14, 2022 to Jan 13, 202641
- Woodson Capital Management, LPSCHEDULE 13G/A, 2 filings May 29, 2025 to Oct 10, 202542
- Philotimo Fund, LPSCHEDULE 13D/A, 3 filings Nov 1, 2024 to Jan 30, 202543
- Kanen Wealth Management LLCSC 13G, 1 filing Sep 5, 202444
- Wellington Management CompanySC 13G/A, 2 filings Feb 4, 2022 to Feb 6, 202345
- Julie WainwrightSC 13G/A, 1 filing Feb 14, 202246
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 9
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- 15SEC EDGARLevesque Rati Sahi, President
- 16
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- 18SEC EDGARMatt Gustke, Chief financial officer
- 19
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- 21
- 22
- 23
- 24SEC EDGARJennifer McKeehan, Board member
- 25SEC EDGARMark McCaffrey, Board member
- 26SEC EDGARKaren Katz, Board member
- 27SEC EDGARCaretha Coleman, Board member
- 28SEC EDGARCarol A. Melton, Board member
- 29SEC EDGARMichael Andrew Kumin, Board member
- 30SEC EDGARGilbert L. Baird Iii., Board member
- 31SEC EDGARNiki Leondakis, Board member
- 32SEC EDGARRobert J. Krolik, Board member
- 33SEC EDGARStefan Larsson, Board member
- 34SEC EDGARTodd A. Suko, General counsel
- 35SEC EDGARDana Dufrane, General counsel
- 36
- 37
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- 39
- 40
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