Research Reports

Summary

The RealReal reported Q1 2026 results with GMV up 24% to $606 million, revenue up 19% to $190 million, and Adjusted EBITDA improving to $13.1 million, exceeding expectations.

Key takeaways

GMV increased 24% YoY to $606 million, driving strong topline growth.
Total revenue rose 19% YoY to $190 million, with consignment up 18% and direct revenue up 26%.
Adjusted EBITDA improved $9 million YoY to $13.1 million (6.9% margin), with 400+ bps expansion.
Net income was $39 million (20.5% of revenue) vs. $62 million prior year.
Raised FY2026 guidance: GMV $2.42-2.47B, revenue $770-784M, Adjusted EBITDA $59-67M.
Trailing-12M active buyers grew 10% to 1,083,000; AOV up 15% to $646.