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The RealReal REAL Operating margin

Operating margin at other companies

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eBayEBAY
19.6%-2.7pp
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Savers Value VillageSVV
7.4%-0.6pp
Compass logo
CompassCOMP
-4.3%-7.5pp
InvenTrust Properties logo
InvenTrust PropertiesIVT
22.5%+16.3pp
Amazon logo
AmazonAMZN
11.5%+0.5pp

Other financials

Income statement

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Revenue$189.7M+18.5%
Gross profit$141.3M+17.8%
Operating income-$2.3M+82.2%
Net income$38.9M-37.6%
EPS (diluted)-$0.07+50.0%

Balance sheet

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Cash & equivalents$138.8M-10.2%
Total debt$233.4M-13.4%
Total equity-$359.4M-6.9%
Total assets$385.9M-3.6%

Cash flow

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Operating cash flow-$16.6M+41.2%
CapEx$7.5M+58.5%
Free cash flow-$24.1M+26.9%

Valuation

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Market cap$1.55B+80.2%
Enterprise value$1.64B+64.4%
P/S2.1×+0.7×

Profitability

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Gross margin74.5%-0.2pp
Net margin-9%+5.3pp
FCF margin3.8%+2.7pp

Returns & leverage

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Return on equity-178.6%
Debt / equity2.2×
Current ratio0.8×0.0×

Where this comes from

Calculated from The RealReal’s reported figures.

Based on trailing twelve months.

The official record: The RealReal’s 10-Q, filed November 10, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is The RealReal's operating margin?
The RealReal (REAL) reported operating margin of -5.3% in Q3 2025.
How has The RealReal's operating margin changed year-over-year?
The RealReal's operating margin increased by 57.3% year-over-year, from -12.5% to -5.3%.
What is the long-term trend for The RealReal's operating margin?
Over 4 years (2020 to 2024), The RealReal's operating margin has grown at a -36.4% compound annual growth rate (CAGR), from -57.6% to -9.4%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.