US-based luxury resale platform The RealReal, Inc. (The RealReal) announced its financial results for the second quarter ended June 30, 2026. The San Francisco-based marketplace achieved a record quarterly gross merchandise value (GMV) of 617 million dollars, representing a 22 percent compared to the second quarter of 2025.
Total revenue for the three-month period grew 17 percent year-over-year (YoY) reaching 193 million dollars compared to 165 million dollars in the prior-year period. Consignment revenue rose 15 percent YoY to 148 million dollars, while direct revenue expanded 26 percent YoY to 26 million dollars.
Gross profit increased to 143 million dollars, up from 123 million dollars in the second quarter of 2025. Gross margin widened by 10 basis points YoY to 74.4 percent. Adjusted EBITDA doubled to 13.50 million dollars compared to 6.80 million dollars in the year-ago quarter, yielding an adjusted EBITDA margin of 7 percent.
The RealReal chief executive officer Rati Levesque said: “The RealReal delivered a standout second quarter, with an all-time high quarterly GMV of 617 million dollars, up 22% year-over-year. That marks our fourth consecutive quarter of GMV growth above 20%”. Levesque added: “Entering the year, we said 2026 would be the year our advantages begin to compound, and we are delivering on that commitment. Given the continued strength in our supply trends and the durability of our growth, we are confidently raising our full-year outlook”.
Operational metrics and net loss performance
Operating metrics across the authenticated pre-loved marketplace showed growth during the quarter:Trailing 12-month active buyers expanded 11 percent YoY to 1.11 million.
Average order value increased 13 percent YoY to 659 dollars.
Total orders processed during the quarter reached 937,000.
The corporate group recorded a GAAP net loss of 27 million dollars, or 14.1 percent of total revenue, compared to a net loss of 11 million dollars in the second quarter of 2025.
Raised full year 2026 financial guidance
Following its second quarter results, The RealReal updated its financial outlook for the full 2026 fiscal year alongside projections for the third quarter ending September 30, 2026:
Full year GMV: Expected to reach between 2.54 billion dollars and 2.57 billion dollars.
Full year total revenue: Projected between 788 million dollars and 797 million dollars.
Full year adjusted EBITDA: Forecasted to land between 66 million dollars and 69 million dollars.
Third quarter GMV: Anticipated between 610 million dollars and 620 million dollars and revenue is expected in the range of 194 million dollars to 198 million dollars.
Third quarter adjusted EBITDA: Projected between 13.50 million dollars and 14.50 million dollars.
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