The RealReal raises full-year guidance as third-quarter revenue grows 19 percent

US luxury resale platform The RealReal (TRR) has reported a 19 percent increase in total revenue to 206 million dollars for the third quarter ended September 30, 2026. Gross merchandise value (GMV) rose 23 percent year-over-year (YoY) to 642 million dollars, supported by a 15 percent increase in orders.

Consignment revenue grew 18 percent compared to the prior-year period, while direct revenue increased 19 percent YoY. Gross profit reached 154 million dollars, an increase of 25 million dollars compared to the same period in 2025, yielding a gross margin of 74.9 percent.

TRR posted a net income of 16 million dollars, representing 7.8 percent of total revenue, compared to a net loss of 54 million dollars in the third quarter of 2025. The net result included a 21.20 million dollar non-cash adjustment resulting from the change in fair value of warrant liability.

Adjusted EBITDA rose to 17 million dollars, or 8.3 percent of total revenue, up from 9.30 million dollars, or 5.4 percent of total revenue, in the prior-year quarter. On a per-share basis, basic net income per share was 0.13 dollars, while diluted net loss per share was 0.04 dollars.

Operational metrics showed continued expansion across the platform's customer base. Active buyers over trailing twelve months reached 1,152,000, representing a 13 percent increase YoY.

Average order value rose 8 percent to 629 dollars compared to the prior-year period.

Operating system for luxury resale drives profitability

The third-quarter operational improvements reflected ongoing structural adjustments and customer retention gains across the business.

"Q3 was another record quarter for The RealReal, with quarterly all-time highs in GMV, revenue and orders, with our strongest quarterly order growth since 2022, up 15% versus last year," said TRR chief executive officer, Rati Levesque.

"Alongside that growth we expanded adjusted EBITDA margin by 290 basis points, and earlier this month we completed a key refinancing extending our debt maturity profile and positioning the business to continue deleveraging in the years ahead," added Levesque.

The platform highlighted deeper engagement metrics across buying, consigning and product tracking lifecycles.

"Underlying those results is a fundamental change in how people shop for luxury fashion, and our purpose-built platform is helping to drive it," said Levesque. "Customers increasingly start their journey with us and engage well beyond the transaction, to discover what to buy, to track what they own, and to decide when to sell."

"That is the new operating system for luxury fashion ownership, and that is what we are building. Our performance this quarter reinforces our conviction in the direction of the business and our ability to execute, and we are raising our full-year outlook," Levesque stated.

Company raises full-year 2026 outlook

Following third-quarter results, TRR raised its full-year financial guidance for 2026.

For the fourth quarter of 2026, the company expects GMV between 720 million dollars and 735 million dollars. Total revenue is projected to reach between 218 million dollars and 222 million dollars, with adjusted EBITDA forecast between 27.50 million dollars and 29 million dollars.

For the full year 2026, GMV is anticipated to reach between 2.59 billion dollars and 2.60 billion dollars.

Full-year revenue guidance is projected between 806 million dollars and 810 million dollars. Adjusted EBITDA for the year is expected to reach between 71.10 million dollars and 72.60 million dollars.