The RealReal, Inc. raised its outlook for the year after reporting first-quarter results topped guidance, with gross merchandise value (GMV) and total revenue increasing 24 percent and 19 percent respectively, compared to the first quarter of 2025.

Consignment revenue grew 18 percent compared to the prior year period, and direct revenue climbed 26 percent year-over-year in the first quarter. First quarter adjusted EBITDA improved $9 million compared to the first quarter of 2025.

GMV of $606 million topped guidance between $585 and $600 million, total revenue was $190 million versus guidance of $185 to $189 million, and adjusted EBITDA of $13.1 million topped guidance in the range of $11 million and $13 million.

“In Q1, we delivered another quarter of growth along with adjusted EBITDA margin expansion as our financial results exceeded expectations: GMV was up 24 percent and adjusted EBITDA margin expanded over 400 basis points. The strength of our platform — our customer relationships, our data, our brand, and our scale — was on display in the first quarter,” said Rati Levesque, president and CEO of The RealReal.

Levesque continued, “Through disciplined execution of our three strategic pillars, unlocking supply through our growth playbook, obsessing over service, and operational excellence, we are extending our leadership position in the growing luxury resale market. Our buyer growth, led by Gen Z and Millennials, reinforces that resale is a core component of the future of luxury. We are solidifying The RealReal as the operating system for luxury ownership.”

First Quarter Highlights

  • GMV was $606 million, an increase of 24 percent compared to the same period in 2025
  • Total revenue was $190 million, an increase of 19 percent compared to the same period in 2025
  • Gross profit was $141 million, an increase of $21 million compared to the same period in 2025
  • Gross margin was 74.5 percent, a decrease of 50 basis points compared to the same period in 2025
  • Net income was $39 million or 20.5 percent of total revenue, compared to $62 million or 39.0 percent of total revenue in the same period in 2025
  • Adjusted EBITDA was $13.1 million or 6.9 percent of total revenue compared to $4.1 million or 2.6 percent of total revenue in the same period in 2025
  • GAAP basic net income (loss) per share was $0.33 compared to $0.56 in the prior year period and GAAP diluted net loss per share was $(0.07) compared to $(0.14) in the prior year period
  • Non-GAAP basic and diluted net loss attributable to common shareholders per share was $(0.01) compared to $(0.08) in the prior year period

Top-line-related Metrics

  • Trailing twelve months active buyer count was 1,083,000, an increase of 10 percent compared to the same period in 2025
  • Average order value (AOV) was $646, an increase of 15 percent versus the same period in 2025

 Q2 and Full Year 2026 Guidance

Previously, FY guidance called for GMV between $2.39 and $2.45 billion, revenue in the range of $765 to $780 million, and adjusted EBITDA between $57 and $65 million.

Image courtesy The RealReal