The RealReal Surpasses $2 Billion GMV as Profitability Improves
Event summary
- The RealReal reported Q4 2025 GMV of $616 million, up 22% YoY.
- Full-year 2025 revenue reached $693 million, a 15% increase from 2024.
- Adjusted EBITDA turned positive at $42 million for the full year 2025.
- Active buyers grew by 9% YoY to 1.056 million.
- Average order value (AOV) increased by 11% YoY to $641.
The big picture
The RealReal's strong financial performance in 2025 underscores the growing acceptance of luxury resale as a mainstream market. With 47% of consumers now considering resale value when making primary luxury purchases, the company is well-positioned to capitalize on this shift. The strategic focus on operational excellence and service quality will be critical in sustaining its leadership position.
What we're watching
- Sustainable Growth
- Whether The RealReal can maintain its growth trajectory amid economic uncertainty.
- Profitability Expansion
- The pace at which the company can further improve its Adjusted EBITDA margins.
- Market Leadership
- How The RealReal will leverage its position as the largest online marketplace for resale luxury goods to drive future growth.
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