The RealReal Posts Record GMV Growth, Raises Full-Year Outlook
Event summary
- Q2 2026 GMV reached $617 million, up 22% YoY, marking the fourth consecutive quarter of over 20% growth.
- Total revenue increased 17% YoY to $193 million, with gross margin improving by 10 basis points to 74.4%.
- Adjusted EBITDA margin expanded by 290 basis points to 7.0%, driven by operational efficiencies.
- Active buyers grew 11% YoY to 1.1 million, while average order value increased 13% to $659.
- The company raised its full-year guidance for GMV, revenue, and Adjusted EBITDA.
The big picture
The RealReal's strong Q2 performance underscores its position as a leader in the luxury resale market. The company's ability to compound advantages through technology and customer experience is driving sustained growth, even as broader economic conditions remain volatile. Its raised full-year outlook signals confidence in continuing this trajectory.
What we're watching
- Sustainable Growth
- Whether The RealReal can maintain its momentum in GMV and revenue growth amid macroeconomic uncertainties.
- Operational Efficiency
- The pace at which the company can further improve its Adjusted EBITDA margin through cost management and scale.
- Market Dynamics
- How competitive pressures in the luxury resale market may impact The RealReal's supply trends and buyer engagement.
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