The RealReal is seeing simultaneous growth in both the number of customers using its luxury resale marketplace and the amount those customers spend, with average order value increasing 13% to $659 and trailing 12-month active buyers rising 11% to 1.107 million during the second quarter of 2026.
The stronger buyer metrics helped push quarterly gross merchandise value to a record $617 million, up 22% year-over-year. Q2 marked the fourth consecutive quarter in which The RealReal generated GMV growth above 20%.
Total revenue increased 17% to $193 million. Consignment revenue grew 15%, while Direct Revenue increased 26%, demonstrating growth across both major transaction models on the platform.
Profitability also improved as transaction volume scaled. Gross profit increased by $21 million to $143 million, while gross margin reached 74.4%. Adjusted EBITDA nearly doubled to $13.5 million from $6.8 million, and Adjusted EBITDA margin expanded 290 basis points to 7%.
The RealReal reported a GAAP net loss of $27 million compared with an $11 million loss a year earlier. The latest quarter included an $18.6 million non-cash adjustment related to the change in fair value of a warrant liability. On a non-GAAP basis, net loss attributable to common stockholders narrowed to $0.01 per share from $0.06.
Technology remains central to the company’s operating model. The RealReal uses proprietary technology, AI and machine learning to support pricing and processing alongside its expert-led authentication process. The marketplace has more than 40 million members.
Following the stronger-than-expected quarter, The RealReal raised its full-year outlook. The company now expects 2026 GMV of $2.535 billion to $2.565 billion, revenue of $788 million to $797 million and Adjusted EBITDA of $66 million to $69 million.
KEY QUOTES:
“The RealReal delivered a standout second quarter, with an all-time high quarterly GMV of $617 million, up 22% year-over-year. That marks our fourth consecutive quarter of GMV growth above 20%.”
“We’re upleveling the customer experience, deepening trust and compounding our advantages. Our buyers are spending more, our sellers are more engaged, and the platform connecting them gets smarter every quarter.”
Rati Levesque, Chief Executive Officer Of The RealReal
