The RealReal, Inc. reported financial results for the third quarter ended September 30, 2026, highlighting record performance across key metrics. Gross merchandise value (GMV) for the quarter reached $642 million, a 23% increase compared to the third quarter of 2025. Total revenue was $206 million, representing a 19% year-over-year increase. The company reported a gross margin of 74.9%, which improved by 64 basis points from the prior year period.
Consignment revenue for the quarter was $159.1 million, up 18% year-over-year, while direct revenue increased 19% to $27.4 million. The company also noted that its trailing twelve months active buyers increased by 13% to 1,152,000, and the average order value rose 8% to $629.
On the profitability side, The RealReal reported a net income of $16 million, or 7.8% of total revenue, compared to a net loss of $54 million, or 31.1% of revenue, in the same period in 2025. Adjusted EBITDA for the quarter was $17.0 million, or 8.3% of total revenue, an increase of 290 basis points versus the prior year.
Based on current market conditions as of October 29, 2026, the company has raised its full-year 2026 guidance. For the fourth quarter, The RealReal projects GMV between $720 million and $735 million and total revenue between $218 million and $222 million. For the full year, the company expects GMV to be between $2.585 billion and $2.600 billion, with total revenue projected between $806 million and $810 million.
