REAL TheRealReal margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 47

Gross margin

74.7%

Operating margin

0.4%

EBITDA margin

8.7%

Net margin

-1.4%

TheRealReal has its net margin is negative at -1.4%, alongside a gross margin of 74.7%, an operating margin of 0.4%, an EBITDA margin of 8.7%, and a net margin of -1.4%. All available margins expanded year over year, led by net margin with an increase of 9.4 percentage points.

REAL margin history

Gross, operating, EBITDA and net margin trends

Looking back over the last 3 years, TheRealReal recorded average margins of 73.68% gross, -9.26% operating, -1.9% EBITDA, and -12.99% net. Compared with their three-year averages, all four current margins are higher.

REAL margin expansion

Year-over-year margin changes in percentage points

Gross margin expanded by 0.2 percentage points, operating margin by 5.7 percentage points, EBITDA margin by 8.1 percentage points, and net margin by 9.4 percentage points, led by net margin with an increase of 9.4 percentage points.

Gross margin expansion

0.2pp

Operating margin expansion

5.7pp

EBITDA margin expansion

8.1pp

Net margin expansion

9.4pp

REAL Gross margin

Over the last 3 years, the average gross margin for TheRealReal was 73.68%. At present, TheRealReal's current gross margin is 74.7%, which is 1 percentage points above its three-year average. TheRealReal's gross margin ranged from a low of 68.5% in Dec 2023 to a high of 74.7% in Sep 2026.

REAL Operating margin

TheRealReal's operating margin averaged -9.26% over the last 3 years. The latest operating margin for TheRealReal is 0.4%, 9.7 percentage points above its three-year average. Over the last 3 years, TheRealReal's operating margin peaked at 0.4% in Sep 2026 and reached a low of -30.3% in Dec 2023.

REAL EBITDA margin

TheRealReal recorded an average EBITDA margin of -1.9% across the last 3 years. The current EBITDA margin stands at 8.7%, 10.6 percentage points above its three-year average. Looking back over the last 3 years, TheRealReal's EBITDA margin reached 8.7% at its highest point in Sep 2026 and -19.9% at its lowest in Dec 2023.

REAL Net margin

TheRealReal's net margin averaged -12.99% in the last 3 years. Compared with its three-year average, TheRealReal's current net margin is -1.4% and is 11.6 percentage points above its three-year average. Over the last 3 years, TheRealReal's net margin peaked at -1.4% in Sep 2026 and reached a low of -30.7% in Dec 2023.

REAL margin group comparison

Margins compared with peer-group, industry and sector averages

TheRealReal's gross margin of 74.7% is above the Consumer Cyclical sector and the industry average. Compared to its Consumer Cyclical sector average of 36.3%, TheRealReal's gross margin is 106% higher.

Frequently asked questions

What is TheRealReal's gross margin?

The current gross margin for REAL is 74.7% as of Sep 30, 2026.

What is TheRealReal's operating margin?

For the period ending Sep 30, 2026, REAL recorded an operating margin of 0.4%.

What is TheRealReal's EBITDA margin?

As of Sep 30, 2026, REAL has an EBITDA margin of 8.7%.

What is TheRealReal's net margin?

The current net margin for REAL is -1.4% as of Sep 30, 2026.

What are the average margins of REAL?

TheRealReal's gross, operating, EBITDA, and net margins averaged 73.7% gross, -9.3% operating, -1.9% EBITDA, and -13.0% net over the last 3 years.

What are the highest historical margins of REAL?

In the last 5 years, the highest margins reported by REAL were 74.7% gross in Sep 2026, 0.4% operating in Sep 2026, 8.7% EBITDA in Sep 2026, and -1.4% net in Sep 2026.

What are the lowest historical margins of REAL?

Looking back across 5 years, REAL reached its lowest margins at 56.3% gross in Jun 2022, -46% operating in Dec 2021, -36.7% EBITDA in Dec 2021, and -50.5% net in Dec 2021.