TheRealReal, Inc.
- REAL · Nasdaq
- Retail-Miscellaneous Retail
- San Francisco, CA
- 3,140 employees
- CIK 0001573221
Updated from SEC filings through
Top things to know
Revenue, FY2025$693M+15.4% vs FY2024Operating margin-3.5%Operating income -$23.9MEmployees3,140As of December 31, 2025Next earningsNovember 9, 2026AnnouncedLatest 8-KDeparture or appointment of directors or officers; compensationFiled November 5, 2026Leadership changeItem 5.02 filedNovember 5, 2026, last 90 days
Executives
- Rati Levesque CEO of The RealReal 8-K, 2026-10-29
- Levesque Rati Sahi Chief Executive Officer 4, 2026-08-24
- Gopal Ajay Madan Chief Financial Officer 4, 2026-08-24
- Ajay Madan Gopal Chief Financial Officer 10-K, 2026-02-26
- Luke Thomas Friang Chief Product & Tech Officer 4, 2026-08-24
- Steve Ming Lo Chief Accounting Officer 4, 2026-08-24
What leadership is saying
“Q3 was another record quarter for The RealReal, with quarterly all-time highs in GMV, revenue and orders, with our strongest quarterly order growth since 2022, up 15% versus last year”
Earnings press release (8-K Ex. 99.1), filed October 29, 2026
TheRealReal, Inc. is a U.S. public company in retail-miscellaneous retail (SIC 5900), headquartered in San Francisco, CA. It trades as REAL on Nasdaq. Revenue was $693M in the fiscal year ending December 31, 2025, +15.4% from the year before. It reported about 3,140 employees. Rati Levesque is CEO of The RealReal.
Five-year financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $693M 10-K, 2026-02-26 | $600M 10-K, 2026-02-26 | $549M 10-K, 2026-02-26 | $603M 10-K, 2025-02-21 | $468M 10-K, 2024-03-01 |
| Operating income | -$23.9M 10-K, 2026-02-26 | -$56.5M 10-K, 2026-02-26 | -$166M 10-K, 2026-02-26 | -$189M 10-K, 2025-02-21 | -$215M 10-K, 2024-03-01 |
| SG&A | $202M 10-K, 2026-02-26 | $188M 10-K, 2026-02-26 | $184M 10-K, 2026-02-26 | $195M 10-K, 2025-02-21 | $176M 10-K, 2024-03-01 |
| Net income | -$41.8M 10-K, 2026-02-26 | -$134M 10-K, 2026-02-26 | -$168M 10-K, 2026-02-26 | -$196M 10-K, 2025-02-21 | -$236M 10-K, 2024-03-01 |
Annual figures from XBRL in each company's own filings. Click a figure to open the filing. SG&A marked derived is general and administrative plus selling and marketing.
Leadership and board
| Name | Title | Source |
|---|---|---|
| Rati Levesque | CEO of The RealReal | 8-K, 2026-10-29 |
| Levesque Rati Sahi | Chief Executive Officer | 4, 2026-08-24 |
| Gopal Ajay Madan | Chief Financial Officer | 4, 2026-08-24 |
| Ajay Gopal CFO | Strategic Partner | Operating Leader | M&A | Fundraising | Data & Analytics | | Named in proxy bio: Chief Financial Officer | DEF 14A, 2026-04-27 |
| Ajay Madan Gopal | Chief Financial Officer | 10-K, 2026-02-26 |
| Luke Thomas Friang | Chief Product & Tech Officer | 4, 2026-08-24 |
| Steve Ming Lo | Chief Accounting Officer | 4, 2026-08-24 |
| Todd A. Suko | Chief Legal Officer and Secret | 4, 2026-08-24 |
| Luke Friang Chief Technology & Product Officer (CTPO) | Named in proxy bio: Chief Technology and Product Officer | DEF 14A, 2026-04-27 |
| Todd Suko Chief Legal Officer & Secretary* at The RealReal | Named in proxy bio: Chief Legal Officer and Secretary | DEF 14A, 2026-04-27 |
| Steve Lo | Senior Vice President, Chief Accounting Officer | 10-K, 2026-02-26 |
| Caretha Coleman | Director | 10-K, 2026-02-26 |
| James Miller | Director | 10-K, 2026-02-26 |
| Karen Katz | Director | 10-K, 2026-02-26 |
| Mark McCaffrey | Director | 10-K, 2026-02-26 |
| Niki Leondakis | Director | 10-K, 2026-02-26 |
What TheRealReal, Inc. does
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since our inception, we have cultivated a loyal and engaged consignor and buyer base through continuous investment in our technology platform, logistics infrastructure, brand and people.
Item 1. Business, 10-K for the year ending December 31, 2025
Shares and governance
| Shares outstanding | 124.7 million (as of October 22, 2026) | 10-Q, October 29, 2026 |
|---|---|---|
| Public float | $503M (as of June 30, 2025) | 10-K, February 26, 2026 |
| Reportable segments | 1 (period ending September 30, 2026) | 10-Q, October 29, 2026 |
| Latest proxy statement | Meeting December 31, 2025 (filed April 27, 2026) | DEF 14A, April 27, 2026 |
| Auditor | Kpmg LLP (San Francisco, CA) | Latest 10-K |
Insider trades
Open-market buys and sales by officers and directors, from Forms 4 and 5. One row per filing.
| Date | Insider | Trade | Shares | Value | Source |
|---|---|---|---|---|---|
| August 21, 2026 | Gopal Ajay Madan Chief Financial Officer | Sale | 36,418 | $400K | Form 4, August 24, 2026 |
| August 21, 2026 | Steve Ming Lo Chief Accounting Officer | Sale | 12,559 | $138K | Form 4, August 24, 2026 |
| August 21, 2026 | Levesque Rati Sahi Chief Executive Officer | Sale | 84,432 | $927K | Form 4, August 24, 2026 |
| August 21, 2026 | Luke Thomas Friang Chief Product & Tech Officer | Sale | 22,028 | $242K | Form 4, August 24, 2026 |
| August 21, 2026 | Todd A. Suko Chief Legal Officer and Secret | Sale | 17,567 | $193K | Form 4, August 24, 2026 |
| May 21, 2026 | Gopal Ajay Madan Chief Financial Officer | Sale | 35,023 | $324K | Form 4, May 22, 2026 |
| May 21, 2026 | Steve Ming Lo Chief Accounting Officer | Sale | 12,077 | $112K | Form 4, May 22, 2026 |
| May 21, 2026 | Levesque Rati Sahi Chief Executive Officer | Sale | 81,194 | $751K | Form 4, May 22, 2026 |
Recent 8-K events
- 8-K filed 2026-11-05
- Item 5.02 Departure or appointment of directors or officers; compensation
- Item 7.01 Regulation FD disclosure
- 8-K filed 2026-10-29
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-10-15
- Item 1.01 Entry into a material definitive agreement
- Item 2.03 Creation of a direct financial obligation
- Item 7.01 Regulation FD disclosure
- 8-K filed 2026-08-06
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-06-12
- Item 5.07 Submission of matters to a vote of security holders
- 8-K filed 2026-05-07
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-03-09
- Item 5.02 Departure or appointment of directors or officers; compensation
- Item 7.01 Regulation FD disclosure
- 8-K filed 2026-02-26
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2025-11-18
- Item 5.02 Departure or appointment of directors or officers; compensation
- 8-K filed 2025-11-10
- Item 2.02 Results of operations and financial condition (earnings release)
Frequently asked questions about TheRealReal, Inc.
- What does TheRealReal, Inc. do?
- In its own words, from Item 1 of its 10-K: "The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since our inception, we have cultivated a loyal and engaged consignor and buyer base through continuous investment in our technology platform, logistics infrastructure, brand and people."
- What is TheRealReal, Inc.'s revenue?
- $693M for the fiscal year ending December 31, 2025, from its 10-K filed February 26, 2026.
- Is TheRealReal, Inc. profitable?
- TheRealReal, Inc. reported net income of -$41.8M for the fiscal year ending December 31, 2025.
- How many employees does TheRealReal, Inc. have?
- About 3,140 as of December 31, 2025, as stated in its annual report.
- Who is the CEO of TheRealReal, Inc.?
- Rati Levesque, CEO of The RealReal, as named in a 8-K filed October 29, 2026.
- Who is the CFO of TheRealReal, Inc.?
- Gopal Ajay Madan, Chief Financial Officer, as named in a 4 filed August 24, 2026.
- Where is TheRealReal, Inc. headquartered?
- San Francisco, CA.
- What is TheRealReal, Inc.'s stock ticker?
- REAL on Nasdaq.
- What industry is TheRealReal, Inc. in?
- Retail-Miscellaneous Retail, SIC code 5900.
- What is TheRealReal, Inc.'s website?
- therealreal.com.
- When does TheRealReal, Inc. report earnings next?
- November 9, 2026. Source: pg_earnings_events.
- Is TheRealReal, Inc. a public company?
- Yes. TheRealReal, Inc. files with the SEC under CIK 0001573221 and trades as REAL.
- Who audits TheRealReal, Inc.?
- Kpmg LLP, San Francisco, CA, as named in its latest annual report (10-K).
- How many shares of TheRealReal, Inc. are outstanding?
- 124.7 million shares as of October 22, 2026, from its 10-Q filed October 29, 2026.
- What is TheRealReal, Inc.'s public float?
- $503M as of June 30, 2025, as reported on the cover of its 10-K filed February 26, 2026.
- How many business segments does TheRealReal, Inc. report?
- 1 reportable segment for the period ending September 30, 2026, from its 10-Q filed October 29, 2026.
- When is TheRealReal, Inc.'s annual shareholder meeting?
- December 31, 2025, per its proxy statement (DEF 14A) filed April 27, 2026.
- Have TheRealReal, Inc. insiders traded stock recently?
- Since August 12, 2025, officers and directors reported 30 open-market sales worth about $119M and 0 purchases on Forms 4 and 5. The most recent: Gopal Ajay Madan (Chief Financial Officer) sold 36,418 shares on August 21, 2026.