How RealReal makes money

Period

FY2025

How does RealReal make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

The RealReal Inc. · FY2025 · year ended 2025-12-31

Revenue$693MNet loss$41M · 6%Cost of revenue$176M · 25%Gross profit$517M · 75%Operating expenses$541M · 78%SG&A$202M · 29%Selling & marketing$63M · 9%Other opex$276M · 40%Other expense$18M · 3%Service$536M · 77%Product$91M · 13%Shipping & Handling$66M · 10%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.