The RealReal reported fiscal 2025 results on February 28, 2026, crossing the $2 billion gross merchandise value (GMV) threshold for the first time. Full-year GMV totaled $2.13 billion, up 16% from 2024. Fourth-quarter GMV increased 22% to $616 million.
Total revenue rose 15% to $693 million. Net loss narrowed to $42 million from $134 million in 2024. The company generated positive Adjusted EBITDA in every quarter of 2025.
Rati Levesque, president and chief executive officer, attributed the outcome to execution on growth initiatives, operational efficiency, and service standards for consignors and buyers. She noted that 47% of luxury consumers now consider resale value when purchasing in the primary market.
For 2026, the company guided GMV to $2.39–2.45 billion and revenue to $765–780 million.
The RealReal operated 17 U.S. retail locations at year-end. It reopened its San Francisco Union Square flagship in February 2026 and opened new stores in Summit, New Jersey; Houston’s Montrose Collective; and Miami’s Design District during 2025.
COMPETITIVE LANDSCAPE
The RealReal holds the largest scale in U.S. authenticated luxury resale. Its primary global competitor, Vestiaire Collective, reported GMV slightly below €1 billion ($1.08–1.18 billion) for 2024 with revenue of €200 million and targets its first annual profit in 2026 while expanding in the U.S. Fashionphile, a direct U.S. rival, reported GMV exceeding $500 million as of late 2025 and maintains profitability with a focus on handbags and physical stores. Rebag operates at smaller scale with a buy-sell model for premium accessories. The RealReal differentiates through its consignment platform, authentication expertise, and hybrid online-physical presence.
Total revenue rose 15% to $693 million. Net loss narrowed to $42 million from $134 million in 2024. The company generated positive Adjusted EBITDA in every quarter of 2025.
Rati Levesque, president and chief executive officer, attributed the outcome to execution on growth initiatives, operational efficiency, and service standards for consignors and buyers. She noted that 47% of luxury consumers now consider resale value when purchasing in the primary market.
For 2026, the company guided GMV to $2.39–2.45 billion and revenue to $765–780 million.
The RealReal operated 17 U.S. retail locations at year-end. It reopened its San Francisco Union Square flagship in February 2026 and opened new stores in Summit, New Jersey; Houston’s Montrose Collective; and Miami’s Design District during 2025.
COMPETITIVE LANDSCAPE
The RealReal holds the largest scale in U.S. authenticated luxury resale. Its primary global competitor, Vestiaire Collective, reported GMV slightly below €1 billion ($1.08–1.18 billion) for 2024 with revenue of €200 million and targets its first annual profit in 2026 while expanding in the U.S. Fashionphile, a direct U.S. rival, reported GMV exceeding $500 million as of late 2025 and maintains profitability with a focus on handbags and physical stores. Rebag operates at smaller scale with a buy-sell model for premium accessories. The RealReal differentiates through its consignment platform, authentication expertise, and hybrid online-physical presence.