Turnover up and operating losses down at The RealReal in Q2
Authentication-led luxury reseller The RealReal has reported its financial results for the second quarter of its fiscal year — the three months ended June 30.
Second quarter 2026 gross merchandise value (GMV) — the total amount sold on the platform — and total revenue increased +22% and +17% compared to the second quarter of 2025, respectively.
“The RealReal delivered a standout second quarter, with an all-time high quarterly GMV of $617 million, up 22% year-over-year,” said the company’s CEO, Rati Levesque. “That marks our fourth consecutive quarter of GMV growth above 20%.
“Revenue grew 17% and we delivered nearly 300 basis points of Adjusted EBITDA margin expansion versus last year,” Levesque continued. “We’re upleveling the customer experience, deepening trust and compounding our advantages. Our buyers are spending more, our sellers are more engaged, and the platform connecting them gets smarter every quarter.”
Against this strong top-line performance was alaos a decrease in operating losses, from -$9,885 in Q2 of 2025 to -$2,283 in the same quarter this year.
“Entering the year, we said 2026 would be the year our advantages begin to compound, and we’re delivering on that commitment,” Levesque continued. “Given the continued strength in our supply trends and the durability of our growth, we are confidently raising our full-year outlook. We are entering the second half of the year from a position of strength, with a flywheel that is gaining real momentum.”
Average order value was $659, which represents an increase of +13% versus the same period in 2025.
