Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $138M | $214M | $316M | $300M | $468M | $603M | $549M | $600M | $693M |
| Revenue growth | — | 55.4% | 48.0% | -5.2% | 55.9% | 29.0% | -9.0% | 9.3% | 15.4% |
| Gross profit | $87.6M | $137M | $202M | $188M | $273M | $349M | $376M | $448M | $517M |
| Gross margin | 63.7% | 64.1% | 63.7% | 62.5% | 58.5% | 57.8% | 68.5% | 74.5% | 74.6% |
| Operating income | -$51.8M | -$73.9M | -$100M | -$173M | -$215M | -$189M | -$166M | -$56.5M | -$23.9M |
| Operating margin | -37.7% | -34.6% | -31.6% | -57.6% | -46.0% | -31.3% | -30.3% | -9.4% | -3.5% |
| Net income | -$52.3M | -$75.8M | -$98.4M | -$176M | -$236M | -$196M | -$168M | -$134M | -$41.8M |
| Net margin | -38.0% | -35.4% | -31.1% | -58.6% | -50.5% | -32.6% | -30.7% | -22.3% | -6.0% |
| EPS (diluted) | -$6.74 | -$10.12 | -$2.14 | -$2.01 | -$2.58 | -$2.05 | -$1.65 | -$1.24 | -$0.70 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$38.6M | -$47.2M | -$54.5M | -$134M | -$142M | -$91.6M | -$61.3M | $26.8M | $37.0M |
| Capital expenditures | $11.6M | $13.4M | $24.8M | $18.3M | $37.5M | $22.9M | $29.2M | $14.2M | $18.6M |
| Free cash flow | -$50.2M | -$60.6M | -$79.3M | -$153M | -$180M | -$114M | -$90.4M | $12.6M | $18.4M |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $16.5M | $34.4M | $154M | $351M | $418M | $294M | $176M | $172M | $151M |
| Total assets | — | $135M | $465M | $605M | $755M | $616M | $447M | $423M | $409M |
| Total liabilities | — | $98.9M | $128M | $414M | $682M | $786M | $750M | $830M | $825M |
| Long-term debt | — | $3.25M | — | — | — | — | — | — | — |
| Shareholders' equity | -$177M | -$258M | $337M | $191M | $73.1M | -$170M | -$303M | -$407M | -$416M |
| Retained earnings | — | -$258M | -$356M | -$532M | -$768M | -$951M | -$1.12B | -$1.25B | -$1.30B |
| Shares (wtd avg diluted) | — | 8.59M | 47.5M | 87.6M | 91.4M | 95.9M | 102M | 108M | 117M |
Every figure is extracted from TheRealReal, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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