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How TheRealReal, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$693M · 100%Cost of revenue$176M · 25%Gross profit$517M · 75%Operating income−$23.9M · −3%Income before tax−$41.4M · −6%Income tax$363000 · 0%Net income−$41.8M · −6%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$693M100%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
Cost of revenue$176M25%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
$517M75%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
−$23.9M−3%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
Income before tax−$41.4M−6%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
Income tax$3630000%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
−$41.8M−6%
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001573221-26-000010 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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