TheRealReal (REAL) Operating Expenses (2018 - 2026)
TheRealReal (REAL) recorded Operating Expenses of $145.49 million in Q2 2026, up 9.7% from $132.56 million a year earlier and up 1.3% from the prior quarter.
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Analysis
TheRealReal (REAL) Operating Expenses (2018 - 2026) Analysis & Trends
On a TTM basis, TheRealReal's Operating Expenses came in at $564.49 million as of Jun 30, 2026, up 9.0% year-over-year; for FY2025, it was $540.76 million, up 7.3% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 8.5% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $504.02 million in FY2024 (-7.1%), $542.57 million in FY2023 (+0.9%), $537.85 million in FY2022 (+10.1%) and $488.39 million in FY2021 (+35.5%).
- The Q2 2026 figure is the highest quarterly Operating Expenses since Q1 2023.
- On a year-over-year basis, Operating Expenses has increased for eight consecutive quarters, with growth averaging 6.8% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 34.1% in Q3 2021, against a decline of 27.1% in Q1 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $143.61 million (Q1 2026), $138.93 million (Q4 2025) and $136.47 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Nike | 53.94 Bn | 19.93 Bn | 5.39 Bn | 4.08 Bn |
| 2 | Tapestry | 22.74 Bn | 18.69 Bn | 1.56 Bn | 1.12 Bn |
| 3 | Ralph Lauren | 21.47 Bn | 13.57 Bn | 1.44 Bn | 1.10 Bn |
| 4 | Deckers Outdoor | 11.15 Bn | 4.02 Bn | - | - |
| 5 | Lululemon Athletica | 10.72 Bn | 4.97 Bn | 1.46 Bn | 1.01 Bn |
| 6 | Levi Strauss | 7.64 Bn | 4.29 Bn | 979.10 Mn | 856.90 Mn |
| 7 | Gildan Activewear | 6.52 Bn | 5.51 Bn | 459.76 Mn | 283.86 Mn |
| 8 | Birkenstock Holding | 6.06 Bn | 4.37 Bn | 493.89 Mn | -37.80 Mn |
| 9 | Crocs | 5.89 Bn | 5.30 Bn | 700.71 Mn | 415.03 Mn |
| 10 | TheRealReal | 1.07 Bn | 569.14 Mn | 143.20 Mn | 145.49 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 145.49 Mn |
| Mar 31, 2026 | 143.61 Mn |
| Dec 31, 2025 | 138.93 Mn |
| Sep 30, 2025 | 136.47 Mn |
| Jun 30, 2025 | 132.56 Mn |
| Mar 31, 2025 | 132.79 Mn |
| Dec 31, 2024 | 127.22 Mn |
| Sep 30, 2024 | 125.32 Mn |
| Jun 30, 2024 | 126.26 Mn |
| Mar 31, 2024 | 125.22 Mn |
| Dec 31, 2023 | 127.11 Mn |
| Sep 30, 2023 | 116.56 Mn |
| Jun 30, 2023 | 127.12 Mn |
| Mar 31, 2023 | 171.78 Mn |
| Dec 31, 2022 | 134.56 Mn |
| Sep 30, 2022 | 131.31 Mn |
| Jun 30, 2022 | 138.67 Mn |
| Mar 31, 2022 | 133.32 Mn |
| Dec 31, 2021 | 126.81 Mn |
| Sep 30, 2021 | 122.26 Mn |
API Access
TheRealReal Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=REAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "REAL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=REAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();