TheRealReal (REAL) Operating Leases (2020 - 2026)
TheRealReal's Operating Leases was $64.4 million in Q2 2026, down 16.2% from $76.88 million a year earlier and down 3.6% from the prior quarter.
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Analysis
TheRealReal (REAL) Operating Leases (2020 - 2026) Analysis & Trends
At the end of FY2025, Operating Leases at TheRealReal came in at $66.79 million, down 22.1% from FY2024.
- Operating Leases has now declined for four consecutive years, with a five-year compound annual growth rate of -10.3% (FY2020 to FY2025).
- In earlier years, Operating Leases was $85.79 million in FY2024 (-18.2%), $104.86 million in FY2023 (-16.2%), $125.12 million in FY2022 (-12.6%) and $143.16 million in FY2021 (+24.4%).
- The Q2 2026 figure marks the lowest quarterly Operating Leases in data going back to Q1 2020.
- Compared with a year earlier, Operating Leases has declined for 18 straight quarters, with an average decline of 19.0% over the last eight quarters.
- The best year-over-year quarter for Operating Leases over five years was Q3 2021 (growth of 30.5%); the worst was Q4 2025 (a decline of 22.1%).
- Per Business Quant data, REAL's Operating Leases in the three quarters before Q2 2026 was $66.79 million (Q1 2026), $66.79 million (Q4 2025) and $72.89 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Nike | 53.14 Bn | 19.13 Bn | 5.39 Bn |
| 2 | Tapestry | 22.87 Bn | 18.83 Bn | 1.56 Bn |
| 3 | Ralph Lauren | 21.39 Bn | 13.49 Bn | 1.44 Bn |
| 4 | Deckers Outdoor | 11.06 Bn | 3.93 Bn | - |
| 5 | Lululemon Athletica | 10.32 Bn | 4.58 Bn | 1.46 Bn |
| 6 | Levi Strauss | 7.62 Bn | 4.28 Bn | 979.10 Mn |
| 7 | Gildan Activewear | 6.55 Bn | 5.54 Bn | 459.76 Mn |
| 8 | Birkenstock Holding | 6.07 Bn | 4.38 Bn | 493.89 Mn |
| 9 | Crocs | 5.90 Bn | 5.31 Bn | 700.71 Mn |
| 10 | TheRealReal | 1.07 Bn | 566.71 Mn | 143.20 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 64.40 Mn |
| Mar 31, 2026 | 66.79 Mn |
| Dec 31, 2025 | 66.79 Mn |
| Sep 30, 2025 | 72.89 Mn |
| Jun 30, 2025 | 76.88 Mn |
| Mar 31, 2025 | 82.53 Mn |
| Dec 31, 2024 | 85.79 Mn |
| Sep 30, 2024 | 91.27 Mn |
| Jun 30, 2024 | 97.02 Mn |
| Mar 31, 2024 | 100.81 Mn |
| Dec 31, 2023 | 104.86 Mn |
| Sep 30, 2023 | 109.91 Mn |
| Jun 30, 2023 | 112.15 Mn |
| Mar 31, 2023 | 117.55 Mn |
| Dec 31, 2022 | 125.12 Mn |
| Sep 30, 2022 | 130.05 Mn |
| Jun 30, 2022 | 133.04 Mn |
| Mar 31, 2022 | 138.21 Mn |
| Dec 31, 2021 | 143.16 Mn |
| Sep 30, 2021 | 145.79 Mn |
API Access
TheRealReal Operating Leases 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-leases&ticker=REAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=REAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();