TheRealReal (REAL) Operating Margin (2018 - 2026)
TheRealReal recorded quarterly Operating Margin of 1.2% in Q1 2026, down 137.09% quarter-over-quarter from 3.23% in Q4 2025, and up 678.0% year-over-year from 0.15% in Q1 2025.
TheRealReal's Operating Margin history runs 9 years deep, the most recent figure standing at 1.2% for Q1 2026.
- In Q1 2026, Operating Margin rose 678.0% year-over-year to 1.2%; the TTM figure through Mar 2026 stood at 1.86% (up 646.0% YoY), while the FY2025 annual figure was 3.45%, up 595.0% from the prior year.
- Operating Margin came in at 1.2% for Q1 2026 at TheRealReal, down from 3.23% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 3.23% in Q4 2025 to a low of 57.64% in Q1 2023.
- A 5-year average of 17.72% and a median of 12.97% in 2024 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin plunged 2035 bps in 2023 and jumped 4517 bps in 2024, its largest moves.
- TheRealReal's Operating Margin stood at 23.77% in 2022, then surged by 38 bps to 14.69% in 2023, then surged by 79 bps to 3.14% in 2024, then jumped by 203 bps to 3.23% in 2025, then plunged by 137 bps to 1.2% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 1.2%, 3.23%, and 4.35% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Tapestry | 28.43 Bn | 27.36 Bn | 1.48 Bn | 22.26% |
| 2 | Signet Jewelers | 3.51 Bn | 2.64 Bn | 985.10 Mn | 13.57% |
| 3 | Capri Holdings | 2.21 Bn | 2.06 Bn | 623.00 Mn | 4.49% |
| 4 | TheRealReal | 1.15 Bn | 1.03 Bn | 141.33 Mn | -1.20% |
| 5 | Movado | 835.22 Mn | 606.10 Mn | 103.63 Mn | 7.21% |
| 6 | Envela | 620.27 Mn | 581.65 Mn | 20.62 Mn | 11.40% |
| 7 | Brilliant Earth | 19.84 Mn | 21.09 Mn | 54.07 Mn | -8.93% |
| 8 | Lanvin Group Holdings | 223,892.13 | -35.01 Mn | - | - |
| 9 | LuxExperience B.V | 16,823.61 | -364.20 Mn | 329.37 Mn | -4.81% |
| 10 | AsiaStrategy | - | - | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -1.20% |
| Dec 31, 2025 | 3.23% |
| Sep 30, 2025 | -4.35% |
| Jun 30, 2025 | -5.98% |
| Mar 31, 2025 | -7.98% |
| Dec 31, 2024 | -3.14% |
| Sep 30, 2024 | -9.88% |
| Jun 30, 2024 | -12.97% |
| Mar 31, 2024 | -12.48% |
| Dec 31, 2023 | -14.69% |
| Sep 30, 2023 | -16.89% |
| Jun 30, 2023 | -31.29% |
| Mar 31, 2023 | -57.64% |
| Dec 31, 2022 | -23.77% |
| Sep 30, 2022 | -31.90% |
| Jun 30, 2022 | -33.01% |
| Mar 31, 2022 | -37.29% |
| Dec 31, 2021 | -31.82% |
| Sep 30, 2021 | -43.05% |
| Jun 30, 2021 | -61.76% |
| Mar 31, 2021 | -53.40% |
| Dec 31, 2020 | -55.68% |
| Sep 30, 2020 | -53.50% |
| Jun 30, 2020 | -75.18% |
| Mar 31, 2020 | -50.98% |
| Dec 31, 2019 | -26.67% |
| Sep 30, 2019 | -33.13% |
| Jun 30, 2019 | -35.70% |
| Mar 31, 2019 | -32.89% |
| Dec 31, 2018 | 52.22% |
| Sep 30, 2018 | -42.20% |
| Jun 30, 2018 | -33.78% |