TheRealReal (REAL) Operating Margin (2018 - 2026)
TheRealReal's Operating Margin was -1.19% in Q2 2026, up 4.80 percentage points from -5.98% a year earlier and up 0.01 percentage points from the prior quarter.
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Analysis
TheRealReal (REAL) Operating Margin (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, TheRealReal's Operating Margin was -0.78% through Jun 30, 2026, up 5.88 percentage points year-over-year; for FY2025, it came in at -3.45%, up 5.95 percentage points from FY2024.
- Operating Margin has now increased for five consecutive years, with a five-year change of +54.16 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was -9.41% in FY2024 (+20.87 pp), -30.27% in FY2023 (+1.07 pp), -31.34% in FY2022 (+14.61 pp) and -45.95% in FY2021 (+11.66 pp).
- Quarterly Operating Margin has moved between -57.64% (Q1 2023) and 3.23% (Q4 2025) over five years.
- Compared with a year earlier, Operating Margin has increased for 13 straight quarters, with an average year-over-year change of +6.69 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q1 2024 (a gain of 45.17 percentage points); the worst was Q1 2023 (a drop of 20.35 percentage points).
- Per Business Quant data, REAL's Operating Margin in the three quarters before Q2 2026 was -1.20% (Q1 2026), 3.23% (Q4 2025) and -4.35% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nike | 53.14 Bn | 19.13 Bn | 5.39 Bn | 11.95% |
| 2 | Tapestry | 22.87 Bn | 18.83 Bn | 1.56 Bn | 23.57% |
| 3 | Ralph Lauren | 21.39 Bn | 13.49 Bn | 1.44 Bn | 17.47% |
| 4 | Deckers Outdoor | 11.06 Bn | 3.93 Bn | - | - |
| 5 | Lululemon Athletica | 10.32 Bn | 4.58 Bn | 1.46 Bn | 18.78% |
| 6 | Levi Strauss | 7.62 Bn | 4.28 Bn | 979.10 Mn | 7.82% |
| 7 | Gildan Activewear | 6.55 Bn | 5.54 Bn | 459.76 Mn | 11.12% |
| 8 | Birkenstock Holding | 6.07 Bn | 4.38 Bn | 493.89 Mn | 28.22% |
| 9 | Crocs | 5.90 Bn | 5.31 Bn | 700.71 Mn | 24.22% |
| 10 | TheRealReal | 1.07 Bn | 566.71 Mn | 143.20 Mn | -1.19% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -1.19% |
| 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% |
API Access
TheRealReal Operating Margin 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-margin&ticker=REAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=REAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();