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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
The RealReal
The RealReal (REAL) investor relations material
The RealReal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved $2.13B in GMV for FY25, up 16% year-over-year, and $616M GMV in Q4, up 22% year-over-year.
Surpassed $2B GMV milestone and delivered positive Adjusted EBITDA in every quarter for the first time, totaling $42M for FY25.
Growth driven by a balanced mix of unit volume and higher average selling prices, especially in fine jewelry and watches.
Trailing 12-month active buyers grew 9% year-over-year to 1,056,000.
Strategic focus on AI-driven operational excellence, supply unlocking, and customer experience enhancements.
Financial highlights
Q4 revenue reached $194M, up 18% year-over-year; consignment revenue rose 16%, direct revenue up 39%.
Q4 gross profit was $145M (+19% YoY), with gross margin at 74.8% (+40bps YoY).
Adjusted EBITDA for Q4 was $22M (11.3% margin), up $11M YoY; full-year adjusted EBITDA was $42M (6.1% margin), up $33M YoY.
Q4 net loss was $39M, improved from $68M loss in Q4 2024; full year net loss was $42M, improved from $134M loss in 2024.
Free cash flow in Q4 was $43M, up $23M YoY; ended year with $166M in cash and equivalents.
Outlook and guidance
2026 GMV growth projected at 12%-15% (guidance: $2.39B–$2.45B); revenue growth at 10%-13% (guidance: $765M–$780M).
2026 adjusted EBITDA expected between $57M-$65M (approx. 8% margin), targeting 15%-20% margins medium-term.
Q1 2026 GMV guidance: $585M–$600M; revenue: $185M–$189M; adjusted EBITDA: $11M–$13M.
Capital expenditures to remain 2%-3% of revenue; cash flow benefits expected in the second half.
Analyze 2026 Adjusted EBITDA growth drivers.
Impact of warrant liability on 2025 net loss?
Reason for Q4 2025 Take Rate decrease?
New AI initiatives for supply acquisition
Take rate trend: long-term profit implications
MyCloset: future supply and loyalty impact
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Next The RealReal earnings date
Q1 20267 May, 2026
The RealReal
Next The RealReal earnings date
Q1 20267 May, 2026
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Frequently asked questions
The RealReal Inc is a luxury consignment company that operates an online marketplace for authenticated, pre-owned designer goods. The company offers apparel, handbags, jewelry, and home decor through e-commerce, retail locations, and consignment offices. It also provides authentication and logistics services. The RealReal Inc is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.
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