TheRealReal, Inc. (REAL) · Oct 29, 2026 · Earnings

The RealReal earnings beat as 2026 outlook jumps

Beat — Revenue $206.1M vs ~$196.8M consensus; adjusted EBITDA $17.0M vs $13.5-$14.5M guide

The RealReal’s Q3 earnings beat consensus, with record GMV, wider margins and a higher 2026 outlook—though cash flow remains negative year to date.

The RealReal is trying to turn luxury resale into a scaled, data-driven managed marketplace, using its consignment network, authentication, pricing technology and customer data to grow while moving from chronic losses toward durable cash generation. That strategy is gaining operating traction: the company had already signaled strong Q3 momentum and raised its outlook in August, while its October 15 refinancing had already extended secured debt maturities to 2033 and lowered expected interest costs.

The quarter beat the market’s operating bar by a meaningful margin. Revenue reached $206.1 million, about 4.8% above the published consensus near $196.8 million, while adjusted EBITDA of $17.0 million cleared the company’s own $13.5-$14.5 million Q3 guide. GMV rose 23% year over year, versus 19% revenue growth, and orders increased 15%, showing that the improvement was driven by marketplace activity rather than only pricing or mix. 〔0〕

Metric	Q3 2026	Q3 2025	Benchmark
GMV (KPI)	$641.5M (+23.4%)	$519.8M	$610-$620M guide
Total revenue (Income Statement)	$206.1M (+18.7%)	$173.6M	~$196.8M consensus
Adjusted EBITDA (Adjusted EBITDA Reconciliation)	$17.0M (+83.0%)	$9.3M	$13.5-$14.5M guide
Adjusted EBITDA margin (Adjusted EBITDA Reconciliation)	8.3% (+290 bps)	5.4%	—

Profitability is improving faster than revenue, which is the most important change in the story. Gross margin reached 74.9%, up 64 basis points, while adjusted EBITDA margin expanded 290 basis points to 8.3%. The company also generated $25.0 million of operating cash flow and $11.3 million of free cash flow in Q3, although that has not yet translated into positive free cash flow for the full year. 〔1〕〔2〕

The raised outlook confirms the beat is not being treated as a one-quarter spike. Full-year GMV guidance moved to $2.585-$2.600 billion from $2.535-$2.565 billion, revenue to $806-$810 million from $788-$797 million, and adjusted EBITDA to $71.1-$72.6 million from $66.0-$69.0 million. The EBITDA increase is the biggest upgrade on a percentage basis, implying management sees continued operating leverage rather than simply more volume. 〔3〕

The headline GAAP profit overstates the underlying operating improvement. Q3 net income included a $21.2 million non-cash gain from revaluing the warrant liability; non-GAAP net income was only $2.3 million, or $0.02 per share. The business is healthier operationally, but it is not yet producing a large cushion after stock compensation, interest and other financing-related costs.

The balance sheet remains the constraint behind the progress. Cash and equivalents fell to $130.4 million from $151.2 million at year-end, free cash flow was negative $22.1 million through nine months, and notes payable totaled roughly $379.6 million at September 30. The refinancing reduces near-term maturity pressure and interest expense, but deleveraging still depends on the company converting its improving EBITDA into sustained cash generation.

Bottom line: This is a genuine operating beat, not just favorable presentation: demand, margins and full-year EBITDA expectations all moved higher. The business story has advanced materially, but the turnaround is still incomplete because leverage and year-to-date cash burn remain significant.

What to watch next

Q4 report and 2027 outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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The RealReal earnings beat as 2026 outlook jumps

What to watch next

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