The RealReal stock gave back 3.7% the day after earnings, even though the quarter put some of the resale bear case under pressure. Coming into the print the shares had climbed almost 20% over the past three months as investors leaned into the luxury consignment recovery story. The headline from Q2 is clear: Gross merchandise value and revenue both set new highs, while adjusted EBITDA margin reached 7% and management lifted full year guidance.

Is RealReal’s rich P/S multiple a sign the market is overpaying for a still unprofitable business, or are analysts right about a large upside gap? See how the current price lines up against fundamentals in our valuation analysis for RealReal

Q2 2026 Earnings Summary

• Revenue (Q2 2026 vs. Q2…