The RealReal just posted its best quarter ever, and the company isn’t shy about the number: gross merchandise value hit $617 million in the second quarter of 2026, up 22% year-over-year, according to the company’s own second-quarter earnings release. That’s not a one-quarter fluke, either — it marks the fourth consecutive quarter the resale platform has posted GMV growth above 20%.

Total revenue came in at $193 million, up 17% from the same quarter last year, and adjusted EBITDA climbed to $13.5 million, a 7.0% margin that improved 290 basis points versus a year ago, per the official results distributed via PR Newswire. Gross margin ticked up too, landing at 74.4%.

CEO Rati Levesque leaned into the moment in the earnings release, calling it “a standout second quarter, with an all-time high quarterly GMV of $617 million, up 22% year-over-year,” and noting the company is “confidently raising” its full-year outlook on the strength of ongoing supply trends. That new full-year guidance now calls for GMV between $2.535 billion and $2.565 billion.

Key Points

• Q2 2026 GMV hit $617 million, up 22% year-over-year — the fourth straight quarter above 20% growth, per The RealReal’s earnings release.
• Total revenue reached $193 million (up 17%), with adjusted EBITDA of $13.5 million and a 7.0% margin, according to the official press release.
• Active buyers grew 11% to 1.107 million, and average order value rose 13% to $659.
• The company raised full-year 2026 GMV guidance to $2.535–$2.565 billion.
• The broader secondhand apparel market is projected to reach $78.8 billion by 2030 in the U.S. alone, according to ThredUp’s latest annual resale report.

None of this reads like a market cooling off. Consignment revenue grew 15% year-over-year and direct revenue — the merchandise RealReal buys outright rather than takes on consignment — grew 26%, meaning both sides of the platform’s business model are pulling their weight at once. With a wink and a wiggle, it’s fair to say the people predicting resale was a pandemic-era fad owe the spreadsheet an apology.

The numbers land at a moment when legacy retailers are scrambling to build their own resale arms rather than cede the category entirely, which only underlines what The RealReal’s own filing is arguing with its GMV line: secondhand isn’t the discount alternative to full-price fashion anymore. It’s a growth business with its own earnings calendar, its own guidance raises, and now, its own record quarter to point to.