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Therealreal, Inc. balance sheet

At the end of fiscal 2025, Therealreal, Inc. had total assets of $409m, total liabilities of $825m and shareholders' equity of −$416m. It held $151m in cash against $231m of debt: net debt of $79.6m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash and equivalents1634154351418294176172151130
Receivables—88781217142428
Inventory—102242714322243137
Total current assets—89407421518372236233227218
Total assets—135465605755616447423409404
Accounts payable—511145129111514
Deferred revenue (current)—352342234
Total current liabilities—88119148188208189249264261
Short-term debt—6————————
Long-term debt—3————0134141148
Total debt09—196348450452303231232
Total liabilities—99128414682786750830825758
Shareholders' equity−177−25833719173−170−303−407−416−354
Non-controlling interests and other (assets − liabilities − equity)—294————————
Net debt (negative = net cash)−16−25−154−155−7015627713180101
Shares outstanding—9m—89m93m99m105m111m118m123m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Therealreal, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Therealreal, Inc.