Revenue inches up as eXp focuses on efficiency, agent retention
While revenue beat expectations, losses increased in 2025 as the company worked to create "a boundary-less platform where technology and community converge.”
In its latest earnings report, eXp highlighted its efficiency improvements in 2025 — and its plans to build on those efforts in 2026.
The brokerage's revenue was slightly higher than investor expectations, but losses were also up. For the entire year, eXp tallied $4.77 billion in revenue, a 4% increase over 2024, while posting a net loss of $22.7 million.
Losses were higher in part due to the company's back-end and operational investments, including an automated real estate payment system, an AI training program for agents and the launch of LYVVE, a new global search platform.
International transactions were a bright spot in 2025, with revenue growth jumping 67% to $147 million last year.
"Our focus this year has been on building a boundary-less platform where technology and community converge," eXp World Holdings Founder and CEO Glenn Sanford said in a news release.
What eXp had to say
On efficiency and technology: The company was founded on the idea of streamlined operations, Sanford noted — and it will continue to improve efficiency more quickly than brokerages that rely on legacy infrastructure.
"We're running leaner teams with measurably higher output than two years ago," Sanford said in a Feb. 24 earnings call. "We're really in a place to continue to lead rather than follow and I think that's the real key."
The company also aims to lead the industry in AI. In 2025, eXp demonstrated that its AI initiatives work, Sanford told investors, while 2026 "is the year we scale across every layer of the platform."
On agent retention: After significant attrition in 2024 and into 2025, the company ended the year with 83,060 agents — a drop of nearly 400 from the third quarter, but an increase of 60 agents year-over-year.
Agent count remained relatively stable in a down year for the industry, according to eXp Realty CEO Leo Pareja, because the brokerage has been able to hold onto its productive agents while also focusing on attracting more teams.
"2025 was a defining year for eXp as we enhanced agent productivity and retention," Pareja said. "In 2026 we expect to translate those investments into margin through discipline execution."
Key numbers
Revenue: Just under $1.2 billion in Q4, up 8.5% compared to a year ago. For the full year, revenue was $4.77 billion, up 4% compared to 2024.
Cash and cash equivalents: $124.2 million at the end of December, up from $113.6 million at the end of December 2024.
Net income/loss: A loss of $12.9 million for Q4, worse than its $9.5 million loss for the same period a year ago. For the full year, net loss was $22.7 million, slightly higher than the $21.3 million net loss in 2024.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $2.1 million in Q4, down from $7.7 million a year ago. It was $33.2 million for the entire year, down from $75.55 million in 2024.
Transactions: 110,392 in Q4, up 6% compared to a year ago. For 2025, transactions totaled 440,163, up 1% compared to 2024.
Agent count: 83,060 at the end of December, down from 83,446 at the end of September.
2026 outlook: Revenue between $960 million and $980 million for the first quarter, with full-year revenue forecast at between $4.85 billion and $5.15 billion.
Notable moves
The company announced two leadership changes in the fourth quarter with the addition of Carrie Lysenko as chief technology officer and the promotion of Holly Mabery to the newly created role of chief brokerage officer.
During the earnings call, Lysenko said one goal for eXp in 2026 is expanding the agent ecosystem by growing the community hub and focusing on community and communication.
Mabery spoke about the importance of building a compliance system before a crisis arises — not in response to one — as the industry continues to go through significant structural changes.
"We've made the deliberate strategic choice: eXp will lean in where others go silent," Mabery said.
One example? The company's implementation of "enhanced disclosure standards" via its new "Consumer Choice" structure, announced in late November. The initiative reiterates a consumer's ability to choose their own ancillary providers — such as mortgage, title and more — and includes an updated referral fee disclosure.