Real Brokerage revenue jumps 44% as agent growth continues 

Even a "tepid housing environment," as CEO Tamir Poleg described it, did little to slow The Real Brokerage as 2025 came to a close.

The tech-forward brokerage continued to grow transactions and add agents in the fourth quarter, reporting $505.1 million in revenue, a 44% increase year-over-year. Meanwhile, closed transactions rose 38% to 48,903, significantly outpacing the roughly 1% increase in existing-home sales across the industry, executives noted during the company's earnings call.

As of March 3, agent count topped 33,000, the company said.

For the full year, the brokerage generated nearly $2 billion in revenue, up 56% from 2024, while gross profit increased 44% to $165.7 million. Revenue also increased across Real's ancillary services and products: One Real Title (up 1% in Q4), One Real Mortgage (up 26%) and Real Wallet, which saw a nearly 9x increase year-over-year.

"These results would be impressive in any environment, but are notable given the broader housing backdrop," Poleg said. "Existing home sales remain well below long-term averages, transaction volumes across the industry remain constrained and many market participants are waiting for macro improvement."

What Real had to say

On AI and technology: Executives highlighted the company's growing use of AI tools, including its Leo CoPilot AI assistant, to streamline operations and support agents. "Since its launch in 2023, agents have engaged with Leo over 700,000 times. It has become an essential part of their daily workflow," Chief Operating Officer Jenna Rozenblat said.

Productivity has also gotten a boost from behind-the-scenes automation. "While these initiatives may not be visible externally, they reduce friction, improve auditability, and prevent headcount from scaling linearly with transaction volume," she said.

How 2026 is looking: Chief Financial Officer Ravi Jani cautioned that weather-related disruptions have been affecting early-year home sales. "January and February saw an unseasonably slow start to the year. Volatile weather and historic snowstorms across much of the country impacted transaction velocity during the first two months," he said.

Key numbers

Revenue: $505.1 million in Q4 2025, up 44% year-over-year. For the full year, revenue totaled $2.0 billion, up 56% from 2024.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $14.2 million in Q4, compared to $9.1 million a year earlier. Full-year adjusted EBITDA reached $62.9 million, up from $40.0 million in 2024.

Net loss: Real reported a $4.2 million net loss in Q4, compared to a $6.6 million loss in Q4 2024. For the full year, the company posted a net loss of $8.1 million, significantly improved from $26.5 million in 2024.

Operating cash flow: Real generated $65.9 million in operating cash flow for the full year. Operating cash flow for the fourth quarter totaled about $149,000.

Cash and cash equivalents: The company ended the year with $49.9 million in unrestricted cash and short-term investments, with no debt on its balance sheet.

Transactions: 48,903 transaction sides closed in Q4 2025, up 38% from the prior year. For the full year, Real closed 185,314 transactions, up 54% year-over-year.

Transaction value: Real agents closed $20.3 billion in transaction volume in Q4, up 39% from a year earlier. For the full year, transaction volume reached $75.3 billion, up 53%.

Agent count: 31,739 agents at year-end, up 31% year-over-year. As of early March, the company said its agent count had surpassed 33,200.

Notable moves

Executive appointments: Kate Gurevich was named CEO of the company's mortgage business, One Real Mortgage, in January. Gurevich brings nearly two decades of industry experience to Real's lending arm.

Tech updates: Real continued expanding its technology platform and agent services during the quarter. In October, the company rolled out Real Wallet Capital, a lending feature that gives agents access to working capital tied to their commissions. It also launched HeyLeo, an AI-powered home search tool for consumers, and introduced improvements to its Leo Copilot assistant.

Recruiting wins: In October, The Pozek Group — a team with more than $1 billion in annual sales volume — joined Real, followed by teams in Southern California and Ontario later in the quarter. The trend continued into the new year with the addition of teams in Detroit and Seattle in January.

Lawsuits: Real has also been dealing with a handful of legal issues. The company opted into the Cwynar homebuyer commissions settlement on Dec. 31, days after it was named as a defendant in the Taylor v. Zillow lawsuit, a case involving claims of steering, racketeering and RESPA violations. Separately, Poleg was named in a civil lawsuit related to the divorce proceedings of a Real agent, though the matter is not directly tied to the company's operations.