eXp World Holdings Reports Q4 and Full-Year 2025 Results

Bellingham, WA – eXp World Holdings, Inc. (Nasdaq: EXPI) (the “Company,” “eXp” or “we”), the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises, today announced financial results for the fourth quarter and fiscal year ended December 31, 2025.

“2025 was a defining year for eXp Realty, validating our belief that transparency and agent empowerment are the only sustainable paths forward,”

said Leo Pareja, CEO of eXp Realty.

“Our results reflect a year of relentless execution where the industry took notice of our momentum. We aggressively strengthened our value stack, from innovations in our AI-enabled platform to the rollout of the co-sponsor program, and key leadership appointments that position us for scale. We expect 2026 to be a pivotal year as our prior investments begin to yield margin improvements, driven by focused execution.  We will also continue to assess opportunities to accelerate growth, expand our capabilities, and drive long-term shareholder value. We believe our platform is well-positioned to drive durable, profitable growth while combining the speed of innovation with the operational trust our agents rely on to thrive.”

“Our focus this year has been on building a boundary-less platform where technology and community converge,”

said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings.

“Using a tech-first playbook, we expanded into seven new countries with greater speed and efficiency and are accelerating agent productivity. By deeply integrating AI into our business, from our LYVVE™ international search engine to the revitalized SUCCESS+™ coaching platform under my oversight, we are equipping agents with future-proof tools that support agents’ growth better than any other platform in the world.”

Fourth Quarter and Full-Year 2025 Consolidated Financial Highlights as Compared to the Same Year-Ago Periods:

• Full-year revenue increased 4% to $4.8 billion in 2025 with revenue of $1.2 billion in the fourth quarter of 2025.
• Full-year net loss of $(22.7) million in 2025 with net loss of $(12.9) million in the fourth quarter of 2025. Full-year net loss per diluted share of $(0.14) in 2025 with net loss per diluted share of $(0.08) in the fourth quarter of 2025.
• Full-year total operating expenses decreased to $355.0 million in 2025 from $361.4 million in 2024 with $91.3 million in the fourth quarter of 2025. Full-year total operating expenses for 2024 include $38.9 million of litigation contingency and impairment expenses.
• Full-year adjusted EBITDA¹ (a non-GAAP financial measure) of $33.2 million in 2025. Adjusted EBITDA was $2.1 million in the fourth quarter of 2025.
• As of December 31, 2025, cash and cash equivalents totaled $124.2 million, compared to $113.6 million as of December 31, 2024.
• Full-year net cash provided by operating activities of $118.6 million in 2025. Net cash provided by operating activities was $13.8 million in the fourth quarter of 2025.
• Full-year adjusted operating cash flow² (a non-GAAP financial measure) of $117.1 million in 2025. Adjusted operating cash flow was $30.1 million in the fourth quarter of 2025.
• Distributed $87.0 million to shareholders in fiscal 2025, including $56.2 million of common stock repurchases and $30.8 million of cash dividends.
• The Company paid a cash dividend for the fourth quarter of 2025 of $0.05 per share of common stock on December 1, 2025. On February 10, 2026, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the first quarter of 2026, expected to be paid on March 27, 2026 to stockholders of record on March 9, 2026.

Fourth Quarter and Full-Year 2025 Operational Highlights as Compared to the Same Year-Ago Period:

• eXp ended the fourth quarter of 2025 with a global agent Net Promoter Score (“aNPS”) of 75, down from 76 in the prior-year period. aNPS is a measure of agent satisfaction and an important key performance indicator given the Company’s intense focus on improving the agent experience.
• Agents and brokers on the eXp Realty platform were 83,060 as of December 31, 2025.
• Full-year real estate sales transactions increased 1% to 440,163 in 2025 and increased 6% year-over-year to 110,392 in the fourth quarter of 2025.
• Full-year real estate sales volume increased 5% to $194.0 billion in 2025 and increased 8% year-over-year to $48.8 billion in the fourth quarter of 2025.

Q1 2026 Outlook:

• Revenue between $960 million and $980 million.
• Operating expenses between $82 to $86 million.
• Adjusted EBITDA between $2 to $5 million.

Full-Year 2026 Outlook:

• Revenue of $4.85 billion to $5.15 billion.
• Operating expenses between $325 to $345 million.
• Adjusted EBITDA between $50 to $75 million.

Adjusted EBITDA is a non-GAAP financial measure and has not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted in our filings with the Securities and Exchange Commission.

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures on a historical basis, see “US-GAAP Net Income (Loss) to Adjusted EBITDA Reconciliation” and “Adjusted Operating Cash Flow” included in this press release.

¹ A reconciliation of adjusted EBITDA, a non-GAAP measure, to net income and a discussion of why management believes adjusted EBITDA is useful is included below.
² A reconciliation of adjusted operating cash flow, a non-GAAP measure, to net cash provided by operating activities and a discussion of why management believes adjusted operating cash flow is useful is included below.

SOURCE: eXp World Holdings 

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the parent company of eXp Realty®, “the most agent-centric™ real estate brokerage on the planet,” and SUCCESS® Enterprises. Through a cloud-based platform and agent-centric model, eXp Realty empowers real estate professionals with industry-leading commission structures, revenue share, equity ownership, and access to a global community. With operations spanning the Americas, Europe, the Middle East, Asia Pacific, and South Africa, eXp continues to redefine how agents connect, grow, and succeed in real estate. As a publicly traded company, eXp World Holdings prioritizes transparency, innovation, and long-term value for agents, staff, and shareholders.

eXp World Holdings, Inc. uses its website, https://expworldholdings.com/, as a means of disclosing information which may be of interest or material to its investors and for complying with disclosure obligations under Regulation FD. We intend to announce material information to the public through filings with the Securities and Exchange Commission, our website (www.expworldholdings.com), press releases, public conference calls, public webcasts, and our Facebook, LinkedIn and Instagram pages for eXp Realty, eXp International and eXp World Holdings. Accordingly, investors should monitor each of these disclosure channels.