eXp World (EXPI) Q4 2025 earnings summary

Executive summary

• Revenue grew 4% year-over-year to $4.8 billion in 2025, with Q4 revenue up 9% to $1.2 billion.

• International revenue surged 67% to $147 million, driven by expansion into 7 new countries.

• Ended 2025 with 83,060 agents worldwide, with improved retention, productivity, and a 17% reduction in attrition.

• Significant investments in AI, technology, and platform expansion supported operational improvements and agent engagement.

• Distributed $87.0 million to shareholders in 2025 through stock repurchases and dividends.

Financial highlights

• Gross profit for 2025 was $333.6 million; operating loss was $21.5 million for the year, $12.7 million for Q4.

• Adjusted EBITDA was $33.2 million for 2025 and $2.1 million for Q4, both positive but down year-over-year.

• Cash and cash equivalents rose to $124.2 million at year-end 2025.

• Net cash provided by operating activities was $118.6 million for 2025.

• Full-year operating expenses decreased to $355.0 million from $361.4 million in 2024.

Outlook and guidance

• Q1 2026 revenue expected between $960 million-$980 million; Adjusted EBITDA $2 million-$5 million.

• Full-year 2026 revenue guidance is $4.85 billion-$5.15 billion; Adjusted EBITDA $50 million-$75 million.

• Operating expenses for 2026 projected at $325–$345 million.

• Continued focus on leveraging technology investments for margin expansion and operational efficiency.