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what it is
eXp World Holdings, Inc. (Nasdaq: EXPI) is the parent of eXp Realty, FrameVR.io, and SUCCESS Enterprises — cloud-based brokerage and related businesses (company description, Feb 24, 2026 release).
how it gets paid
FY2025 consolidated revenue ~$4.8B, up ~4% vs. prior year. Real estate sales volume ~$194.0B (+5%) with 440,163 transactions (+1%) — same release.
why it's growing
2026 outlook (company): revenue $4.85B–$5.15B; operating expenses $325M–$345M; Adjusted EBITDA $50M–$75M (non-GAAP; not reconciled to GAAP in outlook text).
what just happened
Q4 2025: diluted EPS $(0.08); returned capital FY2025 ~$87.0M (~$56.2M buybacks + ~$30.8M dividends). Q4 2025 dividend $0.05/share (paid Dec 1, 2025); board declared $0.05 for Q1 2026 (pay date Mar 27, 2026 per release).
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
FY2025 GAAP net loss — trailing P/E not meaningful; use Adjusted EBITDA and cash flow
~$0.05/share quarterly dividend — illustrative yield depends on spot price; verify declaration dates on IR
83,060 agents/brokers on eXp Realty platform (Dec 31, 2025)
xvary composite: 40/100 — below average
What they do
Cloud-based real estate brokerage (eXp Realty) with global footprint — agents work remotely without traditional branch networks.
The model scales on agent count, productivity, and transaction volume. The Feb 24, 2026 release cites 83,060 agents/brokers and highlights tech, international expansion (seven new countries in 2025 per CEO letter), and programs like co-sponsor. Headcount ratios — verify in the 10-K.
How they make money
$4.8B
FY2025 consolidated revenue · +~4% vs. prior year (Feb 24, 2026 release)
total revenue
$4.8B
+4% vs. prior year
The products that matter
cloud-based real estate brokerage
Real Estate Brokerage
$4.8B revenue
Consolidated revenue is overwhelmingly brokerage and related activity — transaction count and sales volume (~440K deals, ~$194B volume FY2025) drive the top line.
100% of revenue
software and operating tools for remote agents
Technology Platform Services
supports $4.8B business
it supports the same $4.8B brokerage operation, but the company does not break out separate segment revenue here. Thin disclosure is part of the story. If the tech layer were doing the heavy economic lifting, you would want cleaner proof.
not separately disclosed
Key numbers
83,060
agents & brokers
eXp Realty platform count as of Dec 31, 2025 — compare vs. prior year trend in the 10-K / earnings supplement.
$33.2M
FY2025 Adj. EBITDA
Non-GAAP per company release; Q4 ~$2.1M. 2026 outlook $50M–$75M — see reconciliation tables in filings.
−0.5%
GAAP net margin FY25
Illustrative: ~$(22.7)M net loss ÷ ~$4.8B revenue — loss year, not a thin positive margin.
$87.0M
capital returned FY25
~$56.2M repurchases + ~$30.8M cash dividends while GAAP net income was negative — capital allocation vs losses is core to the debate.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- cash (Dec 31, 2025) ~$124.2M — per Feb 24, 2026 release
- price stability 5 / 100
- net profit margin GAAP loss year (~$(22.7)M on ~$4.8B revenue)
- return on equity Not asserted — loss year; pull from 10-K if needed
B — functional but not a standout on the balance sheet.
Total return vs. market
Total return history isn’t verified on this page.
source: n/a — verify total return with your broker or index provider
What just happened
GAAP loss · Adj. EBITDA positive
Q4 2025 revenue ~$1.2B; diluted EPS $(0.08). FY2025 EPS $(0.14).
FY2025 total operating expenses ~$355.0M (vs ~$361.4M in 2024; 2024 included ~$38.9M litigation/impairment items per release). Operating cash flow ~$118.6M FY2025 (~$13.8M Q4); adjusted operating cash flow ~$117.1M FY2025 (~$30.1M Q4) — non-GAAP. Q4 transactions 110,392 (+6% vs. prior year); Q4 sales volume ~$48.8B (+8% vs. prior year).
$2.1M
Q4 Adj. EBITDA
$124.2M
cash (12/31/25)
$960–980M
Q1’26 revenue guide
the number that mattered
Whether management can deliver 2026 Adj. EBITDA $50M–$75M while growing revenue into the $4.85B–$5.15B band — that is the operating leverage story they telegraphed in the Feb 24 release.
-
Feb 24, 2026: eXp World Holdings reported Q4 and full-year 2025 results and issued Q1 and full-year 2026 outlook (expworldholdings.com).
-
Operational: global agent/broker count 83,060 at year-end; full-year transactions +1%, Q4 transactions +6% vs. prior year.
-
Capital return: ~$87.0M to shareholders in FY2025 via repurchases and dividends; continued $0.05 quarterly dividend path per release.
-
Leadership commentary highlights AI-enabled platform, co-sponsor program, and international expansion (seven new countries in 2025 — CEO letter).
-
Industry/legal overhangs (commissions, litigation) remain standard risks for U.S. brokerages — see 10-K risk factors; do not treat this page as legal advice.
source: eXp World Holdings press release (Feb 24, 2026) · expworldholdings.com
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What could go wrong
eXp is tied to housing turnover, agent productivity, and commission economics. FY2025 was a GAAP loss year even as revenue grew — execution against 2026 Adj. EBITDA guidance is the clean test.
med
mortgage-rate-driven housing slowdown
When borrowing costs stay high, fewer homes change hands. A brokerage feels that almost immediately.
Impact: 100% of eXp's $4.8B revenue comes from real estate activity, so a slower transaction market hits the whole business.
med
agent count erosion
The release puts the platform at 83,060 agents/brokers at year-end — trend and net adds matter more than any single headline quarter.
If agents leave faster than production per agent rises, revenue and share of transactions can slip together.
med
commission and legal pressure
The december 2024 nationwide settlement resolved major class-action claims, but it did not settle the industry's debate over commissions.
With thin GAAP profitability, commission and fee pressure can hit equity value quickly — read current litigation and regulatory disclosures.
GAAP losses plus ~$87M capital returned in 2025 is a tension case: track cash, Adj. EBITDA, and 2026 guidance alongside housing and agent trends.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarterly print
Compare each print to guidance bands (Q1 revenue $960–980M, Adj. EBITDA $2–5M per release) and to agent/productivity metrics in filings.
metric
Adjusted EBITDA path
2026 company outlook: $50M–$75M Adj. EBITDA on $4.85B–$5.15B revenue — non-GAAP; reconcile using SEC filings.
trend
agent base direction
A brokerage can live through soft housing. It is harder to excuse soft housing and fewer agents at the same time.
risk
mortgage rates and housing turnover
This business does not have a second engine. If transaction volume slows, the hit runs straight through the $4.8B revenue base.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts do not see much near-term help.
risk profile
below average
stability score 4 — this tends to swing more than steadier names, and the business quality does not offset much of that.
chart momentum
average
technical score 3 — the chart is quiet, which is different from healthy.
earnings predictability
35 / 100
Low predictability means estimates can miss by a lot. That matters more when margins are already thin.
source: institutional data
Institutional activity
Institutional ownership flows for EXPI are not verified on this page.
source: n/a
Price targets
analyst targets not verified here
Illustrative spot on this page: $8.91 — not a forecast.
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