EXp World Holdings posted significant losses in 2025, particularly in the last three months of the year, according to an earnings report released on Tuesday.
EXp’s full-year net loss was $22.7 million, widening from the company’s $16.8 million loss in 2024. The brokerage also posted a loss of $12.9 million in the fourth quarter, widening from a loss of $8.2 million a year earlier.
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Meanwhile, 2025 revenue increased 4% year over year to a total of $4.8 billion. The company’s revenue for the fourth quarter was $1.2 billion, up slightly from $1.1 billion in the fourth quarter of 2024.
Leo Pareja
“2025 was a defining year for eXp Realty, confirming our belief that transparency and agent empowerment are the only sustainable path forward,” Leo Pareja, CEO of eXp Realty, said in a statement.
“Our results reflect a year of relentless execution in which the industry took notice of our momentum,” he continued. “We have aggressively strengthened our value stack, from innovating our AI-enabled platform to rolling out co-sponsorship programs and appointing key leaders to help us scale. We expect 2026 to be a pivotal year as upfront investments begin to yield improved returns through focused execution. We continue to evaluate opportunities to accelerate growth, expand our capabilities, and increase long-term shareholder value.We believe our platform is well-positioned to drive sustained, profitable growth while delivering the speed of innovation and operational confidence that our agents rely on to succeed. ”
EXp was able to reduce operating expenses for the full year 2025 to $355 million from $361.4 million in 2024. Operating expenses for the fourth quarter of 2025 totaled approximately $91.3 million.
The company’s real estate sales transactions totaled 440,163 in 2025, an increase of 1% from the previous year. The number of transactions in the fourth quarter increased 6% year over year to a total of 110,392 transactions.
Sales in 2025 are expected to increase by 5% to $194 billion. Fourth-quarter sales were $48.8 billion, up 8% from the same period last year.
As of December 31, 2025, eXp Realty had 83,060 agents, down slightly from 83,446 at the end of the third quarter of 2025.
“Our focus this year has been on building a boundaryless platform where technology and community converge,” Glenn Sanford, chairman and CEO of eXp World Holdings, said in a statement. “We are using a technology-first strategy to expand into seven new countries faster and more efficiently, accelerating agent productivity.”
Financial report highlights
company growth
Pareja said on a conference call with analysts Tuesday afternoon that eXp Realty will expand to seven new countries in 2025. International revenue increased 67% year over year.
The company also expanded its services with four new programs, including a co-sponsor program that allows agents to designate a sponsor that opens up support and revenue sharing opportunities. The company also launched a UK Commercial Division, a Sports & Entertainment Division and a Land & Ranch Division.
Pareja also noted that the company continues to enhance its educational opportunities at eXp University through its AI Accelerator, FastCAP, and FastATTRACT training programs for agents.
agent
Pareja said EXp Realty saw a 6% year-over-year increase in agent productivity at the end of the fourth quarter, and the number of ICON agents (agents that exceed production requirements during the capping period) will increase for the full year of 2024.
Pareja added that about 4 percent of U.S. real estate agents will leave its membership base in 2025, and eXp is also facing agent attrition. However, the company’s agents outperformed NAR’s attrition rate by 25% in 2025, and from 2024 it was also a 6% year-over-year improvement for brokerages. Pareja added that the significant stagnation in agency numbers in the fourth quarter of this year may also be partially due to seasonality, something the company sees frequently.
The brokerage firm’s CEO also highlighted the company’s agent recruitment success in 2025. The company added more than 25 key teams in the US and Canada throughout the year, and they generated more than $5.5 billion in sales in 2024 at the previous company.
lean towards AI
CFO Jesse Hill noted that eXp’s annual and quarterly operating losses were primarily due to compressed gross margins, increased investments in computers and software, and litigation costs and events, all of which the company believes were partially offset by improved operational efficiencies.
Sanford spoke on the conference call about the company’s focus on expanding its AI investments to increase agent productivity, and said 2026 will be the year eXp expands AI across its platforms.
“I am working directly with some of our nation’s leaders internationally as the first group to pilot this framework,” Sanford said. “Those with a deep understanding of their markets and operating with AI-assisted tools can make a leaner, faster, and far greater impact than was previously possible. We will have more to share as the year progresses, but our early work is validating exactly what we hoped for: a single focus and AI-native tools work in synergy.”
Editor’s note: This article has been updated following a call with eXp World Holdings investors Tuesday afternoon.
Email Lillian Dickerson
