Velocitydrift

EXp had a full-year net loss of $22.7 million, up from $16.8 million in 2024. However, the company also grew revenue and worked to trim operating expenses.

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EXp World Holdings saw significant losses in 2025, and during the final three months of the year specifically, according to an earnings report released on Tuesday.

EXp had a full-year net loss of $22.7 million, an increase from the company’s $16.8 million loss in 2024. The brokerage also saw a loss of $12.9 million during the fourth quarter, which was up from a loss of $8.2 million during the same period the year prior.

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Meanwhile, revenue increased by 4 percent year over year for a total of $4.8 billion in 2025. During the fourth quarter, the company brought in $1.2 billion in revenue, up modestly from $1.1 billion during Q4 2024.

Leo Pareja

“2025 was a defining year for eXp Realty, validating our belief that transparency and agent empowerment are the only sustainable paths forward,” Leo Pareja, CEO of eXp Realty, said in a statement.

“Our results reflect a year of relentless execution where the industry took notice of our momentum,” he continued. “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.”

EXp was able to shrink operating expenses to $355 million for all of 2025, down from $361.4 million in 2024. Operating expenses in the fourth quarter of 2025 totaled about $91.3 million.

The company’s real estate sales transactions increased 1 percent year over year for all of 2025, to 440,163. During the fourth quarter, transactions were up 6 percent year over year, for a total of 110,392.

Sales volume for 2025 rose 5 percent to $194 billion. During the fourth quarter, sales volume was up 8 percent year over year to $48.8 billion.

As of Dec. 31, 2025, eXp Realty had 83,060 agents, down slightly from 83,446 agents at the end of Q3 2025.

“Our focus this year has been on building a boundary-less platform where technology and community converge,” eXp World Holdings chairman and CEO Glenn Sanford said in a statement. “Using a tech-first playbook, we expanded into seven new countries with greater speed and efficiency and are accelerating agent productivity.”

Earnings call highlights

Company growth

In 2025, eXp Realty expanded into seven new countries, Pareja said during a call with analysts Tuesday afternoon. International revenue increased by 67 percent year over year.

The company also expanded its services with four new programs, including the Co-Sponsor Program, which allows agents to designate sponsors that open up support and revenue sharing opportunities. The firm also launched a UK Commercial Division, a Sports & Entertainment division and a Land & Ranch division.

Pareja also noted that the firm continues to bolster educational opportunities at eXp University through its AI Accelerator, FastCAP and FastATTRACT training programs for agents.

Agents

EXp Realty saw a 6 percent year over year increase in agent productivity at the end of the fourth quarter, Pareja said, with the number of ICON agents (those who exceed production requirements during their capping period) increasing for the full year over 2024.

About 4 percent of U.S. Realtors left their membership base in 2025, Pareja added, with eXp also experiencing agent attrition. However, the firm’s agents outperformed NAR attrition rates in 2025 by 25 percent, which was also a 6 percent year over year improvement for the brokerage from 2024. The largely stagnant agent count during the fourth quarter of the year could also be due in part to seasonality, Pareja added, which is something the firm typically sees.

The brokerage CEO also highlighted the firm’s agent recruitment wins in 2025. The company added more than 25 major teams in the U.S. and Canada over the course of the year who had generated more than $5.5 billion in sales volume in 2024 at their old firms.

Leaning into AI

CFO Jesse Hill noted that eXp’s operating losses over the year and quarter were largely driven by gross margin compression, as well as increased investments in computer and software, and legal expenses and events, all of which the firm believes were in part offset by gains in operational efficiencies.

When Sanford spoke during the call, he discussed his focus on growing the firm’s investment in AI in order to drive agent productivity, and said 2026 will be the year that eXp scales AI across its platform.

“I’m working directly with some of our country leaders internationally as the first cohort to pilot the framework,” Sanford said. “People who know their markets deeply and are operating with AI-assisted tools to allow them to run leaner, faster and far greater impact than was previously possible. We’ll have more to share as the year progresses, but early work is validating exactly what we expected: singular focus plus AI-native tooling is a multiplier.”

Editor’s note: This story is was updated following eXp World Holdings’ call with investors on Tuesday afternoon.

Email Lillian Dickerson

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