eXp World Holdings, Inc., the parent company of eXp Realty, FrameVR.io, and SUCCESS Enterprises, has released its financial performance for the fourth quarter and the full fiscal year ending December 31, 2025. The announcement, made from Bellingham, Washington, details both achievements and challenges faced by the technology-driven real estate platform.
Financial Performance Overview
For the full year of 2025, eXp World Holdings reported a revenue increase of 4%, reaching $4.8 billion. The fourth quarter alone contributed $1.2 billion to this total. However, the company experienced a net loss of $22.7 million for the year, with $12.9 million of that loss occurring in the fourth quarter. This translated to a net loss per diluted share of $0.14 for the year and $0.08 for the quarter.
Operating expenses showed a slight decrease, dropping to $355.0 million in 2025 from $361.4 million in the previous year. The fourth quarter saw operating expenses of $91.3 million. It is important to note that the 2024 figures included $38.9 million in litigation contingency and impairment expenses, which impacted year-over-year comparisons.
Key Financial Metrics
Adjusted EBITDA, a non-GAAP financial measure, stood at $33.2 million for the full year, with $2.1 million recorded in the fourth quarter. The company's cash position strengthened, with cash and cash equivalents totaling $124.2 million as of December 31, 2025, compared to $113.6 million at the end of 2024.
Operating cash flow was robust, with net cash provided by operating activities reaching $118.6 million for the year and $13.8 million in the fourth quarter. Adjusted operating cash flow, another non-GAAP measure, was $117.1 million annually and $30.1 million for the quarter.
Strategic Initiatives and Leadership Insights
Leo Pareja, CEO of eXp Realty, emphasized that 2025 was a transformative year for the company. He stated, "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." Pareja highlighted that prior investments are expected to yield margin improvements in 2026, positioning the company for durable, profitable growth.
Glenn Sanford, Founder, Chairman, and CEO of eXp World Holdings, discussed the company's tech-first approach. "Using a tech-first playbook, we expanded into seven new countries with greater speed and efficiency and are accelerating agent productivity," Sanford explained. He noted the deep integration of artificial intelligence across the business, including the LYVVE international search engine and the revitalized SUCCESS+ coaching platform, which aim to equip agents with future-proof tools.
Operational Highlights
The company ended the fourth quarter with 83,060 agents and brokers on its platform globally. Agent satisfaction, measured by the Net Promoter Score (aNPS), was 75, slightly down from 76 in the prior-year period. Real estate sales transactions increased by 1% to 440,163 for the full year, with a 6% year-over-year rise to 110,392 in the fourth quarter. Sales volume grew by 5% to $194.0 billion annually and by 8% to $48.8 billion in the quarter.
Shareholder Returns and Dividends
eXp World Holdings distributed $87.0 million to shareholders in fiscal 2025, comprising $56.2 million in common stock repurchases and $30.8 million in cash dividends. The company paid a cash dividend of $0.05 per share for the fourth quarter on December 1, 2025. Recently, on February 10, 2026, the Board of Directors declared another $0.05 per share dividend for the first quarter of 2026, scheduled for payment on March 27, 2026, to stockholders of record on March 9, 2026.
Future Outlook
Looking ahead, eXp World Holdings provided guidance for the first quarter of 2026, projecting revenue between $960 million and $980 million, operating expenses of $82 to $86 million, and adjusted EBITDA of $2 to $5 million. For the full year 2026, the company anticipates revenue in the range of $4.85 billion to $5.15 billion, operating expenses between $325 and $345 million, and adjusted EBITDA of $50 to $75 million.
This outlook reflects the company's confidence in its strategic direction, focusing on technology integration, global expansion, and agent empowerment to drive long-term shareholder value and sustainable growth in the competitive real estate market.
