The stock may react positively to the improved 2026 EBITDA guidance despite declining fundamentals in 2025, suggesting the market may focus on forward expectations. Monitor agent retention and NPS trends as potential risks to growth sustainability.
Price Chart
Executive Summary
eXp World Holdings reported full-year 2025 revenue of $4.8 billion (up 4% YoY) but a net loss of $22.7 million, with adjusted EBITDA of $33.2 million. The company raised its full-year 2026 revenue guidance to $4.85-$5.15 billion and expects adjusted EBITDA to grow to $50-$75 million, signaling improved profitability from prior investments. Despite declining agent satisfaction (aNPS down to 75 from 76), real estate sales volume and transactions increased.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue: $4.8 billion (4% YoY growth)
- Full-year 2025 net loss: $22.7 million (vs. $21.3 million in 2024)
- Full-year 2025 adjusted EBITDA: $33.2 million (down from $75.5 million in 2024)
- 2026 revenue guidance: $4.85-$5.15 billion (up from $4.8B in 2025)
- 2026 adjusted EBITDA guidance: $50-$75 million (up from $33.2M in 2025)
- Agent count: 83,060 as of Dec 31, 2025
- Agent NPS declined to 75 from 76 YoY
Financial Impact
Revenue growth of 4% but increased net loss from $21.3M to $22.7M, with adjusted EBITDA declining significantly from $75.5M to $33.2M. However, 2026 guidance projects improved profitability with EBITDA expected to grow 51-126%.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| real estate sales volume | $194.0B | +5.0% |
Risk Factors
- Declining agent satisfaction (aNPS down to 75 from 76)
- Increased net loss despite revenue growth
- Significant year-over-year decline in adjusted EBITDA from $75.5M to $33.2M
- High stock-based compensation expenses impacting profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-019101 |
| Exhibit: expi-20260224x8k.htm | 0001104659-26-019101 |
| Document: 0001104659-26-019101-index-headers.html | 0001104659-26-019101 |
| Document: 0001104659-26-019101-index.html | 0001104659-26-019101 |
| Document: 0001104659-26-019101.txt | 0001104659-26-019101 |
| CONTEXT: Previous Earnings (2026-02-24) | 0001104659-26-019101 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 8-K | — | awaiting T+20 | — | — |
May 11, 2026 24w ago | Press Release | $5.22 $4.70 | ▼ −9.88% | ▼ −8.15% | — |
May 11, 2026 24w ago | Press Release | $6.04 $4.84 | ▲ +19.87% | ▲ +19.56% | — |
May 11, 2026 24w ago | 8-K | $6.04 $4.84 | ▼ −19.87% | ▼ −19.56% | — |
May 7, 2026 24w ago | 8-K | $6.74 $4.78 | ▼ −29.15% | ▼ −32.29% | — |
May 1, 2026 25w ago | Press Release | $6.44 | awaiting T+20 | — | — |
May 1, 2026 25w ago | DEFA14A | $6.44 $4.92 | ▼ −23.60% | ▼ −28.89% | — |
Apr 24, 2026 26w ago | DEFA14A | $6.51 $5.05 | ▼ −22.43% | ▼ −27.38% | — |
Apr 24, 2026 26w ago | 8-K | $6.45 $5.01 | ▼ −22.33% | ▼ −26.35% | — |
Apr 20, 2026 27w ago | DEFA14A | $6.49 $4.73 | ▼ −27.20% | ▼ −32.11% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers