eXp World

AGNT · Nasdaq · Real Estate · Financials, fiscal 2016 to 2025

AGNT · Last close · November 6, 2026

$3.10

eXp World's revenue rose 4.5% to $4.8 billion in fiscal 2025. Its operating margin was −0.5%, about the same as −0.4% a year earlier. Free cash flow was $109 million, down 41.1%. It paid out $87 million in dividends and buybacks, 80% of free cash flow. The diluted share count rose 2.1%.

AGNT, INC. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001104659-26-019145 Updated November 6, 2026

Revenue

$4.8B

4.5%

Operating margin

−0.5%

0.0 pts

Net income

−$23M

Free cash flow

$109M

41.1%

Return on equity

−10.2%

0.7 pts

Market cap

$520M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What eXp World does

eXp World owns a group of service businesses, with real estate brokerage at the center. It works through a technology platform and a network of independent agents and brokers. Its customers are mainly home sellers and buyers served by those agents.

It has three reportable segments: North American Realty, International Realty and Other Affiliated Services. The North American Realty segment includes brokerage in all 50 U.S. states and all Canadian provinces, and it brought in 96.9% of total revenue in 2025. The International Realty segment operates in 27 countries. Both realty segments earn mainly commissions as the licensed broker on home sales, and then pay part of the commission to the agent.

At the end of 2025 it had about 1,834 full-time equivalent employees and over 83,000 real estate agents. During 2025 it started a Land and Ranch Division and a Sports and Entertainment Division, and released a global property search platform. It says its strategy is to keep expanding its brokerage and attract agents with strong pay terms, ownership opportunities and tools.

Its biggest risks, as it describes them

Its results follow the strength of the U.S. housing market and the economy.
Higher mortgage rates and low affordability can reduce home sales.
A drop in average brokerage commission rates would hurt its financial results.
It may be unable to attract, keep and motivate enough real estate agents.
Its results vary by season, and new technology such as AI brings operating and legal risks.

From eXp World's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2022, earnings per share fell 31.0% a year and net income 29.6% a year, as new shares raised the share count by 3% and diluted each share's earnings. eXp World then lost money in fiscal 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	108	122	126	114	124
Debt incl. finance leases	3	5	0	—	—
Net debt (negative means net cash)	−106	−117	−126	—	—
Net debt to EBITDA	−2.6x	−4.5x	−11.0x	—	—
Debt to equity	0.0x	0.0x	0.0x	—	—
Interest coverage	—	—	—	—	—
Current ratio	1.7x	2.0x	1.9x	1.4x	1.5x
Quick ratio	1.7x	2.0x	1.9x	1.4x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project eXp World's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open eXp World's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought eXp World shares on the open market, and 3 insiders sold $33.5 million, $1.5 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	Gratitude 2022 Trust U/A/D 8/26/2210% owner	Sold	8,693,290	$3.68	$32.0 million	Form 4
Dec 1, 2025	Randall D MilesDirector	Sold plan	10,000	$11.20	$112,000	Form 4
Nov 25, 2025	Penny Sanford10% owner	Sold plan	117,179	$12.04	$1.4 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 8	—	—
Rule of 40	−2.1%	10.9%	6.8%
Altman Z''	3.80	1.64	1.61
Accruals ratio	−56.9%	−54.8%	−33.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	—	—
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	—	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 8	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put eXp World side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
eXp World	FY25	4.5%	−0.5%	2.3%	—	—	—
Newmark Group	FY25	20.3%	7.1%	4.3%	8.6%	1.1x	7	Compare
Compass	FY25	23.7%	−0.9%	2.9%	—	—	—	Compare
CoStar Group	FY25	18.7%	−2.2%	3.8%	−0.6%	−3.3x	5	Compare
Zillow	FY25	15.5%	−1.3%	9.1%	−0.9%	−5.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	54	156	500	980	1,798	3,771	4,590	4,274	4,568	4,772
Revenue growth	138.4%	191.5%	220.4%	95.9%	83.5%	109.7%	21.7%	−6.9%	6.9%	4.5%
Gross profit	7	16	40	—	—	—	—	320	342	334
Research and development	—	—	—	—	—	—	54	60	58	70
Operating income	−7	−22	−22	−9	32	34	16	0	−19	−22
Net income	−7	−22	−22	−10	31	81	15	−9	−21	−23
Diluted EPS (US$)	−0.07	−0.21	−0.19	−0.08	0.21	0.51	0.10	−0.06	−0.14	−0.14
Diluted shares (millions)	102	106	115	126	152	158	156	157	154	157
Cash flow
Cash from operations	1	5	24	55	120	247	210	209	192	119
Capital expenditure	0	1	2	5	6	13	12	5	6	10
Free cash flow	1	3	22	50	113	233	198	204	185	109
Dividends paid	0	0	0	0	0	12	25	28	30	31
Share buybacks	0	0	0	27	29	172	180	160	141	56
Acquisitions	0	0	7	2	10	2	10	0	6	0
Stock-based compensation	5	11	5	5	7	13	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	2	5	20	40	100	108	122	126	114	124
Debt incl. finance leases	0	0	3	2	4	3	5	0	—	—
Total assets	6	15	56	96	242	414	382	386	391	442
Total liabilities	4	10	26	44	100	190	133	142	186	200
Shareholders' equity	2	4	30	52	142	222	248	243	205	243
Margins and ratios
Gross margin	13.3%	10.6%	8.1%	—	—	—	—	7.5%	7.5%	7.0%
Operating margin	−13.8%	−14.1%	−4.5%	−0.9%	1.8%	0.9%	0.4%	0.0%	−0.4%	−0.5%
Net margin	−13.8%	−14.2%	−4.5%	−1.0%	1.7%	2.1%	0.3%	−0.2%	−0.5%	−0.5%
Free cash flow margin	1.1%	2.1%	4.4%	5.1%	6.3%	6.2%	4.3%	4.8%	4.0%	2.3%
Rule of 40 (growth + FCF margin)	139.5%	193.6%	224.8%	101.0%	89.8%	115.9%	26.0%	−2.1%	10.9%	6.8%
Return on capital	−1,349.5%	—	−303.3%	−52.2%	101.8%	41.5%	13.1%	0.4%	—	—
Return on equity	−470.5%	−652.1%	−131.0%	−23.2%	32.2%	44.7%	6.6%	−3.7%	−9.5%	−10.2%
Return on assets	−200.7%	−213.4%	−63.6%	−12.5%	18.4%	24.8%	3.9%	−2.3%	−5.5%	−5.5%
Net debt to EBITDA	—	—	—	—	−2.7x	−2.6x	−4.5x	−11.0x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: eXp World's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with eXp World.