eXp World Holdings (EXPI) Company Report

eXp World Holdings operates as a cloud-based real estate brokerage and technology platform, currently supporting 83,000-84,000 agents across 28 countries, and aims to disrupt traditional bricks-and-mortar models.
The company is strategically focused on international expansion, with a goal of 50,000 agents in 50 countries by 2030, viewing it as a "blue ocean" opportunity where it currently runs "unopposed internationally".
eXp prioritizes attracting productive, team-based agents due to their higher stickiness and productivity, and reported net income in the last quarter, having returned over $800 million to shareholders through buybacks and dividends.
The company is leveraging technology, including AI, to improve operational efficiency, with transaction processing costs declining 15% sequentially and G&A expected to remain constant, while continuing to invest in its platform.

Nov 20, 2025, 5:00 PM

Transcript

eXp World Holdings Discusses International Growth and Technology Platform at Stephens Conference

EXPI

Revenue Acceleration/Inflection

New Projects/Investments

Share Buyback

eXp World Holdings (EXPI) operates as a cloud-based real estate brokerage and technology platform, having grown to 83,000-84,000 agents across 28 countries.
The company's international segment has surpassed $100 million in revenue, marking a 68% year-over-year growth, and is a key focus for future expansion with a refined, cost-effective market entry playbook.
eXp has returned over $800 million to shareholders through buybacks and dividends and is investing in AI and in-house technology to enhance its platform.
Management is "pessimistically prepared" for a flat housing market but is focused on increasing productive agent count and expanding market share.

Nov 20, 2025, 5:00 PM

Transcript

eXp World Holdings Discusses Growth, Technology, and International Expansion

EXPI

Revenue Acceleration/Inflection

New Projects/Investments

Share Buyback

eXp World Holdings, a cloud-based real estate brokerage, has expanded to approximately 83,000-84,000 agents in 28 countries.
The company positions itself as a technology platform, utilizing tools like Frame VR (a metaverse platform) for community and collaboration, and developing AI-powered internal tools.
eXp has returned over $800 million to shareholders via buybacks and dividends, while prioritizing capital deployment into AI and international expansion.
International expansion is a significant growth driver, with the company aiming for 50,000 agents in 50 countries by 2030 and having reduced the cost to enter new markets to $100,000-$150,000.
The company has improved agent attrition by 18% year-over-year, with highly productive teams (over 21 transactions) exhibiting a low 2% annualized churn.

Nov 20, 2025, 5:00 PM

Transcript

eXp World Holdings Announces Q1 2025 Financial and Operational Results

EXPI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

eXp World Holdings reported Q1 2025 revenue of $954.9 million, a 1% increase year-over-year, with a net loss of $(11.0) million and Adjusted EBITDA of $2.2 million, which was an 80% decrease year-over-year.
Operational highlights for Q1 2025 included 81,904 agents (down 5% year-over-year), $38.6 billion in real estate sales volume (up 4% year-over-year), and 89.6 thousand real estate sales transactions (down 2% year-over-year).
International revenue grew significantly by 103% in Q1 2025, with new operations launching in Peru, T\u00fcrkiye, and Egypt during 2025.
eXp Realty was recognized as #1 in U.S. Transactions.

Nov 6, 2025, 10:00 PM

Presentation

eXp Reports Q3 2025 Financial and Operational Results

EXPI

Earnings

New Projects/Investments

eXp generated $1.3 billion in revenue for Q3 2025, marking a 7% increase compared to the third quarter of last year, with Adjusted EBITDA at $17.7 million.
The company's agent count reached 83,446, representing a 1% quarter-over-quarter increase in 2025, and sales transactions per agent grew 5% year-over-year.
The international segment's revenue increased 68% year-over-year in Q3 2025 and surpassed $100 million in total revenue year-to-date for the first time.
Operational efficiency improvements, including leveraging AI and automation, reduced unit economic costs for transaction processing to $523 in Q3 2025, down from approximately $620-$621 in Q2.

Nov 6, 2025, 10:00 PM

Transcript

EXPI announces Q3 2025 financial and operational results

EXPI

Earnings

New Projects/Investments

eXp World Holdings reported Q3 2025 revenue of $1,316.7 million, an increase of 7% year-over-year, while Adjusted EBITDA was $17.7 million, a 26% decrease year-over-year.
The company recorded 83,446 agents in Q3 2025, a 2% decrease year-over-year, but noted its second consecutive quarter of sequential agent growth.
Real estate sales volume increased by 7% to $54.1 billion, and real estate sales transactions grew 3% to 121.5 thousand in Q3 2025.
Agent productivity improved, with sales transactions per agent up 5% year-over-year, and agent attrition improved by 13% year-over-year.
International operations exceeded a $100 million revenue milestone after three quarters in 2025, with year-to-date revenue increasing 74% year-over-year and real estate sales transactions growing 44% year-over-year. The company expanded into Peru, Türkiye, Ecuador, South Korea, and Japan in 2025, with plans to launch in Luxembourg, Netherlands, and Romania in Q4 2025.

Nov 6, 2025, 10:00 PM

Presentation

eXp World Holdings Reports Q3 2025 Results

EXPI

Earnings

Dividends

Share Buyback

eXp World Holdings reported Q3 2025 revenue of $1.3 billion, a 7% increase compared to the same period last year, with net income of $3.5 million and diluted earnings per share of $0.02.
Adjusted EBITDA for Q3 2025 was $17.7 million.
As of September 30, 2025, the number of agents and brokers on the eXp Realty platform decreased 2% to 83,446, while real estate sales transactions increased 3% to 121,516 and real estate sales volume increased 7% to $54.1 billion.
The company distributed $24.1 million to shareholders in Q3 2025, comprising $16.4 million in common stock repurchases and $7.7 million in cash dividends. A cash dividend of $0.05 per share for Q4 2025 was declared, payable on December 1, 2025.
Cash and cash equivalents totaled $112.8 million as of September 30, 2025.

Nov 6, 2025, 9:00 PM

8-K

eXp Realty Launches Commercial Division in the UK

EXPI

New Projects/Investments

Revenue Acceleration/Inflection

eXp Realty, a subsidiary of eXp World Holdings, Inc., has launched eXp UK Commercial, expanding its commercial real estate services to the UK market.
This initiative makes eXp the first agency platform in the UK to offer both residential and commercial services under a single model.
The UK commercial property market is projected to reach £8.1 billion (approximately $10.2 billion USD) in total industry revenue in 2025, having grown over 50% in the last decade.
The new model offers agents a competitive commission structure, allowing them to retain 70% of their earnings, with top performers potentially retaining up to 100%.