Revenue growth remains sensitive to housing volatility, with the most recent quarter showing a 5.3% year-over-year increase while gross margins remain constrained at 7.5%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Jun'12 | Jun'11 | Jun'10 |
|---|
| Revenue | 4.82B | 4.77B | 4.57B | 4.27B | 4.59B | 3.77B | 1.8B | 979.94M | 500.15M | 156.1M | 54.18M | 22.87M | 13.37M | 10.7M | 6.71M | 0 | 0 |
| Revenue Growth % | 5.32% | 4.48% | 6.88% | -6.88% | 21.7% | 109.71% | 83.51% | 95.93% | 220.39% | 188.12% | 136.94% | 71.04% | 24.93% | 59.57% | - | - | - |
| Property Operating Expenses | 4.49B | 4.44B | 4.23B | 3.95B | 4.23B | 3.48B | 1.64B | 895.88M | 459.72M | 139.6M | 46.73M | 19.46M | 11.1M | 8.91M | 5.66M | 0 | 0 |
| Net Operating Income (NOI) | 332.79M | 333.58M | 342.39M | 319.92M | 361.17M | 296.03M | 159.61M | 84.06M | 40.43M | 16.5M | 7.45M | 3.41M | 2.27M | 1.8M | 1.05M | 0 | 0 |
| NOI Margin % | 6.9% | 6.99% | 7.5% | 7.49% | 7.87% | 7.85% | 8.88% | 8.58% | 8.08% | 10.57% | 13.76% | 14.91% | 16.97% | 16.78% | 15.64% | - | - |
| Operating Expenses | 352.67M | 355.04M | 361.39M | 319.4M | 344.82M | 261.88M | 128.02M | 92.83M | 62.82M | 38.53M | 33.45M | 7.91M | 2.24M | 2.91M | 33.72K | 50.19K | 32.58K |
| G&A Expenses | 282.26M | 285.43M | 264.28M | 259.86M | 290.62M | 261.88M | 128.02M | 92.83M | 62.82M | 38.53M | 33.45M | 7.91M | 2.24M | 2.91M | 33.72K | 50.19K | 19.98K |
| EBITDA | -12.88M | -11.9M | -8.71M | 11.41M | 26.2M | 40.4M | 35.58M | -6.39M | -21.49M | -21.68M | -25.94M | -4.47M | 47.92K | -1.11M | -27.01K | -50.19K | -32.58K |
| EBITDA Margin % | -0.27% | -0.25% | -0.19% | 0.27% | 0.57% | 1.07% | 1.98% | -0.65% | -4.3% | -13.89% | -47.88% | -19.56% | 0.36% | -10.41% | -0.4% | - | - |
| Depreciation & Amortization | 7M | 9.56M | 10.29M | 10.89M | 9.84M | 6.25M | 3.99M | 2.38M | 893.99K | 353.23K | 58.37K | 26.3K | 14.49K | 4.44K | 6.71K | 0 | 0 |
| D&A / Revenue % | 0.15% | 0.2% | 0.23% | 0.25% | 0.21% | 0.17% | 0.22% | 0.24% | 0.18% | 0.23% | 0.11% | 0.12% | 0.11% | 0.04% | 0.1% | - | - |
| Operating Income | -19.88M | -21.47M | -18.99M | 522K | 16.36M | 34.15M | 31.59M | -8.78M | -22.38M | -22.03M | -26M | -4.5M | 33.43K | -1.12M | -33.72K | -50.19K | -32.58K |
| Operating Margin % | -0.41% | -0.45% | -0.42% | 0.01% | 0.36% | 0.91% | 1.76% | -0.9% | -4.48% | -14.11% | -47.99% | -19.67% | 0.25% | -10.45% | -0.5% | - | - |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08K | 370 | 1.13K | 942 | 2.03K | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | - | - | - | - | - | -10607.44x | -19923.83x | -1647.06x | 35.49x | -548.32x | - | - | - |
| Non-Operating Income | 757K | -1.23M | -38.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15 | -23 | 0 | -3.32K | 0 | 0 | 0 |
| Pretax Income | -19.53M | -20.23M | -15.72M | 3.52M | 15.54M | 33.67M | 31.4M | -9.06M | -22.35M | -22.03M | -26M | -4.5M | 32.49K | -1.12M | -33.72K | -50.19K | 0 |
| Pretax Margin % | -0.4% | -0.42% | -0.34% | 0.08% | 0.34% | 0.89% | 1.75% | -0.92% | -4.47% | -14.11% | -47.99% | -19.68% | 0.24% | -10.44% | -0.5% | - | - |
| Income Tax | -2.74M | 2.48M | 1.07M | -16K | -8.2M | -47.49M | 413K | 497K | 77.8K | 97.23K | 42.53K | 103.07K | -71.35K | 1.54K | 0 | 0 | 32.58K |
| Effective Tax Rate % | 14.04% | -12.26% | -6.81% | -0.45% | -52.77% | -141.03% | 1.32% | -5.49% | -0.35% | -0.44% | -0.16% | -2.29% | -219.62% | -0.14% | 0% | 0% | - |
| Net Income | -16.79M | -22.71M | -21.27M | -8.97M | 15.44M | 81.22M | 31.13M | -9.53M | -22.43M | -22.13M | -26.01M | -4.58M | 103.84K | -1.12M | -33.72K | -50.19K | -32.58K |
| Net Margin % | -0.35% | -0.48% | -0.47% | -0.21% | 0.34% | 2.15% | 1.73% | -0.97% | -4.48% | -14.18% | -48.01% | -20.04% | 0.78% | -10.46% | -0.5% | - | - |
| Net Income Growth % | -0.82% | -6.8% | -137.01% | -158.11% | -80.99% | 160.9% | 426.73% | 57.52% | -1.35% | 14.92% | -467.8% | -4511.9% | 109.28% | -3218.29% | 32.82% | -54.04% | - |
| Funds From Operations (FFO) | -7.46M | -13.15M | -10.98M | 1.92M | 25.28M | 87.47M | 35.12M | -7.14M | -21.54M | -21.78M | -25.96M | -4.56M | 118.34K | -1.11M | -27.01K | -50.19K | -32.58K |
| FFO Margin % | -0.15% | -0.28% | -0.24% | 0.04% | 0.55% | 2.32% | 1.95% | -0.73% | -4.31% | -13.95% | -47.91% | -19.92% | 0.89% | -10.41% | -0.4% | - | - |
| FFO Growth % | 111.5% | -19.8% | -672.07% | -92.41% | -71.1% | 149.05% | 591.6% | 66.83% | 1.11% | 16.09% | -469.8% | -3949.33% | 110.62% | -4026.26% | - | - | - |
| FFO per Share | -0.05 | -0.08 | -0.07 | 0.01 | 0.16 | 0.55 | 0.23 | -0.06 | -0.19 | -0.20 | -0.25 | -0.05 | 0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| FFO Payout Ratio % | -417.16% | -233.98% | -274.18% | 1486.14% | 99.8% | 13.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -0.10 | -0.14 | -0.14 | -0.06 | 0.10 | 0.51 | 0.21 | -0.08 | -0.19 | -0.21 | -0.25 | -0.05 | 0.00 | -0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 6.11% | 0% | -138.91% | -159.31% | -80.63% | 142.86% | 375.23% | 59.84% | 9.52% | 16% | -438.79% | - | - | - | - | - | - |
| EPS (Basic) | - | -0.14 | -0.14 | -0.06 | 0.10 | 0.56 | 0.22 | -0.08 | -0.19 | -0.21 | -0.25 | -0.05 | 0.00 | -0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 162.02M | 159.53M | 153.69M | 153.23M | 156.22M | 157.73M | 151.55M | 125.17M | 115.38M | 106.39M | 102.16M | 98.82M | 103.47M | 2.02B | 2.81B | 2.81B | 2.81B |
Commission Compression and Saturation
As reported in recent financial filings, EXPI's revenue growth has fluctuated significantly, with the most recent quarter showing a 5.3% year-over-year increase to $1.0 billion, suggesting that the company's reliance on transaction volume remains highly sensitive to broader housing market volatility and interest rate cycles.
The inconsistent top-line performance appears to reflect a maturing domestic agent base rather than sustained organic expansion. Investors should monitor whether the company can maintain growth without relying on aggressive recruitment, as the current trajectory suggests a potential plateau in North American market penetration.
Based on the provided income statement data, EXPI maintains a structurally thin gross margin of approximately 7.5% as of 2026Q1, which highlights the inherent limitations of a high-split brokerage model where the vast majority of commission income is passed directly to the independent agent workforce.
This narrow margin profile leaves little room for operational error or unexpected regulatory shifts in commission structures. The persistent inability to expand these margins suggests that the company's competitive advantage in agent recruitment may be fundamentally at odds with achieving long-term, sustainable profitability.
According to the quarterly income statement data, EXPI has struggled to achieve consistent operating leverage, with operating margins frequently dipping into negative territory, such as the -0.9% reported in 2026Q1, despite the company's massive scale and virtual, asset-light operational architecture.
The data suggests that the expected efficiencies from a cloud-based model are being offset by the rising costs of agent incentives and corporate overhead. Without a clear path to scaling operating income faster than revenue, the business model may continue to face questions regarding its long-term scalability.
As indicated by the historical financial statements, EXPI consistently utilizes significant stock-based compensation, with quarterly figures often exceeding $30 million, which complicates the assessment of true earnings quality and suggests that GAAP net income may not fully capture the economic cost of agent retention.
The reliance on equity to incentivize the workforce warrants further investigation, as it effectively dilutes shareholders to fund operational growth. Investors should be cautious of periods where net income appears positive, as these results are often heavily influenced by non-cash items and volatile market-driven adjustments.
Based on an analysis of the provided figures, the primary risk to the income statement is the potential for a reversal in agent sentiment, as the company's growth is heavily dependent on a recruitment-heavy model that may be nearing saturation in its core North American market.
Short-term volatility in agent count could lead to a rapid deterioration of the top line, given the high sensitivity to transaction volume. The lack of a physical moat means that any competitor offering a more attractive split could trigger a significant exodus, potentially destabilizing the entire revenue-share ecosystem.
Quick answers to the most common questions about buying EXPI stock.
For fiscal year 2025, eXp World Holdings, Inc. (EXPI) reported total revenue of $4.77B.
eXp World Holdings, Inc. (EXPI) reported a net loss of $22.7M for the fiscal year ending 2025.
eXp World Holdings, Inc. (EXPI) reported an operating income of $-21.5M, resulting in an operating profit margin of -0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
eXp World Holdings, Inc. (EXPI) generated $333.6M in gross profit for the year, representing a gross profit margin of 7.0%. This demonstrates the company's core pricing power and production efficiency.