Revenue growth of 10.7% year-over-year to $1.4 billion in Q2 2026 masks a structural profitability struggle, as the NOI margin compressed to 6.8% and FFO remained negative at -$448,000.
eXp World Holdings, Inc. (EXPI) annual income statement — 16-year revenue, gross profit & net income history
| 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 | 4.96B | 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 % | 8.07% | 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 | 4.62B | 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) | 338.93M | 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 % | 6.83% | 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 | 354.79M | 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 | 279.72M | 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 | -8.81M | -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 % | -0.18% | -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 | 7.05M | 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 % | 0.14% | 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 | -15.86M | -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 % | -0.32% | -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 | 206K | -1.23M | -38.93M | -3M | 821K | 480K | 0 | 0 | 0 | 0 | -15 | -23 | 0 | -3.32K | 0 | 0 | 0 |
| Pretax Income | -15.4M | -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 % | -0.31% | -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 | 1.79M | 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 % | -11.61% | -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 | -17.19M | -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 % | 45.13% | -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) | -7.89M | -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 % | -0.16% | -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 % | -2046.27% | -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 % | -400.77% | -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 % | 49.06% | 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 | 166.16M | 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 |
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.
Key Metrics
Top Statement Risk
Persistent negative FFO despite revenue growth
Metrics are mathematically derived from official filings.
Revenue Growth Masks Profitability Struggle
According to recent SEC filings, EXPI's revenue grew 10.7% year-over-year to $1.4 billion in Q2 2026, yet this top-line expansion has not translated into positive Funds From Operations, which remained negative at -$448,000.
The revenue growth appears driven by transaction volume and agent count rather than margin expansion, as the company's asset-light model passes through the vast majority of commissions. This suggests the growth is not creating incremental value for shareholders, as the cost structure scales directly with revenue, leaving no operating leverage to convert sales into earnings.
Structurally Thin NOI Margin Under Pressure
As reported in financial statements, EXPI's Net Operating Income margin compressed to 6.8% in Q2 2026 from 8.3% in Q1 2024, indicating that the high commission payout structure leaves minimal room for error as revenue scales.
The NOI margin trend reveals the core challenge of the high-split brokerage model: as gross commission income rises, the associated agent payouts and revenue share obligations consume nearly all of the gross profit. The recent margin compression suggests that incremental revenue may be coming from agents or transactions with less favorable economics for the company.
FFO Negative Despite Record Revenue
Based on EXPI's reported figures, the company has posted negative FFO in seven of the last ten quarters, with Q2 2026 FFO of -$448,000 occurring alongside record quarterly revenue of $1.4 billion.
This persistent negative FFO, even during periods of revenue growth, indicates that stock-based compensation and the revenue share payout are significant non-cash and cash expenses that overwhelm the company's gross profit. The quality of earnings is low, as the business model appears unable to generate positive cash flow from operations at its current scale and commission structure.
Revenue Share as a Synthetic Fixed Cost
The strongest analytical challenge to EXPI's earnings quality is that its revenue share payout functions like a debt-service cost, creating a high fixed obligation that persists even when transaction volumes and gross commission income decline.
Unlike a traditional variable cost, the revenue share commitment to agents is a structural feature of the business model that cannot be easily reduced without risking agent attrition. This creates significant downside risk in a housing market downturn, as the company's primary expense remains largely fixed relative to its volatile, transaction-based revenue, potentially leading to deeper losses than peers with more flexible cost structures.
Q2 2026: Record Revenue, Negative FFO
The Q2 2026 period represents a critical inflection point where EXPI achieved record quarterly revenue of $1.4 billion and 10.7% year-over-year growth, yet simultaneously reported negative FFO and a declining NOI margin.
This quarter crystallizes the central paradox of the company's growth strategy: scaling the platform has not led to profitability. The results suggest that the marginal economics of adding agents or transactions are not accretive to the bottom line, raising questions about the long-term viability of the current commission split and revenue share model in a competitive market.