The Real Brokerage (REAX) Q4 2025 earnings summary

Executive summary

• Revenue grew 56% in 2025 to nearly $2.0 billion, with agent count rising 31% to 31,739 by year-end and surpassing 33,000 in early 2026.

• Closed transactions increased 38% in Q4 and 54% for the year, reaching 185,314 in 2025, outpacing the broader market.

• Expanded ancillary services (mortgage, title, wallet, fintech), driving diversification and deeper agent engagement.

• Focused on a technology-driven brokerage model, leveraging proprietary software and AI-powered tools to enhance agent productivity.

• Platform scaling prioritized revenue and gross profit growth over operating expense increases.

Financial highlights

• Q4 2025 revenue was $505.1 million (+44% YoY); full-year revenue reached nearly $2.0 billion, up from $1.3 billion in 2024.

• Q4 gross profit was $39 million (+30% YoY); full-year gross profit reached $166 million, up 44%.

• Q4 net loss narrowed to $4.2 million; full-year net loss improved to $8.1 million from $26.5 million in 2024.

• Adjusted EBITDA was $14.2 million in Q4 (+56% YoY) and $62.9 million for the year (+57% YoY).

• Ended 2025 with $49.9 million in unrestricted cash and no debt.

Outlook and guidance

• Q1 2026 revenue, operating loss, and Adjusted EBITDA expected to decline sequentially due to weather impacts.

• Full-year 2026 organic growth anticipated to outpace the industry, with revenue and gross profit growth exceeding operating expense growth.

• Margins expected to normalize in the second half of 2026 as transaction mix stabilizes and ancillary growth accelerates.

• Management prioritizes margin expansion, capital allocation, and long-term value creation for agents and shareholders.