# AGNT, Inc. (AGNT)

Informational only - not investment advice.

CIK: 0001495932
SIC: 6531 Real Estate Agents & Managers (For Others)
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6531 Real Estate Agents & Managers (For Others)](/industry/6531/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1495932
Filing source: https://www.sec.gov/Archives/edgar/data/1495932/000110465926019145/expi-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001104659-26-019145 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001495932.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,772,311,000 USD | 2025 | verified |
| Net income | -22,714,000 USD | 2025 | verified |
| Assets | 442,480,000 USD | 2025 | verified |
| Free cash flow | 109,042,000 USD | 2025 | computed |
| Net margin | -0.48% | 2025 | computed |
| Operating margin | -0.45% | 2025 | computed |
| Revenue YoY | +4.48% | 2025 | computed |
| ROE | -9.36% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AGNT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -0.5% | 0.6% | 29 | 8 |
| Revenue growth | 4.5% | 6.5% | 43 | 8 |
| ROE | -9.4% | 1.3% | 14 | 8 |
| ROA | -5.1% | 1.0% | 0 | 8 |
| Liabilities / equity | 0.82 | 1.35 | 14 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6531 Real Estate Agents & Managers (For Others), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4772311000 | USD | 2025 | 2026-02-24 |
| Net income | -22714000 | USD | 2025 | 2026-02-24 |
| Assets | 442480000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001495932.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 500,148,000 | 979,937,000 | 1,798,285,000 | 3,771,170,000 | 4,589,676,000 | 4,273,821,000 | 4,567,672,000 | 4,772,311,000 |
| Net income |  |  | -7,384,915 | -22,130,965 | -22,430,000 | -9,528,000 | 31,131,000 | 81,220,000 | 15,442,000 | -8,973,000 | -21,267,000 | -22,714,000 |
| Operating income |  |  | -7,371,833 | -22,031,654 | -22,384,000 | -8,779,000 | 31,587,000 | 34,152,000 | 16,357,000 | 522,000 | -18,994,000 | -21,466,000 |
| Gross profit |  |  |  |  |  |  |  |  |  | 319,924,000 | 342,395,000 | 333,578,000 |
| Diluted EPS |  |  | -0.14 | -0.42 | -0.19 | -0.08 | 0.21 | 0.51 | 0.10 | -0.06 | -0.14 | -0.14 |
| Operating cash flow |  |  | 1,024,277 | 4,568,353 | 24,311,000 | 55,186,000 | 119,659,000 | 246,892,000 | 210,535,000 | 209,131,000 | 191,514,000 | 118,611,000 |
| Capital expenditures |  |  | 416,672 | 1,281,147 | 2,134,000 | 5,000,000 | 6,436,000 | 13,423,000 | 12,051,000 | 5,363,000 | 6,483,000 | 9,569,000 |
| Dividends paid |  |  |  |  |  |  |  | 11,548,000 | 25,229,000 | 28,519,000 | 30,099,000 | 30,773,000 |
| Share buybacks |  | 3,132 | 0.00 | 3,607 |  | 27,056,000 | 29,371,000 | 172,015,000 | 179,473,000 | 160,550,000 | 141,121,000 | 56,199,000 |
| Assets |  |  | 6,104,047 | 14,637,131 | 55,846,028 | 96,452,000 | 242,187,000 | 413,826,000 | 381,682,000 | 385,668,000 | 390,722,000 | 442,480,000 |
| Liabilities | 499,504 |  |  | 10,376,460 | 25,866,399 | 44,324,000 | 99,600,000 | 190,293,000 | 132,690,000 | 141,660,000 | 185,853,000 | 199,701,000 |
| Stockholders' equity |  |  | 2,527,026 | 4,260,671 | 29,979,629 | 51,967,000 | 141,584,000 | 222,169,000 | 247,823,000 | 242,839,000 | 204,869,000 | 242,779,000 |
| Cash and cash equivalents |  |  | 1,684,608 | 4,672,034 | 20,538,000 | 40,087,000 | 100,143,000 | 108,237,000 | 121,594,000 | 125,873,000 | 113,607,000 | 124,245,000 |
| Free cash flow |  |  | 607,605 | 3,287,206 | 22,177,000 | 50,186,000 | 113,223,000 | 233,469,000 | 198,484,000 | 203,768,000 | 185,031,000 | 109,042,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | -4.48% | -0.97% | 1.73% | 2.15% | 0.34% | -0.21% | -0.47% | -0.48% |
| Operating margin |  |  |  |  | -4.48% | -0.90% | 1.76% | 0.91% | 0.36% | 0.01% | -0.42% | -0.45% |
| Return on equity |  |  | -292.24% |  | -74.82% | -18.33% | 21.99% | 36.56% | 6.23% | -3.70% | -10.38% | -9.36% |
| Return on assets |  |  | -120.98% | -151.20% | -40.16% | -9.88% | 12.85% | 19.63% | 4.05% | -2.33% | -5.44% | -5.13% |
| Liabilities / equity |  |  |  | 2.44 | 0.86 | 0.85 | 0.70 | 0.86 | 0.54 | 0.58 | 0.91 | 0.82 |
| Current ratio |  |  | 1.56 | 1.26 | 1.75 | 1.88 | 2.20 | 1.71 | 2.00 | 1.88 | 1.44 | 1.53 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AGNT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001495932.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  | 4,402,000 | 0.03 | reported discrete quarter |
| 2022-Q4 | 2022-12-31 |  | -7,201,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2023-03-31 |  | 1,453,000 | 0.01 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  | 9,422,000 | 0.06 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,214,513,000 | 1,349,000 | 0.01 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 983,049,000 | -21,197,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 943,054,000 |  | -0.10 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,295,244,000 |  | 0.08 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,231,187,000 |  | -0.06 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,098,187,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 954,906,000 | -11,024,000 | -0.07 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,308,877,000 | -2,291,000 | -0.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,316,683,000 | 3,497,000 | 0.02 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,191,845,000 | -12,896,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,005,541,000 | -5,098,000 | -0.03 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,449,548,000 | -2,693,000 | -0.02 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AGNT's latest 10-K: [/company/AGNT/business/](/company/AGNT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AGNT's latest 10-K: [/company/AGNT/risk-factors/](/company/AGNT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1495932/000110465926090337/agnt-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read together with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report and consolidated financial statements and related notes appearing in our 2025 Annual Report. This MD&A contains forward-looking statements. See the Cautionary Note Regarding Forward-Looking Statements at the beginning of this Quarterly Report for important information regarding such statements, including risks and uncertainties that could cause actual results to differ materially from those expressed or implied. We undertake no obligation to publicly update or revise any forward-looking statements except as may be required by law.  

All dollar amounts are in USD thousands except share amounts and per share data and as otherwise noted.

OVERVIEW

The Company operates a diversified portfolio of service-based businesses whose operations benefit substantially from utilizing our enabling technology platform. A substantial portion of our revenue is derived from commissions received by our residential real estate brokerages which provide a full suite of brokerage and adjacent services (such as mortgage, title, and content creation) to our real estate agents and brokers. Our real estate agents and brokers affiliate their real estate licenses with us and operate their businesses utilizing our cloud-based technology platform to enhance their real estate businesses and optimize efficiencies. In May 2026, we acquired NextHome, a franchised real estate brokerage. Through NextHome, we now serve independent real estate professionals and brokerages who operate under the NextHome franchise system, broadening the range of affiliation models through which agents and brokers can access our ecosystem of services and support. Our enabling and innovative technology platform is a robust suite of cloud-based applications and software services tailored for our real estate agents, brokers, and professionals and targets business operations such as customer relationship management, marketing, client services, and brokerage functionalities. We succeed when our real estate professionals succeed, and we remain focused on being the most agent-centric business on the planet – built by agents, built for agents.

MARKET CONDITIONS AND INDUSTRY TRENDS

Our performance is closely tied to housing market activity, which is influenced by economic conditions such as employment, consumer confidence, mortgage availability, interest rates, and the balance of supply and demand. Periods of economic growth and lower interest rates generally support higher home sales activity, while rising rates, affordability constraints, increased unemployment, or broader economic slowdowns may reduce transaction volumes and pricing. Regulatory developments, geopolitical events, and shifts in consumer sentiment can also affect housing demand.

In the first six months of 2026, U.S. home sales increased 2.8% compared to the same period in 2025, and home sales prices increased 1.8%, according to the National Association of Realtors (“NAR”). Inventory levels remain constrained, at 4.6 months of supply, consistent with inventory levels in June 2025. Our forecasting models continue to reflect minimal growth, informed by historical trends, seasonality and the current macroeconomic conditions.

In this environment, we believe the Company is positioned for growth with a strong base of agents, an efficient cloud-based operating model, and low fixed costs.

16

Table of Contents

Legal Environment

See Part II, Item 1 of this Quarterly Report for a discussion of the current legal environment and how such environment could potentially impact our business, results of operations, cash flows and/or financial condition.

KEY BUSINESS METRICS

Management uses our results of operations, financial condition, cash flows, and key business metrics related to our business and industry to evaluate our performance and make strategic decisions.

The following table outlines the key business metrics that we periodically review to track the Company’s performance:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended June 30,","\u200b","Six Months Ended June 30,"],["\u200b","\u200b","2026","\u200b","2025","\u200b","2026","\u200b","2025"],["\u200b","\u200b","\u200b"],["Performance:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Agent NPS","\u200b","69","\u200b","77","\u200b","69","\u200b","78"],["Agent count","\u200b","87,338","\u200b","82,704","\u200b","87,338","\u200b","82,704"],["Real estate sales transactions","\u200b","132,497","\u200b","118,612","\u200b","224,095","\u200b","208,255"],["Real estate sales volume","\u200b","$ 60,479,784","\u200b","$ 52,477,798","\u200b","$ 101,227,566","\u200b","91,118,882"],["Other real estate transactions","\u200b","22,410","\u200b","20,955","\u200b","41,230","\u200b","38,970"],["Real estate per transaction cost","\u200b","$ 525","\u200b","$ 621","\u200b","$ 598","\u200b","$ 670"],["Revenues","\u200b","$ 1,449,548","\u200b","$ 1,308,877","\u200b","$ 2,455,089","\u200b","$ 2,263,783"],["Gross profit","\u200b","$ 98,797","\u200b","$ 92,654","\u200b","$ 174,144","\u200b","$ 168,789"],["Operating income (loss)","\u200b","$ 1,641","\u200b","($ 2,376)","\u200b","($ 7,147)","\u200b","($ 12,752)"],["Consolidated adjusted EBITDA(1)","\u200b","$ 25,700","\u200b","$ 11,201","\u200b","$ 29,753","\u200b","13,356"]]
[[/GREPCENT_TABLE]]

​

[[GREPCENT_TABLE]]
[["(1)","Consolidated adjusted EBITDA is a non-U.S. GAAP financial measure. For a definition, reconciliation to net income (loss), and discussion of why management believes this measure is useful to investors, see \u201cNon-U.S. GAAP Financial Measures\u201d."]]
[[/GREPCENT_TABLE]]

Agent net promoter score (“aNPS”)

The Company utilizes aNPS as a metric to measure agent satisfaction. aNPS is calculated based on responses to a periodic survey in which agents are asked, on a scale of 0 to 10, how likely they are to recommend our company to a fellow real estate professional.

We believe an aNPS above 50 is indicative of excellent agent satisfaction. For both the three and six months ended June 30, 2026, our aNPS was 69, compared to 77 and 78, respectively, for the same periods in 2025.

Agent count

We believe our ability to attract and retain a diverse and professional agent base is a key driver of our long-term success. While our organic agent base has experienced continued pressure amidst a challenging macroeconomic environment , we remain deeply focused on the retention and support of our agents and teams across all levels of production. The scale of our agent base remains subject to factors beyond our control, including elevated mortgage rates, suppressed transaction volumes, and evolving industry practices. Despite these headwinds, we continue to prioritize a comprehensive value proposition that supports agent productivity, operational efficiency, and long-term professional growth for our entire network.

The number of agents increased in the first six months of 2026, compared to the same period in 2025, primarily due to the addition of agents in connection with the NextHome acquisition completed during the second quarter of 2026. We remain committed to retaining our agents in the U.S., Canada, and internationally through the execution of our growth strategies and the end-to-end suite of services we offer our agents.

Real estate sales transactions and volume

Real estate sales transactions are based on the side (buyer or seller) of each real estate transaction and are recorded upon the closing of a purchase or sale of a home in which our agents and brokers represented the buyer or seller, respectively. Transaction volume represents the total sales value for all transactions and is influenced by several market factors, including, but not limited to, the pricing and quality of our services and market conditions that affect home sales, such as macroeconomic factors, economic growth, or contraction, local inventory levels, mortgage interest rates, and seasonality. The number of real estate transactions and volume are key drivers of our revenue and profitability.    

​

17

Table of Contents

Our real estate sales transactions and volume typically fluctuate with changes in the market’s existing home sales transactions as reported by NAR; however, company-specific initiatives influence the transaction volume and productivity of our agents. For the three and six months ended June 30, 2026, compared to the same periods in 2025, our real estate sales transactions increased 12% and 8%, respectively. For the three and six months ended June 30, 2026, compared to the same periods in 2025, transaction volume increased 15% and 11%, respectively. The improvements in transactions and volume are due to increased agent productivity and increased home sale prices.

Other real estate transactions

Other real estate transactions are recorded for leases, rentals and referrals that are undertaken by our agents and brokers. Other real estate transactions for the three and six months ended June 30, 2026 increased compared to the same periods in 2025. Other real estate transactions reflect the full breadth of services that our agents and brokers generate beyond traditional home sales transactions.

Real estate per transaction cost

Real estate per transaction cost is measured as general and administrative, sales and marketing, and technology and development expenses resulting from our services that directly support our agents and brokers, divided by total transactions (real estate sales and other). Real estate per transaction cost decreased 15% and 11% for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily due to operational efficiency gains from higher real estate transactions and reduced personnel expenses, employee stock-based compensation expenses, and marketing expenses. We believe real estate per transaction cost provides useful information to investors because it measures the operating efficiency and scalability of our platform on a per-transaction basis.

Revenues

Revenues substantially represent the commission revenue earned by and the Company for closed brokerage real estate transactions in addition to fees paid to the Company by agents. The Company’s revenues increased 11% and 8% for the three and six months ended June 30, 2026, respectively, compared to same periods in 2025, primarily due to higher home sales prices in North America, increased international production, and improved productivity in North America.

Gross profit

Gross profit increased to $98.8 million and $174.1 million in the three and six months ended June 30, 2026, respectively. Gross profit increased in 2026 due to increased revenues, partially offset by increased agent commissions, productivity awards, and other agent-related costs due to agent commission capping.

Operating Income (Loss)

Operating income (loss), in the three and six months ended June 30, 2026, improved when compared to the same periods in 2025. The improvements reflect increased revenues and actions taken to reduce operating costs in the second half of 2025, partially offset by increased legal expenses and accruals in connection with the Company’s ongoing efforts to resolve litigation matters, including the NAR settlement and other claims.

Consolidated Adjusted EBITDA

Management reviews consolidated adjusted EBITDA, which is a non-U.S. GAAP financial measure, to understand and evaluate our core operating performance. For the three and six months ended June 30, 2026, consolidated adjusted EBITDA increased by $14.5 million and $16.4 million, respectively, compared to the same periods in 2025. The increases in consolidated adju

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1495932/000110465926019145/expi-20251231x10k.htm
Complete FY 2025 MD&A: /company/AGNT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Annual Report. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. All dollar amounts presented below are in USD thousands except share amounts and per share data and as otherwise noted.

2025 Business Developments

The Company announces new agent offerings, markets, and business updates at various times during the year. Significant announcements during the year ended December 31, 2025 included the following:

First Quarter 2025:

[[GREPCENT_TABLE]]
[["","\u25cf","Announced expansion into Peru."]]
[[/GREPCENT_TABLE]]

Second Quarter 2025:

[[GREPCENT_TABLE]]
[["","\u25cf","Announced expansion into Ecuador and T\u00fcrkiye."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Launched Land and Ranch Division, empowering agents serving rural, recreational, and agricultural properties."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Launched the Co-Sponsor Program, allowing agents to name both a Primary Sponsor and a Co-Sponsor."]]
[[/GREPCENT_TABLE]]

21

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","Launched U.S. open-sourced Seller Advisory: Risks of Limited Market Exposure form."]]
[[/GREPCENT_TABLE]]

Third Quarter 2025:

[[GREPCENT_TABLE]]
[["","\u25cf","Announced expansion into Japan."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Appointed Jesse Hill as Chief Financial Officer of eXp World Holdings, Inc."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Launched CRM of Choice, allowing agents to choose from three leading customer relationship management platforms."]]
[[/GREPCENT_TABLE]]

Fourth Quarter 2025:

[[GREPCENT_TABLE]]
[["","\u25cf","Announced expansion into Romania and the Netherlands."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Launched Sports and Entertainment Division, empowering agents serving clients in the sports and entertainment industries."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Appointed Carrie Lysenko as Chief Technology Officer of eXp Realty and Holly Mabery as Chief Brokerage Officer of eXp Realty."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Launched LYVVETM, the Company\u2019s global property search platform aggregating listings and related data across multiple countries."]]
[[/GREPCENT_TABLE]]

Market Conditions and Industry Trends

Our performance is closely tied to housing market activity, which is influenced by economic conditions such as employment, consumer confidence, mortgage availability, interest rates, and the balance of supply and demand. Periods of economic growth and lower interest rates generally support higher home sales activity, while rising rates, affordability constraints, or broader economic slowdowns may reduce transaction volumes and pricing. Regulatory developments, geopolitical events, and shifts in consumer sentiment can also affect housing demand.

In 2025, U.S. home sales were relatively flat compared to 2024, and home sales prices increased 1.7%, according to the NAR. Inventory levels remain constrained, and new housing construction activity decreased during the year. These conditions may continue to limit transaction volumes in the near term.

Despite these challenges, we believe the Company is positioned for growth with a strong base of agents, an efficient cloud-based operating model, and low fixed costs. This structure allows us to adapt quickly to market changes while supporting long-term productivity and retention.

Key Business Metrics

The following table outlines the key business metrics that we periodically review to track the Company’s performance:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31,"],["\u200b","\u200b","2025","\u200b","2024","\u200b","2023"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Performance:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Agent NPS","\u200b","75","\u200b","76","\u200b","73"],["Agent count","\u200b","83,060","\u200b","82,980","\u200b","87,515"],["Real estate sales transactions","\u200b","440,163","\u200b","434,165","\u200b","422,772"],["Real estate sales volume(2)","\u200b","$ 194,038,232","\u200b","$ 185,170,695","\u200b","$ 169,202,948"],["Other real estate transactions","\u200b","80,468","\u200b","84,524","\u200b","71,636"],["Real estate per transaction cost","\u200b","$ 624","\u200b","$ 559","\u200b","$ 573"],["Revenues(2)","\u200b","$ 4,772,311","\u200b","$ 4,567,672","\u200b","$ 4,273,821"],["Gross profit(2)","\u200b","$ 333,578","\u200b","$ 342,395","\u200b","$ 319,924"],["Operating income (loss)(2)","\u200b","($ 21,466)","\u200b","($ 18,994)","\u200b","$ 522"],["Consolidated adjusted EBITDA(1)(2)","\u200b","$ 33,172","\u200b","$ 75,483","\u200b","$ 65,328"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Consolidated adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income, or any other measures derived in accordance with U.S. GAAP. For a definition of consolidated adjusted EBITDA and a reconciliation of consolidated adjusted EBITDA to net income (loss), and a discussion of why we believe consolidated adjusted EBITDA is useful to investors, see \u201cNon-U.S. GAAP Financial Measures\u201d."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(2)","Dollar amounts are presented in thousands"]]
[[/GREPCENT_TABLE]]

22

Table of Contents

Agent Net Promoter Score (“aNPS”)

aNPS is a scale-based measure of customer satisfaction and an aNPS above 50 is considered excellent. aNPS plays a crucial role in attracting and retaining agents and teams. Despite the challenging market conditions, aNPS was relatively flat, when compared to the prior year, and the Company continues to provide enhancements to agent programs and offerings, including the Co-Sponsor Program, CRM of Choice, and the launch of new specialized divisions.

Agent Count

The number of agents was relatively flat in 2025 compared to 2024. The Company continues to attract and retain productive agents through the execution of its growth strategies and the end-to-end suite of services the Company offers its agents.

Real Estate Sales Transactions and Sales Volume

Real estate sales transactions are based on the side (buyer or seller) of each real estate transaction and are recorded when our agents and brokers represent buyers or sellers in the purchase or sale, respectively, of a home, from which the Company earns brokerage commissions and related fees. Transaction volume represents the total sales value for all transactions.

Real estate sales transactions increased 1% during 2025 compared to 2024, primarily driven by increased sales transactions in Canada and in our international markets. Real estate sales volume increased 5% in 2025 compared to 2024 driven by increased sales prices in North America and in our international markets, and to a lesser extent, increased transactions.

Other real estate transactions

Other real estate transactions are recorded for leases, rentals and referrals that are undertaken by the Company’s agents and brokers.

Other real estate transactions decreased during 2025 compared to 2024. The decrease in other real estate transactions was primarily driven by changes in the rental market, and shift in mix toward real estate sales.

Real estate per transaction cost

Real estate per transaction cost is measured as selling, general and administrative, sales and marketing and technology and development expenses in North American Realty and International Realty segments, divided by total transactions (real estate sales transactions and other real estate transactions).

Real estate per transaction cost increased during 2025 compared to 2024, primarily due to employee-related, technology and legal expenses.

Revenues

Revenues represent the commission revenue earned by the Company for closed brokerage real estate transactions.

Revenues increased during 2025 compared to 2024, primarily driven by increased home sale prices in the U.S., and increased sales transactions in Canada and international markets.

Gross Profit

Gross profit decreased in 2025 when compared to 2024, reflecting revenue growth, offset by increased agent capping and lower agent fees.

Operating Income (Loss)

Operating income (loss) increased in 2025, when compared to 2024, due to increased legal expenses and accruals, employee-related and other operating expenses, including expenses to support our continued technology improvements. Operating income (loss) in 2024 includes $34.0 million related to litigation contingency accrual and $4.9 million of impairment expense.

Consolidated Adjusted EBITDA

Management reviews consolidated adjusted EBITDA, which is a non-U.S. GAAP financial measure, to understand and evaluate our core operating performance. Consolidated adjusted EBITDA decreased by $42.3 million in 2025, compared to 2024. The decrease in consolidated adjusted EBITDA reflects a decrease in operating results related to increased agent capping and lower agent fees, as well as increased employee-related, technology and legal expenses, which more than offset increased revenues.

23

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Consolidated Operating Performance

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31, 2025","\u200b","Year Ended December 31, 2024","\u200b","Change 2025 vs. 2024"],["Statement of Operations Data:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Revenues","","$ 4,772,311","\u200b","$ 4,567,672","\u200b","4%"],["Commissions and other agent-related costs","\u200b","4,438,733","\u200b","4,225,277","\u200b","5%"],["Gross profit","\u200b","333,578","\u200b","342,395","\u200b","(3)%"],["Operating expenses","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["General and administrative expenses","\u200b","274,871","\u200b","252,369","\u200b","9%"],["Technology and development expenses","\u200b","69,618","\u200b","58,182","\u200b","20%"],["Sales and marketing expenses","\u200b","10,555","\u200b","11,908","\u200b","(11)%"],["Impairment expense","\u200b","-","\u200b","4,930","\u200b","(100)%"],["Litigation contingency","\u200b","-","\u200b","34,000","\u200b","(100)%"],["Total operating expenses","\u200b","355,044","\u200b","361,389","\u200b","(2)%"],["Operating income (loss)","\u200b","(21,466)","\u200b","(18,994)","\u200b","(13)%"],["Other (income) expense","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Other (income) expense, net","\u200b","(1,513)","\u200b","(4,445)","\u200b","66%"],["Equity in (income) losses of unconsolidated affiliates","\u200b","281","\u200b","1,168","\u200b","(76)%"],["Total other (income) expense, net","\u200b","(1,232)","\u200b","(3,277)","\u200b","62%"],["Income (loss) before income tax expense","\u200b","(20,234)","\u200b","(15,717)","\u200b","(29)%"],["Income tax (benefit) expense","\u200b","2,480","\u200b","1,071","\u200b","132%"],["Net income (loss) from continuing operations","\u200b","(22,714)","\u200b","(16,788)","\u200b","(35)%"],["Net income (loss) from discontinued operations","\u200b","-","\u200b","(4,479)","\u200b","100%"],["Net income (loss)","\u200b","(22,714)","\u200b","(21,267)","\u200b","(7)%"]]
[[/GREPCENT_TABLE]]

Commissions and Other Agent-Related Costs

Commissions and other agent-relat

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AGNT/mda/fy2025/
All MD&A years: /company/AGNT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AGNT/mda/fy2024/): filed 2025-02-20; accession 0001558370-25-001223 (https://www.sec.gov/Archives/edgar/data/1495932/000155837025001223/expi-20241231x10k.htm)
- [FY 2023 MD&A](/company/AGNT/mda/fy2023/): filed 2024-02-22; accession 0001558370-24-001527 (https://www.sec.gov/Archives/edgar/data/1495932/000155837024001527/expi-20231231x10k.htm)
- [FY 2022 MD&A](/company/AGNT/mda/fy2022/): filed 2023-02-28; accession 0001558370-23-002334 (https://www.sec.gov/Archives/edgar/data/1495932/000155837023002334/expi-20221231x10k.htm)
- [FY 2021 MD&A](/company/AGNT/mda/fy2021/): filed 2022-02-25; accession 0001558370-22-002041 (https://www.sec.gov/Archives/edgar/data/1495932/000155837022002041/expi-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6531 Real Estate Agents & Managers (For Others)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AGNT.md · JSON record: /company/AGNT.json · verified financials: /company/AGNT/financials.json / /company/AGNT/financials.csv · machine TOC for the whole site: /llms.txt