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EXPI

eXp World Holdings, Inc.

EXPI

eXp World Holdings, Inc. • NASDAQ
$11.35 ▼ -1.30% (-0.15)
Market Cap $1.80 B
52w High $14.15
52w Low $6.90
Dividend Yield 0.20%
P/E -103.18
Volume 448.54K
Outstanding Shares 158.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.317B ▲ $82.188M ▼ $3.497M ▲ 0.266% ▲ $0.022 ▲ $6.44M ▲
Q2-2025 $1.309B ▲ $95.03M ▲ $-2.291M ▲ -0.175% ▲ $-0.015 ▲ $-104K ▲
Q1-2025 $954.906M ▼ $86.511M ▼ $-11.024M ▼ -1.154% ▼ $-0.07 ▼ $-7.815M ▼
Q4-2024 $1.098B ▼ $89.882M ▼ $-9.505M ▼ -0.866% ▼ $-0.062 ▼ $-3.546M ▼
Q3-2024 $1.231B $95.986M $-8.506M -0.691% $-0.056 $12.045M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $112.761M ▼ $458.743M ▼ $223.478M ▼ $235.265M ▲
Q2-2025 $184.934M ▲ $481.246M ▲ $262.88M ▲ $218.366M ▲
Q1-2025 $115.655M ▲ $435.783M ▲ $223.803M ▲ $211.98M ▲
Q4-2024 $113.607M ▼ $390.722M ▼ $185.853M ▼ $204.869M ▼
Q3-2024 $130.432M $432.629M $221.532M $211.097M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.497M ▲ $28.891M ▼ $-3.285M ▼ $-24.007M ▲ $1.447M ▼ $26.296M ▼
Q2-2025 $-2.291M ▲ $36.088M ▼ $-2.96M ▲ $-32.482M ▼ $2.71M ▼ $33.74M ▼
Q1-2025 $-11.024M ▼ $39.838M ▲ $-14.247M ▼ $-12.284M ▲ $13.636M ▲ $36.835M ▲
Q4-2024 $-9.505M ▼ $13.714M ▼ $-6.511M ▼ $-32.007M ▲ $-27.152M ▼ $11.414M ▼
Q3-2024 $-8.506M $45.999M $-2.59M $-41.912M $2.219M $43.707M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Operating Segment
Other Operating Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last five years, though it dipped slightly in the middle before recovering, showing that the model can still attract business even in a tougher housing market. Gross profit has risen, but the company runs on very thin margins, with operating income hovering around break-even and slipping into small losses recently. Net income moved from solid profits a few years ago to modest losses more recently, suggesting rising costs or pricing pressure are offsetting revenue growth. Overall, the business shows good top-line strength but fragile profitability that is highly sensitive to market conditions and internal cost discipline.

Balance Sheet

Balance Sheet The balance sheet is lean and relatively simple, with no financial debt and a meaningful chunk of total assets held in cash. Asset levels have been steady, and shareholders’ equity has built up over time, though it eased a bit in the most recent year, consistent with small losses and possibly shareholder returns. The absence of debt gives the company flexibility to weather market downturns and invest in growth without heavy interest burdens. This is a classic asset-light, platform-style balance sheet: not a lot of hard assets, but a clean and conservative financial structure.

Cash Flow

Cash Flow Despite thin accounting profits, the company consistently produces healthy cash from its operations, showing that the underlying cash engine is stronger than the income statement alone suggests. Capital spending is very modest, so most operating cash flows through into free cash flow, which has been steady and positive for several years. This pattern fits an asset-light, technology-enabled business where growth doesn’t require heavy physical investment. The main risk is not cash generation itself but how cash holds up if housing volumes weaken further or the company ramps spending on technology and international expansion.

Competitive Edge

Competitive Edge eXp has built a differentiated position through its cloud-based brokerage model, avoiding traditional offices and redirecting savings into better economics and tools for agents. Its compensation structure, revenue sharing, and stock incentives create a strong pull for agents and encourage them to recruit others, which reinforces a network effect as the agent base grows. The virtual campus and global, borderless setup further distinguish it from conventional brokerages and many newer rivals. Key risks include intense competition from both legacy players and other tech-driven brokerages, sensitivity to real estate cycles, and regulatory or industry changes around agent compensation and fees.

Innovation and R&D

Innovation and R&D Innovation is central to the strategy: the company runs a fully virtual “world” for collaboration and training, and layers in CRM, transaction management, and analytics tools to streamline agent work. It is leaning harder into artificial intelligence with assistants like Luna and Mira, aiming to give agents real-time business insights and automate routine tasks, which could meaningfully raise agent productivity if adopted widely. The push to build more in-house platforms, enhance its metaverse environment, and develop a consumer-facing home search experience all signal long-term R&D commitment rather than one-off tech projects. The opportunity is to deepen its moat through proprietary tools and data; the risk is that these investments may take time to pay off and could pressure margins if not matched by higher productivity or agent growth.

Summary

eXp World Holdings combines a fast-growing, agent-centric, cloud brokerage model with very light physical infrastructure and a strong technology backbone. Financially, it shows solid revenue growth, a debt-free and cash-rich balance sheet, and consistently strong free cash flow, but also very slim margins and recent small losses that highlight its sensitivity to costs and market cycles. Competitively, its virtual platform, attractive agent incentives, and global reach provide clear differentiation and network effects, yet it still operates in a highly competitive, cyclical, and increasingly regulated real estate landscape. The company’s heavy focus on technology and AI-driven innovation offers meaningful upside potential but also adds execution risk, making future profitability depend on how well it converts these investments into sustained agent productivity and stable earnings over time.

NEWS

November 25, 2025 · 12:00 PM UTC

eXp Realty Sets New Standard for Consumer Advocacy

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November 14, 2025 · 11:00 AM UTC

eXp World Holdings to Participate in the Stephens Annual Investment Conference

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November 13, 2025 · 12:00 PM UTC

MarketWatch Names eXp Realty CEO Leo Pareja to The 2025 MarketWatch 25, Recognizing Visionary Leaders Shaping How We Live, Work, Spend and Invest

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November 6, 2025 · 4:15 PM UTC

eXp World Holdings Reports Q3 2025 Results

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October 24, 2025 · 9:00 AM UTC

eXp Realty Celebrates Record-Breaking Event, Unveiling Major Tech & Global Growth Initiatives

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