eXp(EXPI) - 2025 Q4 - Annual Results

Financial Performance - Full-year revenue increased 4% to $4.8 billion in 2025, with fourth-quarter revenue of $1.2 billion[2] - Full-year net loss was $(22.7) million in 2025, with a fourth-quarter net loss of $(12.9) million, resulting in a full-year net loss per diluted share of $(0.14)[2] - Full-year adjusted EBITDA was $33.2 million in 2025, with fourth-quarter adjusted EBITDA of $2.1 million[2] - Revenues for Q4 2025 reached $1,191,845, a 8.5% increase from $1,098,187 in Q4 2024[23] - Gross profit for the year 2025 was $333,578, down 2.4% from $342,395 in 2024[23] - Net loss for the year 2025 was $22,714, compared to a net loss of $21,267 in 2024, indicating a 6.9% increase in losses[23] - The company reported a basic net loss per share of $0.14 for the year 2025, consistent with the loss per share of $0.14 in 2024[23] Operating Expenses - Full-year total operating expenses decreased to $355.0 million in 2025 from $361.4 million in 2024, with fourth-quarter operating expenses of $91.3 million[2] - Operating expenses increased to $355,044 in 2025, compared to $361,389 in 2024, reflecting a decrease of 1.0%[23] - The company incurred $38,610 in stock-based compensation expenses for the year 2025, compared to $37,265 in 2024[29] Cash and Assets - As of December 31, 2025, cash and cash equivalents totaled $124.2 million, up from $113.6 million in the previous year[2] - Cash and cash equivalents at the end of 2025 were $124,245, an increase from $113,607 in 2024[25] - Total assets increased to $442,480 in 2025, up from $390,722 in 2024, representing a growth of 13.2%[25] - Total liabilities remained stable at $199,701 in 2025, compared to $185,853 in 2024[25] Real Estate Performance - Full-year real estate sales transactions increased 1% to 440,163 in 2025, with a 6% increase to 110,392 in the fourth quarter[7] - Full-year real estate sales volume increased 5% to $194.0 billion in 2025, with an 8% increase to $48.8 billion in the fourth quarter[7] Shareholder Returns - The company distributed $87.0 million to shareholders in fiscal 2025, including $56.2 million in stock repurchases and $30.8 million in cash dividends[7] Future Guidance - The company expects full-year 2026 revenue guidance between $4.85 billion and $5.15 billion, with operating expenses between $325 million and $345 million[7] Customer Satisfaction - The global agent Net Promoter Score (aNPS) was 75 as of the end of Q4 2025, down from 76 in the prior-year period[7] Cash Flow - Adjusted Operating Cash Flow for Q4 2025 was $30,055, up 19.4% from $25,114 in Q4 2024[31]