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Earnings analysis · 10-Q

EXPI earnings analysis

Filed May 11, 2026 · Our reading of the company's report

The latest report

eXp World Holdings, Inc. reported its Q1 2026 financials, posting revenues of $1.01 billion, up 5% from $955 million in Q1 2025. The company recorded an EPS of -0.03, which missed the consensus estimate of -0.01.…

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eXp World Holdings, Inc. reported its Q1 2026 financials, posting revenues of $1.01 billion, up 5% from $955 million in Q1 2025. The company recorded an EPS of -0.03, which missed the consensus estimate of -0.01. Management highlighted growth driven by increased home sale prices and agent productivity despite challenges in the housing market.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

9% Gross margin Operating margin May 2022 May 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $93 Operating expenses $8 Left as operating profit $-1

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish May 2022 May 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$-0.03
Segment
North American Realty
Segment
International Realty
Segment
Other Affiliated Services

What stood out

  • Revenue Growth

    Q1 2026 revenue of $1,005.5M, up 5% from $954.9M in Q1 2025.

  • Improved Operating Loss

    Operating loss reduced to -$8.8M compared to -$10.4M in Q1 2025, a 15% improvement.

  • Increased Segment Adjusted EBITDA

    Adjusted EBITDA rose to $4.1M, up 88% from $2.2M in Q1 2025.

  • Segment Revenue Growth

    International Realty segment revenue increased 27%, from $31.7M to $40.2M.

  • Increased Agent Count

    Agent count grew to 82,332, compared to 81,904 in the previous year.

  • Improved NPS

    Agent Net Promoter Score (aNPS) is 67, down from 78 the prior year, indicating a commitment to agent satisfaction despite a decrease.

What to watch

  • Declining Agent NPS

    Agent NPS dropped to 67 from 78, indicating potential challenges in agent satisfaction.

  • Regulatory Compliance Risks

    Legal compliance issues could increase costs and impact operations amid evolving regulations.

  • Market Conditions Impact

    Home sales volume decreased slightly by 1% year over year, which could constrain future revenue.

Management's outlook

Management expects Q2 2026 revenue guidance of $1.36B-$1.45B.

Earlier filings 4

10-K · February 24, 2026

eXp World Holdings positions itself as a global, cloud-based real estate brokerage focused on agent economics, technology investment and expansion of service lines (e.g., Land & Ranch, Sports & Entertainment). Fiscal…

10-Q · November 6, 2025

eXp reported Q3 revenue of $1,316.7M, up $85.5M (+6.9%) versus Q3 2024 ($1,231.2M). Operating income turned positive at $4.0M (0.3% margin) versus an $8.3M operating loss in Q3 2024, driving diluted EPS of $0.02 vs a…

10-Q · May 2, 2023

eXp World reported Q1 2023 revenue of $850.6M, down from $1,010.7M in Q1 2022, with operating loss of $1.7M and diluted EPS of $0.01. Gross margin ticked up modestly while operating margin turned negative and operating…

10-K · February 28, 2023

eXp World Holdings positions itself as a cloud-based, agent-centric real estate brokerage that leverages a proprietary immersive office (Virbela) and a growing suite of agent services to expand globally. In 2022 the…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.