EXPI earnings analysis
What we found in EXPI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
- Gross margin
- 7.5%
- Operating margin
- -0.9%
- Segment
- North American Realty
- Segment
- International Realty
- Segment
- Other Affiliated Services
What they said about what is next.
Management expects Q2 2026 revenue guidance of $1.36B-$1.45B.
The filing reads about the same as the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing EXPI makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever