The Real Brokerage Inc. Announces Fourth Quarter and Full Year 2025 Financial Results
“Real delivered strong fourth quarter results, with revenue increasing 44% year-over-year and closed transactions growing 38%,”
said Tamir Poleg, Chairman and Chief Executive Officer.
“We ended 2025 with revenue up 56% for the full year and 31,739 agents on our platform, reflecting continued organic share gains despite a tepid housing environment. Our differentiated agent value proposition and expanding ecosystem of products and services continue to attract productive agents seeking greater flexibility, technology, and financial opportunity.”
“Throughout 2025, we scaled our platform with discipline, with growth in revenue and gross profit outpacing growth in operating expenses,”
said Jenna Rozenblat, Chief Operating Officer.
“As we enter 2026, we remain focused on investing in technology and expanding adoption of our ancillary services to enhance agent productivity and deepen engagement across our network.”
“In 2025, we generated $65.9 million of cash from operating activities and ended the year with $49.9 million of unrestricted cash and short-term investments and no debt,”
said Ravi Jani, Chief Financial Officer.
“We repurchased $39.4 million of common shares during the year while continuing to invest in platform innovation and ancillary expansion. Looking ahead, we remain focused on driving organic growth, expanding margins, and allocating capital to generate long-term value.”
Q4 2025 Financial Highlights1
- Revenue rose to $505.1 million in the fourth quarter of 2025, an increase of 44% from $350.6 million in the fourth quarter of 2024.
- Gross profit reached $39.0 million in the fourth quarter of 2025, an increase of 30% from $30.0 million in the fourth quarter of 2024.
- Operating expenses totaled $44.3 million in the fourth quarter of 2025, a 22% increase from $36.4 million in the fourth quarter of 2024.
- Net loss attributable to owners of the Company improved to $(4.2) million in the fourth quarter of 2025, compared to $(6.6) million in the fourth quarter of 2024.
- Basic and diluted loss per share was $(0.02) in the fourth quarter of 2025, compared to $(0.03) in the fourth quarter of 2024.
- Adjusted EBITDA 2 was $14.2 million in the fourth quarter of 2025, compared to $9.1 million in the fourth quarter of 2024.
- Revenue share expense, which is included in Marketing expenses, totaled $14.6 million in the fourth quarter of 2025, a 53% increase compared to $9.5 million in the fourth quarter of 2024.
- Adjusted operating expenses, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation, and other unique or non-cash expenses, were $21.5 million in the fourth quarter of 2025, compared to $20.0 million in the fourth quarter of 2024.
- Adjusted operating expense per transaction was $440 in the fourth quarter of 2025, a decline of 22% from $565 in the fourth quarter of 2024.
- Cash provided by operating activities totaled $149.0 thousand during the fourth quarter of 2025.
- The Company repurchased 3.9 million common shares for $15.1 million in the fourth quarter.
- The Company ended the fourth quarter of 2025 with $49.9 million of unrestricted cash and equivalents and short-term investments on its balance sheet and no debt.
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1All dollar references are in U.S. dollars. |
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2There are references to “Adjusted EBITDA” and “Adjusted Operating Expense” in this press release, which are non-GAAP measures. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly may not be comparable. See accompanying note under the heading “Non-GAAP Measures and Ratios” for an explanation of the composition of these non-GAAP measures. |
Full Year 2025 Financial Highlights
- Revenue rose to $2.0 billion for the full year 2025, an increase of 56% from $1.3 billion for the full year 2024.
- Gross profit reached $165.7 million for the full year 2025, an increase of 44% from $114.7 million in 2024.
- Operating expenses totaled $174.9 million for the full year 2025, a 25% increase from $140.0 million in 2024.
- Net loss attributable to owners of the Company improved to $(8.1) million for the full year 2025, compared to $(26.5) million in 2024.
- Basic and diluted loss per share was $(0.04) for the full year 2025, compared to $(0.14) in 2024.
- Adjusted EBITDA 2 was $62.9 million for the full year 2025, compared to $40.0 million for the full year 2024.
- Revenue share expense totaled $60.5 million for the full year 2025, a 42% increase compared to $42.7 million in 2024.
- Adjusted operating expenses were $87.0 million for the full year 2025, an increase of 34% from $65.1 million in 2024.
- Cash provided by operating activities totaled $65.9 million for the full year 2025.
- The Company repurchased 9 million common shares for $39.4 million for the full year 2025.
Q4 and Full Year 2025 Business and Operational Highlights
- North American Brokerage
- North American Brokerage revenue rose to $502.0 million in the fourth quarter of 2025, an increase of 44% from $348.1 million in the fourth quarter of 2024. Revenue for the full year 2025 was $2.0 billion, an increase of 56% from $1.3 billion in 2024.
- The total number of agents increased to 31,739 at the end of the fourth quarter of 2025, an increase of 31% from the fourth quarter of 2024.
- The total number of transactions closed was 48,903 in the fourth quarter of 2025, an increase of 38% from 35,370 in the fourth quarter of 2024. For the full year 2025, the total number of transactions closed was 185,314, an increase of 54% from 120,601 for the full year 2024.
- The total value of completed real estate transactions reached $20.3 billion in the fourth quarter of 2025, an increase of 39% from $14.6 billion in the fourth quarter of 2024. For the full year 2025, the total value of completed real estate transactions reached $75.3 billion, an increase of 53% from $49.0 billion for the full year 2024.
- As of March 3, 2026, over 33,200 agents are now on the Real platform.
- One Real Title
- One Real Title revenue was $1.4 million in the fourth quarter of 2025, a 1% increase compared to $1.3 million in the fourth quarter of 2024. Revenue for the full year 2025 was $5.0 million, compared to $4.8 million in 2024.
- Title results reflect the transition from legacy team-based joint ventures to state-based joint ventures.
- One Real Mortgage
- One Real Mortgage revenue reached $1.5 million in the fourth quarter of 2025, a 26% increase compared to $1.2 million in the fourth quarter of 2024. Revenue for the full year 2025 was $6.0 million, compared to $4.0 million in 2024. Growth was driven by the addition of productive loan officers to the platform.
- As of February 2026, One Real Mortgage had 119 mortgage loan officers, including 85 affiliated with the Real Originate program.
- Real Wallet
- Real Wallet revenue totaled $339.0 thousand in the fourth quarter of 2025, compared to $42.0 thousand in the fourth quarter of 2024. Revenue for the full year 2025 was $889.0 thousand, compared to $42.0 thousand in 2024.
- As of February 2026:
- More than 7,000 Real agents were utilizing Real Wallet Business Checking Accounts, including over 1,400 Real Wallet Tax Planning Business Checking Accounts.
- The total deposit balance held in all Real Wallet Business Checking and Tax Planning accounts was approximately $22.5 million.
- The total balance of credit outstanding was $8.0 million.
- Real Wallet is a financial technology platform that centralizes an agent’s access to certain Company-branded financial products. Real Wallet currently includes: (i) Business Checking Accounts for eligible U.S. agents with Thread Bank, Member FDIC, including a Company-branded debit card; and (ii) credit lines for eligible agents in certain U.S. states and Canadian provinces, based on their earnings history with Real.
- Corporate Update
- On December 31, 2025, the Company entered into a settlement agreement to resolve the Cwynar class action lawsuit on a nationwide basis. Under the terms of the settlement, Real will pay $750,000 into a qualified settlement fund following the court’s preliminary approval. The settlement does not constitute an admission of liability and remains subject to court approval.
- On January 20, 2026, Kate Gurevich was appointed Chief Executive Officer of One Real Mortgage. Ms. Gurevich brings more than 18 years of experience in the mortgage and real estate industries, including leadership roles focused on scaling distributed sales teams, improving operational efficiency and driving loan officer productivity.
- On February 11, 2026, Ken Pozek was appointed to the Company’s Board of Directors. Mr. Pozek is the founder and leader of The Pozek Group, a 38-agent Orlando-based real estate team. His appointment brings active agent leadership and field-level operating perspective to the Board as the Company continues to scale its agent-focused platform.
Source: Real
About Real
Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 33,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at www.onereal.com.
The Real Brokerage is a real estate technology company and is not a bank. Banking services are provided by Thread Bank, Member FDIC. The Real Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.
Get more information, facts and figures about REAL Brokerage, click here for the REAL Brokerage overview.
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