Agent productivity drives record quarter for AGNT, eXp Realty

AGNT Inc. — formerly eXp World Holdings — reported record second-quarter revenue as eXp Realty continued to increase agent productivity, transaction volume and market share.

Leaders touched on those results and the company advancing its operation of multiple brokerage models during a Tuesday earnings call, following its May acquisition of NextHome.

The company reported $1.4 billion in second-quarter revenue, an 11% increase from the same period a year earlier. Real estate sales transactions climbed 12% to 132,497, while sales volume rose 15% to $60.5 billion.

AGNT ended the quarter with 87,338 agents and brokers, up 6% year-over-year.

The results point to a key trend executives emphasized throughout the earnings call — agents are becoming more productive even as the platform continues to grow.

“Put simply, record revenue is driven by increased agent productivity,” eXp Realty CEO Leo Pareja said during the earnings call. “That’s not just agent counting and doing the work. That’s our agents doing more and doing it better, which is exactly why retention of the best agents matters so much.”

The company said productivity per person increased 6% from a year earlier, reflecting higher transaction activity across its agent base.

“We mentioned our over 87,000 agent count, but what’s more important, and we mention this nearly every quarter, is productive agents,” said AGNT Chief Financial Officer Jesse Hill . “Across our sizeable agent base, even incremental improvements in agent productivity can result in outsized gains across the overall brokerage.”

Hill added that the company also gained approximately 3% market share in the U.S. during the quarter relative to the broader residential real estate market.

Financially, adjusted EBITDA climbed 129% to $25.7 million, while cash and cash equivalents increased to $111.2 million. Operating expenses rose just 2% year-over-year to $97.2 million, although the company posted a net loss of $2.7 million.

eXp Realty ‘remains the company’s engine’

Executives repeatedly stressed that eXp Realty remains the centerpiece of AGNT’s business despite a corporate rebranding and expansion into additional brokerage models.

“eXp Realty is still the engine. It’s the most agent-centric real estate brokers on the planet,” said Glenn Sanford, founder, chairman and CEO of AGNT. “Now we have two models — we have eXp Realty and NextHome, which is the franchise structure for those agents or broker-owners who want to run small teams and, in some cases, larger enterprises on top of it, but the agent is really still the center of the relationship and their opportunities to grow whatever size business that they want to grow.”

Pareja said AGNT’s broader platform is designed to support different types of real estate professionals without changing eXp Realty’s core value proposition.

“AGNT is a global operating system for modern real estate entrepreneur and a multi-model platform where independent agents, franchise owners and team leaders all find a home built for the way they want to grow,” he said. “Two models, maximum optionality.”

NextHome broadens growth strategy

The acquisition of NextHome represents one of AGNT’s biggest strategic initiatives of 2026, allowing the company to expand beyond its cloud-based brokerage model while maintaining a common technology platform.

Pareja described the combination as complementary rather than competitive.

“eXp Realty remains the undisputed cloud-based leader in our industry,” he said. “NextHome offers a premier franchise experience. Together, these two brands expand our agent offering and let us serve a wider segment of the market than either brand could reach alone.

“We share a global referral network connecting eXp agents with NextHome franchisees worldwide — and we’re consolidating back office, legal, technology resources and driving efficiencies across both brands.”

The company also believes industry consolidation could create additional recruiting opportunities.

“There’s about 400,000 agents who find themselves at a franchise over the next couple years they may no longer feel aligned with, and now we have an opportunity to convert entire franchises as those agreements come due,” Pareja said.

Hill noted that AGNT completed the NextHome acquisition using cash on hand while preserving its debt-free balance sheet.

Technology and AI

Executives also highlighted continued investment in artificial intelligence (AI) and proprietary technology designed to simplify agents’ businesses and improve operational efficiency.

“Everything I just walked through is only possible because the platform we’re building underneath it. AGNT OS brings everything an agent needs to run their business together in one place,” Pareja said. “Instead of agents juggling a dozen disconnected logins and tools, AGNT OS, which operates the hub for eXp Realty agents is the operating system for the agent’s business. No more needing to find where to log in.”

Sanford said eXp’s cloud-native history gives the company an advantage as AI becomes increasingly important to brokerage operations.

“We’ve been technology-focused from day one, so AI has been a more natural transition given our infrastructure,” Sanford said. “We’re just in the early stages of seeing where AI can take us over the next few years.”

Leaders also cited growing use of AI-powered document review, broker support, transaction management and agent development tools as contributors to higher operating efficiency.

Outlook

For the third quarter, AGNT expects revenue between $1.35 billion and $1.45 billion, operating expenses between $85 million and $90 million, and adjusted EBITDA between $17 million and $22 million.

For full-year 2026, the company reaffirmed revenue guidance of $4.85 billion to $5.15 billion, projected adjusted EBITDA at $50 million to $60 million and forecast operating expenses between $355 million and $365 million.

Executives acknowledged continued macroeconomic uncertainty in the housing market but said the company’s strategy remains focused on improving agent productivity, integrating NextHome, expanding its technology platform and giving agents additional ways to build and grow their businesses.