Residential real estate market weakness
Revenue depends on transaction volume and home sales activity, which move with rates and macro conditions.
- Scope
- North American Realty and International Realty
- Materiality
- high
eXp World Holdings, Inc.
eXp World Holdings, Inc. operates a cloud-based real estate brokerage platform centered on independent agents and brokers. Through eXp Realty and related businesses, it provides residential and commercial brokerage services, transaction support, and agent-facing technology across the United States, Canada, and multiple international markets.
1.8k
1.53
1.17
| % | |
|---|---|
| North American Realty | 97% Residential and commercial brokerage, lead generation, and support services in the U.S. and Canada. |
| International Realty | 3% Brokerage and support services across 27 countries outside North America. |
| Other Affiliated Services | 0% SUCCESS® magazine and related media and professional development properties. |
The core customers are residential home sellers and homebuyers served through eXp’s network of independent agents and...
- Residential homebuyers and home sellersprimary
They buy brokerage representation and transaction support through eXp-affiliated agents.
- Independent real estate agents and brokersprimary
They join the platform for cloud-based tools, revenue sharing, stock ownership opportunities, and lower overhead.
- Commercial real estate clientssecondary
They use brokerage services and transaction support in North America.
- International brokerage clientssecondary
They buy brokerage services in markets outside North America as the platform expands abroad.
- Agents and professionals using media/training contentemerging
They consume SUCCESS® content and related resources for professional development.
eXp’s business is concentrated in North America, with operations across all 50 U.S. states and all Canadian provinces...
- •United States and Canada are the core revenue base
- •North American Realty represented 96.9% of 2025 revenue
- •International Realty operated in 27 countries in 2025
- •International markets span the Americas, Europe, Middle East, APAC, and South Africa
- •Geographic expansion increases agent network reach and market diversification
The company’s strategy is to grow its independent agent and broker network in North America and selected international...
01
Expand the agent and broker networkshort-term
The brokerage model scales by attracting productive agents who bring transactions and commissions.
02
Improve agent productivity through technologymedium-term
Better tools support retention, transaction efficiency, and the cloud-based operating model.
03
Expand internationallymedium-term
New countries broaden the addressable market and diversify revenue beyond North America.
The business is exposed to residential real estate cycles, interest rates, and broader macroeconomic conditions that...
Agent retention and productivity decline
The cloud brokerage model relies on independent agents producing commissions and attracting other agents.
- Scope
- Core brokerage network
- Materiality
- high
Litigation and regulatory actions
Brokerage practices, antitrust matters, and compliance issues can lead to settlements, penalties, or operating changes.
- Scope
- U.S. brokerage operations and adjacent businesses
- Materiality
- high
Dependence on MLS and third-party relationships
Access to listing data, settlement providers, lenders, and title companies is essential to serving agents and clients.
- Scope
- North America and international markets
- Materiality
- medium
International expansion execution
New-country launches require local compliance, infrastructure, and agent adoption before they contribute meaningfully.
- Scope
- 27-country international footprint
- Materiality
- medium
Commission revenue recognition
Quarterly revenue can shift with housing activity and closing cadence
Revenue share and agent-related costs
Affects gross economics and operating expense structure
Stock-based compensation
Can materially affect operating results and equity dilution
Litigation contingencies
May create one-time charges and cash usage
Impairment and discontinued operations
Can affect comparability across periods
: 29.4.2026