eXp posts steady Q1 earnings, reinforces Clear Cooperation stance

eXp World Holdings, the parent company of eXp Realty, reported first-quarter 2025 earnings on Tuesday that highlighted modest growth in revenue, an assertive stance on real estate listing transparency and investments in artificial intelligence (AI).

The company reported revenue of $954.9 million for the quarter, an increase of 1% year over year. Adjusted EBITDA was $2.2 million.

Cash and cash equivalents rose to $115.7 million, compared to $109.2 million in the the first quarter of 2024. eXp generated $39.8 million in net cash from operating activities and adjusted operating cash flow of $28.2 million.

The company’s total agent count stood at 81,904 at the end of March, a 5% decrease from one year earlier. But global transaction volume rose 4% to $38.6 billion.

Transaction sides declined 2% to 89,643. And eXp’s agent net promoter score — a key measure of customer satisfaction — increased to 78, up from 73 a year earlier.

Push for real estate listing transparency

eXp Realty CEO Leo Pareja focused his remarks during the earnings call on the company’s response to industry policy shifts, especially the National Association of Realtors’ (NAR) updated Clear Cooperation Policy.

“We believe that delayed marketing will create customer confusion and we are not participating,” Pareja said. “On April 10, we announced our partnership with Zillow, where we committed to launching all eXp listings on the first day of advertising.”

He said the brokerage is making its listings available through advancing programming interfaces (APIs) to all major real estate portals — including Zillow, Redfin, Trulia and Homes.com — to ensure maximum exposure for consumers.

“If the (virtual office website) feeds could have been isolated and kept away from small, independent startup companies like the one Glenn [Sanford] founded, we would not be here today,” Pareja said. “We believe in an open market that allows any startup the ability to compete if they have a valuable proposition for both consumers and agents alike.”

‘A platform business’

Sanford, the founder and CEO of eXp World Holdings, opened his comments by framing eXp as a broader platform comprised of four interconnected businesses: eXp Realty North America; its international brokerage division; Success Enterprises; and its virtual technology platform, Frame VR.

“For us, this isn’t just a collection of business units,” Sanford said. “It’s a platform business made up of four strategic parts, designed to serve agents at every level of their growth journey.”

Sanford stressed that eXp Realty North America remains the company’s “engine of profitability” that gives the company long-term reinvestment capability without the need to raise capital.

That foundation, he said, has made it possible to expand globally, deepen its technology stack and maintain operational flexibility.

“Our North Star remains clear: to build the most agent-centric real estate brokerage on the planet,” Sanford said. “Every decision, every investment, every innovation is filtered through that lens.”

AI investments, long-term productivity

Sanford also emphasized the company’s growing investment in AI and digital infrastructure, calling these long-term bets aimed at reshaping how agents operate.

“We’ve made heavier and intentional investments in technology and AI, particularly in the last few quarters,” he said. “These are not short-term bets. We believe the real returns on AI-driven productivity, automation and platform leverage will show up meaningfully in future periods, and we’re building now for that future.”

He added that Frame VR is part of the long-term strategy to enable a 24/7 globally connected collaboration.

“Frame is how we future-proof our community infrastructure,” Sanford said. “It’s not just virtual meeting space — it’s the architecture of what agent collaboration will look like in the AI era.”

Global experience reinforces data commitment

Pareja noted that eXp’s international footprint has sharpened the company’s perspective on the value of clean, consistent real estate data.

“If you see and experience what we see outside of North America, you have a different appreciation for the complete dataset that we enjoy in this country,” he said. “Outside of the U.S. and Canada, it is a fragmented dataset that is inconsistent, with confusion that leads to longer days on market and much more difficulty in the execution process.”

This contrast, reinforces the importance of maintaining open and accessible listing data, he said.

New co-sponsorship program, looking ahead

To support agent attraction and mentorship, eXp launched a new co-sponsorship program on May 1.

The initiative allows a new agent to be supported by a primary and co-sponsor, both of whom can earn revenue sharing benefits.

“The power of two — that’s one primary sponsor plus a co-sponsor — will help agents reach unlimited potential, double the insights and double the impact,” Pareja said. “This co-sponsorship program was built on a basic framework: Let’s enable more leaders to support and attract agents beyond their direct organization.”

Pareja added that the program introduces stronger incentives for experienced agents to invest in the success of new ones, while preserving the structure and benefits for existing sponsors.

Sanford closed the call by reaffirming the company’s commitment to agents, technology and long-term global growth.

“No other brokerage operates like this,” he said. “Everything we’re doing — whether it’s new market launches, AI co-pilots or digital community tools — is designed to help agents build scalable, sustainable businesses.”