Real Brokerage revenue hits $2 billion in 2025

"Fourth-quarter 2025 revenue rose 44% year over year to $505.1 million, up from $350.6 million in Q4 2024. For the full year, revenue climbed 56% to $2 billion, up from $1.3 billion in 2024. Closed transactions increased 38% year over year in the fourth quarter to 48,903 sides. For the full year, Real closed 185,314 transactions, up 54% from 120,601 in 2024."

"Net loss attributable to owners narrowed to $4.2 million in Q4, down from $6.6 million in the same period a year earlier. For 2025, the net loss improved to $8.1 million compared to $26.5 million in 2024. Adjusted EBITDA rose 56% in the fourth quarter to $14.2 million and was up 57% for the full year to $62.9 million."

"In the fourth quarter, we saw a 400-basis-point increase in the proportion of transactions completed by agents who have reached their annual commission cap. While these post-cap transactions carry a lower margin for the brokerage, they're a core element supporting agent retention evidenced by our revenue churn improving to 1.6% in the fourth quarter, down from 1.8% in the prior year."

Real demonstrated strong financial performance in 2025 with revenue reaching $2 billion, a 56% increase from 2024. The company closed 185,314 transactions valued at $75.3 billion, representing 54% growth year-over-year. Agent count expanded 31% to 31,739 by year-end, subsequently surpassing 33,000. Gross profit grew 44% to $165.7 million while net losses narrowed significantly to $8.1 million from $26.5 million. Adjusted EBITDA increased 57% to $62.9 million. Operating expenses rose 25% to $174.9 million, though adjusted operating expense per transaction declined 22% to $440. The company generated $66 million in operating cash flow and repurchased $39 million in stock, demonstrating improved operational efficiency despite margin compression from higher-earning agents reaching commission caps.

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