Key Takeaways
- AGNT, Inc., the parent of eXp Realty and NextHome, grew third-quarter 2026 revenue 6% to $1.4 billion, but swung to a net loss of $4.3 million from net income of $3.5 million a year earlier.
- Agents and brokers rose 5% to 87,457, sales transactions rose 8% to 131,546, and sales volume rose 10% to $59.3 billion. Excluding NextHome, which AGNT bought in May, transactions grew just 1.7%, according to the earnings call.
- Operating expenses rose 7% to $87.9 million and adjusted EBITDA fell 3% to $17.1 million. The company ended the quarter with $111.4 million in cash and no debt.
- For the fourth quarter, AGNT guides revenue of $1.0 billion to $1.2 billion and adjusted EBITDA between a $7 million loss and breakeven.
The parent of eXp Realty got bigger in the third quarter and made less money doing it. That split is the whole story in AGNT, Inc.’s latest results.
AGNT, formerly eXp World Holdings, Inc., is the holding company for eXp Realty, NextHome, Inc., FrameVR.io and SUCCESS Enterprises. It announced results on November 5, 2026, for the third quarter ended September 30, 2026, in its GlobeNewswire release.
Growth on Top, a Loss at the Bottom
Revenue rose, and so did the work behind it. Transactions and sales volume both grew faster than revenue.
| AGNT, Inc., Q3 2026 | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $1.4 billion | $1.3 billion | Up 6% |
| Gross profit | $91.0 million | $86.2 million | Up 5.5% |
| Operating income | $3.1 million | $4.0 million | Down 22.5% |
| Net income (loss) | ($4.3 million) | $3.5 million | Swing to loss |
| Net income (loss) per diluted share | ($0.03) | $0.02 | Swing to loss |
| Operating expenses | $87.9 million | $82.2 million | Up 7% |
| Adjusted EBITDA | $17.1 million | $17.7 million | Down 3% |
| Net cash provided by operating activities | $18.2 million | $28.9 million | Down |
Chief Executive Officer Leo Pareja put the emphasis on scale and productivity. “AGNT’s third-quarter results reflect a business with more agents, and more productive agents, than a year ago, and a financial position that we believe leaves us well-positioned to lead the industry through challenging times,” Pareja said.
Chief Financial Officer Jesse Hill pointed to discipline and to one fast-growing corner. “We grew the top line in a housing market that remains challenging, and we’re delivering on our goal to manage the business with discipline while continuing to invest in innovation for our agents,” Hill said.
On the earnings call, Hill said heightened legal costs were the primary reason operating income fell, which explains why a 6% revenue gain did not reach the bottom line.
The Acquisition Inside the Growth, and a Satisfaction Score That Fell
Here is the fresh insight most headlines missed. The 8% transaction growth includes NextHome, which joined AGNT through an acquisition in May 2026.
Excluding NextHome, transactions grew just 1.7%, according to the earnings call. In other words, most of the growth was bought, not won from a recovering market, a pattern also visible in Compass’s record quarter, where pro forma transactions barely grew without its merger.
Two other numbers in the release deserve a second look. The global agent Net Promoter Score, a measure of agent satisfaction, fell to 67 from 75 a year earlier, even as the agent count rose.
- Agents and brokers: 87,457 at September 30, 2026, up 5%
- Sales transactions: 131,546, up 8%
- Sales volume: $59.3 billion, up 10%
- Agent satisfaction (aNPS): 67, down from 75
- Fastest-growing segment: International, with revenue up 27%, according to Hill
The comparison set is getting harder for every large brokerage. Real https://www.unitedstatesrealestateinvestor.com/real-remax-q3-2026-loss-67-million-2027-sales-fall/ lost $67.2 million in its first combined quarter on acquisition costs, while https://www.unitedstatesrealestateinvestor.com/uwm-q3-2026-profit-212-million-refinance-volume-fell/ returned to a $212.6 million profit only as its loan volume fell. Scale is rising across the industry, and profit is not rising with it.
A Fourth-Quarter Guide That Points Down, and How to Use It
AGNT was direct about what comes next. Its fourth-quarter outlook calls for lower revenue and for adjusted EBITDA that could be negative.
| AGNT outlook | Q4 2026 | Full-year 2026 |
|---|---|---|
| Revenue | $1.0 billion to $1.2 billion | $4.85 billion to $5.05 billion |
| Operating expenses | $93 million to $97 million | $362 million to $367 million |
| Adjusted EBITDA | ($7 million) to $0 million | $40 million to $47 million |
The company still paid shareholders through the soft quarter. It distributed $8.4 million of cash dividends, and its board declared a $0.05 per share dividend for the fourth quarter, expected to be paid on December 4, 2026, to stockholders of record on November 20, 2026.
- Separate bought growth from earned growth. When a brokerage reports transaction growth after an acquisition, find the excluding-acquisition number first. Here it is 1.7%, not 8%, and that gap changes how strong the underlying market really is.
- Budget for a slower winter, even at the biggest shops. A guide of a $7 million adjusted EBITDA loss to breakeven, from a company with 87,457 agents and no debt, is a clear signal to keep reserves and avoid counting on a fourth-quarter volume rescue.
- Watch satisfaction, not just headcount. An agent score falling from 75 to 67 while headcount rises 5% warns that growth can strain the people who produce the revenue. For investors who work with agents, retention risk matters as much as recruitment headlines.
The useful takeaway is not that eXp Realty shrank. It did not.
It is that even a debt-free brokerage with $111.4 million in cash, 87,457 agents, and 10% sales volume growth could not turn that scale into a profit this quarter. Beginner investors who underwrite deals for a flat, expensive market, rather than for the recovery the headlines imply, are reading this release correctly.
Data source: AGNT, Inc., third quarter 2026 results for the quarter ended September 30, 2026, released November 5, 2026 via GlobeNewswire. Earnings call detail on NextHome and legal costs is from the company’s November 5, 2026 call, as reported by Inman, RISMedia and MarketBeat.
