Altisource Sees 7% 2025 Revenue Growth, Guides $165M–$185M Revenue and $15M–$20M EBITDA in 2026
Altisource posted Q4 service revenue of $39.9M, up 4%, and segment adjusted EBITDA of $11.4M; full-year 2025 revenue rose 7% to $161.3M with adjusted EBITDA of $18.3M. Company guided 2026 service revenue of $165M–$185M and adjusted EBITDA of $15M–$20M, assuming Rithm and Onity referrals roll off.
1. Q4 and Full-Year 2025 Financial Results
Altisource posted Q4 service revenue of $39.9 million, up 4%, segment adjusted EBITDA of $11.4 million, and improved GAAP loss before taxes to $8.1 million from $8.4 million. Full-year 2025 service revenue rose 7% to $161.3 million, adjusted EBITDA increased to $18.3 million, and GAAP loss narrowed to $14.1 million.
2. Servicer & Real Estate and Origination Segment Performance
In the servicer and real estate segment, service revenue climbed 5% to $126.0 million and adjusted EBITDA rose 6% to $44.6 million, driven by foreclosure trustee, field services, and renovation business. Origination segment revenue grew 16% to $35.2 million with adjusted EBITDA up 19% to $2.9 million, led by expansion in the Lenders One channel and $11.2 million in new business wins.
3. Cash Flow and Balance Sheet Position
Excluding debt exchange expenses and higher first-quarter interest, net cash used in operating activities would have been near zero, reflecting a $60 million improvement over five years. The company ended 2025 with $26.6 million of unrestricted cash and reduced interest expense under its revised capital structure.
4. 2026 Outlook with Rithm and Onity Assumptions
For 2026, Altisource forecast service revenue of $165 million to $185 million and adjusted EBITDA of $15 million to $20 million, assuming the cooperative brokerage agreement with Rithm expires and Onity referrals roll off in H1. Management anticipates sales wins will offset the projected decline in Rithm- and Onity-related service revenue by Q4 2026.