Real Brokerage Posts 56% Revenue Surge and $62.9M Adjusted EBITDA
Real Brokerage grew 2025 revenue 56% to $2.0B and narrowed net loss to $8.1M from $26.5M, with adjusted EBITDA rising 57% to $62.9M. Q4 gross margin fell to 7.7% from 8.6% while operating expense per transaction dropped 22% to $440 as management forecasts H2 2026 margin normalization.
1. Yearly Financial Performance
Real recorded revenue of $2.0 billion, up 56% year-over-year, and gross profit of $166 million, up 44%. The company reduced its net loss to $8.1 million from $26.5 million and generated adjusted EBITDA of $62.9 million, a 57% increase.
2. Q4 Operational Metrics and Cash Returns
In the fourth quarter, revenue rose 44% to $505 million and gross profit climbed 30% to $39 million. Closed transactions increased 38% to nearly 49,000 and revenue churn improved to 1.6% from 1.8%. For the full year, operating cash flow reached $66 million and $39 million was returned to shareholders through share repurchases.
3. Margin Dynamics and Outlook
Full-year gross margin held at 8.4% while Q4 gross margin declined to 7.7% from 8.6%, driven by a 400-basis-point rise in lower-margin post-cap transactions. Management expects the mix shift to continue in H1 2026, with fee model changes and ancillary growth supporting margin normalization in H2.
4. Platform and Ancillary Business Growth
Agent count increased 31% to 31,739 by year-end and has since topped 33,000. Investments in the reZEN transaction platform, AI features like Leo CoPilot (700,000 engagements) and HeyLeo consumer portal, alongside mortgage, title and Real Wallet services, are designed to boost productivity, retention and ancillary revenue.