Real Brokerage Q4 Revenue Rises 44% to $505M; EBITDA Up 56%
The Real Brokerage Inc reported Q4 2025 revenue of $505 million (+44% year-over-year), gross profit of $39 million (+30%), positive adjusted EBITDA of $14.2 million (+56%) and 33,000 agents (+31%). The company finished debt-free with $50 million liquidity, saw a $4.2 million net loss, and forecasts Q1 declines.
1. Q4 Financial Results
Real Brokerage achieved Q4 2025 revenue of $505 million, up 44% year-over-year, and gross profit of $39 million (+30%), with adjusted EBITDA of $14.2 million (+56%). Agent headcount rose 31% to 33,000 and the company maintained a debt-free balance sheet with $50 million liquidity despite a $4.2 million net loss and a 7.7% margin.
2. Strategic Growth Initiatives
The company expanded its fintech and ancillary services through RealWallet and OneReal Mortgage to enhance revenue per transaction while standardizing operations on its proprietary Reason platform for 33,000 agents. It shifted its title business to state-based joint ventures, expecting initial headwinds but forecasting renewed double-digit growth later in 2026.
3. Q1 2026 Outlook
Real Brokerage expects Q1 2026 revenue and adjusted EBITDA to decline due to slower transaction velocity from severe winter weather but anticipates gross margins to normalize in the second half of 2026 as activity improves. Initiatives like the AI-powered Leo tool and a planned increase in HeyLeo integrations aim to boost mortgage and title attachment rates.