AGNT, Inc., the parent company of eXp Realty and NextHome, reported record second quarter 2026 revenue of $1.4 billion, up 11% from a year ago, as leaders credited agent productivity and AI investments for the gains.
The Bellingham, Washington-based company, which rebranded from eXp World Holdings earlier this year, posted adjusted EBITDA of $25.7 million during the quarter, a 129% jump from $11.2 million a year ago. Productivity per person (PPP)—or the number of transaction sides closed per agent—averaged 5.5 over the second quarter, up 6% from a year ago, according to the company’s Q2 earnings news release.
Higher PPP drove closed sales 12% higher year-over-year, with over 132,000 closed transactions, Jesse Hill, chief financial officer with AGNT, told investors during a fireside chat webcast on Tuesday evening. He added that real estate sales volume for the quarter jumped 15% from a year ago to $60.5 billion.
AGNT’s cash and cash equivalents totaled $111.2 million as of June 30, up from $94.6 million the previous year. The company also distributed $8.2 million in cash dividends back to shareholders, and declared a third quarter dividend of $0.05 per share.
While eXp’s North America operations are responsible for driving the majority of AGNT’s revenue and growth, the company also saw substantial gains internationally. eXp’s international business posted a 44% boost in international revenue totaling $46.4 million over the quarter, narrowing its year-over-year operating loss by 57% and reduced its adjusted EBITDA loss by 66% over the same period, executives announced.
AGNT’s Founder, Chairman and CEO Glenn Sanford spotlighted the company’s Nexus operating system, built by a small team of a handful of engineers using AI tools, with helping eXp scale its international growth. He noted that eXp hopes to operate in 50 countries by 2030.
Meanwhile, eXp Realty CEO Leo Pareja reinforced that AGNT offers a multi-model, cloud-based real estate platform where independent agents, franchise owners and team leaders can operate their business their way.
“eXp Realty remains the undisputed cloud-based leader in our industry,” Pareja told investors during prepared comments. “NextHome offers a premier franchise experience. Together, these two brands expand our agent offering and let us serve a wider segment of the market than either brand could reach alone.”
When asked how the May acquisition of NextHome factors into the company’s overall guidance, Hill noted that NextHome is forecasted to contribute a “modest” sub-10% to the firm’s total bottom line across categories for 2026. However, Pareja said adding the franchise positions AGNT favorably for the future as nearly 400,000 agents who work in franchises might explore greener pastures at a new brokerage as their agreements come up for renewal.
“That NextHome acquisition was really important as a platform, so we can now compete in a space that we think is going to be ripe for opportunity,” Pareja said, adding, “but as Jesse commented earlier, the gross margin in that business is a completely different profile. Right now, it’s not adding meaningfully to the contribution, but we see that as a huge green-shoot opportunity from both margin expansion, revenue expansion.”
Pareja also emphasized that eXp is shedding its least productive agents, with 67% of non-productive U.S. agents who left the brokerage in Q2 exiting the industry altogether. However, the company is seeing higher agent production and retention as its new agents flock to join teams, he explained.
“Forty-one percent of new Q2 agents joined on teams, and agents on teams are 78% more productive than individual agents,” Pareja told investors. “Our co-sponsor program just hit a one-year anniversary. Agents with a co-sponsor show 40% higher production and have 10% higher retention rate.”
