The digital-focused Real Brokerage’s agent count grew by over 10,000 during 2025, passing the 30,000 agent mark in September. The company ended Q4 2025 with 31,739 agents on its platform, per its latest earnings report, and saw closed transactions grow by 38% to nearly 49,000.
During the investor Q&A section of the earnings call, the Real leadership team fielded questions about its agent count. One question was related to whether changes in the market during 2025, particularly the Compass and Anywhere merger that closed this past January, create “more opportunity” for the Real Brokerage to attract agents.
“There are a lot of moving parts right now in the industry and a lot of uncertainty for many agents. I think that when it comes to us, we still have a very strong pipeline,” answered Real Founder and CEO Tamir Poleg, adding that the brokerage has aimed to not be “opportunistic” in approaching agents from brokerages that recently underwent mergers.
“We believe in our value and believe that we should not rely on just occasions in the industry in order to attract agents. So the pipeline is strong. We think that there is an opportunity to double down even more on agent attraction, and in the coming weeks, we will announce some exciting things around that.”
Real is known for its commission model, which offers an 85/15 commission split until an agent hits an annual cap, then agent keeps 100%. On this earnings call, Chief Financial Officer Ravi Jani reported that the brokerage saw a 400% basis point increase in the proportion of agents who’ve reached that cap completing transactions.
“While these post-cap transactions carry a lower margin for the brokerage, they are a core element supporting agent retention, evidenced by our revenue churn improving to 1.6% in the fourth quarter, down from 1.8% in the prior year,” Jani said.
When asked if improved agent recruitment can be attributed to Real’s product offerings, Poleg answered that: “I think that our performance on agent retention is especially remarkable given all of the dynamics in the market and the fact that agents are really hurting right now. I think that everything that we release—LEO (Real’s 24/7 concierge), RealWallet (Real’s financial platform), all of the features, all of the technology that we offer agents—adds an incremental way to value the platform.”
Asked if margins of capped agent transactions will “normalize” as the market picks up, Jani said that: “Given where we ended 2025 and entered 2026, we expect to see this mix shift dynamic in the first half, and then that should level off. And I think the important thing to keep in mind is that while we are focused on the margin rate, we are also focused on the gross profit dollars and our ability to grow the gross profit dollars faster than we grow (operating expenses), which we proved throughout 2025.”
Real Brokerage’s financials in Q4 2025
The Real Brokerage had previously reported revenue growth during Q3 2025 and it kept up that momentum. As of Q4, Real’s revenue increased by 44% year-over-year to $505.1 million. For the full year of 2025, the brokerage’s revenue was up 56% to $2 billion. Furthermore, the brokerage’s number of closed transactions was up 38% in Q4.
Gross profit in Q4 was up 30% year-over-year at $39 million, but was slightly dwarfed by operating expenses. In Q4, Real Brokerage’s operating expenses increased 22% year-over-year to $44.3 million.
Real Brokerage’s adjusted earnings before interest, taxes, debt and amortization (EBITDA) was $14.2 million in Q4, up from $9.1 million in Q4 2024.
As for further expenses, the Real Brokerage previously settled the nationwide class-action buyer commission lawsuits; the Real Brokerage will pay $750,000 into the settlement fund, per final approval, but will not be required to admit wrongdoing.
“In 2025, we generated $65.9 million of cash from operating activities and ended the year with $49.9 million of unrestricted cash and short-term investments and no debt,” said Jani in a statement. “We repurchased $39.4 million of common shares during the year while continuing to invest in platform innovation and ancillary expansion. Looking ahead, we remain focused on driving organic growth, expanding margins and allocating capital to generate long-term value.”
Chief Operating Officer Jenna Rozenblat added in the Real Brokerage’s release that “As we enter 2026, we remain focused on investing in technology and expanding adoption of our ancillary services to enhance agent productivity and deepen engagement across our network.”
Of the Real Brokerage’s services, One Real Title generated higher revenue both in Q4 2025 ($1.4 million, compared to $1.3 million in Q4 2024) and for the full year of 2025 ($5 million, compared to $4.8 million in 2024). One Real Mortgage’s revenue increased year-over-year in Q4 from $1.2 million to $1.5 million. For the full year, One Real Mortgage’s revenue increased from $4 million in 2024 to $6 million in 2025, driven by more loan officers joining the platform per Real’s own release.
As for RealWallet (which launched in October 2024), it reported full revenue in 2025 as $889,000, compared to $42,000 it generated in the last months of 2024. Real reports that more than 7,000 agents are using Real Wallet business checking accounts.
For the full Real Brokerage Q4 earnings report, click here.
