eXp World Holdings reported first quarter 2026 results Monday morning that exceeded the company’s revenue expectations and showcased what it described as operational improvements—even as executives signaled a strategic pivot through its acquisition of NextHome, a move that fundamentally broadens how eXp approaches the agent market.
The company reported a revenue of $1 billion, up 5% year-over-year, with adjusted EBITDA of $4.1 million, an 88% increase from the $2.2 million during Q1 2025. Net losses narrowed to $5.1 million from $11 million a year ago. Operating expenses declined 3% year-over-year to $84.1 million despite revenue growth, reflecting cost discipline from operational restructuring in 2025.
During the company’s Q1 earnings investor call, eXp World Holdings Founder and CEO Glenn Sanford and Leo Pareja, CEO of eXp Realty, both emphasized disciplined growth and cost control. In the company’s press release, CFO Jesse Hill stated, “I am pleased with our first quarter results, which are a direct reflection of the company’s scale and our focus on operational efficiency across eXp World Holdings.”
NextHome as a strategic pivot
While eXp downplayed NextHome’s near-term financial impact—Hill noted that its financial contribution will be “modest when you layer it against our full consolidated results”—executives framed the deal as positioning eXp for a multi-model future.
The acquisition brings approximately 5,500 agents at over 500 franchises under the eXp umbrella.
Pareja explained the strategic rationale during the investor Q&A.
“We specifically went for a young, growing, well-recognized, highly rated franchise system,” Pareja said. “I see this opportunity where these companies that are legacy players, that are now owned by new ownership, are seeing contraction, and that created a massive opportunity for us.”
The deal was funded in cash from eXp’s balance sheet—the company ended Q1 with $122.1 million in cash and invested in the NextHome acquisition while maintaining zero debt, per the press release. The company did not discuss the specifics of the transaction.
Rather than folding the franchise system into eXp Realty, executives indicated NextHome will operate as a distinct division with operational autonomy.
“There will be no changes to the NextHome brand,” Pareja told investors. “It is a different offering as a complete separate chassis.”
Pareja also got into more specifics as to why eXp values NextHome in the current landscape.
“Going into a world where consolidation and roll-ups are happening, it’d be wise to not underestimate the leadership groups that come together, because we are in a very specific, independent contractor-driven business that is personality-driven,” he said. “And people follow people. We have very large buying power, so there’s gonna be quite a bit of synergies on technology that we purchase across the board.”
Sanford characterized the NextHome acquisition as part of a broader evolution in the company’s positioning. The company also changed its stock ticker from EXPI to AGNT—rebranding itself as an “agent platform” rather than a single brokerage.
“With the acquisition of NextHome, eXp World Holdings has evolved into a borderless, multi-model leader,” Sanford said in the press release. “This strategic move, punctuated by our new ticker ‘AGNT,’ reflects our position as a forward-thinking operating platform built to power the modern agent.”
Hill said the company will provide a more complete assessment of NextHome’s impact on full-year results when it reiterates its guidance at the midpoint of the year.
