REAL released its fourth quarter and full-year 2025 financial results, and the numbers show continued momentum for one of the fastest-growing publicly traded real estate brokerages in North America.
While Wall Street may focus on revenue growth and profitability, real estate agents tend to look at a different set of metrics — things like agent count, transaction growth, revenue share payouts, and the health of the company’s balance sheet.
Here’s a breakdown of the most important numbers agents should understand from REAL’s 2025 financial report.
Explosive Revenue Growth
One of the headline numbers from REAL’s 2025 report is the company’s massive revenue growth.
$2.0 billion in revenue for 2025
Up 56% year-over-year from $1.3 billion in 2024
In the fourth quarter alone, REAL generated:
$505.1 million in revenue
Up 44% compared to Q4 2024
For agents evaluating the company, revenue growth is important because it reflects how quickly the brokerage is expanding its transaction volume and market share, even during a slower housing market.
According to CEO Tamir Poleg, the company continued gaining share despite what he described as a “tepid housing environment.”
Transaction Volume and Sales Growth
REAL’s rapid expansion is largely driven by a sharp increase in transactions and sales volume across its agent network.
2025 Transaction Growth
185,314 transactions closed in 2025
Up 54% from 120,601 in 2024
Fourth quarter results also showed strong momentum:
48,903 transactions closed in Q4
Up 38% year-over-year
Total Real Estate Volume
REAL agents closed:
$75.3 billion in transaction volume in 2025
Up 53% from $49.0 billion in 2024
That type of growth signals that REAL agents are not only increasing in number but also producing significant transaction volume across the platform.
Agent Count Continues to Climb
One of the most closely watched metrics inside REAL’s ecosystem is agent count, since the brokerage operates a collaborative model where growth strengthens the entire network.
At the end of 2025:
31,739 agents were on the REAL platform
Up 31% year-over-year
By early March 2026, that number had already grown to:
More than 33,200 agents
For agents at REAL, this matters because a growing network fuels collaboration, referrals, and revenue share opportunities.
Revenue Share Payouts Continue Rising
REAL’s revenue share model is one of the brokerage’s most unique features, and the financial report gives a glimpse into how much is being paid out to agents.
Revenue Share Expense
$60.5 million paid in revenue share in 2025
Up 42% from $42.7 million in 2024
Fourth quarter revenue share payouts totaled:
$14.6 million
Up 53% year-over-year
For agents building a referral network inside REAL, this metric reflects how much income is flowing back to the agent community through the revenue share program.
Profitability Is Improving
Another important takeaway from the report is that REAL continues moving closer to profitability while still growing aggressively.
Net Loss Shrinking
For the full year 2025:
Net loss improved to $8.1 million
Compared to $26.5 million in 2024
That represents a 69% improvement year-over-year.
Adjusted EBITDA
REAL reported:
$62.9 million in adjusted EBITDA for 2025
Up from $40 million in 2024
This metric is often used by analysts to evaluate operating profitability before certain accounting adjustments.
Operating Efficiency Is Improving
Another metric that agents often overlook — but investors closely watch — is operating efficiency.
REAL reported a significant improvement in adjusted operating expense per transaction.
$440 per transaction in Q4 2025
Down 22% from $565 in Q4 2024
This indicates the company is scaling its platform efficiently, meaning costs are not rising as quickly as transaction volume.
For a cloud-based brokerage, this type of efficiency is a key part of the long-term business model.
A Strong Balance Sheet
Financial stability is another area where REAL stands out compared with many venture-backed technology companies.
At the end of 2025, REAL reported:
$49.9 million in cash and short-term investments
No debt
In addition, the company generated:
$65.9 million in cash from operating activities in 2025
The company also repurchased:
9 million shares of stock
For $39.4 million
For agents and investors alike, this suggests REAL is financially stable while still investing in growth.
Growth in REAL’s Ancillary Services
Another major focus for the company is expanding adoption of its ancillary services ecosystem.
One Real Mortgage
$6.0 million in revenue in 2025
Up from $4.0 million in 2024
The company now has:
119 loan officers
Including 85 in the Real Originate program
One Real Title
$5.0 million in revenue in 2025
Slightly up from $4.8 million in 2024
Real Wallet
REAL’s fintech platform also saw significant growth:
$889,000 in revenue in 2025
Up from $42,000 in 2024
Adoption continues increasing:
7,000+ agents using Real Wallet accounts
$22.5 million in deposits
$8 million in outstanding credit
These services are designed to increase agent productivity while creating additional revenue streams for the company.
Leadership Moves and Company Updates
The company also made several strategic leadership announcements entering 2026.
Orlando-based agent leader Ken Pozek joined REAL’s Board of Directors, bringing active agent representation to the board.
Meanwhile, mortgage industry veteran Kate Gurevich was appointed CEO of One Real Mortgage, with a focus on scaling the mortgage platform.
REAL also reached a settlement agreement related to the Cwynar class action lawsuit, agreeing to pay $750,000 into a settlement fund, pending court approval.
The Big Picture for Agents
For agents evaluating REAL’s trajectory, the 2025 financial report highlights several important trends:
Rapid agent growth
Strong transaction and volume expansion
Increasing revenue share payouts
Improving profitability and efficiency
Continued investment in technology and ancillary services
Even in a slower housing market, REAL continues expanding both its agent network and transaction volume at a rapid pace.
If these trends continue, the company appears well positioned to keep scaling its agent community while building out the broader ecosystem of services designed to help agents grow their businesses.
Read the full official press release here.
