This
platform-first
strategy
translated
into
continued
organic
expansion
in
2025,
even
as

existing
home
sales
remained
well
below
long-term
averages.

Fourth-quarter
2025
revenue
rose
44%
year
over
year
to
$505.1
million,
up
from
$350.6
million
in
Q4
2024.
For
the
full
year,
revenue
climbed
56%
to
$2
billion,
up
from
$1.3
billion
in
2024.

Closed
transactions
increased
38%
year
over
year
in
the
fourth
quarter
to
48,903
sides.
For
the
full
year,

Real
closed
185,314
transactions,
up
54%
from
120,601
in
2024.

Total
transaction
value
reached
$20.3
billion
in
the
fourth
quarter
and
$75.3
billion
for
the
year.

Agent
count
rose
31%
year
over
year
to
31,739
at
year’s
end
and
has
since
surpassed
33,000.

Gross
profit
increased
30%
in
the
fourth
quarter
to
$39
million
and
44%
for
the
full
year
to
$165.7
million.
Net
loss
attributable
to
owners
narrowed
to
$4.2
million
in
Q4,
down
from
$6.6
million
in
the
same
period
a
year
earlier.
For
2025,
the
net
loss
improved
to
$8.1
million
compared
to
$26.5
million
in
2024.

Adjusted
EBITDA
rose
56%
in
the
fourth
quarter
to
$14.2
million
and
was
up
57%
for
the
full
year
to
$62.9
million.

Margins
tightened
modestly
due
to
mix
shift
as
more
agents
reached
their

commission
caps.

“In
the
fourth
quarter,
we
saw
a
400-basis-point
increase
in
the
proportion
of
transactions
completed
by
agents
who
have
reached
their
annual
commission
cap,”
said

Ravi
Jani,
the
company’s
chief
financial
officer.
“While
these
post-cap
transactions
carry
a
lower
margin
for
the
brokerage,
they’re
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.”

Expense
leverage
and
balance-sheet
strength

Operating
expenses
rose
22%
year
over
year
in
the
fourth
quarter
to
$44.3
million
and
rose
25%
for
the
full
year
to
$174.9
million.

Adjusted
operating
expense
per
transaction
declined
22%
to
$440,
compared
to
$565
a
year
earlier.

Real
generated
approximately
$66
million
in
operating
cash
flow
for
the
full
year
and
repurchased
$39
million
of
its
common
stock
—
including
$15
million
in
the
fourth
quarter.
The
company
ended
2025
with
$49.9
million
in
unrestricted
cash
and
investments
and
no
debt.

“Our
capital
allocation
strategy
remains
disciplined,
focused
on
maintaining
ample
liquidity
to
fund
our
organic
growth
while
retaining
the
flexibility
to
return
capital
to
shareholders
and
evaluate
strategic
(mergers
and
acquisitions),”
Jani
said.

Mortgage
and
title
services

Ancillary
services
continued
to
expand
as
Real
worked
to
capture
more
of
the
transaction
life
cycle.

One
Real
Mortgage
generated
$6
million
in
revenue
in
2025,
up
50%
year
over
year.
Fourth-quarter
mortgage
revenue
rose
26%
to
$1.5
million.
As
of
February
2026,
the
mortgage
unit
had
119
loan
officers
—
including
85
affiliated
with
the
Real
Originate
program.

Poleg
said

leadership
changes
are
aimed
at
accelerating
performance.
“In
January,
we
were
pleased
to
welcome
Kate
Gurevich
as
CEO
of
One
Real
Mortgage
and
look
forward
to
seeing
accelerating
growth
and
improved
profitability
under
her
leadership,”
he
said.

One
Real
Title
produced
$5
million
in
revenue
in
2025,
up
5%
from
2024,
including
$1.4
million
in
the
fourth
quarter.

The

title
business
now
operates
13
joint
ventures
across
17
states
and
expects
to
open
three
more
in
2026
as
it
transitions
from
team-based
to
state-based
joint
ventures.

Fintech
and
AI
deepen
integration

Real
Wallet
generated
nearly
$900,000
in
revenue
in
its
first
full
year
—
including
$339,000
in
the
fourth
quarter.

The
product
carries
77%
gross
margins
and
is
running
at
a
roughly
$1.5
million
annualized
pace.
More
than
7,000
agents
use
Real
Wallet,
with
approximately
$23
million
in
deposits.

“We
view
Wallet
not
only
as
a
revenue
opportunity,
but
as
a
deeper
integration
point
with
our
agents’
daily
financial
workflows,”
Poleg
said.
“While
brokerage
remains
the
core
engine
of
the
business,
these
ancillary
services
represent
the
next
layer
of
value
creation.
They
increase
engagement,
improve
retention,
and
expand
revenue
and
gross
margin
per
transaction.”

In
the
fourth
quarter,
the
company

extended
its
artificial
intelligence
(AI)
capabilities
to
consumers
through
HeyLeo.com,
an
AI-powered
home
search
and
engagement
portal.

“This
isn’t
just
a
search
site
—
it’s
a
full
AI
relationship
manager
that
provides
each
of
our
agents
with
a
customized
web
portal,
a
dedicated
SMS
phone
line
and
a
dedicated
HeyLeo
email
address,”
chief
operating
officer

Jenna
Rozenblat
said.
“The
power
of
HeyLeo
lies
in
its
Atlas
skill
layer.
It’s
backed
by
comprehensive

MLS
data
with
180
integrations
today
and
a
target
of
400
integrations
by
July
—
and
nationwide
school
and
neighborhood
insights.

“Whether
a
buyer
is
texting
a
question
about
a
school
zone
or
emailing
about
a
kitchen
layout,
the
AI
provides
instant
data-backed
responses.”

Recruiting
outlook
amid
industry
disruption

Poleg
said
industry
consolidation
—
such
as

Compass‘s

acquisition
of

Anywhere
—
has
not
changed
Real’s
approach
to

recruiting.

“There
are
a
lot
of
moving
parts
right
now
in
the
industry,
and
a
lot
of
uncertainty
for
many
agents,”
Poleg
said.
“I
think
that
when
it
comes
to
us,
we
still
have
a
very
strong
pipeline.
We
have
not
tried
to
be
opportunistic
with
approaching
teams
or
agents
that
were
part
of
some
mergers
in
the
industry.

“We
believe
in
our
value.
We
think
that
there’s
an
opportunity
to
double
down
even
more
on
agent
attraction,
and
in
the
coming
weeks,
we
will
announce
some
exciting
things
around
that.”

Although

severe
winter
weather
across
much
of
the
country
slowed
housing
market
activity
in
January
and
February,
company
leaders
expect
organic
growth
to
continue
outpacing
the
broader
housing
market
in
2026,
with
revenue
and
gross
profit
expanding
faster
than
operating
expenses.

For
Poleg,
the
long-term
objective
remains
clear.
“Brokerage
was
our
starting
point,
but
the
platform
is
our
destination,”
he
said.