eXp World Holdings (Nasdaq: AGNT) reported Q1 2026 revenue of $1.0 billion, a 5% year-over-year increase, alongside an 88% jump in Adjusted EBITDA to $4.1 million. The company also announced the first two franchise offices to join NextHome since eXp completed its acquisition of the franchise last week.
The earnings and the expansion were both announced Monday, showing eXp is wasting no time putting its multi-model strategy to work.
eXp’s Q1 Numbers
eXp revenue grew from $954.9 million in Q1 2025 to $1.0 billion this quarter. This was driven by a 5% increase in real estate sales volume to $40.7 billion and a 2% uptick in transactions to 91,598. Agent count on the eXp Realty platform ticked up 1% to 82,332 as of March 31, 2026.
The bottom line improved, too. Net loss narrowed to $5.1 million from $11.0 million a year ago. Operating expenses dropped 3% to $84.1 million, and the company ended the quarter with $122.1 million in cash, up from $115.7 million at the same point last year.
CFO Jesse Hill noted that the NextHome acquisition was completed using cash on hand.
“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. We generated revenue of $1.0 billion and Adjusted EBITDA of $4.1 million, an 88% improvement that further strengthened our financial position. More recently, we executed the strategic NextHome acquisition using cash on hand and zero debt. Moving forward, we remain committed to maintaining our financial discipline, with an acute focus on continued operational efficiency and cost management.”
What the NextHome Deal Looks Like in Practice
Hours after releasing earnings, eXp announced that brokerage operator Albert Meggers launched two NextHome offices in Southern California. NextHome Central Coast in Pismo Beach is led by Jay Peet, and NextHome Coastal Estates in Oxnard is led by Omar Velazquez. The two offices open with nearly 200 agents combined.
Previously a franchise owner at Keller Williams Realty, Meggers explained why he chose NextHome:
“Real estate is going through a period of punctuated change, and we have a voice in shaping the future based on who we affiliate with. “If you honestly look at where NextHome fits within the real estate industry, the vast majority of agents align with its values. I’m excited to operate under a brand I can be proud of: a company that lives its values, supports its people, and genuinely cares about its operators. I’m confident I’ve found that at NextHome.”
NextHome’s large-office franchise model is relatively new, and the Meggers launch is one of the first real looks at how it works in practice. The model is built around giving experienced operators more flexibility in how they run and grow their businesses.
- Multiple technology paths available under a single franchise agreement
- Designed to reduce operational overlap across brokerage systems
- Operators can choose the structure that fits their business rather than adapting to a one-size-fits-all setup
James Dwiggins, President of NextHome, described what the model is designed to attract:
“NextHome has built something genuinely differentiated in the franchise space: a model that puts the operator first and a culture that agents are proud to be part of. The launch of NextHome Coastal Estates and NextHome Central Coast is a strong signal of what’s possible when an experienced operator finds the right partner. “Albert and his teams are exactly the kind of leaders this model was built for, and we could not be more excited to welcome them to NextHome.”
eXp CEO Leo Pareja welcomed Meggers in a recent Facebook post describing him as the “first large-office franchisee to join from a legacy franchise system.”
Looking Ahead
The brokerage industry is in the middle of a consolidation cycle, with firms across the country either merging, acquiring, or restructuring. eXp’s bet is that combining its cloud-based brokerage (eXp Realty) with a brick-and-mortar franchise brand (NextHome) provides more options for real estate professionals.
When eXp acquired NextHome, it also started trading under the ticker AGNT, a rebrand it says reflects its positioning as a platform company built around agents. The parent company now houses eXp Realty, NextHome, FrameVR.io, and SUCCESS Enterprises.
Looking ahead, eXp is guiding for Q2 revenue between $1.36 billion and $1.45 billion and full-year revenue between $4.85 billion and $5.15 billion. Full-year Adjusted EBITDA guidance sits between $50 million and $75 million.
Whether the multi-model approach pays off long-term is still an open question. But with the first NextHome franchise offices already opening and a billion-dollar quarter behind it, eXp is moving to put distance between itself and the pack.
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