Real Brokerage Posts $2b In Revenue In 2025 As Business Strategy Gains Traction

The Real Brokerage is positioning itself well after ending 2025 with roughly $2 billion in revenue, expanded agent ranks, and growing contributions from mortgage, title and financial services.

Chairman and CEO Tamir Poleg opened the company’s earnings call on Wednesday by framing results within a broader vision for the business.

“When we started Real, our goal wasn’t to build a better brokerage. It was to reinvent the model entirely — economically, technologically and culturally,” he said. “Traditional firms were built on physical infrastructure and overhead with technology as an afterthought. We chose a different path.

“We aligned our economics with agents, built a unified system for the entire transaction life cycle, and we focused on culture by treating our agents as long-term partners.”

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.