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Adjusted EBITDA by Segment
Breaks down adjusted EBITDA across eXp’s business lines to reveal which segments are truly profitable and which consume cash. Highlights margin strength, scalability of the cloud brokerage model, and where management may need to cut costs or invest for future growth.Adjusted EBITDA has shifted from broad drag to modest, concentrated profitability: North America’s margin gains (driven by 2025 cost saves) and shrinking International losses are the primary drivers, Other Affiliated Services is approaching break‑even, and Virbela has been de‑emphasized from the P&L—cleaning up comparability. Management’s Q1 beat validates this momentum, but persistent corporate overhead and macro caution mean future upside hinges on sustaining NA margin improvements and converting NextHome/SUCCESS initiatives into recurring EBITDA rather than one‑time gains.
Date | Corporate | North American Realty | International Realty | Other Affiliated Services | Virbela |
|---|---|---|---|---|---|
Jun 30, 2026 | -$3.52M | $30.73M | -$1.31M | -$188.00K | $0.00 |
Mar 31, 2026 | -$3.36M | $9.96M | -$1.42M | -$130.00K | $0.00 |
Dec 31, 2025 | -$3.40M | $9.13M | -$2.87M | -$760.00K | $0.00 |
Sep 30, 2025 | -$2.50M | $23.10M | -$1.59M | -$1.30M | $0.00 |
Jun 30, 2025 | -$2.43M | $19.78M | -$3.86M | -$2.29M | $0.00 |
Mar 31, 2025 | -$2.51M | $7.74M | -$1.61M | -$1.46M | $0.00 |
Dec 31, 2024 | -$2.44M | $14.04M | -$2.08M | -$1.84M | $0.00 |
Sep 30, 2024 | -$2.00M | $28.90M | -$1.67M | -$1.28M | $0.00 |
Jun 30, 2024 | -$2.33M | $38.50M | -$2.38M | -$988.00K | $0.00 |
Mar 31, 2024 | -$2.64M | $17.81M | -$3.35M | -$767.00K | $0.00 |