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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
SEGMENT INFORMATION  
SEGMENT INFORMATION
10.SEGMENT INFORMATION

Segment information aligns with how the Chief Operating Decision Maker (“CODM”), Glenn Sanford, Chief Executive Officer of eXp World Holdings, Inc., manages the business and allocates resources as three operating segments. The Company determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has discrete financial information, and is (iii) regularly reviewed by the CODM. Once operating segments are identified, the Company performs a quantitative analysis of the current and historic revenues and profitability for each operating segment, together with a qualitative assessment to determine if operating segments have similar operating characteristics. The Company has three operating segments and three reportable segments.

The CODM uses revenues, segment adjusted EBITDA, and operating income (loss) as key metrics to evaluate the operating and financial performance of a segment, identify trends affecting the segments, develop projections and make strategic business decisions. The CODM also regularly reviews commissions and other agent-related costs to assess segment performance. Commissions and other agent-related costs include sales commissions, revenue share and stock-based compensation paid to the Company’s agents. segment adjusted EBITDA for the reportable segments is defined as net income before depreciation and amortization, interest expense, income taxes, stock compensation expense, stock option expense, and other items that are not core to the operating activities of the Company. The Company’s three reportable segments are as follows:

●North American Realty: includes real estate brokerage operations in the United States and Canada, as well as lead-generation and other real estate support services provided in North America.
●International Realty: includes real estate brokerage operations in all other international locations.
●Other Affiliated Services: includes SUCCESS® Magazine and other ancillary ventures.

The Company also reports corporate expenses, as further detailed below, as “Corporate expenses and other” which include expenses incurred in connection with business development support provided to the agents as well as resources, including administrative, brokerage operations and legal functions.

All segments follow the same basis of presentation and accounting policies as those described in Note 2 – Summary of Significant Accounting Policies. The following table provides information about the Company’s reportable segments and a reconciliation of the total segment Revenues to consolidated Revenues. Financial information for the comparable prior periods presented have been revised to conform with the current year presentation.

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Revenues

​

Year Ended December 31,

​

2025

​

2024

​

2023

North American Realty

$ 4,624,913

​

$ 4,478,293

​

$ 4,220,063

International Realty

146,930

​

88,146

​

53,931

Other Affiliated Services

2,873

​

6,105

​

4,802

Commissions reconciliation:

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​

​

​

​

Segment eliminations

(2,405)

​

(4,872)

​

(4,975)

Consolidated revenues

$ 4,772,311

​

$ 4,567,672

​

$ 4,273,821

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​

​

​

​

​

​

​

Commissions and other agent-related costs

​

Year Ended December 31,

​

2025

​

2024

​

2023

North American Realty

$ 4,315,316

​

$ 4,153,113

​

$ 3,910,851

International Realty

122,061

​

71,657

​

43,103

Other Affiliated Services

1,356

​

2,742

​

2,448

Commissions reconciliation:

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Segment eliminations

-

​

(2,235)

​

(2,505)

Consolidated commissions and other agent-related costs

$ 4,438,733

​

$ 4,225,277

​

$ 3,953,897

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Adjusted EBITDA

​

Year Ended December 31,

​

2025

​

2024

​

2023

North American Realty

$ 59,753

​

$ 99,253

​

$ 91,101

International Realty

(9,933)

​

(9,481)

​

(13,657)

Other Affiliated Services

(5,804)

​

(4,876)

​

(3,795)

Corporate expenses and other

(10,844)

​

(9,413)

​

(8,321)

Consolidated adjusted EBITDA

$ 33,172

​

$ 75,483

​

$ 65,328

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Income (loss) before income tax expense reconciliation:

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Depreciation and amortization expense

9,562

​

10,289

​

10,892

Impairment expense

-

​

4,930

​

-

Litigation contingency

-

​

34,000

​

-

Stock-based compensation expense

38,610

​

37,285

​

43,178

Stock option expense

6,466

​

7,973

​

10,736

Other (income) expense, net

(1,232)

​

(3,277)

​

(2,995)

Consolidated income (loss) before income tax expense

($ 20,234)

​

($ 15,717)

​

$ 3,517

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Operating Income (Loss)

​

Year Ended December 31,

​

2025

​

2024

​

2023

North American Realty

$ 9,322

​

$ 16,468

​

$ 33,388

International Realty

(11,674)

​

(10,492)

​

(14,248)

Other Affiliated Services

(6,153)

​

(11,615)

​

(4,590)

Segment Operating Income (Loss)

(8,505)

​

(5,639)

​

14,550

Corporate expenses and other

(12,961)

​

(13,355)

​

(14,028)

Consolidated Operating Income (Loss)

(21,466)

​

(18,994)

​

522

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​

​

​

​

​

Goodwill

​

December 31, 2025

​

December 31, 2024

North American Realty

$ 17,872

​

$ 17,226

International Realty

-

​

-

Other Affiliated Services

-

​

-

Segment and consolidated total

17,872

​

17,226

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Geographical information

For the years ended December 31, 2025, 2024 and 2023 approximately 13%, 11% and 9%, respectively, of the Company’s total revenue was generated outside of the U.S. Long-lived assets held outside of the U.S. were 10% and 17% as of December 31, 2025 and 2024, respectively.

The Company’s CODM does not use segment assets to allocate resources or to assess the performance of the segments and therefore, total segment assets have not been disclosed.