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    AGNT
    Earnings call· Jun 2026(Q2 FY26)

    AGNT Q2 FY26 earnings call AGNT

    Aug 4, 2026 Source

    Executive summary

    AGNT Q2 FY26 — Record Revenue Driven by Agent Productivity and AI Efficiency

    AGNT delivered a record revenue quarter, driven by increased agent productivity and strategic AI integration across its multimodel platform. The company is successfully leveraging AI to enhance operational efficiency and agent tools, particularly in its rapidly growing international segment. While navigating macro headwinds, AGNT is focused on controlling controllable factors and playing offense on AI and efficiency.

    Highlights

    5

    • Record revenue of $1.4 billion, up 11% year-over-year.

    • Transactions grew 12% year-over-year to over 132,000.

    • Adjusted EBITDA up 129% year-over-year to $25.7 million, above guidance.

    • International revenue grew 44% year-over-year, with operating loss cut by 57% and adjusted EBITDA loss cut by 66%.

    • U.S. brokerage gained 3% market share in Q2.

    Concerns

    4

    • Operating expenses were $97.2 million, $200,000 above the high end of guidance, driven by one-time nonrecurring costs.

    • Continued uncertainty from macro factors like sticky inflation, Middle East conflict, and weakening Japanese yen.

    • 10-year Treasury yield climbing to 4.7%, highest since Jan 2025.

    • Softening housing activity expected in H2 2026 due to macro pressures.

    Guidance & targets

    7
    CategoryTargetConfidence
    Q3 Revenue
    $1.35B-$1.45B
    high materiality
    High
    Q3 Operating Expenses
    $85M-$90M
    medium materiality
    High
    Q3 Adjusted EBITDA
    $17M-$22M
    high materiality
    High
    Full-year 2026 Revenue
    $4.85B-$5.15B
    high materiality
    High
    Full-year 2026 Operating Expenses
    $355M-$365M
    medium materiality
    High
    Full-year 2026 Adjusted EBITDA
    $50M-$60M
    high materiality
    High
    International Expansion
    50 countries
    medium materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    North America Realty
    Continues to be the largest revenue and profit generator for the company.
    		$1.4B10%—$30.7M Adjusted EBITDA
    International
    Fastest-growing segment, with significant improvements in profitability metrics despite continued investment in expansion. Running very lean and some countries are turning profitable.
    Operating loss improved: 57% YoYAdjusted EBITDA loss improved: 66% YoY
    		$46.4M44%—-$1.8M Operating Loss
    Other
    Revenue roughly flat year-over-year, with a significant improvement in adjusted EBITDA loss.
    Adjusted EBITDA loss improved: 92%
    		$0.7Mflat—-$0.2M Adjusted EBITDA Loss

    Operational metrics

    22
    Agents
    87,338up 6% YoY
    Q2 FY26

    Total number of agents at quarter-end.

    Real estate sale transactions
    132,000up 12% YoY
    Q2 FY26

    Total real estate sale transactions completed.

    Productivity per person (PPP)
    5.5up 6% YoY
    Q2 FY26

    Measure of agent productivity.

    Sales volume
    15%up 15% YoY
    Q2 FY26

    Increase in sales volume driven by higher agent productivity.

    Gross profit growth
    7%up 7% YoY
    Q2 FY26

    Growth in gross profit, excluding one-time items.

    Operating income growth
    169%up 169% YoY
    Q2 FY26

    Growth in operating income, compared to an operating loss in Q2 2025.

    Operating expenses
    $97.2M$200k above high end of guidance
    Q2 FY26

    Operating expenses for the quarter, noting the deviation from guidance due to specific costs.

    Adjusted EBITDA
    $25.7Mup 129% YoY
    Q2 FY26

    Adjusted EBITDA for the quarter, exceeding the high end of guidance.

    Cash on balance sheet
    $111.2Mup 18% YoY
    Q2 FY26

    Cash balance at the end of the quarter.

    International operating loss improvement
    57%YoY
    Q2 FY26

    Improvement in the operating loss for the international segment.

    International adjusted EBITDA loss improvement
    66%YoY
    Q2 FY26

    Improvement in the adjusted EBITDA loss for the international segment.

    Nonproductive agents leaving industry
    67%
    Q2 FY26

    Percentage of nonproductive agents who left eXp and also left the industry altogether.

    New Q2 agents joining teams
    41%
    Q2 FY26

    Percentage of new agents in Q2 who joined on teams.

    Productivity of agents on teams vs individual
    78% higher
    Q2 FY26

    Agents on teams are significantly more productive than individual agents.

    Cosponsor program agent production
    40% higher
    Q2 FY26

    Agents with a cosponsor show higher production.

    Cosponsor program agent retention
    10% higher
    Q2 FY26

    Agents with a cosponsor have a higher retention rate.

    Doc AI documents reviewed
    5 million
    Q2 FY26

    Cumulative number of documents reviewed by Doc AI.

    Doc AI daily uploads validated
    22,000
    Q2 FY26

    Daily uploads validated by Doc AI at a perfect score.

    Task center automation files handled per analyst
    19% increaseYoY
    Q2 FY26

    Increase in efficiency due to task center automation.

    FastCAP usage
    2,800 times
    Q2 FY26

    Usage count for the AI-powered agent development tool.

    US brokerage market share gain
    3%
    Q2 FY26

    Market share gained by the U.S. brokerage relative to the total U.S. real estate market.

    10-year Treasury yield
    4.7%highest since Jan 2025
    Q2 FY26

    Reflects bond market pressure due to macroeconomic factors.

    Deals & partnerships

    1
    NextHomeAcquisition of a premier franchise experience to create a multimodel platform (eXp Realty + NextHome) and expand agent offering.

    Added approximately 4,900 agents. Revenue is derived from franchise fees, not gross commission income.

    Risks & headwinds

    3
    Macroeconomic uncertaintyH2 2026

    10-year Treasury yield climbing to 4.7% (highest since Jan 2025); sticky inflation, Middle East conflict, weakening Japanese yen.

    Mitigation: Focus on controlling the controllable, playing offense on AI and efficiency, defense on the balance sheet.

    Softening housing activityH2 2026

    Expected to track softer to year-end.

    Mitigation: Focus on agent productivity and platform value to gain market share.

    Heightened legal costsQ2 2026 and H2 2026

    $8 million in one-time legal costs in Q2; reflected in tightened OpEx guidance for H2.

    Mitigation: Reflected in guidance, implies ongoing management.

    What to watch in Q3 FY26

    5

    Q3 Revenue Guidance

    Q3 FY26
    CurrentQ2 revenue $1.4B, up 11% YoY
    Target$1.35B-$1.45B

    Why it matters

    To assess the impact of macro headwinds🌐 and the company's ability to maintain growth.

    Starting with the third quarter, we expect revenue in the range of $1.35 billion to $1.45 billion

    Q&A highlights

    6

    What was the organic agent growth excluding NextHome, and what was NextHome's revenue contribution in the quarter?

    Organic agent growth was modest (over 100 agents) in Q2, with NextHome contributing approximately 4,900 agents. NextHome is a franchise model, so its revenue contribution from franchise fees is modest (sub-10%) and not comparable to traditional brokerage GCI.

    “NextHome, it's important to point out that it's a franchise model. And so we're not recording revenue in the same way, and I'm explaining this for the full audience, Tom. I think you know this, but we're not reporting revenue in the same way as we do our traditional U.S. brokerage, which records revenue at gross commission income. NextHome is the franchise model, and we get revenue there in different ways, franchise fees notably.”

    asked by Thomas White · answered by Jesse Hill

    2 min read6 chapters

    Detailed Narrative

    01

    Multimodel Platform Strategy

    AGNT is evolving into a global operating system for real estate entrepreneurs, offering two models: eXp Realty (cloud-based leader) and NextHome (premier franchise experience). This strategy aims to serve a wider market segment, leverage a global referral network, and consolidate back-office resources for efficiency. The company sees an opportunity to convert entire franchises as agreements expire, targeting 400,000 agents potentially seeking new affiliations.

    02

    AI Native Platform Transformation

    AGNT is transforming into an AI-native platform, building tools like AGNT OS (the Hub for eXp Realty agents) to consolidate agent business needs. Key AI innovations include Doc AI (reviewing over 5 million documents and validating 22,000 daily uploads), Task Center automation (19% increase in files per analyst), AI-enhanced eXpert Care (resolving most chats automatically), CARLO (advertising review), Broker Assistant (after-hours support), and FastCAP (agent development tool used over 2,800 times).

    03

    International Business Momentum

    The international segment is building its own operating system, Nexus, which integrates CRM, valuation, marketing, and transaction management tools. Nexus was built by a small team (less than 4-5 people) using AI as tooling infrastructure, enabling multi-language and multimodal scaling across 27 countries. This has driven significant growth (44% YoY revenue increase) and efficiency improvements (57% operating loss reduction, 66% adjusted EBITDA loss reduction) in the international segment.

    04

    Agent Productivity and Retention Focus

    The company focuses on attracting and retaining productive agents, noting that 67% of nonproductive agents leaving eXp also left the industry. Agents on teams are 78% more productive, and 41% of new Q2 agents joined teams. The cosponsor program, now one year old, shows 40% higher production and 10% higher retention for agents with a cosponsor, demonstrating the effectiveness of deliberate strategies to attract and retain productive agents.

    05

    Macroeconomic Headwinds and Outlook

    Management acknowledges continued uncertainty in H2 2026 due to sticky inflation, geopolitical conflict, and a weakening Japanese yen. These factors have led to bond market pressure🌐, with the 10-year Treasury yield climbing to 4.7%, the highest since January 2025. The Fed's stance on interest rates and these pressures are expected to result in softer housing activity through year-end, impacting the overall market.

    06

    Strategic Investments and Competitive Moat

    AGNT emphasizes its long-standing cloud-based model (since 2009) as a natural fit for AI integration, contrasting with competitors tethered to legacy systems. The name change to AGNT reflects its broader platform strategy, encompassing eXp Realty, NextHome, International, Frame (communication/collaboration), and SUCCESS (cultural/training). The company views its platform as a significant moat, continuously investing in its development and leveraging AI for competitive advantage.

    AI-generated summary of the company’s earnings call. Not investment advice.