Exp World Holdin Financials
This page shows Exp World Holdin (EXPI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
eXp’s asset-light model still produces cash, but rising overhead has pushed the operating engine into losses.
From FY2023 to FY2025, gross profit was broadly flat while SG&A plus R&D rose from$307M to$344M , which helps explain why near-breakeven operations turned into a loss without a gross-profit collapse. Meanwhile, free cash flow stayed positive at$109M in FY2025 because capex was only$9.6M , so the visible strain is overhead absorption rather than heavy reinvestment.
Accounting losses and cash generation diverged for three straight years: FY2025 net income was
Most financing cash outflow was voluntary capital return, not obvious balance-sheet repair: FY2025 buybacks plus dividends absorbed almost all of the
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Exp World Holdin's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Exp World Holdin carries a low D/E ratio of 0.82, meaning only $0.82 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
Exp World Holdin's current ratio of 1.53 is below the typical benchmark, resulting in a score of 26/100. However, the company holds substantial cash reserves (62% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Exp World Holdin generates a -9.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -10.4% the prior year.
Exp World Holdin passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Exp World Holdin generates $-5.22 in operating cash flow ($118.6M OCF vs -$22.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Exp World Holdin's EBITDA was -$14.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.8% from the prior year.
Exp World Holdin reported -$22.7M in net income in fiscal year 2025. This represents a decrease of 6.8% from the prior year.
Exp World Holdin earned $-0.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Cash & Balance Sheet
Exp World Holdin generated $109.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 41.1% from the prior year.
Exp World Holdin held $124.2M in cash against $0 in long-term debt as of fiscal year 2025.
Exp World Holdin paid $0.05 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Exp World Holdin had 161M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Margins & Returns
Exp World Holdin's ROE was -9.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the prior year.
Capital Allocation
Exp World Holdin invested $69.6M in research and development in fiscal year 2025. This represents an increase of 19.7% from the prior year.
Exp World Holdin spent $56.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 60.2% from the prior year.
Exp World Holdin invested $9.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 47.6% from the prior year.
EXPI Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $1.3B+0.6% | $1.3B+37.1% | $954.9M | N/A | $1.2B-4.9% | $1.3B+37.3% | $943.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $911K+0.1% | $910K | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | $1.2B-4.9% | $1.3B | N/A |
| R&D Expenses | N/A | $17.3M-4.3% | $18.1M+7.7% | $16.8M | N/A | $13.8M-7.0% | $14.8M+0.6% | $14.8M |
| SG&A Expenses | N/A | $62.3M-15.8% | $74.1M+10.8% | $66.9M | N/A | $61.4M+0.4% | $61.2M-2.3% | $62.6M |
| Operating Income | N/A | $4.0M+269.0% | -$2.4M+77.1% | -$10.4M | N/A | -$8.3M-145.0% | $18.5M+202.0% | -$18.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $932K+99.1% | $468K-72.0% | $1.7M | N/A | -$1.3M-116.4% | $8.1M+346.5% | -$3.3M |
| Net Income | N/A | $3.5M+252.6% | -$2.3M+79.2% | -$11.0M | N/A | -$8.5M-168.7% | $12.4M+179.2% | -$15.6M |
| EPS (Diluted) | N/A | $0.02+300.0% | $-0.01+85.7% | $-0.07 | N/A | $-0.06-175.0% | $0.08+180.0% | $-0.10 |
EXPI Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $442.5M-3.5% | $458.7M-4.7% | $481.2M+10.4% | $435.8M+11.5% | $390.7M-9.7% | $432.6M-5.4% | $457.4M+7.2% | $426.7M |
| Current Assets | $304.9M-5.7% | $323.1M-6.3% | $345.0M+14.6% | $300.9M+12.3% | $268.0M-13.4% | $309.6M-7.7% | $335.6M+11.7% | $300.4M |
| Cash & Equivalents | $124.2M+10.2% | $112.8M+19.3% | $94.6M-18.2% | $115.7M+1.8% | $113.6M-12.9% | $130.4M+20.3% | $108.4M-0.7% | $109.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $108.8M-12.1% | $123.8M-15.3% | $146.2M+40.5% | $104.0M+18.6% | $87.7M-16.6% | $105.1M-21.5% | $133.9M+27.1% | $105.3M |
| Goodwill | $17.9M+1.3% | $17.6M-1.3% | $17.9M+3.6% | $17.3M+0.2% | $17.2M-13.3% | $19.9M+1.0% | $19.7M+17.9% | $16.7M |
| Total Liabilities | $199.7M-10.6% | $223.5M-15.0% | $262.9M+17.5% | $223.8M+20.4% | $185.9M-16.1% | $221.5M-6.6% | $237.1M+16.1% | $204.3M |
| Current Liabilities | $199.7M-10.6% | $223.5M-15.0% | $262.9M+17.5% | $223.8M+20.4% | $185.9M-16.1% | $221.5M-6.6% | $237.1M+16.1% | $204.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $20K |
| Total Equity | $242.8M+3.2% | $235.3M+7.7% | $218.4M+3.0% | $212.0M+3.5% | $204.9M-3.0% | $211.1M-4.2% | $220.3M-0.9% | $222.4M |
| Retained Earnings | -$121.6M-20.5% | -$100.9M-4.4% | -$96.7M-11.5% | -$86.8M-27.3% | -$68.1M-33.3% | -$51.1M-45.6% | -$35.1M+12.2% | -$40.0M |
EXPI Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.8M-52.3% | $28.9M-19.9% | $36.1M-9.4% | $39.8M+190.5% | $13.7M-70.2% | $46.0M-35.3% | $71.1M+17.3% | $60.7M |
| Capital Expenditures | $1.9M-19.4% | $2.3M-16.5% | $2.8M+9.6% | $2.6M+23.0% | $2.1M+26.8% | $1.6M+12.9% | $1.4M+9.5% | $1.3M |
| Free Cash Flow | $11.9M-55.1% | $26.6M-20.2% | $33.3M-10.7% | $37.3M+220.3% | $11.6M-73.8% | $44.4M-36.3% | $69.7M+17.5% | $59.3M |
| Investing Cash Flow | -$3.0M+9.3% | -$3.3M-11.0% | -$3.0M+79.2% | -$14.2M-118.8% | -$6.5M-151.4% | -$2.6M+49.5% | -$5.1M+2.3% | -$5.2M |
| Financing Cash Flow | -$17.8M+26.0% | -$24.0M+26.1% | -$32.5M-164.4% | -$12.3M+61.6% | -$32.0M+23.6% | -$41.9M+24.7% | -$55.6M-36.4% | -$40.8M |
| Dividends Paid | $7.8M+1.2% | $7.7M+0.4% | $7.7M+0.9% | $7.6M+0.9% | $7.5M+0.6% | $7.5M0.0% | $7.5M-1.3% | $7.6M |
| Share Buybacks | $10.0M-39.0% | $16.4M-34.3% | $24.9M+399.5% | $5.0M-79.9% | $24.8M-29.1% | $35.0M-27.4% | $48.2M+46.0% | $33.0M |
EXPI Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 99.9%0.0pp | 99.9% | N/A |
| Operating Margin | N/A | 0.3%+0.5pp | -0.2%+0.9pp | -1.1% | N/A | -0.7%-2.1pp | 1.4%+3.4pp | -1.9% |
| Net Margin | N/A | 0.3%+0.5pp | -0.2%+1.0pp | -1.1% | N/A | -0.7%-1.7pp | 1.0%+2.6pp | -1.7% |
| Return on Equity | N/A | 1.5%+2.5pp | -1.1%+4.1pp | -5.2% | N/A | -4.0%-9.7pp | 5.6%+12.7pp | -7.0% |
| Return on Assets | N/A | 0.8%+1.2pp | -0.5%+2.1pp | -2.5% | N/A | -2.0%-4.7pp | 2.7%+6.4pp | -3.7% |
| Current Ratio | 1.53+0.1 | 1.45+0.1 | 1.31-0.0 | 1.34-0.1 | 1.44+0.0 | 1.40-0.0 | 1.42-0.1 | 1.47 |
| Debt-to-Equity | 0.82-0.1 | 0.95-0.3 | 1.20+0.1 | 1.06+0.1 | 0.91-0.1 | 1.05-0.0 | 1.08+1.1 | 0.00 |
| FCF Margin | N/A | 2.0%-0.5pp | 2.5%-1.4pp | 3.9% | N/A | 3.6%-1.8pp | 5.4%-0.9pp | 6.3% |
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Frequently Asked Questions
Is Exp World Holdin profitable?
No, Exp World Holdin (EXPI) reported a net income of -$22.7M in fiscal year 2025.
What is Exp World Holdin's EBITDA?
Exp World Holdin (EXPI) had EBITDA of -$14.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Does Exp World Holdin pay dividends?
Yes, Exp World Holdin (EXPI) paid $0.05 per share in dividends during fiscal year 2025.
What is Exp World Holdin's return on equity (ROE)?
Exp World Holdin (EXPI) has a return on equity of -9.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Exp World Holdin's free cash flow?
Exp World Holdin (EXPI) generated $109.0M in free cash flow during fiscal year 2025. This represents a -41.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Exp World Holdin's operating cash flow?
Exp World Holdin (EXPI) generated $118.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Exp World Holdin's total assets?
Exp World Holdin (EXPI) had $442.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Exp World Holdin's capital expenditures?
Exp World Holdin (EXPI) invested $9.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Exp World Holdin spend on research and development?
Exp World Holdin (EXPI) invested $69.6M in research and development during fiscal year 2025.
What is Exp World Holdin's current ratio?
Exp World Holdin (EXPI) had a current ratio of 1.53 as of fiscal year 2025, which is generally considered healthy.
What is Exp World Holdin's debt-to-equity ratio?
Exp World Holdin (EXPI) had a debt-to-equity ratio of 0.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Exp World Holdin's return on assets (ROA)?
Exp World Holdin (EXPI) had a return on assets of -5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Exp World Holdin's Piotroski F-Score?
Exp World Holdin (EXPI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Exp World Holdin's earnings high quality?
Exp World Holdin (EXPI) has an earnings quality ratio of -5.22x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Exp World Holdin?
Exp World Holdin (EXPI) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.