The Real Brokerage Inc. (REAX) Income Statement
REAX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsREAX revenue and net income
Where REAX's revenue goes
2025Each bar shows an amount and its share of revenue. REAX kept −0.4% of revenue as net income.
REAX profit margins
REAX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +55.7% | +72.8% | +160.0% | — |
| Gross profit | +42.7% | +72.4% | +137.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
REAX quarterly EPS vs estimates
Real Brokerage beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.10).
REAX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.97B | $1.26B | $689.2M | $381.8M | $121.7M | $16.6M | $15.8M | $8.4M |
| Cost of revenue | $1.80B | $1.15B | $626.3M | $349.8M | $110.6M | $14.4M | $13.8M | $7.1M |
| Gross profit | $163.8M | $114.7M | $62.9M | $31.9M | $11.1M | $2.2M | $2.0M | $1.3M |
| Research & development | $17.4M | $12.2M | $7.4M | $4.9M | $4.0M | $223,000 | $234,000 | $607,000 |
| Sales, general & admin | $154.8M | $117.2M | $81.5M | $46.8M | $18.4M | $4.0M | $3.4M | $2.3M |
| Total operating expenses | $172.3M | $140.0M | $88.9M | $51.1M | $22.1M | $4.8M | $3.6M | $113,689 |
| Operating income | −$8.5M | −$25.2M | −$26.0M | −$19.2M | −$11.0M | −$2.6M | −$1.7M | −$113,690 |
| Interest income | — | — | — | — | $13,000 | — | — | — |
| Interest expense | $554,000 | $1.1M | $68,000 | $940,000 | $101,000 | $140,000 | $583,000 | $0 |
| Income before taxes | −$8.8M | −$26.5M | −$27.2M | −$20.3M | −$11.7M | −$3.6M | −$2.3M | −$113,772 |
| Income taxes | −$740,000 | — | $1,000 | $242,000 | $662,000 | $835,000 | $583,000 | −$37,000 |
| Net income | −$8.1M | −$26.5M | −$27.5M | −$20.6M | −$12.3M | −$4.5M | −$2.8M | −$113,772 |
| EBITDA | −$6.6M | −$24.7M | −$25.5M | −$19.6M | −$11.1M | −$3.4M | −$1.5M | −$113,689 |
| EPS (diluted) | −$0.03 | −$0.14 | −$0.15 | −$0.12 | −$0.23 | −$0.06 | −$0.05 | −$0.01 |
| Gross margin | 8.3% | 9.1% | 9.1% | 8.4% | 9.1% | 13.0% | 12.5% | 15.5% |
| Operating margin | −0.4% | −2.0% | −3.8% | −5.0% | −9.1% | −16.0% | −10.6% | −1.3% |
| Net margin | −0.4% | −2.1% | −4.0% | −5.4% | −10.1% | −26.9% | −18.0% | −1.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $700.6M | $465.6M | $505.1M | $568.5M | $540.7M | $354.0M | $350.6M | $372.5M | $340.8M | $200.7M | $181.3M | $214.6M |
| Cost of revenue | $642.3M | $423.4M | $466.1M | $523.7M | $492.9M | $320.0M | $320.6M | $340.4M | $309.2M | $180.0M | $166.1M | $195.9M |
| Gross profit | $58.3M | $42.2M | $39.0M | $44.9M | $47.9M | $33.9M | $30.0M | $32.1M | $31.5M | $20.8M | $15.2M | $18.8M |
| Research & development | $5.4M | $5.1M | $4.8M | $4.7M | $4.0M | $3.9M | $4.0M | $3.0M | $2.6M | $2.5M | $2.3M | $1.9M |
| Sales, general & admin | $47.8M | $39.6M | $38.1M | $40.1M | $41.8M | $34.8M | $32.0M | $31.2M | $29.6M | $24.4M | $9.7M | $20.5M |
| Total operating expenses | $53.7M | $45.3M | $43.5M | $45.3M | $46.2M | $39.1M | $36.4M | $34.6M | $32.5M | $26.9M | $26.5M | $22.7M |
| Operating income | $4.6M | −$3.1M | −$4.5M | −$473,000 | $1.7M | −$5.2M | −$6.4M | −$2.5M | −$644,000 | −$15.7M | −$11.3M | −$4.0M |
| Interest income | — | — | — | — | — | $149,000 | — | $164,000 | — | — | — | $80,000 |
| Interest expense | $631,000 | $86,000 | $137,000 | $83,000 | $300,000 | $29,000 | $435,000 | $245,000 | $177,000 | $118,000 | $15,000 | $73,999 |
| Income before taxes | −$7.5M | −$3.4M | −$5.0M | −$191,000 | $1.5M | −$5.1M | −$6.7M | −$2.5M | −$1.1M | −$16.1M | −$12.0M | −$3.9M |
| Income taxes | $487,000 | $44,000 | −$829,000 | $89,000 | — | — | — | — | $105,000 | $282,724 | −$26,000 | $95,000 |
| Net income | −$8.0M | −$3.4M | −$4.2M | −$447,000 | $1.5M | −$5.0M | −$6.6M | −$2.6M | −$1.2M | −$16.1M | −$12.0M | −$4.0M |
| EBITDA | −$6.3M | −$2.8M | −$4.3M | $459,000 | $2.2M | −$4.8M | −$6.1M | −$2.0M | −$569,000 | −$15.7M | −$11.6M | −$3.7M |
| EPS (diluted) | −$0.03 | −$0.01 | −$0.02 | −$0.00 | $0.01 | −$0.02 | −$0.03 | −$0.01 | −$0.01 | −$0.09 | −$0.07 | −$0.02 |
| Gross margin | 8.3% | 9.1% | 7.7% | 7.9% | 8.9% | 9.6% | 8.6% | 8.6% | 9.3% | 10.3% | 8.4% | 8.7% |
| Operating margin | 0.6% | −0.7% | −0.9% | −0.1% | 0.3% | −1.5% | −1.8% | −0.7% | −0.2% | −7.8% | −6.2% | −1.8% |
| Net margin | −1.1% | −0.7% | −0.8% | −0.1% | 0.3% | −1.4% | −1.9% | −0.7% | −0.4% | −8.0% | −6.6% | −1.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in REAX's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
REAX financial results
In fiscal year 2025 (ended December 31, 2025), Real Brokerage reported revenue of $2.0 billion, up 55.7% from the year before. It had a net loss of $8.1 million, a net profit margin of −0.4%. Diluted earnings per share came to −$0.03. Over five years revenue grew at an average rate of 160.0% a year.
See the REAX stock overview for the latest quote and news, or the REAX chart for price history and technical indicators.
REAX income statement FAQ
What is Real Brokerage's annual revenue?
Real Brokerage reported total revenue of $2.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 55.7% from $1.3 billion the previous year.
Is Real Brokerage profitable?
No. Real Brokerage reported a net loss of $8.1 million in fiscal 2025, a net profit margin of −0.4%; its operating margin was −0.4%.
What is Real Brokerage's gross margin?
Real Brokerage's gross margin was 8.3% in fiscal 2025: for every $100 of revenue, Real Brokerage kept $8 after the direct cost of its products and services.
How much does Real Brokerage spend on research and development?
Real Brokerage spent $17.4 million on research and development in fiscal 2025, 0.9% of revenue.
How fast is Real Brokerage growing?
Revenue grew 160.0% a year on average over the last five fiscal years, from $16.6 million to $2.0 billion.
What are Real Brokerage's earnings per share?
Real Brokerage earned $-0.03 per diluted share in fiscal 2025, compared with $-0.14 a year earlier.
When will Real Brokerage report its next earnings?
Real Brokerage is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Real Brokerage's fiscal year end?
Real Brokerage's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.