Full Transcript: AGNT Q2 2026 Earnings Call

AGNT (NASDAQ: AGNT ) reported second-quarter financial results on Tuesday. The transcript from the company's second-quarter earnings call has been provided below. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

4 billion, up 11% year over year, driven by a 6% increase in agent productivity and a 12% rise in real estate sale transactions. The company continues to expand its AI-native platform with tools like Doc AI and TaskCenter automation, which have improved operational efficiency and reduced costs. AGNT's international segment saw significant growth, with a 44% increase in revenue year over year and a 57% reduction in operating loss. The company ended the quarter with over 87,000 agents, with a strategic focus on attracting and retaining productive agents, as demonstrated by the success of the co-sponsor program.

45 billion, with adjusted EBITDA expected to range from $17 to $22 million. Full Transcript Denise Garcia, Investor Relations Good afternoon and welcome to the AGNT second quarter 2026 earnings fireside chat via livestream and our metaverse on the web, Frame. My name is Denise Garcia and I manage Investor Relations for AGNT, formerly eXp World Holdings. Today we will begin our earnings fireside chat with remarks from Leo Pareja, CEO of eXp Realty, Jesse Hill, Chief Financial Officer of AGNT, and Glenn Sanford, Founder, CEO and Chairman of AGNT.

Following our prepared remarks, we will open the call to a Q&A session with our speakers. Let's begin with a review of the forward-looking statements. There will be a number of forward-looking statements made today that should be considered in conjunction with the cautionary statements contained in the company's SEC filings. Forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

Please see our filings with the SEC, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q for a discussion of specific risks that may affect our business performance and financial condition. We assume no obligation to update or revise any forward-looking statements or information. As a reminder, today's call is being recorded and a replay will also be made available on AGNT. Now for a few logistics and we'll get started.

For those of you joining in Frame today, welcome to our metaverse on the web. To zoom into a specific screen, you can click on that screen and then click Zoom In. If the content on that screen disappears or if you lose audio, simply refresh your page or log out and re-enter while in Frame. If you need help, just use the Help button at the bottom right to link with tech support.

com and type in the event code AGNT. From there you can submit a question or vote up an existing question by giving a thumbs up for that question to be asked. This screen will remain up on the right-hand side of the stage. Now I'll turn the fireside chat over to our speakers before opening the call to questions.

Leo, you may begin. Leo Pareja, CEO of eXp Realty Thanks, Denise. Before I get into the numbers, I just want to ground everyone in what AGNT is today. AGNT is a global operating system for the modern real estate entrepreneur and a multimodal platform where independent agents, franchise owners and team leaders all find a home built for the way they want to grow.

Two models, maximum optionality. That's the thesis behind everything I'll walk through today. Which brings me to how the multimodal platform actually comes together. eXp Realty remains the undisputed cloud-based leader in our industry.

NextHome offers a premier franchise experience. Together, these two brands expand our agent offering and let us serve a wider segment of the market than either brand could reach alone. NextHome is a complementary growth engine that unlocks multimodal reach across distinct market segments. We have seasoned operators in both brands driving execution and aligned incentives.

We share a global referral network connecting eXp agents with NextHome franchisees worldwide. And we're consolidating back-office, legal, and technology resources, driving efficiencies across both brands. We are witnessing the financialization of the real estate industry now across private equity and public company acquisitions. There are about 400,000 agents who find themselves at a franchise they may no longer feel aligned with over the next couple years.

And now we have an opportunity to convert entire franchises as those agreements come due. Now let's look at the platform built by agents for agents actually produced this quarter. This was a record revenue quarter, and it was built on agent success. We ended the quarter with 87,338 agents, up 6% year over year.

Transactions grew even faster — over 132,000 real estate sale transactions, up 12% year over year. 4 billion, up 11% year over year. And productivity — transactions per agent — was up 6%. Put simply, record revenue driven by increased agent productivity.

That's not just agent counting doing the work. That's our agents doing more and doing it better. Which is exactly why retention of the best agents matters so much. We continue to see our least productive cohorts churn out of the industry entirely, not just out of eXp.

S. who left eXp actually left the industry altogether in Q2. Meanwhile, we're growing productivity with teams. Forty-one percent of new Q2 agents joined on teams, and agents on teams are 78% more productive than individual agents.

Our co-sponsor program just hit a one-year anniversary. Here's what we found: agents with a co-sponsor show 40% higher production and have a 10% higher retention rate. This was a deliberate strategy — attract productive agents, put them in a structure that makes them more productive, and retain them. It's working.

Now I want to shift gears and talk about how we're building the platform underneath all of this. Everything I just walked through is only possible because of the platform we're building underneath it. AGNT OS brings everything an agent needs to run their business together in one place instead of agents juggling a dozen disconnected logins and tools. AGNT OS, which operates the Hub for eXp Realty agents, is the operating system for the agent's business.

No more needing to find where to log in. com, log in as an agent, and you'll be taken to the Hub. Then they can download the Hub app to their phone. The app is available on both Apple and Android.

Group chats, text, SkySlope, myEXP University, Marketplace — everything you need to run your business is now live directly inside the Hub. This is the foundation for our AI-native platform I want to spend the rest of my time talking about. We're transforming eXp into an AI-native platform — one built to give agents the tools they need to be productive and manage their business and to increase their own operating efficiency at the same time. And it's working.

I'll share some examples from the second quarter. Doc AI, our review assistant, has been trained on thousands of documents. It has now reviewed over 5 million documents and validated 22,000 daily uploads at a score of 100%. TaskCenter automation resulted in a 19% year-over-year increase in files handled per transaction.

Analyst, our AI-enhanced expert care, now resolves the majority of incoming chats automatically. Carlo, our comprehensive advertising review logic operator to review agents' advertising and signage and log broker supervision automatically, is now deployed across residential brokerage operations with commercial in progress. Broker Assistant delivers immediate, scalable after-hours support for policies, procedures, and guidance across our state sites and the eXp community. The Hub and FastCap, our AI-powered agent development tool, features a role-play accelerator that's been used over 2,800 times this quarter for scalable, on-demand skills development.

While we're building AI-native tools here domestically, our international business has been building its own operating system, Nexus, which I'll show on the next slide. Nexus brings every tool our international agents use into one connected system — from a project management tool that keeps every transaction on track to our global property search platform connecting buyers and sellers across borders in one seamless experience. This isn't six disconnected tools bolted together. It's one system, four foundations: one identity, one data layer, one AI layer, and built to scale from day one.

And we're seeing the momentum we've created in our international business show up in the numbers. In the second quarter, international revenue grew 44% year over year, while at the same time we cut our international operating loss by 57% year over year and reduced our adjusted EBITDA loss by 66% year over year. This is the same pattern we're seeing domestically with AI-native tooling. Give agents a better platform and the efficiency follows.

Which brings me to how I'd sum up the quarter. We're controlling the controllable, and it shows — record revenue with increased operating efficiency. We're transforming into a multimodal, AI-native platform that gives agents the tools they need to be productive and manage their business. And as I walked through, it's working.

We like our position. We're playing offense on AI and efficiency and defense on the balance sheet. With that, I'll hand over the call to Jesse to walk through the second quarter financial results. Jesse Hill, Chief Financial Officer Thank you, Leo.

And now I'll walk us through our consolidated operational and financial highlights for the second quarter 2026, beginning on the next slide. Starting with operational metrics, on a consolidated basis, we ended the quarter with over 87,000 agents with continued low attrition among our most productive agent cohorts. 5, while volume increased 15% for the quarter. Higher PPP drove sales transactions up 12% year over year, resulting in over 132,000 sales transactions in the second quarter.

On the next slide, I'll walk through our second quarter financials. 4 billion in the second quarter, up 11% year over year at the high end of our guidance range despite continued pressures in the macroeconomic environment. 8 million, up 7% year over year. Prior investments in technology and process improvements are strengthening both our top and bottom lines.

6 million for the quarter, up 169% year over year compared to an operating loss position in the second quarter of 2025. 2 million, 200,000 above the high end of our guidance range, primarily driven by one-time non-recurring costs. 7 million for the quarter and above the high end of our guidance range of 21 million, and up 129% year over year. 2 million in cash on the balance sheet, up 18% year over year.

On the next slide, I'll walk through our financial results by segment. 7 million, up 55% year over year. 4 million, up 44% year over year. 3 million, which was 66% improved year over year.

2 million. 7 million adjusted EBITDA, up 129% year over year. On the next slide, I'll review our updated outlook for 2026 and the third quarter. Looking ahead, our focus remains on innovation, efficiency, growth, and agent success, and we are providing our outlook quarter and updating the full year 2026.

45 billion, expenses in the range of 85 to 90 million, and adjusted EBITDA in the range of 17 to 22 million. 15 billion. As productivity gains continue to be offset by a challenging macroeconomic environment, we now expect operating expenses in the range of 355 to 365 million, and we have tightened the range of our adjusted EBITDA guidance to 50 to 60 million for 2026. We intend to stay financially flexible, reserving the right to invest where we see meaningful opportunities to support our agents, strengthen our technology platform, and enhance long-term shareholder value.

And now I will turn the call over to Glenn to wrap it up before we open up the call to questions. Glenn Sanford (Founder, CEO and Chairman) Hey, thanks. Thanks, Jesse, and thanks everyone for being here. So, first and foremost, AGNT is the platform.

It has really four businesses underneath it. eXp Realty is still the engine. It's the most agent-centric real estate brokerage on the planet. And now we have two models.

We have eXp Realty and NextHome, which is the franchise structure for those agents or broker-owners who want to run small teams, in some cases larger enterprises on top of it. But the agent is really still the center of the relationship and their opportunities to grow whatever size business that they want to grow. International, as you know, it's growing, it's doing very, very well. And, you know, we added a number of countries last year, so we're excited about the continued growth.

One of our stated goals is to be in 50 countries by 2030, and we think that that's a realistic goal and we expect that our continued investments will get us into new countries fairly rapidly. And if you look at countries like Peru, Ecuador, especially South America, and, of course, we've got our first EXPCON taking place in Colombia next year, we're making big investments in that. Of course, Frame is the platform that we're in right now. It continues to literally create the communication and collaboration layer for the entire enterprise.

And you can think about the idea that we have almost 90, actually over 90,000 when you think about staff and other people that use the platform, that turn to Frame on a regular basis to collaborate with our overall enterprise. Success is a cultural and training layer. Success Coaching has now had over 100 people go through our Success Certified Coaching platform, and we just relaunched that this year, and with Matthew and Kristin Berry continuing to serve in larger leadership roles at Success, we're excited about how that continues to roll out for the balance of the year.

And today I'm happy to announce that Amy Kosper has joined us as Editor in Chief for Success Magazine. As well, as we move toward 2027, we also have a bulk app and magazine subscription that we're going to be launching, offering — we're already starting to offer to other large enterprises. But we're excited about the work that this team is doing to really create some real opportunities in the Success Magazine ecosystem. One of the things that I've talked about over time is the single-thread leader model, but I want to start to think about it as the AI-enhanced leadership model.

And originally we were talking about agile org design, agile scale-aligned teams. Now all of our staff have access to at least one enterprise AI in their day-to-day work. This has really allowed us to build things like our Hub, build things like our Doc AI, where we're using AI to not just read things in an OCR fashion, but to actually be opinionated about the things that it's advising the company on. And with the models improving the way they are, we're just in the early stages of seeing where AI can take us over the next few years.

Obviously we invented the cloud-based model back in 2009. You know, our competitors generally are still tethered to legacy offices, commission structures, and software and hardware stacks that take years to move, if they can even move off of them. We've had none of that to work around since we've been on the cloud since 2009. We actually invented the term cloud-based brokerage.

We've been distributed and technology focused from day one. So AI has been a more natural transition given our infrastructure. We've talked a little bit about eXp Hub. We've got AI copilots for agent workflow.

We've got a listing intelligence platform that we're continuing to build out. We now have an app store marketplace that was enabled because we built our entire replacement for Workplace by Facebook given it went away, and now we've got the most robust communication platform that is not tied to a SaaS contract. And really, you know, this goes back to the idea that the name change really wasn't cosmetic. We referred, obviously, that eXp Realty is the most agent-centric real estate brokerage, and we've made the AGNT platform much more overt, and that's a moat we continue to invest in.

With that, I'll turn it back to Denise for Q&A. Denise Garcia, Investor Relations Thanks, Glenn.