Is eXp Realty Still Growing in 2026? What Q2's Numbers Actually Show

If you joined eXp Realty in the last five years, somebody almost certainly drew you a picture of a network that keeps compounding: more agents join, your revenue share grows, the stock gets more valuable, everybody wins. That pitch depends on one variable more than any other, and it is not revenue, transactions, or EBITDA. It is whether agents keep choosing to join. eXp's second-quarter 2026 results put a hard number on that variable, and for experienced Texas agents doing the math on their sponsorship, it is worth a close look.

The headline number and the footnote that matters

Let's be fair to the headline first, because it is genuinely strong. According to AGNT's August 4 press release (AGNT is the holding company behind eXp Realty), Q2 2026 revenue came in at a record $1.45 billion, up 11% year over year. Adjusted EBITDA more than doubled to $25.7 million. The agent count reached 87,338 worldwide, up 6% from a year earlier. On its face, that looks like a brokerage that is very much still growing. This is not a company in trouble.

The footnote is in where the agent growth came from. As Real Estate News reported from the earnings call, roughly 4,900 of those agents arrived through the acquisition of NextHome, the franchise network AGNT bought. Organic growth, meaning agents who actually chose to join eXp on their own, was about 100 net agents for the quarter.

One hundred. Out of a network of 87,338.

Leadership did not hide from this, and it is worth quoting them directly rather than characterizing. CEO Leo Pareja said in the release that "transactions per agent continue to climb, reinforcing our belief that platform utility, not just network size, is what drives durable growth." On the call, per Real Estate News, he noted that lower-producing agents have been exiting while "41% of the agents who joined eXp last quarter were on teams." In other words, the company itself is telling you the strategy has changed: fewer agents, more productive ones, growth by acquisition rather than by recruiting momentum.

This is a trend, not a one-quarter blip

The Q2 disclosure fits a pattern that has been visible for a while. eXp ended 2025 with 83,060 agents, a net gain of just 60 agents for the entire year, after what Real Estate News described as "significant attrition in 2024 and into 2025." Pareja called 2025 "a defining year for eXp as we enhanced agent productivity and retention," which is a reasonable way to run a brokerage, but it is a very different story from the one that recruited most of its current agents.

Put the two data points together and the picture is consistent: essentially flat organic headcount through 2025, and essentially flat organic headcount in the most recent quarter, with the visible growth supplied by M&A. The recruiting engine that made eXp the fastest-growing brokerage in America in the late 2010s has, by the company's own numbers, gone quiet.

Again, none of this means eXp is failing. Record revenue and rising per-agent productivity are real achievements. The question is narrower and more personal: what does a flat network mean for you, the individual agent, if part of your compensation thesis was that the network would keep growing?

Why organic growth is the number that matters for revenue-share math

Revenue share and stock awards are network-effect compensation. The pitch works like this: sponsor agents into the company, earn a slice of the revenue they generate, and watch that income compound as they sponsor agents of their own. It is honest math when the network is compounding. But every layer of it assumes a steady flow of new agents choosing to join.

When organic growth drops to roughly 100 agents a quarter across the entire company, that assumption deserves scrutiny:

• New downline agents get scarcer. A fixed pool of joiners spread across tens of thousands of existing agents who are all incentivized to recruit means the average agent's realistic downline growth approaches zero.
• Acquired agents are not recruited agents. The ~4,900 NextHome agents came in through a corporate transaction. Whatever their arrangements look like, they were not sponsored into existing agents' revenue-share lines the way an organically recruited agent would be.
• Attrition compounds against you. If lower-producing agents are exiting, as leadership says, some of them are exiting somebody's downline. Flat net growth with meaningful churn means many agents' revenue-share income is shrinking even while the company's totals look stable.

If you are an eXp agent in Texas, the questions to ask your sponsor are simple and factual: How many active agents are in my revenue-share group today versus a year ago? What did my revenue share actually pay last quarter, and what is the trend? If the honest answers are "fewer" and "less," then the network-effect part of your compensation is doing the opposite of what the pitch promised, and you are left evaluating eXp on splits, caps, and fees alone, like any other brokerage.

The alternative: math that works at a network size of one

Here is the structural contrast. At RaiderX, a Texas flat-fee broker sponsorship, the model has no network-effect component at all, which means there is nothing to stop compounding. Individual sponsorship is $99 per month, and you keep 100% of your commission. No splits, no desk fees, no transaction fees, no franchise fees, and applying is free. Your annual cost is $1,188 whether the company sponsors its next agent or not. Nobody has to join after you for your economics to work.

The flat fee is not a bare-bones tradeoff, either. Every plan includes a full CRM and DealManager transaction tools, the ConsoleX AI assistant, Partner Academy training, marketing tools, a mobile app, and broker support with a dedicated Account Executive. E&O insurance is included for individual partners and teams. If you run a team, sponsorship is $119 per month per agent, and the team leader chooses how each agent's dues are split. Everything is month to month with no long-term contract, so the exit cost of being wrong about us is one month, not a downline you spent years building.

One thing worth knowing before you apply: RaiderX is an MLS-participating brokerage, not a non-MLS sponsor. Every sponsored agent joins and maintains membership in the local Association of REALTORS® and MLS for each market they practice in, so you keep full MLS access whether you work in Dallas, Houston, or anywhere else in Texas.

And switching itself is not the ordeal agents fear. Changing sponsoring brokers in Texas is an administrative step, not a career reset; we have covered why top-producing Texas agents switch and what actually happens to your business when you do. Our application process is straightforward: apply free, get reviewed within 3 to 5 business days, sign your documents electronically, and your TREC sponsorship is activated under our broker.

Frequently Asked Questions

Is eXp Realty losing agents in 2026?

Not in headline terms. eXp reported 87,338 agents at the end of Q2 2026, up 6% year over year. But per Real Estate News' reporting on the earnings call, roughly 4,900 of that increase came from the NextHome acquisition, and organic net growth was about 100 agents. The company ended 2025 with 83,060 agents, a net gain of 60 for the year. So the accurate summary is: growing by acquisition, roughly flat organically.

Does flat agent growth affect my eXp revenue share?

It affects the trajectory. Revenue share is paid on the production of agents in your sponsorship lines, so your existing downline keeps paying as long as those agents stay and produce. But growth in that income depends on new agents joining your lines, and company-wide organic additions of about 100 agents per quarter means the pool of new joiners is very small relative to the number of agents competing to sponsor them. Check your own group's headcount trend rather than the company's total.

What does RaiderX cost compared to a revenue-share brokerage?

RaiderX individual sponsorship is a flat $99 per month with 100% commission and no splits, transaction fees, or franchise fees, which comes to $1,188 per year regardless of your production. Teams are $119 per month per agent with a leader-configurable split. There is no revenue share and no stock program; the tradeoff is that your costs are fixed, transparent, and independent of whether anyone else ever joins. See the full comparison at raiderx.net/compare.

Will I lose MLS access if I leave a big national brokerage?

Not with RaiderX. We are an MLS-participating brokerage, so every sponsored agent joins the local Association of REALTORS® and MLS for each market they work in. Our application asks which counties you plan to work in and shows you the matching board.

Run your own numbers

eXp's Q2 results are not a scandal; they are a disclosure. The company is telling you, in its own filings and on its own calls, that the era of compounding organic growth is over and the strategy is now productivity and acquisitions. If your compensation thesis was built on the old story, it is rational to re-run the math on the new one. If the math says a flat monthly fee and 100% of your commission beats a shrinking downline, apply to RaiderX in about ten minutes, for free, and see what your business looks like when nobody else has to join for you to win.