Real Brokerage Financials
This page shows Real Brokerage (REAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Real Brokerage has an operating margin of -0.5%, meaning the company retains $-0 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is up from -2.0% the prior year.
Real Brokerage's revenue surged 55.7% year-over-year to $2.0B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Real Brokerage carries a low D/E ratio of 1.46, meaning only $1.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
Real Brokerage's current ratio of 1.41 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.
Real Brokerage has a free cash flow margin of 3.3%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Real Brokerage generates a -15.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -82.6% the prior year.
Real Brokerage passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Real Brokerage generates $-8.13 in operating cash flow ($65.9M OCF vs -$8.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Real Brokerage generated $2.0B in revenue in fiscal year 2025. This represents an increase of 55.7% from the prior year.
Real Brokerage's EBITDA was -$7.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 69.3% from the prior year.
Real Brokerage reported -$8.1M in net income in fiscal year 2025. This represents an increase of 69.5% from the prior year.
Real Brokerage earned $-0.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 71.4% from the prior year.
Cash & Balance Sheet
Real Brokerage generated $64.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 35.9% from the prior year.
Real Brokerage held $33.2M in cash against $0 in long-term debt as of fiscal year 2025.
Real Brokerage had 210M shares outstanding in fiscal year 2025. This represents an increase of 3.9% from the prior year.
Margins & Returns
Real Brokerage's gross margin was 8.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Real Brokerage's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.
Real Brokerage's net profit margin was -0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.7 percentage points from the prior year.
Real Brokerage's ROE was -15.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 66.9 percentage points from the prior year.
Capital Allocation
Real Brokerage invested $17.4M in research and development in fiscal year 2025. This represents an increase of 43.5% from the prior year.
Real Brokerage spent $39.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 8.5% from the prior year.
Real Brokerage invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 5.3% from the prior year.
REAX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $505.1M-11.2% | $568.5M+5.1% | $540.7M+52.8% | $354.0M+1.0% | $350.6M-5.9% | $372.5M+9.3% | $340.8M+69.8% | $200.7M |
| Cost of Revenue | $466.1M-11.0% | $523.7M+6.3% | $492.9M+54.0% | $320.0M-0.2% | $320.6M-5.8% | $340.4M+10.2% | $308.9M+71.6% | $180.0M |
| Gross Profit | $39.0M-13.0% | $44.9M-6.3% | $47.9M+41.0% | $33.9M+13.2% | $30.0M-6.7% | $32.1M+0.8% | $31.9M+53.5% | $20.8M |
| R&D Expenses | $4.8M+2.0% | $4.7M+18.0% | $4.0M+1.6% | $3.9M-2.7% | $4.0M+32.7% | $3.0M+16.8% | $2.6M+5.9% | $2.5M |
| SG&A Expenses | $18.4M-6.3% | $19.6M+3.6% | $18.9M+7.9% | $17.5M-6.0% | $18.6M+14.3% | $16.3M+16.3% | $14.0M+15.5% | $12.1M |
| Operating Income | -$5.2M-1009.7% | -$473K-128.1% | $1.7M+132.3% | -$5.2M+18.4% | -$6.4M-157.7% | -$2.5M-284.8% | -$644K+95.9% | -$15.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $89K | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$4.2M-840.3% | -$447K-129.6% | $1.5M+130.4% | -$5.0M+25.2% | -$6.6M-156.9% | -$2.6M-112.8% | -$1.2M+92.5% | -$16.1M |
| EPS (Diluted) | N/A | $0.00-100.0% | $0.01+150.0% | $-0.02 | N/A | $-0.010.0% | $-0.01+88.9% | $-0.09 |
REAX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $126.9M-12.6% | $145.2M-2.8% | $149.4M+48.8% | $100.5M+16.0% | $86.6M-15.5% | $102.5M | N/A | N/A |
| Current Assets | $105.8M-15.2% | $124.7M-3.8% | $129.6M+54.5% | $83.9M+15.1% | $72.9M-17.6% | $88.5M | N/A | N/A |
| Cash & Equivalents | $33.2M-8.8% | $36.4M-26.6% | $49.6M+100.8% | $24.7M+5.7% | $23.4M+3.4% | $22.6M | N/A | $20.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $20.2M-27.6% | $27.9M+3.9% | $26.8M+59.8% | $16.8M+17.9% | $14.2M-17.7% | $17.3M | N/A | N/A |
| Goodwill | $9.0M0.0% | $9.0M0.0% | $9.0M0.0% | $9.0M0.0% | $9.0M0.0% | $9.0M | N/A | N/A |
| Total Liabilities | $75.3M-17.8% | $91.6M-8.8% | $100.5M+47.9% | $67.9M+24.8% | $54.5M-24.9% | $72.5M | N/A | N/A |
| Current Liabilities | $75.3M-17.9% | $91.6M-8.8% | $100.5M+47.9% | $67.9M+24.8% | $54.5M-24.9% | $72.5M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $51.7M-3.7% | $53.6M+9.1% | $49.2M+50.2% | $32.8M+1.9% | $32.1M+7.9% | $29.8M-3.3% | $30.8M+20.3% | $25.6M |
| Retained Earnings | -$112.9M-3.9% | -$108.6M-0.4% | -$108.2M+1.4% | -$109.7M-4.7% | -$104.7M-6.8% | -$98.1M | N/A | N/A |
REAX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $149K-98.3% | $8.8M-78.5% | $41.0M+157.2% | $15.9M+290.5% | $4.1M-43.2% | $7.2M-54.9% | $16.0M-25.7% | $21.5M |
| Capital Expenditures | $165K-58.2% | $395K+54.9% | $255K-10.5% | $285K+251.9% | $81K-77.9% | $367K-26.7% | $501K+421.9% | $96K |
| Free Cash Flow | -$16K-100.2% | $8.4M-79.4% | $40.8M+160.2% | $15.7M+291.2% | $4.0M-41.4% | $6.8M-55.9% | $15.5M-27.7% | $21.4M |
| Investing Cash Flow | $2.4M+113.6% | -$17.5M-706.2% | $2.9M+309.1% | -$1.4M-674.2% | -$178K-132.7% | $545K-85.2% | $3.7M+1604.9% | -$245K |
| Financing Cash Flow | -$15.5M-4.3% | -$14.8M-414.9% | -$2.9M+59.5% | -$7.1M-4.8% | -$6.8M+51.5% | -$14.0M-74.1% | -$8.0M-83.7% | -$4.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $15.1M-2.6% | $15.5M | N/A | N/A | $5.9M-60.6% | $15.1M | N/A | N/A |
REAX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.7%-0.2pp | 7.9%-1.0pp | 8.8%-0.7pp | 9.6%+1.0pp | 8.6%-0.1pp | 8.6%-0.7pp | 9.3%-1.0pp | 10.3% |
| Operating Margin | -1.0%-1.0pp | -0.1%-0.4pp | 0.3%+1.8pp | -1.5%+0.4pp | -1.8%-1.1pp | -0.7%-0.5pp | -0.2%+7.6pp | -7.8% |
| Net Margin | -0.8%-0.8pp | -0.1%-0.4pp | 0.3%+1.7pp | -1.4%+0.5pp | -1.9%-1.2pp | -0.7%-0.3pp | -0.4%+7.7pp | -8.0% |
| Return on Equity | -8.1%-7.3pp | -0.8%-3.9pp | 3.1%+18.2pp | -15.2%+5.5pp | -20.7%-12.0pp | -8.7%-4.7pp | -3.9%+58.9pp | -62.8% |
| Return on Assets | -3.3%-3.0pp | -0.3%-1.3pp | 1.0%+5.9pp | -4.9%+2.7pp | -7.7%-5.2pp | -2.5% | N/A | N/A |
| Current Ratio | 1.41+0.0 | 1.36+0.1 | 1.29+0.1 | 1.23-0.1 | 1.34+0.1 | 1.22 | N/A | N/A |
| Debt-to-Equity | 1.46-0.3 | 1.71-0.3 | 2.04-0.0 | 2.07+0.4 | 1.69-0.7 | 2.43 | N/A | N/A |
| FCF Margin | 0.0%-1.5pp | 1.5%-6.1pp | 7.5%+3.1pp | 4.4%+3.3pp | 1.1%-0.7pp | 1.8%-2.7pp | 4.5%-6.1pp | 10.7% |
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Frequently Asked Questions
What is Real Brokerage's annual revenue?
Real Brokerage (REAX) reported $2.0B in total revenue for fiscal year 2025. This represents a 55.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Real Brokerage's revenue growing?
Real Brokerage (REAX) revenue grew by 55.7% year-over-year, from $1.3B to $2.0B in fiscal year 2025.
Is Real Brokerage profitable?
No, Real Brokerage (REAX) reported a net income of -$8.1M in fiscal year 2025, with a net profit margin of -0.4%.
What is Real Brokerage's EBITDA?
Real Brokerage (REAX) had EBITDA of -$7.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Real Brokerage's gross margin?
Real Brokerage (REAX) had a gross margin of 8.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Real Brokerage's operating margin?
Real Brokerage (REAX) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Real Brokerage's net profit margin?
Real Brokerage (REAX) had a net profit margin of -0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Real Brokerage's return on equity (ROE)?
Real Brokerage (REAX) has a return on equity of -15.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Real Brokerage's free cash flow?
Real Brokerage (REAX) generated $64.8M in free cash flow during fiscal year 2025. This represents a 35.9% 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 Real Brokerage's operating cash flow?
Real Brokerage (REAX) generated $65.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Real Brokerage's total assets?
Real Brokerage (REAX) had $126.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Real Brokerage's capital expenditures?
Real Brokerage (REAX) invested $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Real Brokerage spend on research and development?
Real Brokerage (REAX) invested $17.4M in research and development during fiscal year 2025.
What is Real Brokerage's current ratio?
Real Brokerage (REAX) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.
What is Real Brokerage's debt-to-equity ratio?
Real Brokerage (REAX) had a debt-to-equity ratio of 1.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Real Brokerage's return on assets (ROA)?
Real Brokerage (REAX) had a return on assets of -6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Real Brokerage's Piotroski F-Score?
Real Brokerage (REAX) has a Piotroski F-Score of 5 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Real Brokerage's earnings high quality?
Real Brokerage (REAX) has an earnings quality ratio of -8.13x, 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 Real Brokerage?
Real Brokerage (REAX) scores 42 out of 100 on our Financial Profile, indicating moderate 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.