AGNT Q2 2026 Earnings: Record Revenue and Adjusted EBITDA More Than Doubles

AGNT Inc. (Nasdaq: AGNT) reported Q2 2026 revenue of $1.45 billion, up 10.7% year over year, while diluted EPS was -$0.02 compared with -$0.01 a year earlier. Higher transaction activity and controlled operating expenses helped adjusted EBITDA more than double, although gross margin declined and the GAAP net loss widened slightly.

Core earnings data

Revenue benefited from a 12% increase in real estate transactions and a 15% rise in sales volume. Gross profit grew more slowly than revenue because commissions and other agent-related costs increased broadly in line with the top line.

Dollar figures are in millions except per-share data and margins.

Adjusted EBITDA and adjusted operating cash flow are non-GAAP measures. AGNT defines adjusted operating cash flow as operating cash flow excluding changes in customer deposits.

Platform activity and operating metrics

AGNT’s platform expanded while agent productivity improved. Transactions and sales volume both grew faster than the number of agents and brokers, consistent with management’s statement that transactions per agent continued to increase.

The lower agent Net Promoter Score contrasts with the growth in platform participation and activity. The release did not provide a reason for the eight-point decline.

AGNT also completed its acquisition of NextHome using cash on hand. Management said the integration was on track and NextHome’s early contribution was consistent with expectations, but it did not disclose separate quarterly revenue or profit for the acquired business.

Revenue growth outpaced gross profit, while expense discipline restored operating income

Commissions and other agent-related costs rose 11% to $1.35 billion, causing gross profit to increase more slowly than revenue and reducing gross margin to approximately 6.8% from 7.1%. Given AGNT’s high commission-cost structure, relatively small changes in the spread between revenue and agent-related costs can materially affect profitability.

Below the gross-profit line, operating expenses increased only 2.2%. General and administrative expenses declined to $71.6 million from $74.1 million, partly offsetting a $4.3 million litigation contingency and a modest increase in technology and development spending. This operating leverage allowed AGNT to post $1.6 million of operating income after a $2.4 million operating loss a year earlier.

The improvement did not extend to GAAP net income. AGNT recorded $5.0 million of income tax expense, turning $2.3 million of pretax income into a $2.7 million net loss. The gap between the GAAP loss and $25.7 million of adjusted EBITDA also reflected exclusions including $12.1 million of stock-based compensation, $4.5 million of nonrecurring legal costs, and the $4.3 million litigation contingency.

Cash flow and balance sheet

Quarterly operating cash flow increased to $38.8 million. After excluding a $23.1 million contribution from changes in customer deposits, adjusted operating cash flow was $15.7 million, indicating that customer deposits remained a significant component of reported cash generation.

Cash and cash equivalents totaled $111.2 million on June 30, 2026, compared with $94.6 million one year earlier and $124.2 million at the end of 2025. AGNT said it remained debt-free after funding the NextHome acquisition with available cash.

The company distributed $8.2 million in dividends during the quarter. Its board also declared another quarterly dividend of $0.05 per share, payable August 28, 2026 to shareholders of record on August 14.

Earnings guidance

AGNT introduced quantitative guidance for Q3 and maintained full-year ranges, while describing the full-year adjusted EBITDA range as narrowed. The Q3 adjusted EBITDA range is below the Q2 result of $25.7 million.

With first-half adjusted EBITDA of $29.8 million, the full-year range implies approximately $20.2 million to $30.2 million of adjusted EBITDA in the second half. AGNT did not reconcile its forward adjusted EBITDA guidance to a GAAP measure because of uncertainty surrounding the relevant adjustments.

Management commentary

Management attributed record revenue and transactions to higher agent productivity, retention, and platform use rather than network size alone. eXp Realty CEO Leo Pareja said retention remained highest among the top quartile of producers, while CFO Jesse Hill emphasized efficiency initiatives begun in 2025 and the early progress of the NextHome integration.

Recent insider transactions

The supplied insider data showed no open-market insider purchases or sales during the preceding six months. Recent transactions with complete action and value information consisted of stock awards and a derivative exercise or conversion, which should not be interpreted as open-market buying.

Risks investors should monitor

• Housing-market sensitivity: Full-year guidance depends partly on transaction volume and housing conditions. Weaker residential demand could pressure revenue and agent productivity.
• Narrow gross margin: Gross margin fell as commission and agent-related costs grew faster than gross profit. Further cost pressure could offset revenue growth.
• GAAP and adjusted-profit divergence: AGNT remained unprofitable on a GAAP basis despite substantially higher adjusted EBITDA, reflecting taxes, stock-based compensation, legal costs, and other exclusions.
• Agent satisfaction: Agent Net Promoter Score declined to 69 from 77. A sustained deterioration could affect attraction and retention even though agent count and transactions increased this quarter.
• NextHome integration: Management said integration was on track, but realizing the expected benefits remains important to AGNT’s multi-model brokerage strategy.

Summary

AGNT’s Q2 2026 results showed higher transaction activity, record revenue, and improved operating leverage, with adjusted EBITDA more than doubling and operating income turning positive. The main offsets were gross-margin compression, a slightly wider GAAP net loss, and a lower agent satisfaction score. Execution against the lower sequential Q3 adjusted EBITDA range, control of agent-related costs, and progress integrating NextHome are the principal items to monitor.