The Real Brokerage Inc. (REAX)

The Real Brokerage Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	1,968	1,265	689.16	381.76	121.68
Revenue Growth (YoY)	55.65%	83.50%	80.52%	213.74%	634.83%
Cost of Revenue	1,803	1,150	626.29	349.81	110.59
Gross Profit	165.69	114.74	62.87	31.95	11.09
Selling, General & Admin	156.74	118.56	81.52	46.83	18.38
Research & Development	17.44	12.16	7.36	4.87	3.98
Other Operating Expenses	0.75	9.25	-	-	-
Operating Income	-9.25	-25.23	-26.01	-19.75	-11.27
Interest Expense	-0.55	-1.72	-0.62	-1.17	-0.66
Other Non-Operating Income (Expense)	1	0.5	-0.59	0.88	0.25
Total Non-Operating Income (Expense)	0.44	-1.23	-1.21	-0.29	-0.41
Pretax Income	-8.81	-26.45	-27.22	-20.03	-11.68
Provision for Income Taxes	-0.74	-	-	-	-
Net Income	-8.11	-26.54	-27.5	-20.58	-11.68
Minority Interest in Earnings	0.04	0.09	0.29	0.24	-
Net Income to Common	-8.11	-26.54	-27.5	-20.58	-11.68
Shares Outstanding (Basic)	220	191	178	178	170
Shares Outstanding (Diluted)	220	191	178	178	170
Shares Change (YoY)	15.01%	7.32%	-0.04%	4.53%	67.39%
EPS (Basic)	-0.04	-0.14	-0.15	-0.12	-0.07
EPS (Diluted)	-0.04	-0.14	-0.15	-0.12	-0.07
Shares Outstanding	210.91	202.5	183.43	174.02	-
Free Cash Flow	64.83	47.69	18.35	4.59	1.51
Free Cash Flow Growth	35.94%	159.90%	300.00%	203.37%	-
Free Cash Flow Per Share	0.29	0.25	0.10	0.03	0.01
Gross Margin	8.42%	9.07%	9.12%	8.37%	9.12%
Operating Margin	-0.47%	-1.99%	-3.77%	-5.17%	-9.26%
Profit Margin	-0.41%	-2.09%	-3.95%	-5.33%	-9.60%
FCF Margin	3.29%	3.77%	2.66%	1.20%	1.24%
EBITDA	-7.32	-23.83	-24.88	-19.41	-11.05
EBITDA Margin	-0.37%	-1.88%	-3.61%	-5.09%	-9.08%
EBIT	-9.25	-25.23	-26.01	-19.75	-11.27
EBIT Margin	-0.47%	-1.99%	-3.77%	-5.17%	-9.26%
Effective Tax Rate	8.40%	0.00%	0.00%	0.00%	0.00%

Updated Mar 4, 2026. Data Source: Fiscal.ai. standard template. Financial Sources.

SEC Filings: 10-K · 10-Q