third quarter 2026
Filed Nov 5, 2026AGNT reported third-quarter revenue growth and higher transaction activity, but shifted to a net loss as adjusted EBITDA, operating cash flow and agent satisfaction declined year over year.
Revenue increased 6% to $1.4 billion, real estate sales transactions increased 8%, and real estate sales volume increased 10%, but net income shifted to a $(4.3) million loss from $3.5 million of income, adjusted EBITDA decreased 3%, and global agent Net Promoter Score declined to 67 from 75.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenueGAAP | $1.39B | – | 6% |
| Nine months ended September 30, 2026 revenueGAAP | $3.85B | – | – |
| Q3 2026 commissions and other agent-related costsGAAP | 1.30B | – | – |
| Nine months ended September 30, 2026 commissions and other agent-related costsGAAP | 3.58B | – | – |
| Q3 2026 gross profitGAAP | 90.97M | – | – |
| Nine months ended September 30, 2026 gross profitGAAP | 265.1M | – | – |
| Q3 2026 general and administrative expensesGAAP | 66.10M | – | – |
| Q3 2026 technology and development expensesGAAP | 18.87M | – | – |
| Q3 2026 sales and marketing expensesGAAP | 2.89M | – | – |
| Q3 2026 total operating expensesGAAP | $87.85M | – | 7% |
| Nine months ended September 30, 2026 total operating expensesGAAP | 269.1M | – | – |
| Q3 2026 operating income (loss)GAAP | 3.11M | – | – |
| Nine months ended September 30, 2026 operating income (loss)GAAP | −4.04M | – | – |
| Q3 2026 income (loss) before income tax expenseGAAP | −2.78M | – | – |
| Q3 2026 income tax (benefit) expenseGAAP | 1.48M | – | – |
| Q3 2026 net income (loss)GAAP | ($ 4,258) (In thousands) | – | – |
| Nine months ended September 30, 2026 net income (loss)GAAP | ($ 12,049) (In thousands) | – | – |
| Q3 2026 basic net income (loss) per shareGAAP | ($ 0.03) | – | – |
| Q3 2026 diluted net income (loss) per shareGAAP | ($ 0.03) | – | – |
| Nine months ended September 30, 2026 diluted net income (loss) per shareGAAP | ($ 0.07) | – | – |
| Q3 2026 consolidated adjusted EBITDAnon-GAAP | $17.14M | – | 3% decrease |
| Nine months ended September 30, 2026 consolidated adjusted EBITDAnon-GAAP | $46.89M | – | – |
| Q3 2026 net cash provided by operating activitiesGAAP | $18.24M | – | – |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | 77.58M | – | – |
| Q3 2026 adjusted operating cash flownon-GAAP | $41.45M | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $111.4M | – | – |
| Cash and cash equivalents as of September 30, 2026 balance sheetGAAP | $111.4M | – | – |
| Restricted cash as of September 30, 2026GAAP | 74.81M | – | – |
| Total assets as of September 30, 2026GAAP | $474.3M | – | – |
| Total liabilities as of September 30, 2026GAAP | 204.4M | – | – |
| Total equity as of September 30, 2026GAAP | 269.9M | – | – |
| Global agent Net Promoter Score as of September 30, 2026other | 67 | – | – |
| Agents and brokers on the AGNT platform as of September 30, 2026other | 87,457 | – | 5% increase |
| Q3 2026 real estate sales transactionsother | 131,546 | – | 8% year-over-year |
| Q3 2026 real estate sales volumeother | $59.3B | – | 10% year-over-year |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fourth Quarter 2026 and Full-Year 2026 outlook
- RevenueFourth Quarter 2026: between $1.0 billion and $1.2 billion; Full-Year 2026: between $4.85 billion and $5.05 billion.
- Operating expensesFourth Quarter 2026: between $93 million and $97 million; Full-Year 2026: between $362 million and $367 million.
- NoteAdjusted EBITDA 1, non-U.S. GAAP: Fourth Quarter 2026 between $(7) million and $0 million.
- NoteAdjusted EBITDA 1, non-U.S. GAAP: Full-Year 2026 between $40 million and $47 million.
Capital returns
- Distributed $8.4 million of cash dividends to shareholders.
- The Company paid a cash dividend for the third quarter of 2026 of $0.05 per share of common stock on August 28, 2026.
- On October 23, 2026, the Board declared a cash dividend of $0.05 per share of common stock for the fourth quarter of 2026, expected to be paid on December 4, 2026 to stockholders of record on November 20, 2026.
- Nine months ended September 30, 2026 repurchase of common stock was (31,991) (In thousands), compared with (46,227) (In thousands).
- Nine months ended September 30, 2026 dividends declared and paid were (24,505) (In thousands), compared with (22,978) (In thousands).
What drove it
- Revenue increased 6% to $1.4 billion from $1.3 billion.
- Third quarter 2026 real estate sales transactions increased 8% year-over-year to 131,546.
- Third quarter 2026 real estate sales volume increased 10% year-over-year to $59.3 billion.
- Agents and brokers on the AGNT platform were 87,457 as of September 30, 2026, a 5% increase.
- International remained the fastest-growing segment, with revenue up 27% and continued progress toward profitability as the Company scales.
Concerns
- Net loss was $(4.3) million compared to net income of $3.5 million.
- Q3 2026 operating income was 3,112 (In thousands), compared with 4,016 (In thousands).
- Adjusted EBITDA decreased 3% to $17.1 million from $17.7 million.
- Net cash provided by operating activities was $18.2 million, compared to $28.9 million.
- Adjusted operating cash flow was $41.5 million, compared to $45.4 million.
- Global agent Net Promoter Score was 67, compared to 75 in the prior-year period.
- Fourth-quarter adjusted EBITDA guidance is between $(7) million and $0 million.
What to watch
- Fourth Quarter 2026 revenue guidance of between $1.0 billion and $1.2 billion.
- Fourth Quarter 2026 operating expenses guidance of between $93 million and $97 million.
- Fourth Quarter 2026 adjusted EBITDA guidance of between $(7) million and $0 million.
- Full-Year 2026 revenue guidance of between $4.85 billion and $5.05 billion.
- Full-Year 2026 operating expenses guidance of between $362 million and $367 million.
- Full-Year 2026 adjusted EBITDA guidance of between $40 million and $47 million.
- Agent attraction, retention and productivity, international expansion, expense management, and adoption of AI-enabled tools.
Balance sheet and cash flow
- The CFO said the Company ended the quarter with over $111 million in cash and cash equivalents and no debt.
- Cash and cash equivalents and restricted cash, ending balance, was $ 186,217 (In thousands) as of September 30, 2026, compared with $ 186,381 (In thousands).
- Nine months ended September 30, 2026 net cash used in investing activities was (13,565) (In thousands), compared with (20,492) (In thousands).
- Nine months ended September 30, 2026 purchases of property and equipment were (7,563) (In thousands), compared with (7,686) (In thousands).
- Nine months ended September 30, 2026 net cash used in financing activities was (56,435) (In thousands), compared with (68,773) (In thousands).
Analysis
AGNT delivered top-line and activity growth in the third quarter. Revenue was $ 1,392,857 (In thousands), versus $ 1,316,683 (In thousands), while real estate sales transactions increased 8% year-over-year to 131,546 and real estate sales volume increased 10% year-over-year to $59.3 billion. Agents and brokers on the platform reached 87,457, a 5% increase. Management also identified International as its fastest-growing segment, with revenue up 27%, although the release did not disclose segment revenue or profitability figures.
Management, verbatim
AGNT’s third-quarter results reflect a business with more agents, and more productive agents, than a year ago, and a financial position that we believe leaves us well-positioned to lead the industry through challenging times.
Leo Pareja, CEO of AGNT, Inc.
We grew the top line in a housing market that remains challenging, and we’re delivering on our goal to manage the business with discipline while continuing to invest in innovation for our agents.
Jesse Hill, CFO of AGNT, Inc.
Not in the filing
stated, not guessed- Segment revenue, segment operating income or loss, and segment margin figures.
- Gross margin for Q3 2026, the nine months ended September 30, 2026, or guidance.
- Free cash flow.
- A numerical debt balance.
- Effective tax rate.
- Q3 2026 prior-quarter financial metrics and sequential changes.
- Prior-year values for agent and broker count, real estate sales transactions, and real estate sales volume.
- Prior outlook or prior guidance, so no comparison of actual results with prior guidance is available.
- Full detail for all balance-sheet line items in the structured metric table.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.