EBITDA margin index october 2025

a multi-year profitability climb
EBITDA figures show a consistent upward trend for the month of october over the past four previous years, showing a consistent recovery in operating profitability. EBITDA rose from -0.61585 in october 2022 to 1.3072 in 2023, 1.6822 in 2024, and reached 2.1946 in october 2025. this incremental improvement signals a structural shift toward sustained expense management and overall stronger financial performance.

profitable companies pull further ahead
while overall EBITDA growth averaged about half a percentage point across most companies over the last year, profitable firms significantly outperformed the average. for these companies, EBITDA increased by a full percentage point, a substantial gain in a difficult and competitive environment.

unprofitable companies, although still operating at a loss, also showed signs of change. in october, their EBITDA did not decline as sharply as in prior years. this suggests a turning point: even money-losing firms appear to be responding to rising cost pressures and taking steps to curb expenses. simply put, the industry is getting the memo—spend smarter or fall further behind.

EBITDA per agent jumps sharply
one of the most striking data points is EBITDA per agent. in october 2025, EBITDA per agent was 85% higher than the same period last year, highlighting a dramatic improvement in efficiency and productivity.

when earnings per agent rise sharply year over year, it rarely points to a single factor. instead, it reflects a combination of operational decisions. a key driver is tighter agent rosters—non-producing or underperforming agents are being let go. reducing agent count alone can mathematically increase income per agent, but it also delivers an even greater benefit: non-producing agents still generate costs. eliminating those expenses directly improves the bottom line.

seasonality still applies
despite the positive momentum, historical trends remain consistent. as the industry moves toward the fourth quarter, earnings typically soften heading into december and january, traditionally the weakest months of the year. while earnings are going down each month since august, the decline has not been as sharp as previous years. this is an encouraging sign for brokerages as they head into the winter season.

the bigger picture
taken together, these trends point to a healthier industry overall. operating profit is rising, productive agents are being prioritized, and even struggling companies are becoming more cost-aware. the data suggests that smarter staffing decisions and tighter expense control are no longer optional—they are becoming standard practice for survival and growth.

as EBITDA continues its upward climb year over year, the message is clear: leaner operations and disciplined management are paying off.