EBITDA Margin Index Reaches Highest Level Since 2021
BOSTON, Dec. 16, 2025 /PRNewswire/ — The latest EBITDA Margin Index for September 2025, released by AccountTECH, was 2.7144%, which is the highest we have seen in the industry for the month of September since 2021. Seasonality has normally shown EBITDA margins taking a downturn in September, and these numbers are showing a much less drastic decline heading into the winter months.
For the month of September, EBITDA per agent also rose to $151.75. This is a 500% year-over-year increase from 2024. This points to diligent expense reduction and monitoring, as well as letting go of unproductive agents. Stable income levels divided by less agents, as well as indirect costs associated with unproductive agents are the direct contributors to an increase in EBITDA per agent of this level.
“The firms achieving these dramatic profitability gains are those who have adapted their business models to the current environment,” notes Mark Blagden, CEO of AccountTECH. “This 279% year-over-year increase in September is a clear signal that operational efficiency, not market volume, is the new engine of brokerage profitability.”
Profitable vs. Unprofitable Segment Performance
The September 2025 report provides deeper insight into profitability dynamics across segments:
Profitable Segment:
EBITDA Margin registered at 5.548%, a slight decrease from 5.9695% in 2024. Despite the dip, the segment continues to demonstrate strong expense management and remains a core contributor to the overall margin recovery.
Unprofitable Segment:
EBITDA Margin registered at –4.0264%, also a slight decrease from –3.54445% in 2024.
Multi-Year Index Performance
A review of the historical data (see table below) shows fluctuating performance over the past decade, with peaks in 2020 and 2021 followed by a temporary downturn. The upward movement in 2025 represents an important turning point:
|
September |
EBITDA per Agent |
EBITDA Margin % |
|
2025 |
$ 151.75 |
2.7144 |
|
2024 |
$ 33.55 |
0.9715 |
|
2023 |
$ 65.08 |
1.3639 |
|
2022 |
$ 13.06 |
-0.23845 |
|
2021 |
$ 277.89 |
3.85855 |
|
2020 |
$ 348.76 |
5.94015 |
|
2019 |
$ 44.13 |
1.0671 |
|
2018 |
$ 55.48 |
1.545 |
|
2017 |
$ 107.28 |
2.10795 |
|
2016 |
$ 216.30 |
4.7377 |
This decade-long view highlights how the industry has navigated periods of expansion and contraction, ultimately positioning 2025 as a year of renewed recovery and improved operational acumen.
A Positive Outlook for the Remainder of 2025
With EBITDA per agent reaching its highest level in recent years and margins rebounding meaningfully, the September 2025 Index reflects encouraging momentum heading into the final quarter.
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SOURCE AccountTECH
