RMAX earnings analysis
What we found in RMAX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
RE/MAX Holdings, Inc. reported Q1 2026 results with total revenue of $70.2 million, reflecting a 5.7% decline from the prior year, and a substantial net loss of $9.7 million compared to a loss of $2.0 million a year earlier. Adjusted EBITDA decreased by 19.3% to $15.6 million, impacted by declining agent count and increased operating costs amidst a challenging market environment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue fell to $70.2 million, a decrease of 5.7% from $74.5 million in Q1 2025.
- Loss Increases
- Net loss attributable to RE/MAX Holdings was $9.7 million, worsening from a loss of $2.0 million in Q1 2025.
- Agent Count Grows Globally
- Total agent count increased by 2.1% to 149,192 agents, despite a 2.3% decline in the U.S. and Canada.
- Increased Operating Expenses
- Total operating expenses rose by 13.0% to $78.1 million, up from $69.1 million in Q1 2025.
- Lower Adjusted EBITDA Margin
- Adjusted EBITDA decreased by 19.3% to $15.6 million, with a margin of 22.2%, down from 25.9% year-over-year.
- Suspended Future Guidance
- Management has suspended future guidance due to uncertainties surrounding the pending merger with The Real Brokerage, Inc.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Suspended Guidance
- Management stated that future operational and financial guidance has been suspended, creating uncertainties for investors.
- Increased Operating Costs
- Operating expenses totaled $78.1 million, reflecting a 13% increase primarily due to a recent settlement costing $8.5 million.
- Merger Risks
- Pending merger with The Real Brokerage exposes the company to significant operational disruptions and negative publicity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.48
- Segment
- U.S. Franchise Fees: $25.8M (-12.1%); Broker Fees: $12.6M (+10.3%); Marketing Funds Fees: $16.9M (-10.6%); Franchise Sales: $7.4M (+5.3%)
What they said about what is next.
Management has suspended all forward guidance until the completion of the merger.
The filing reads worse than the one before it.
What came before.
- 10-K · April 30, 2026
- RE/MAX Holdings, Inc. demonstrated resilience with a full-year revenue of $291.6 million in 2025, despite macroeconomic challenges; however, EPS dipped to $0.5, as margins tightened due to ongoing operational…
- 10-K · February 19, 2026
- RE/MAX positions itself as a capital-light, franchise-focused platform centered on the RE/MAX brand (over 145,000 agents, 8,500+ offices, presence in 120+ countries) and the complementary Motto mortgage franchising and…
- 10-Q · May 1, 2025
- RE/MAX Holdings reported Q1 revenue of $74.467M, down from $78.287M a year ago, while operating income rose to $5.367M (≈7.2% margin) from $4.524M. Net loss narrowed to $(3.236)M (net to RE/MAX Holdings $(1.958)M;…
- 10-Q · October 31, 2024
- RE/MAX Holdings reported Q3 (three months ended September 30, 2024) revenue of $78.478M, down from $81.223M a year ago, while operating income swung to a $15.211M profit from a $(20.998)M loss in Q3 2023. Net income was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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