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…
Earnings analysis · 10-Q
RMAX earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- 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 stood out
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Revenue Decline
Total revenue fell to $70.2 million, a decrease of 5.7% from $74.5 million in Q1 2025.
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Loss Increases
Net loss attributable to RE/MAX Holdings was $9.7 million, worsening from a loss of $2.0 million in Q1 2025.
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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.
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Increased Operating Expenses
Total operating expenses rose by 13.0% to $78.1 million, up from $69.1 million in Q1 2025.
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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.
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Suspended Future Guidance
Management has suspended future guidance due to uncertainties surrounding the pending merger with The Real Brokerage, Inc.
What to watch
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Suspended Guidance
Management stated that future operational and financial guidance has been suspended, creating uncertainties for investors.
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Increased Operating Costs
Operating expenses totaled $78.1 million, reflecting a 13% increase primarily due to a recent settlement costing $8.5 million.
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Merger Risks
Pending merger with The Real Brokerage exposes the company to significant operational disruptions and negative publicity.
Management's outlook
Management has suspended all forward guidance until the completion of the merger.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.