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Jun 30, 2025
RE/MAX Q2 2025 Earnings Report
RE/MAX Holdings, Inc. reported its second quarter 2025 results, with total revenue decreasing by 7.3% to $72.8 million and net income attributable to RE/MAX Holdings, Inc. increasing to $4.7 million.
Key Takeaways
RE/MAX Holdings, Inc. experienced a decline in total revenue and Adjusted EBITDA in the second quarter of 2025 compared to the prior year, primarily due to a decrease in U.S. agent count and lower broker fees. However, the company achieved an all-time high in total agent count and improved its GAAP net income and EPS, while also exceeding profit and margin expectations.
Total Revenue decreased by 7.3% to $72.8 million, primarily due to a decline in U.S. agent count and lower Broker Fees revenue.
Net income attributable to RE/MAX Holdings, Inc. increased to $4.7 million, and GAAP EPS rose to $0.23.
Total agent count reached an all-time high of 147,073 agents, a 2.5% increase year-over-year, driven by growth outside the U.S. & Canada.
Adjusted EBITDA decreased by 6.4% to $26.3 million, though the Adjusted EBITDA margin slightly improved to 36.1%.
Revenue by Segment
Forward Guidance
For the third quarter of 2025, RE/MAX Holdings expects agent count to increase by 1.0% to 2.0% year-over-year, with revenue projected between $71.0 million and $76.0 million, and Adjusted EBITDA between $23.5 million and $26.5 million. For the full year 2025, the company updated its outlook, expecting agent count growth from 0.0% to 1.5%, revenue between $290.0 million and $296.0 million, and Adjusted EBITDA between $90.0 million and $95.0 million.
Positive Outlook
- Expected increase in agent count for Q3 and full year 2025.
- Anticipated revenue range for Q3 2025 ($71.0M - $76.0M).
- Anticipated Adjusted EBITDA range for Q3 2025 ($23.5M - $26.5M).
- Updated full year 2025 agent count guidance to positive growth (0.0% to 1.5%).
- Revised full year 2025 revenue guidance with a narrower, more focused range.
Challenges Ahead
- Full year 2025 revenue guidance range was lowered from the previous outlook.
- Full year 2025 Adjusted EBITDA guidance range was lowered from the previous outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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