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Sep 30, 2025
RE/MAX Q3 2025 Earnings Report
RE/MAX Holdings, Inc. reported its third quarter 2025 results, with total revenue decreasing by 6.7% to $73.3 million and GAAP EPS at $0.19.
Key Takeaways
RE/MAX Holdings, Inc. experienced a decline in total revenue and U.S. and Canada agent count in Q3 2025, but saw an increase in total agent count driven by international growth. The company's profitability and margin performance exceeded expectations, with Adjusted EBITDA decreasing slightly but Adjusted EBITDA margin improving.
Total Revenue decreased by 6.7% to $73.3 million compared to Q3 2024.
Net income attributable to RE/MAX Holdings, Inc. increased significantly to $4.0 million, resulting in a GAAP EPS of $0.19.
Total agent count grew by 1.4% to 147,547 agents, reaching an all-time high due to steady global growth.
Adjusted EBITDA decreased by 5.6% to $25.8 million, but the Adjusted EBITDA margin improved to 35.2%.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2025, RE/MAX Holdings expects agent count to increase by 0.0% to 1.5%, revenue to be in the range of $69.5 million to $73.5 million, and Adjusted EBITDA to be between $19.0 million and $23.0 million. For the full year 2025, the company anticipates agent count growth of 0.0% to 1.5%, revenue between $290.0 million and $294.0 million, and Adjusted EBITDA in the range of $90.0 million to $94.0 million.
Positive Outlook
- Expected agent count increase of 0.0% to 1.5% for Q4 2025 and full year 2025.
- Anticipated revenue for Q4 2025 between $69.5 million and $73.5 million.
- Full year 2025 revenue expected to be between $290.0 million and $294.0 million.
- Adjusted EBITDA for Q4 2025 projected between $19.0 million and $23.0 million.
- Full year 2025 Adjusted EBITDA expected to be between $90.0 million and $94.0 million.
Challenges Ahead
- The full year 2025 revenue guidance was slightly narrowed from $290.0 million to $296.0 million to $290.0 million to $294.0 million.
- The full year 2025 Adjusted EBITDA guidance was slightly narrowed from $90.0 million to $95.0 million to $90.0 million to $94.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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