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Dec 31, 2025
RE/MAX Q4 2025 Earnings Report
RE/MAX Holdings, Inc. reported a decrease in total revenue and adjusted EBITDA for the fourth quarter of 2025, alongside a slight increase in total agent count.
Key Takeaways
RE/MAX Holdings, Inc. experienced a challenging fourth quarter in 2025, with total revenue decreasing by 1.8% to $71.1 million and Adjusted EBITDA falling by 4.0% to $22.4 million. Despite these declines, the company saw a 1.4% increase in total agent count globally, reaching 148,660 agents, though U.S. and Canada combined agent count decreased. Net income attributable to RE/MAX Holdings, Inc. was $1.4 million, with GAAP EPS of $0.07.
Total Revenue decreased 1.8% to $71.1 million in Q4 2025 compared to the prior year.
Adjusted EBITDA decreased 4.0% to $22.4 million, with an Adjusted EBITDA margin of 31.5%.
Net income attributable to RE/MAX Holdings, Inc. was $1.4 million, resulting in a GAAP EPS of $0.07.
Total agent count increased 1.4% to 148,660 agents, driven by growth outside the U.S. and Canada.
Revenue by Segment
Forward Guidance
For the first quarter of 2026, RE/MAX Holdings anticipates agent count to increase by 1.50% to 2.50% over Q1 2025, with revenue projected between $69.0 million and $74.0 million, and Adjusted EBITDA between $14.0 million and $17.0 million. For the full year 2026, agent count is expected to increase by 1.50% to 3.50%, revenue between $285.0 million and $305.0 million, and Adjusted EBITDA between $90.0 million and $100.0 million.
Positive Outlook
- Agent count is expected to increase by 1.50% to 2.50% in Q1 2026.
- Full-year 2026 agent count is projected to grow by 1.50% to 3.50%.
- The company anticipates revenue between $69.0 million and $74.0 million for Q1 2026.
- Full-year 2026 revenue is expected to be in the range of $285.0 million to $305.0 million.
- Adjusted EBITDA for Q1 2026 is projected between $14.0 million and $17.0 million.
Challenges Ahead
- The outlook assumes no further currency movements, acquisitions, or divestitures, which could impact actual results.
- The projected Q1 2026 Adjusted EBITDA range of $14.0 million to $17.0 million is lower than Q4 2025's $22.4 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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