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RE/MAX
RE/MAX (RMAX) investor relations material
RE/MAX Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record global agent count of 148,660 as of December 31, 2025, up 1.4% year-over-year, driven by international growth despite U.S. and Canada declines.
Q4 2025 revenue was $71.1 million, down 1.8% year-over-year, with adjusted EBITDA of $22.4 million and margin of 31.5%.
Largest brokerage conversion in company history added nearly 1,200 agents in Canada, boosting market presence.
Strategic investments in brand, technology, and operational discipline supported profitability and renewed momentum.
Financial highlights
Q4 2025 revenue excluding Marketing Funds was $53.6 million, down 0.4% year-over-year.
Adjusted diluted EPS for Q4 was $0.30, flat year-over-year.
Recurring revenue streams accounted for 64.3% of revenue excluding Marketing Funds, down from 69.9% a year ago.
Adjusted free cash flow for 2025 was $31.8 million, representing 34.0% of adjusted EBITDA.
Cash and cash equivalents at year-end were $118.7 million, up $22.1 million from prior year.
Outlook and guidance
Q1 2026 guidance: agent count up 1.5%–2.5% year-over-year, revenue $69–$74 million, adjusted EBITDA $14–$17 million.
Full-year 2026 guidance: agent count up 1.5%–3.5%, revenue $285–$305 million, adjusted EBITDA $90–$100 million.
Leverage ratio expected to remain below 3.5x throughout 2026, supporting capital allocation flexibility.
Reverse US/Canada agent count decline
Long-term impact of fee model changes
Manage SO&A expenses for margin expansion
New models' impact on agent productivity?
Key factors for 2026 revenue guidance range?
Motto's new fee model: expected growth impact?
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Next RE/MAX earnings date
Q1 20261 May, 2026
RE/MAX
Next RE/MAX earnings date
Q1 20261 May, 2026
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Frequently asked questions
RE/MAX Holdings, Inc. provides real estate brokerage services in the United States, Canada, and internationally. The company, through its subsidiaries, franchises real estate brokerages under the RE/MAX brand name; and sells regional franchise rights to affiliated brokers and franchisees. As of February 07, 2019, it operated its business through a network of approximately 8,200 franchised offices with more than 116,000 agents. The company was formerly known as RMCO LLC and changed its name to RE/MAX Holdings, Inc. in July 2011. RE/MAX Holdings, Inc. was founded in 1973 and is headquartered in Denver, Colorado.
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