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RE/MAX (RMAX) investor relations material

RE/MAX Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Total agent count reached a record 147,547 as of September 30, 2025, up 1.4% year-over-year, driven by 9.0% international growth, offset by a 5.1% decline in U.S. and Canada agent count.

  • Q3 2025 revenue was $73.3 million, down 6.7% year-over-year, with adjusted EBITDA of $25.8 million (margin 35.2%), and net income attributable to shareholders of $4.0 million.

  • Operational excellence and cost controls led to a 13.2% decrease in operating expenses, mainly from lower personnel and event costs.

  • Launched new agent economic models (Aspire, Ascend, Appreciate) and AI-powered Marketing as a Service (MaaS) platform to enhance recruitment, retention, and productivity.

  • Expanded leadership team with new President of Mortgage Services and Chief Digital Information Officer to drive innovation and growth.

Financial highlights

  • Q3 2025 revenue: $73.3M (down 6.7% YoY); adjusted EBITDA: $25.8M (down 5.6% YoY); adjusted EBITDA margin improved to 35.2% (up 40 bps YoY).

  • Adjusted diluted EPS was $0.37; net income attributable to shareholders was $4.0M.

  • Revenue excluding Marketing Funds was $55.1M, down 5.6% YoY; recurring revenue streams fell 9.6% and made up 63.6% of revenue excluding Marketing Funds.

  • Selling, operating, and administrative expenses fell by 9.7% to $32.5M, representing 58.9% of revenue excluding Marketing Funds.

  • Adjusted free cash flow for the nine months ended September 30, 2025, was $25.4M.

Outlook and guidance

  • Q4 2025 guidance: agent count growth of 0.0% to 1.5% YoY, revenue between $69.5M–$73.5M, and adjusted EBITDA of $19M–$23M.

  • Full-year 2025 guidance: agent count up 0.0% to 1.5%, revenue $290M–$294M (including $72M–$74M from marketing funds), adjusted EBITDA $90M–$94M.

  • Guidance assumes no further currency movements, acquisitions, or divestitures.

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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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