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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.
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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