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Edge31 Oct 2025
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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.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.
Why U.S. agent count decline despite new models?
Expected ROI from new tech and economic models?
What caused the Motto Mortgage office decline?
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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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