RE/MAX (RMAX) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $68.5 million, down 5.8% year-over-year, with net loss attributable to shareholders of $4.3 million versus net income of $4.7 million in Q2 2025.

• Adjusted EBITDA fell 12.6% to $22.9 million, with margin declining to 33.5%.

• Total agent count grew 1.5% to 149,267, but U.S. and Canada agent count declined 2.2%.

• The company entered a definitive merger agreement with The Real Brokerage Inc., expected to close in H2 2026, with significant transaction costs incurred.

Financial highlights

• Revenue excluding Marketing Funds decreased 5.1% to $51.7 million, driven by negative organic growth and flat FX.

• Operating expenses rose 14.1% to $67.0 million, mainly due to $11.5 million in merger transaction costs.

• Cash and cash equivalents were $112.4 million at June 30, 2026.

• Senior Secured Credit Facility balance was $437.0 million, with a leverage ratio of 3.71:1.

• Recurring revenue streams decreased 9.9% and represented 63.9% of revenue excluding Marketing Funds.

Outlook and guidance

• Management remains focused on agent recruitment, technology investment, and operational efficiency to navigate market softness.

• No quarterly or annual guidance provided due to the pending merger.

• The merger with The Real Brokerage Inc. is expected to close in the second half of 2026, pending shareholder and regulatory approvals.