RE/MAX (RMAX) Q3 2025 earnings summary

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 the U.S. and Canada.

• 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.

• Operating expenses decreased 13.2% to $54.9 million, mainly due to lower personnel and event costs.

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

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

Financial highlights

• Q3 2025 revenue: $73.3M (down 6.7% YoY); adjusted EBITDA: $25.8M (down 5.6% YoY); adjusted EBITDA margin: 35.2% (up 40 bps YoY); adjusted diluted EPS: $0.37.

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

• Selling, operating, and administrative expenses decreased by 9.7% to $32.5 million.

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

• Cash and cash equivalents increased to $107.5 million as of September 30, 2025.

Outlook and guidance

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

• Full-year 2025 guidance: agent count up 0.0% to 1.5%, revenue $290M–$294M, adjusted EBITDA $90M–$94M.

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