RE/MAX (RMAX) Q4 2025 earnings summary

Executive summary

• Achieved record global agent count of 148,660 as of December 31, 2025, up 1.4% year-over-year, driven by international growth despite U.S. and Canada declines.

• Q4 2025 revenue was $71.1 million, down 1.8% year-over-year, with adjusted EBITDA of $22.4 million and margin of 31.5%.

• Largest brokerage conversion in company history added nearly 1,200 agents in Canada, boosting market presence.

• Strategic investments in brand, technology, and operational discipline supported profitability and renewed momentum.

Financial highlights

• Q4 2025 revenue excluding Marketing Funds was $53.6 million, down 0.4% year-over-year.

• Adjusted diluted EPS for Q4 was $0.30, flat year-over-year.

• Recurring revenue streams accounted for 64.3% of revenue excluding Marketing Funds, down from 69.9% a year ago.

• Adjusted free cash flow for 2025 was $31.8 million, representing 34.0% of adjusted EBITDA.

• Cash and cash equivalents at year-end were $118.7 million, up $22.1 million from prior year.

Outlook and guidance

• Q1 2026 guidance: agent count up 1.5%–2.5% year-over-year, revenue $69–$74 million, adjusted EBITDA $14–$17 million.

• Full-year 2026 guidance: agent count up 1.5%–3.5%, revenue $285–$305 million, adjusted EBITDA $90–$100 million.

• Leverage ratio expected to remain below 3.5x throughout 2026, supporting capital allocation flexibility.