The Real Brokerage (REAX) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 grew 30% year-over-year to $700.6 million, driven by a 27% increase in closed transactions and higher agent productivity.

• Adjusted EBITDA rose 38% to $27.6 million, with margin expanding to 3.9%.

• Net loss for Q2 2026 was $8.0 million, including $11.6 million in acquisition-related costs for the pending RE/MAX acquisition.

• Agent count increased 26% year-over-year to over 35,350, surpassing 36,000 after quarter-end.

• Major acquisition agreement signed to acquire RE/MAX Holdings, with expected closing in the second half of 2026 and integration planning underway.

Financial highlights

• Consolidated revenue was $700.6 million, up 30% year-over-year.

• Gross profit increased 22% to $58.3 million; gross margin declined to 8.3% from 8.9% due to a higher mix of capped agents.

• Operating expenses totaled $65.3 million, including $11.6 million in acquisition-related costs.

• Operating loss was $7.0 million for the quarter; net loss was $8.0 million.

• Unrestricted cash and investments stood at $86.6 million, up 58% year-over-year.

Outlook and guidance

• Third quarter expected to follow normal seasonal patterns, with sequential declines in revenue and adjusted EBITDA, and lower year-over-year gross margin.

• Q4 gross margin expected to be relatively flat year-over-year.

• The RE/MAX acquisition is expected to close in the second half of 2026, pending shareholder and regulatory approvals.

• Upon closing the RE/MAX transaction, combined company baseline and preliminary 2027 guidance will be provided.

• Forward-looking statements highlight risks and uncertainties, including market growth assumptions and the impact of acquisitions.