The Real Brokerage (REAX) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 grew 30% year-over-year to $700.6 million, with adjusted EBITDA up 38% to $27.6 million, driven by strong agent and transaction growth despite a challenging housing market.

• Total agent count reached 35,348, up 26% year-over-year, and closed transactions increased 27% to 62,380.

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

• The pending RE/MAX merger is expected to close in the second half of 2026, with integration planning well underway and $30 million in targeted cost synergies.

• Cash and short-term investments reached a record $86.6 million, up 58% year-over-year.

Financial highlights

• Gross profit for Q2 2026 was $58.3 million (up 22%), with gross margin at 8.3% versus 8.9% last year, reflecting a higher mix of capped agents.

• Operating expenses were $65.3 million, including $11.6 million in RE/MAX acquisition costs, resulting in a $7 million operating loss.

• Gross market value for the last twelve months reached $94.3 billion, up 31% year-over-year.

• LTM revenue totaled $2.24 billion, and LTM adjusted EBITDA was $77 million.

• Operating cash flow for the last twelve months was $80 million.

Outlook and guidance

• Q3 is expected to follow normal seasonal patterns, with sequential declines in revenue and adjusted EBITDA, and lower year-over-year gross margin.

• Fee model changes effective in September and ancillary business growth should moderate gross margin declines in Q4, which is expected to be flat year-over-year.

• Post-merger, combined company baseline and preliminary 2027 guidance will be provided in November.

• The RE/MAX acquisition is expected to close in H2 2026, pending shareholder and regulatory approvals, with integration and financing activities ongoing and a $550 million bridge loan facility committed.

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