The RMR Group (RMR) Q2 2026 earnings summary

Executive summary

• Q2 2026 distributable earnings and Adjusted EBITDA reached the high end of expectations, with net income attributable to the company at $1.0 million ($0.05 per share) and Adjusted Net Income of $2.2 million ($0.11 per share), despite market volatility and geopolitical uncertainty.

• Adjusted EBITDA was $18.5 million (41.6% margin), and Distributable Earnings were $14.2 million ($0.44 per share).

• Assets under management (AUM) totaled $37.1 billion as of March 31, 2026.

• Liquidity stood at $180.1 million at quarter-end, decreasing to $130.1 million after a $50 million investment in SVC in April.

• A quarterly dividend of $0.45 per share was declared, funded by Distributable Earnings and cash reserves.

Financial highlights

• Q2 distributable earnings were $0.44 per share; Adjusted EBITDA was $18.5 million, and net income margin was 4.9%.

• Adjusted net income was $0.11 per share, $0.01 below guidance.

• Recurring service revenues were $42 million, down $1 million sequentially, mainly due to hotel sales and debt paydowns at SVC and DHC.

• Distribution payout ratio was 72.2% for Q2 2026.

• Management and advisory services revenues totaled $42.0 million for Q2 2026.

Outlook and guidance

• Management expects continued positive momentum and improved earnings, with REIT clients on pace to generate nearly $33 million in incentive fees for calendar 2026.

• Q3 recurring service revenues expected to rise to $44 million, driven by new multifamily portfolio revenue and construction management fees.

• Q3 Adjusted EBITDA guidance is $19 million-$21 million; distributable earnings expected between $0.48 and $0.50 per share.

• Recurring cash compensation and G&A expected to remain stable for the rest of the fiscal year.

• The company anticipates that its liquidity position will support opportunistic investments and strategic actions.