RE/MAX (RMAX) Q1 2026 earnings summary

Executive summary

• Total revenue for Q1 2026 was $70.2 million, down 5.7% year-over-year, with adjusted EBITDA down 19.3% to $15.6 million.

• Net loss attributable to shareholders widened to $(9.7) million, or $(0.48) per diluted share, compared to $(2.0) million in Q1 2025.

• The company entered into a definitive merger agreement with The Real Brokerage Inc., allowing shareholders to elect cash or stock, with the deal expected to close in the second half of 2026, subject to customary approvals.

• Global agent count reached a record 149,192, up 2.1% year-over-year, with U.S. and Canada agent count declining 2.3% to 73,292.

Financial highlights

• Revenue excluding Marketing Funds decreased 4.0% to $53.4 million, driven by negative organic growth and lower U.S. agent count, partially offset by a 0.7% positive FX impact.

• Continuing franchise fees fell 12.1% to $25.8 million; annual dues decreased 3.0% to $7.6 million; broker fees rose 10.3% to $12.6 million.

• Marketing Funds fees declined 10.6% to $16.9 million; franchise sales and other revenue increased 5.3% to $7.4 million.

• Operating expenses rose 13.0% to $78.1 million, mainly due to settlement and impairment charges and increased professional fees related to the merger.

• Cash and cash equivalents at March 31, 2026, were $107.1 million; outstanding debt was $436.0 million to $438.2 million at a 6.3% interest rate.

Outlook and guidance

• No quarterly or annual guidance will be provided and no future earnings calls are planned while the merger is pending.

• The pending merger with The Real Brokerage Inc. is expected to close in the second half of 2026, with anticipated refinancing of existing indebtedness.