RE/MAX Holdings Reports Steep Q4 Net Income Drop and Cautious 2026 Outlook
RMAX is trading near its 52-week low of $6.74 (2.1% below the low).
Summary
RE/MAX Holdings announced Q4 2025 financial results, reporting a sharp decline in net income and a decrease in core agent count, alongside a cautious outlook for Q1 2026 Adjusted EBITDA.
Key Events · Earnings and Guidance · RMAX
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Significant Q4 Net Income Decline
Net income attributable to RE/MAX Holdings, Inc. for Q4 2025 plummeted to $1.4 million ($0.07 GAAP EPS) from $5.8 million ($0.29 GAAP EPS) in Q4 2024.
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Core Agent Count Decreased
The combined agent count for U.S. and Canada decreased by 4.6% to 72,977 agents as of December 31, 2025, despite a 1.4% increase in total global agent count.
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Weak Q1 2026 Adjusted EBITDA Guidance
The company projects Q1 2026 Adjusted EBITDA in a range of $14.0 million to $17.0 million, a significant reduction from the $22.4 million reported in Q4 2025.
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Full Year 2026 Outlook
For the full year 2026, RE/MAX Holdings expects revenue between $285.0 million and $305.0 million, and Adjusted EBITDA between $90.0 million and $100.0 million.
Analysis · RMAX · Real Estate & Construction
RE/MAX Holdings, Inc. reported a significant decline in fourth-quarter 2025 net income attributable to the company, falling to $1.4 million ($0.07 GAAP EPS) from $5.8 million ($0.29 GAAP EPS) in the prior year. This substantial drop, coupled with a 4.6% decrease in U.S. and Canada combined agent count, signals ongoing challenges in its core markets. The company's first-quarter 2026 Adjusted EBITDA guidance of $14.0 million to $17.0 million is notably lower than the $22.4 million reported in Q4 2025, indicating continued near-term pressure. This news comes as the stock is trading below its 52-week low, reinforcing negative sentiment and suggesting a difficult operating environment for the real estate franchisor.
At the time of this filing, RMAX was trading at $6.60 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $227.3M. The 52-week trading range was $6.74 to $10.61. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.