RE/MAX Q1 revenue drops 5.7% to $70.2 million

RE/MAX Holdings (NYSE:RMAX) reported its first-quarter 2026 financial results against the backdrop of a transformative merger agreement with The Real Brokerage (NASDAQ:REAX).

The Denver-based franchisor posted total revenue of $70.2 million for the quarter ended March 31, 2026, a 5.7% decrease compared to the prior year.

The decline was largely driven by a 4.7% drop in organic revenue, reflecting continued headwinds in the North American housing market.

Adjusted EBITDA for the period was $15.6 million, a 19.3% decrease year-over-year, while the company reported a GAAP net loss attributable to RE/MAX Holdings of $9.7 million, or $(0.48) per diluted share.

Despite the cooling top line, total agent count grew 2.1% to over 149,000 agents globally, though U.S. and Canadian headcount saw a slight contraction of 2.3%.

The centerpiece of the quarterly update is the definitive agreement for The Real Brokerage to acquire RE/MAX Holdings in a transaction with an implied enterprise value of approximately $880 million.

The combined entity, to be named Real REMAX Group, aims to integrate Real’s high-growth, AI-powered brokerage platform with the massive scale of RE/MAX’s global franchise network, which spans over 120 countries.

The acquisition is expected to generate approximately $30 million in annual run-rate cost synergies, with the majority realized by 2027.

Real CEO Tamir Poleg, who will serve as Chairman and CEO of the new group, described the union as a "transformational moment" for the industry, designed to bridge the gap between traditional high-touch franchising and digitally native brokerage tools.

On a pro-forma basis for 2025, the combined company would have generated approximately $2.3 billion in annual revenue and $157 million in Adjusted EBITDA.