RE/MAX Holdings, Inc. (NYSE: RMAX) reported fourth‑quarter and full‑year 2025 financial results, showing a 1.8% decline in revenue to $71.1 million from $72.5 million a year earlier, while adjusted EBITDA fell 4.0% to $22.4 million, resulting in a 31.5% margin versus 32.2% in Q4 2024.
Net income attributable to RE/MAX Holdings was $1.4 million, down from $5.8 million in Q4 2024, as operating expenses dropped 9.4% to $61.8 million. The expense reduction was driven by lower settlement and impairment charges and a reduction in marketing fund expenses, but the company still faced higher selling, operating, and administrative costs that compressed the margin.
The company’s global agent count grew 1.4% to 148,660 agents, a record for the network. In contrast, the U.S. market saw a 6.1% decline to 48,165 agents, while the combined U.S. and Canada segment fell 4.6% to 72,977 agents. The international segment, however, expanded 7.9%, offsetting the North American contraction and supporting the overall agent growth.
RE/MAX reiterated its full‑year 2025 revenue guidance of $290–$294 million and adjusted EBITDA guidance of $90–$94 million. The reported full‑year revenue of $291.6 million and adjusted EBITDA of $93.7 million fall squarely within those ranges, indicating management confidence despite the Q4 revenue miss.
Earnings per share of $0.30 beat the consensus estimate of $0.28, a $0.02 or 7.1% surprise. The beat was largely attributable to disciplined cost management that preserved margins even as revenue slipped, and to the continued strength of the international business, which helped offset the North American decline.
Management highlighted that the company’s strategy is delivering results amid a challenging U.S. and Canada housing market. CEO Erik Carlson noted that “our strategy is working and is beginning to yield results even though 2025 marked the third consecutive year of a historically tough housing market in the United States and Canada.” He added that the company exited 2025 with strong momentum across both networks, driven by record global agent growth and a renewed excitement for the RE/MAX brand.
Investors reacted cautiously, with the stock falling in pre‑market trading by 2.7% to $6.78 and by 3.3% to $6.74. The decline was driven by the revenue miss and the continued contraction in the core U.S. and Canada markets, which outweighed the EPS beat and international growth.
The results underscore a divergence in growth dynamics: international expansion is a tailwind, while North American headwinds persist. The company’s guidance signals confidence in maintaining profitability, but the market remains sensitive to core‑market performance and revenue expectations.
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