--- title: "RE/MAX | 10-K: FY2025 Revenue Misses Estimate at USD 291.6 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276380544.md" datetime: "2026-02-19T21:24:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276380544.md) - [en](https://longbridge.com/en/news/276380544.md) - [zh-HK](https://longbridge.com/zh-HK/news/276380544.md) --- # RE/MAX | 10-K: FY2025 Revenue Misses Estimate at USD 291.6 M Revenue: As of FY2025, the actual value is USD 291.6 M, missing the estimate of USD 291.88 M. EPS: As of FY2025, the actual value is USD 0.4, missing the estimate of USD 0.43. EBIT: As of FY2025, the actual value is USD 75.16 M. #### Overall Financial Performance RE/MAX Holdings, Inc. reported total revenue of $291.6 million for the year ended December 31, 2025, marking a 5.2% decrease from the prior year . Revenue, excluding Marketing Funds, decreased by 4.3% to $218.8 million, influenced by 3.9% negative organic growth and 0.4% adverse foreign currency movements . Net income attributable to RE/MAX Holdings, Inc. was $8.2 million in 2025, an increase from $7.1 million in the prior year . Adjusted EBITDA decreased by 4.1% to $93.7 million, while the Adjusted EBITDA margin improved by 30 basis points to 32.1% . Operating income rose to $47.043 million in 2025 from $40.181 million in 2024 . Total operating expenses decreased by 8.6% to $244.558 million in 2025, down from $267.504 million in 2024 . #### Segment Revenue - **Real Estate Segment:** Total Real Estate revenue for the year ended December 31, 2025, was $205.092 million . This included $102.866 million from continuing franchise fees, $30.462 million from annual dues, $53.691 million from broker fees, and $18.073 million from franchise sales and other revenue . - **Mortgage Segment:** Total Mortgage revenue was $13.674 million for the year ended December 31, 2025 . This comprised $9.999 million from continuing franchise fees and $3.675 million from franchise sales and other revenue . - **Marketing Funds Segment:** Marketing Funds fees amounted to $72.835 million . #### Operational Metrics - **Agent Count (as of December 31, 2025):** The total global agent count increased by 1.4% to 148,660 agents . The combined U.S. and Canada agent count decreased by 4.6% to 72,977 agents . Specifically, U.S. Company-Owned Regions saw a 6.5% YoY decrease to 41,998 agents, U.S. Independent Regions decreased by 3.3% YoY to 6,167 agents, and Canada Company-Owned Regions decreased by 2.5% YoY to 19,803 agents . Conversely, Canada Independent Regions increased by 3.1% YoY to 5,009 agents, and Outside U.S. and Canada Independent Regions increased by 7.9% YoY to 75,683 agents . - **Office Count (as of December 31, 2025):** Total RE/MAX open offices decreased by 1.5% YoY to 8,601 . Total Motto open offices decreased by 24.0% YoY to 171, partly due to the termination of approximately 80 non-performing franchisees . - **Franchise Sales (Year Ended December 31, 2025):** Total RE/MAX franchise sales increased by 8.1% YoY to 864 . Motto franchise sales decreased by 53.8% YoY to 12 . - **Operating Expenses (Year Ended December 31, 2025):** Selling, operating and administrative expenses decreased to $146.702 million from $152.258 million in 2024, primarily due to lower personnel and employee retention-related costs, partially offset by higher professional fees and bad debt expense . Marketing Funds expenses were $72.835 million . Depreciation and amortization decreased to $25.848 million from $29.561 million in 2024 . Settlement and impairment charges were - $1.542 million in 2025, which included a $2.1 million cost recovery from a previous settlement, partially offset by an immaterial legal matter and an office lease impairment . The change in estimated tax receivable agreement liability was $0.715 million . - **Other Expenses, Net (Year Ended December 31, 2025):** Total other expenses, net, decreased to - $27.415 million from - $33.981 million in 2024, mainly due to lower interest expense . Interest expense was - $31.700 million, while interest income was $3.580 million . Foreign currency transaction gains were $0.705 million, compared to losses of - $1.461 million in 2024 . #### Unique Metrics - Average revenue per agent (excluding Marketing Funds fees) in 2025 was approximately $2,565 in Company-Owned Regions, $765 in Independent Regions, and $225 in Global Regions . - The average monthly fee revenue per Motto office was approximately $3,900 for the year ended December 31, 2025 . - New economic models (AspireSM, AscendSM, AppreciateSM) were introduced in 2025 for RE/MAX franchisees in U.S. Company-Owned Regions to offer flexible and competitive fee structures . - Marketing as a Service (MaaS), an AI-enabled platform, was launched in 2025 in the U.S. and Canada, generating revenue from affiliate spend on marketing services . #### Cash Flow (Year Ended December 31, 2025) - Net cash provided by operating activities was $40.878 million, a decrease from $59.652 million in 2024 . - Net cash used in investing activities was - $7.782 million, an increase from - $5.876 million in 2024, attributed to higher capitalizable investments in technology and property, and decreased collections on loans receivable . - Net cash used in financing activities was - $10.750 million, an increase from - $8.273 million in 2024, primarily due to higher tax withholding payments for share-based compensation and the timing of contingent consideration payments . - Cash and cash equivalents stood at $118.736 million as of December 31, 2025 . #### Outlook / Guidance Total capital expenditures for 2026 are projected to be between $9.0 million and $11.0 million . The company’s Board of Directors suspended the quarterly dividend during the fourth quarter of 2023 due to litigation settlement and challenging market conditions, with no dividends paid since . As of December 31, 2025, $62.5 million remained available under the common stock repurchase program, though repurchase activity ceased in Q1 2023 . ### Related Stocks - [RMAX.US](https://longbridge.com/en/quote/RMAX.US.md) ## Related News & Research - [REMAX NATIONAL HOUSING REPORT FOR FEBRUARY 2026 | RMAX Stock News](https://longbridge.com/en/news/279321693.md) - [RE/MAX HOLDINGS, INC. TO RELEASE FIRST QUARTER 2026 RESULTS ON MAY 7, 2026 | RMAX Stock News](https://longbridge.com/en/news/283719411.md) - [American Eagle Outfitters Highlights Ongoing Operational, Market, and Regulatory Risks in Fiscal 2025 10-K](https://longbridge.com/en/news/288845078.md) - [Broadcom Inc. 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