Real REMAX Group has filed its first quarterly results since Real Brokerage completed its takeover of RE/MAX in August. The numbers show a company growing its revenue while losing agents. They also come with a forecast that U.S. existing-home sales will fall in 2027, and management has built its guidance around that assumption.
Revenue rose 28% from a year earlier to $727.9 million in the third quarter, according to the company’s Nov. 5 earnings release, filed with the SEC. The comparison includes RE/MAX only from Aug. 25 onward. On a pro forma basis, which treats the two companies as combined in both periods, revenue rose 20% to $770.0 million from $641.8 million.
The quarter ended with a large GAAP loss. The company lost $67.2 million, or $2.25 per diluted share, compared with a loss of $0.3 million, or 2 cents a share, a year earlier. Its $72.0 million operating loss included $52.3 million of acquisition-related expenses and $26.4 million of accelerated stock-based compensation tied to employee terminations. Adjusted EBITDA, which excludes those items, rose 66% to $33.8 million, and the adjusted EBITDA margin widened to 4.6% from 3.6%.
Agent counts point in different directions
The two halves of the company are moving apart on headcount. Real’s brokerage ended September with 36,610 agents, up 21% from a year earlier. Its agents closed 62,738 transaction sides in the quarter, up from 53,512.
That number has since come down. “As of November 3, 2026, Real had approximately 36,200 agents on its platform, compared to 36,610 at September 30, 2026,” the company said. It said October departures included “more than 500 agents proactively offboarded by the Company.” In the release, that cleanup is described as agents removed for unpaid dues or expired licenses.
At the RE/MAX franchise network, the U.S. and Canada agent count fell 3% to 72,118: 46,611 in the U.S. and 25,507 in Canada. Outside those two countries, RE/MAX agents rose 4% to 75,970, which left the global count of 148,088 up 0.4%. The U.S. decline continues a trend. RE/MAX was already reporting a falling U.S. agent count before the deal closed.
Most of the money comes from brokerage, not franchising. Brokerage revenue was $695.5 million: $612.5 million in the U.S., $81.5 million in Canada and $1.5 million elsewhere. Franchise revenue was $27.1 million. Other revenue, which includes Real Wallet, One Real Title and acquired businesses, rose 64.4% to $5.3 million.
Cost cuts and a cautious 2027
Management says integration is moving quickly. “In just two months, we’ve actioned more than $40 million in annualized gross cost savings,” said Jenna Rozenblat, president and chief integration officer. The company said about $28 million of those savings count toward adjusted EBITDA synergies. It expects synergies of more than $30 million in 2027, rising to more than $40 million in 2028.
The outlook is the part of the release with the widest relevance. For 2027 the company guided to revenue of $2.6 billion to $2.8 billion and adjusted EBITDA of $175 million to $190 million, with management “assuming a 5%β10% decline in U.S. existing-home sales and a 3%β4% decline in home prices in 2027.” For the fourth quarter of 2026 it projected revenue of $575 million to $625 million and adjusted EBITDA of $32 million to $38 million. It also expects about $100 million of stock-based compensation, $40 million to $50 million of depreciation and amortization, and about $50 million of interest expense next year.
It is the company’s own planning assumption, not a forecast from a neutral source. Still, it comes from a business whose revenue rises and falls with transaction volume across 185,000 professionals, and it matches the weak demand in other recent data. Contract signings hit a record October low, according to Realtor.com.
Debt and buybacks
The deal has left the company with debt. Its new credit agreement includes a $550 million term loan and a $40 million revolving line. After a $25 million voluntary repayment, $525 million of term-loan principal was outstanding. Cash and equivalents were $102.5 million, or $109.4 million including short-term investments. The company targets net leverage below 2.0 times by the end of 2028. It also repurchased about 264,000 shares for $4.7 million in the quarter.
“Our first combined quarter reflects continued growth in our owned brokerage business,” said chief financial officer Ravi Jani. Chairman and CEO Tamir Poleg said the first two months together “have reinforced our belief in the tremendous opportunity ahead.”
The release also listed product and industry moves since the close: the Oct. 20 launch of Leo Pro, which the company says includes more than 300 specialized AI agents, and its Oct. 26 entry as a founding member of the Open Real Estate listing-data initiative.
The fourth-quarter report will be the first full quarter of the combined company. The October agent figures suggest headcount will be a key number to watch in it. More brokerage coverage is on our Agents & Brokerages page.
