REMAX Q1 financial results show $436M debt, declining revenue

Financial results for the first quarter of 2026 at REMAX Holdings, the parent company of franchisors REMAX and Motto Mortgage, reveal that The Real Brokerage is acquiring a company that continues to lose money and domestic agent count, with more than $400 million in outstanding debt.

Announced Friday, REMAX’s Q1 2026 earnings results show that the firm recorded a 5.7% annual decline in revenue during the quarter to $70.2 million. According to the release, revenue excluding marketing funds was down 4% annually to $2.2 million, which the company attributed in part to a 4.7% decline in organic revenue. 

REMAX also reported a net loss of  $9.7 million for the quarter, up from a net loss of $2 million in Q1 2025. Additionally, REMAX’s adjusted free cash flow was -$5.429 million during the first quarter. 

At the end of Q1 2026, REMAX had $107.1 million in cash and cash equivalents on hand and $436 million in outstanding debt. In addition, despite total agent count rising 2.1% from a year prior to 149,192 agents, U.S. agent count was down 4.8% annually to 47,443 agents.

Internationally, Canadian agent count was up 2.8% to 25,849 agents and other international agent count was up 6.7% to 75,900 agents. 

Due to the recently announced proposed acquisition by Real, REMAX did not hold an earnings call with investors and analysts, and no comments were provided along with the financial release. 

In response to Friday’s earnings release, Real’s stock price fell from $2.23 per share at the close of market on Thursday to $2.13 per share as of mid-morning Friday. Just prior to announcing its acquisition of REMAX, Real’s stock was trading at $2.68 per share.

REMAX’s stock also fell Friday morning, dropping from $11.06 per share at close of market on Thursday to $10.71 per share as of mid-morning Friday. Despite this decline, it’s still well above REMAX’s share price of $7.99 per share just prior to the announcement of the Real deal. 

Real has said it anticipates that the acquisition, which is still pending regulatory review, will close during the second half of 2026.