REAL Brokerage
November 5, 2026
MIAMI - November 5, 2026
Real REMAX Group Inc., the company formed when The Real Brokerage acquired RE/MAX Holdings and the successor listed in the Npros directory as REAL Brokerage, reported third-quarter 2026 revenue of $727.9 million on November 5, up 28 percent from $568.5 million a year earlier. The quarter was the first reporting period after the August 24 closing, so the results fold in REMAX operations from August 25 while the year-ago figures are Real alone.
On a pro forma basis assuming the deal had closed at the start of 2025, combined revenue would have been $770.0 million, up 20 percent from $641.8 million. GAAP net loss widened to $67.2 million, or $2.25 per diluted share, from a $0.3 million loss, or $0.02 per share, a year earlier. The operating loss of $72.0 million included $52.3 million of acquisition-related expenses and $26.4 million of accelerated stock-based compensation tied to post-deal employee terminations. Adjusted EBITDA rose 66 percent to $33.8 million from $20.4 million, and adjusted EBITDA margin expanded to 4.6 percent from 3.6 percent.
"The first two months since bringing together Real and REMAX have reinforced our belief in the tremendous opportunity ahead," said Tamir Poleg, chairman and chief executive officer. "We've moved quickly to simplify the organization, improve operating efficiency and lay the foundation for a stronger, more competitive platform. While the housing market remains challenging, we are focused on what we can control: providing an unmatched value proposition, executing our integration and delivering sustainable market share growth and margin expansion."
Jenna Rozenblat, president and chief integration officer, said the company has actioned more than $40 million in annualized gross cost savings in about two months, including roughly $28 million of annualized synergies that benefit adjusted EBITDA, and that the first phase of organizational restructuring is largely complete. Chief financial officer Ravi Jani said the 2027 outlook reflects the earnings potential of the combined company and that capital priorities are cash generation, disciplined allocation, and deleveraging.
On the Real brokerage side, agent count rose 21 percent to 36,610 at quarter-end and transaction sides rose 17 percent to 62,738. After quarter-end, attrition and proactive offboarding of agents with unpaid dues or expired licenses brought the Real agent count to about 36,200 as of November 3. Global REMAX agent count was 148,088, up 0.4 percent, with U.S. and Canada agents down 3 percent to 72,118 and agents outside those markets up 4 percent to 75,970.
The company ended September 30 with $102.5 million in cash and cash equivalents and $6.9 million in short-term investments, or $109.4 million combined. In connection with the acquisition it put in place a $550 million senior secured term loan and a $40 million revolving facility, then made a voluntary $25 million principal repayment that left $525 million of term loan outstanding. It also repurchased about 264,000 shares for $4.7 million in the quarter.
For the fourth quarter of 2026, Real REMAX Group guided revenue of $575 million to $625 million and adjusted EBITDA of $32 million to $38 million. For full-year 2027, it guided revenue of $2.6 billion to $2.8 billion and adjusted EBITDA of $175 million to $190 million, assuming a weaker U.S. existing-home sales and price environment and no further acquisitions.
Real REMAX Group trades under the ticker REAX and operates an owned Real-branded brokerage, the REMAX franchise network, and ancillary title, mortgage, and technology services across more than 120 countries.