REMAX's ‘strategy is working’ despite revenue dip, CEO says 

RE/MAX Holdings' revenue dipped slightly in Q4 of 2025, falling 1.8% year-over-year to $71.1 million, the franchisor announced on Feb. 19. But its balance sheet remained in the black, with a net income of $1.4 million for the quarter and $8.2 million for the full year — up more than $1 million compared to 2024.

In a continuing trend, REMAX's U.S. agent count fell, but the global picture looked a bit rosier: Outside North America, agent count was up 7.9% for the year, and total agent count rose 1.4%.

What REMAX had to say

With a big acquisition bringing more than 1,200 agents to the brand in Canada, REMAX CEO Erik Carlson said there's "renewed excitement" for the company as it sets its sights on a better 2026.

"Our strategy is working and is beginning to yield results," Carlson said in a news release, adding that 2025 ended with "strong momentum."

With the U.S. housing market in a position to slowly improve as affordability strains ease, "we believe our networks are well positioned to capitalize on a recovering market," he added.

On agent count: REMAX's global agent count exceeded 148,600 in Q4 — "another all-time high" driven by growth outside North America, Carlson noted. "That growth says a lot about the appeal of our modernized value proposition."

The brand is focused on stabilizing its U.S. agent count, while its Canadian base "started the year with tremendous momentum."

On Motto Mortgage: At the end of Q3 2025, REMAX reported a 10% decline in Motto Mortgage offices. While the company didn't disclose any numbers in its Q4 earnings report, Carlson told investors that REMAX "deliberately chose to terminate a number of [Motto] franchisees during the fourth quarter" with a "focus on "strengthening the long-term health and competitiveness of the Motto brand."

"We continue to see significant opportunities within our mortgage business," he added. 

On private listings: "Our view really has not changed: We feel like transparency, broadest distribution for listings gives buyers and sellers the best outcome," Carlson said.

"We do have a vast network around the world. If there was a case where we had to participate in a broader private listing-type network, we'd be well prepared to do that. But philosophically, we think that the consumer comes first."

Key numbers

Revenue: $71.1 million in Q4, down 1.8% year-over-year and down from $73.3 million in Q3.

Cash and cash equivalents: $118.7 million as of Dec. 31, up from $107.5 million at the end of September.

Net income: $8.2 million for 2025 (vs. $7.1 million for 2024), which includes $1.4 million in the fourth quarter — significantly below the company's net income of $5.8 million for the same period a year earlier.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $93.7 million, down 4.1% year-over-year.

Agent count: The company had 148,660 agents globally at the end of December, a gain of 2,033 agents from a year ago. The combined agent count for the U.S. and Canada dropped to 72,977, a 4.6% decrease from 2024. The U.S. market has 3,121 fewer agents than a year ago.

Notable moves

The company kicked off 2025 with the departures of then-President Amy Lessinger and Christopher Alexander, the former president of REMAX Canada.

Alexander was succeeded by Don Kottick in April, while Chris Lim was promoted just this week to serve as REMAX's president.

Carlson congratulated Lim on the promotion during this week's investor call, noting that Lim "has helped to modernize operations, increase support services, expand our value proposition and elevate the way consumers perceive this global brand" in his time at the company so far.

"He brings a creative, upscale mindset to every project, and played a direct role in several major brokerage conversions," Carlson added.