Real Brokerage (87M) Q3 2026 Earnings Report

The call was predominantly positive. Management reported strong revenue and adjusted EBITDA growth, significant realized cost savings, continued market share gains at Real, early adoption of LEO Pro, progress on integration, and a 2027 adjusted EBITDA outlook of $175 million to $190 million despite difficult housing-market assumptions. These positives were tempered by prolonged housing-market weakness, elevated agent attrition, declining RE/MAX North American agent counts, acquisition-related losses and expenses, mortgage attach rates below 1%, and substantial integration work still ahead.

For the fourth quarter of 26, the company expects continued pressure on housing activity, including a high single digit to low double digit year over year decline in transactions per agent at Real and the low to mid single digit year over year decline in RE/MAX's North American agent count, with revenue of $575 million to $625 million and adjusted EBITDA of $32 million to $38 million. For 2027, it assumes US existing home sales decline another 5% to 10%, transaction volumes reach their lowest levels in more than 30 years, and average home prices decline 3% to 4%, supporting guidance for revenue of $2.6 billion to $2.8 billion and adjusted EBITDA of $175 million to $190 million; it anticipates approximately $100 million in stock based compensation expense, $40 million to $50 million in depreciation and amortization, approximately $50 million in interest expense, approximately $75 million in debt repayment, and net leverage below 2x by the end of 28, while expecting over $30 million in annual adjusted EBITDA synergies in 2027 and more than $40 million in 2028.