The core brokerage business continues to show strong organic growth and improving segment profitability, but the GAAP loss from acquisition costs and margin compression warrant caution. The key catalyst is the Aug 14 securityholder vote on the RE/MAX deal — a positive outcome could drive re-rating, while delays or rejection would remove the synergy thesis. Monitor post-close integration execution and margin recovery.
Price Chart
Executive Summary
Real Brokerage reported Q2 2026 revenue of $700.6M (+30% YoY) and Adjusted EBITDA of $27.6M (+38% YoY), but GAAP net loss widened to $(8.0)M from a $1.6M profit a year ago, driven by $11.6M in acquisition costs for the pending RE/MAX deal. Agent count grew 26% to 35,348, and transaction sides rose 27% to 62,380, though gross margin compressed to 8.3% from 8.9%. The core brokerage segment remains profitable on an operating basis ($4.8M segment operating income), but the headline GAAP loss and elevated deal-related spending temper the otherwise strong operational momentum.
Key Facts
- Revenue grew 30% YoY to $700.6M in Q2 2026 (vs $540.7M in Q2 2025).
- GAAP net loss was $(8.0)M, including $11.6M of acquisition costs for the pending RE/MAX deal.
- Adjusted EBITDA rose 38% to $27.6M (vs $20.0M in Q2 2025).
- Agent count increased 26% YoY to 35,348; closed transaction sides up 27% to 62,380.
- Total transaction value reached $26.3B, up 31% YoY.
- Gross margin declined to 8.3% from 8.9% due to commission cap dynamics and revenue mix.
- Cash and investments totaled $86.6M with no debt; operating cash flow was $47.2M in Q2.
- Pending acquisition of RE/MAX Holdings (expected close H2 2026) with securityholder vote on Aug 14, 2026.
- North American Brokerage segment operating income was $4.8M, up 36% YoY.
- One Real Title revenue +29%, One Real Mortgage +10%, Real Wallet +140% YoY.
Financial Impact
Revenue $700.6M (+30% YoY), GAAP net loss $(8.0)M (vs +$1.6M profit), Adjusted EBITDA $27.6M (+38% YoY), gross margin 8.3% (vs 8.9%)
Risk Factors
- RE/MAX acquisition may not close or close on expected timeline, creating execution risk and potential deal break-up costs.
- Gross margin compression from commission cap dynamics could persist if agent mix shifts unfavorably.
- Stock-based compensation ($21.8M in Q2) remains a significant non-cash expense, diluting shareholder value.
- Pending antitrust litigation (Umpa, Cwynar class actions) could impose additional settlement costs or business practice changes.
Market Snapshot
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-036250 |
| Exhibit: ex99-1.htm | 0001493152-26-036250 |
| Exhibit: ex99-5.htm | 0001493152-26-036250 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 17, 2026 5w ago | 144 | $16.53 $16.43 | ▲ +0.60% | ▲ +1.87% | $15.30 (+7.44%) |
Sep 16, 2026 5w ago | 3 | $17.61 $15.48 | ▼ −12.10% | ▼ −12.70% | $15.30 (−13.12%) |
Aug 26, 2026 8w ago | EFFECT | $26.59 $18.03 | ▲ +32.19% | ▲ +32.07% | $15.30 (+42.46%) |
Aug 6, 2026 11w ago | 425 / 6-K | $1.99 $2.40 | ▲ +20.60% | ▲ +19.39% | $15.30 (+668.84%) |
Aug 6, 2026 11w ago | 6-K | $1.99 $2.40 | ▲ +20.60% | ▲ +19.39% | $15.30 (+668.84%) |
Jul 14, 2026 15w ago | 425 / 6-K | $2.00 $2.01 | ▲ +0.50% | ▲ +1.80% | $15.30 (+665.00%) |
Jul 10, 2026 15w ago | 425 / 6-K | $2.05 $2.18 | ▲ +6.34% | ▲ +6.90% | $15.30 (+646.34%) |
Jul 9, 2026 15w ago | 425 | $2.05 $2.18 | ▲ +6.34% | ▲ +6.90% | $15.30 (+646.34%) |
Jun 11, 2026 19w ago | Institutional Cluster | $1.59 $1.71 | ▲ +7.55% | ▲ +7.11% | $15.30 (+862.26%) |
Jun 4, 2026 20w ago | 425 | $1.68 $1.62 | ▼ −3.57% | ▼ −4.14% | $15.30 (+810.71%) |
US Market Status
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