RE/MAX (RMAX) Financials

RE/MAX Holdings (NYSE: RMAX) showed a mixed but generally improving operating picture over the last four years, with strong swings between profitable and loss-making quarters, while leverage and a large negative noncontrolling interest continue to complicate the balance sheet.

On the income statement, the company has been capable of generating solid quarterly revenue in the low- to mid-$70 million range, but profitability has been volatile. In Q1 2026, revenue was $70.2 million and the company reported a net loss attributable to common shareholders of $9.7 million, or $(0.48) per share. That was worse than Q4 2025, when RE/MAX earned $1.4 million attributable to common shareholders, and notably weaker than Q3 2025, when it generated $4.0 million of common-shareholder profit.

Looking back further, 2024 was especially uneven. Q4 2024 produced $5.8 million in common-shareholder earnings, but Q1 2024 was a loss of $3.4 million and Q3 2024 was a loss of $10.9 million. The biggest pressure point was Q3 2023, when impairment charges and other special items drove a steep loss of $59.5 million to common shareholders. Since then, results have improved materially, but earnings remain inconsistent.

Cash flow has been a stronger point than reported earnings. RE/MAX produced positive operating cash flow in most periods, including $12.9 million in Q4 2025, $17.7 million in Q3 2025, and $15.9 million in Q2 2025. Even in Q1 2026, when the company reported a net loss, operating cash flow remained negative but manageable at $(1.8) million. That suggests the business still has underlying cash-generating ability, though it is not perfectly consistent quarter to quarter.

The balance sheet shows a meaningful cash position, but also significant debt and unusual equity dynamics. As of Q1 2026, RE/MAX held $107.1 million of cash and $75.5 million of restricted cash against total liabilities of $614.0 million. Long-term debt was $431.4 million and short-term debt was $21.1 million. Total common equity stood at $446.1 million, but total equity including noncontrolling interests was negative at $(41.7) million because of a large negative noncontrolling interest balance.

• Operating cash flow has often remained positive even when net income was weak, showing the core franchise model still produces cash.
• Cash and due from banks rose to $107.1 million in Q1 2026, giving the company a decent liquidity cushion.
• Revenue has been relatively stable over the last several years, generally staying in the low- to mid-$70 million range per quarter.
• The company returned to profitability in several 2024 and 2025 quarters after a very weak 2023.
• Q1 2026 revenue of $70.2 million was slightly below recent quarters, but not a dramatic collapse.
• Depreciation and impairment charges have been meaningful, so reported earnings may understate cash generation in some periods.
• Share counts have been fairly stable, so recent EPS swings are mainly driven by operating performance rather than dilution.
• Q1 2026 ended with a net loss of $15.7 million and a loss of $(0.48) per share, reversing the prior quarter’s profitability.
• Debt remains elevated, with more than $452 million combined short- and long-term debt in Q1 2026.
• The large negative noncontrolling interest position makes total equity look fragile and adds complexity to the balance sheet.

Bottom line: RE/MAX appears to be a cash-generative business with a sizable liquidity position, but earnings volatility, debt, and balance sheet complexity continue to weigh on the investment case. Investors will likely want to watch whether management can restore consistent profitability while keeping operating cash flow positive and debt under control.