The Real Brokerage Inc. Q3 2026 Earnings Recap

Shares fell 12.9% after earnings, as management’s initial 2027 adjusted EBITDA outlook of $175 million to $190 million came alongside expectations for a tougher housing market: declining existing-home sales and prices, and elevated agent attrition. The outlook for another challenging year appears to have outweighed early cost-savings progress and growth in reported third-quarter revenue and adjusted EBITDA.

Key Takeaways

• Third-quarter revenue was $728 million, up 28% year over year, including about five weeks of RE/MAX contribution; adjusted EBITDA was $34 million, up 66%.
• Management introduced 2027 adjusted EBITDA guidance of $175 million to $190 million and expects existing-home sales and average home prices to decline, with industry agent attrition remaining elevated.
• The company has actioned more than $40 million in annualized gross cost savings, including over $28 million in adjusted EBITDA synergies, and reduced combined headcount by more than 14%—over 150 positions.
• Real Brokerage’s agent count was approximately 30,200 as of the week of the call, after more than 1,000 agents were offboarded over the prior two months; management said many contributed little revenue.
• LEO Pro had more than 3,000 paying agent subscribers less than a month after launch, an early sign of adoption for the company’s AI platform.