Q2 2026 Real Brokerage Inc Earnings Call Transcript
Key Points
- Revenue increased 30% year-over-year to $700.6 million, with a 27% increase in closed transactions to a record 62,380, significantly outpacing the market.
- Adjusted EBITDA grew 38% to $27.6 million, with margin expansion to 3.9% from 3.7%.
- Record cash and short-term investments of $86.6 million, up from $49.9 million at the start of the year.
- Agent count reached over 36,000 as of the call, up 26% year-over-year, with a strong pipeline and large opportunities.
- Ancillary revenue (Real Wallet, Title, Mortgage) grew 28% year-over-year, with Wallet up 140% and title up 29%.
- Hey Leo 2.0 beta launched with CRM integrations, showing early positive feedback and revenue generation for agents.
- Integration with RE/MAX is on track, with $30 million in cost synergies expected within three years, and pro forma combined EBITDA of ~$190 million including synergies.
- Gross margin declined to 8.3% from 8.9% due to a higher mix of capped agents (42% of transactions, up 300 bps).
- Reported operating loss of $7 million due to $11.6 million in acquisition-related costs, versus operating income of $1.7 million in the prior year.
- Canadian market remains weak, with average transactions per agent down 9% year-over-year.
- Q3 expected to see sequential declines in revenue and adjusted EBITDA, with gross margin lower year-over-year.
- Ancillary services attach rates remain low (3.24% company-wide for title), and mortgage revenue growth is not yet reflected in financials.
- The pending RE/MAX transaction creates uncertainty, with the company potentially reporting as a standalone for the last time.
Good morning, ladies and gentlemen, and welcome to the Real Brokerage Earnings Call for the second quarter ended June 30, 2026.
(Operator Instructions) I will now turn the call over to Alex Lumpkin, Chief Legal Officer at the Real Brokerage. Ma'am, the floor is yours.
Thanks and good morning. Thank you for standing by and welcome to the Real Brokerage Conference call-in webcast for the second quarter ended June 30, 2026. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer, Jenna Rozenblat, our Chief Operating Officer, and Ravi Jani, our Chief Financial Officer. This morning, Real published an earnings press release including results for the second quarter ended June 30, 2026. The press release, along with the consolidated financial statements and related management's discussion and analysis for the quarter, have been filed with the U.S. Securities and Exchange Commission on EDGAR and with Canadian securities regulators on
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
