Financial Performance - RE/MAX Holdings' revenue for Q3 2025 was $73.3 million, a decrease of $5.2 million or 6.7%, compared to $78.5 million in Q3 2024[6, 22] - Adjusted EBITDA for Q3 2025 was $25.8 million, down 5.6% compared to Q3 2024[6, 27] - Adjusted EBITDA margin increased by 40 basis points to 35.2% in Q3 2025[6, 27] - Adjusted Diluted EPS was $0.37[6] Agent Network - Total agent count increased 1.4% year-over-year to 147,547 agents as of September 30, 2025[6, 9] - Agent count in the U S and Canada combined decreased 5.1% to 74,198 agents[6] - Agents outside the U S and Canada increased 9.0% (+6,067 agents)[8] - Agents in Canada decreased 1.5% (-373 Agents)[8] - Agents in the U S decreased 6.9% (-3,630 Agents)[8] Expenses - Selling, operating, and administrative expenses decreased by $3.5 million, or 9.7%, to $32.5 million in Q3 2025, representing 58.9% of Revenue excluding Marketing Funds[23, 24] Outlook - For Q4 2025, the company expects revenue between $69.5 million and $73.5 million and Adjusted EBITDA between $19.0 million and $23.0 million[28] - For full year 2025, the company expects revenue between $290.0 million and $294.0 million and Adjusted EBITDA between $90.0 million and $94.0 million[28]