The Real Brokerage delivered Q2 results that prompted a strong positive market reaction, with management crediting robust agent growth, continued share gains, and new technology rollouts as key drivers. CEO Tamir Poleg emphasized that, despite ongoing challenges in the broader housing market, Real's ability to attract high-performing agents and support them through its technology platform enabled the company to outperform industry transaction trends. The company also highlighted improved core profitability, underpinned by a growing pipeline of entrepreneurial agents and expansion of high-margin ancillary services, such as title and mortgage offerings. Management pointed to the successful beta launch of HeyLeo 2.0, its AI-driven relationship management platform for agents, as a meaningful contributor to enhanced agent productivity and client engagement this quarter.
Is now the time to buy REAX? Find out in our full research report (it’s free for active Edge members).
The Real Brokerage (REAX) Q2 CY2026 Highlights:
- Revenue: $700.6 million vs analyst estimates of $654.4 million (29.6% year-on-year growth, 7.1% beat)
- EPS (GAAP): -$0.03 vs analyst estimates of $0.01 (significant miss)
- Adjusted EBITDA: $27.59 million vs analyst estimates of $24.24 million (3.9% margin, 13.8% beat)
- Operating Margin: 0.6%, in line with the same quarter last year
- Market Capitalization: $510.7 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From The Real Brokerage’s Q2 Earnings Call
- Stephen Sheldon (William Blair) asked how the pending RE/MAX merger is affecting agent recruitment momentum. CEO Tamir Poleg responded that the deal announcement created additional tailwinds, with more agents and teams showing interest in joining Real.
- Sheldon (William Blair) also questioned the scalability of ancillary services like title and mortgage. Poleg indicated mortgage is gaining momentum, with revenue growth expected later in the year, and emphasized planned integration of these services into the HeyLeo platform.
- Naved Khan (B. Riley) inquired about HeyLeo's market coverage and momentum in ancillary product attach rates. Poleg explained that HeyLeo now covers about 90% of U.S. transactions and all of Canada, with especially high attach rates in certain joint ventures in Texas and other states.
- Valentin Alvar (JonesTrading) questioned the outlook for gross margin trends in the second half of the year. CFO Ravi Jani said margins may decline year-over-year in Q3, but fee model changes and ancillary growth should help stabilize margins by Q4.
- Nick McAndrew (Zelman) asked about headcount efficiency and how the RE/MAX transaction would affect hiring strategies. Jani and Poleg said recent hiring converted contractors to full-time roles, and that integration will focus on applying Real’s efficiency model to the combined business.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be monitoring (1) the pace and success of the RE/MAX integration, including realization of cost synergies; (2) continued agent recruitment and retention as a measure of competitive positioning; and (3) adoption and monetization of the HeyLeo AI platform and ancillary services. Progress on margin stabilization and execution of the new fee structure will also be key signposts for operational performance.
The Real Brokerage currently trades at $2.31, up from $1.73 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free).
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