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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $71.1M, roughly 1.8× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -38.4%, a 40.5% gap on every dollar of revenue. On growth, BRANDYWINE REALTY TRUST posted the faster year-over-year revenue change (4.5% vs -1.8%). Over the past eight quarters, BRANDYWINE REALTY TRUST's revenue compounded faster (0.7% CAGR vs -4.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
BDN vs RMAX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $71.1M |
| Net Profit | $-48.8M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 1.2% | 13.1% |
| Net Margin | -38.4% | 2.0% |
| Revenue YoY | 4.5% | -1.8% |
| Net Profit YoY | -80.4% | -75.2% |
| EPS (diluted) | $-0.28 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $71.1M | ||
| Q3 25 | $121.4M | $73.2M | ||
| Q2 25 | $120.6M | $72.8M | ||
| Q1 25 | $121.5M | $74.5M | ||
| Q4 24 | $121.9M | $72.5M | ||
| Q3 24 | $131.8M | $78.5M | ||
| Q2 24 | $125.3M | $78.5M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $1.4M | ||
| Q3 25 | $-25.9M | $4.0M | ||
| Q2 25 | $-88.7M | $4.7M | ||
| Q1 25 | $-27.0M | $-2.0M | ||
| Q4 24 | $-44.5M | $5.8M | ||
| Q3 24 | $-165.2M | $966.0K | ||
| Q2 24 | $30.2M | $3.7M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.4% | — | ||
| Q1 25 | 60.8% | — | ||
| Q4 24 | 61.2% | — | ||
| Q3 24 | 64.9% | — | ||
| Q2 24 | 63.1% | — |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | 13.1% | ||
| Q3 25 | 20.8% | 25.0% | ||
| Q2 25 | -34.3% | 19.3% | ||
| Q1 25 | 12.5% | 7.2% | ||
| Q4 24 | 18.0% | 5.9% | ||
| Q3 24 | -7.2% | 19.4% | ||
| Q2 24 | 15.5% | 20.6% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | 2.0% | ||
| Q3 25 | -21.3% | 5.4% | ||
| Q2 25 | -73.5% | 6.4% | ||
| Q1 25 | -22.2% | -2.6% | ||
| Q4 24 | -36.5% | 8.0% | ||
| Q3 24 | -125.4% | 1.2% | ||
| Q2 24 | 24.1% | 4.7% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | — | ||
| Q3 25 | $-0.15 | — | ||
| Q2 25 | $-0.51 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.25 | — | ||
| Q3 24 | $-0.96 | — | ||
| Q2 24 | $0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | — | $452.4M |
| Total Assets | $3.6B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $118.7M | ||
| Q3 25 | $75.5M | $107.5M | ||
| Q2 25 | $122.6M | $94.3M | ||
| Q1 25 | $29.4M | $89.1M | ||
| Q4 24 | $90.2M | $96.6M | ||
| Q3 24 | $36.5M | $83.8M | ||
| Q2 24 | $30.4M | $66.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $432.2M | ||
| Q3 25 | $2.3B | $433.3M | ||
| Q2 25 | $2.3B | $434.4M | ||
| Q1 25 | $2.2B | $435.3M | ||
| Q4 24 | $2.2B | $436.2M | ||
| Q3 24 | $2.3B | $437.2M | ||
| Q2 24 | $2.2B | $438.1M |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $452.4M | ||
| Q3 25 | $841.5M | $448.1M | ||
| Q2 25 | $879.8M | $442.4M | ||
| Q1 25 | $993.6M | $433.5M | ||
| Q4 24 | $1.0B | $429.5M | ||
| Q3 24 | $1.1B | $423.1M | ||
| Q2 24 | $1.3B | $418.4M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $582.5M | ||
| Q3 25 | $3.3B | $582.2M | ||
| Q2 25 | $3.4B | $574.8M | ||
| Q1 25 | $3.4B | $571.4M | ||
| Q4 24 | $3.5B | $581.6M | ||
| Q3 24 | $3.6B | $578.6M | ||
| Q2 24 | $3.8B | $571.4M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.96× | ||
| Q3 25 | 2.70× | 0.97× | ||
| Q2 25 | 2.63× | 0.98× | ||
| Q1 25 | 2.23× | 1.00× | ||
| Q4 24 | 2.13× | 1.02× | ||
| Q3 24 | 2.06× | 1.03× | ||
| Q2 24 | 1.73× | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $40.9M | ||
| Q3 25 | $47.5M | $17.7M | ||
| Q2 25 | $34.4M | $4.6M | ||
| Q1 25 | $6.3M | $5.7M | ||
| Q4 24 | $181.1M | $59.7M | ||
| Q3 24 | $52.2M | $17.6M | ||
| Q2 24 | $48.2M | $15.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | 1.60× | 4.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
