Revenue has contracted to $145.6 million in 2026Q2, while operating margins remain thin at 5.0%, reflecting limited operating leverage in the current fee-earning structure.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 |
|---|
| Sales/Revenue | 640.19M | 700.28M | 897.61M | 962.32M | 832.5M | 607.24M | 589.5M | 713.37M | 404.98M | 271.73M | 266.94M | 192.94M | 285.05M | 259.99M |
| Revenue Growth % | -20.43% | -21.98% | -6.72% | 15.59% | 37.1% | 3.01% | -17.36% | 76.15% | 49.04% | 1.79% | 38.36% | -32.31% | 9.64% | - |
| Cost of Goods Sold | 134.21M | 161.73M | 609.15M | 656.4M | 568.77M | 370.04M | 360.57M | 469.07M | 108.76M | 99.75M | 91.98M | 83.46M | 127.84M | 123.61M |
| COGS % of Revenue | - | 23.09% | 67.86% | 68.21% | 68.32% | 60.94% | 61.17% | 65.75% | 26.86% | 36.71% | 34.46% | 43.26% | 44.85% | 47.54% |
| Gross Profit | 505.98M | 538.56M | 288.46M | 305.92M | 263.74M | 237.2M | 228.93M | 244.3M | 296.22M | 171.97M | 174.96M | 109.48M | 157.21M | 136.38M |
| Gross Margin % | 79.04% | 76.91% | 32.14% | 31.79% | 31.68% | 39.06% | 38.83% | 34.25% | 73.14% | 63.29% | 65.54% | 56.74% | 55.15% | 52.46% |
| Gross Profit Growth % | - | 86.7% | -5.7% | 15.99% | 11.19% | 3.61% | -6.29% | -17.53% | 72.24% | -1.7% | 59.81% | -30.36% | 15.27% | - |
| Operating Expenses | 445.8M | 496.77M | 243.48M | 192.19M | 175.37M | 165.11M | 160.19M | 38.76M | 39.3M | 27.23M | 26.9M | 28.65M | 140.4M | 168.54M |
| OpEx % of Revenue | - | 70.94% | 27.13% | 19.97% | 21.07% | 27.19% | 27.17% | 5.43% | 9.7% | 10.02% | 10.08% | 14.85% | 49.26% | 64.83% |
| Selling, General & Admin | 165.11M | 42.5M | 224.72M | 184.86M | 172.93M | 158.63M | 155.73M | 37.75M | 38.05M | 25.19M | 25.13M | 26.54M | 21.96M | 20.14M |
| SG&A % of Revenue | - | 6.07% | 25.04% | 19.21% | 20.77% | 26.12% | 26.42% | 5.29% | 9.4% | 9.27% | 9.41% | 13.75% | 7.7% | 7.75% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 60.19M | 41.78M | 44.98M | 113.73M | 88.37M | 72.09M | 68.74M | 197.79M | 251.97M | 135.56M | 146.7M | 80.71M | 14.47M | -32.16M |
| Operating Margin % | 9.4% | 5.97% | 5.01% | 11.82% | 10.61% | 11.87% | 11.66% | 27.73% | 62.22% | 49.89% | 54.96% | 41.83% | 5.08% | -12.37% |
| Operating Income Growth % | - | -7.11% | -60.45% | 28.7% | 22.58% | 4.88% | -65.25% | -21.5% | 85.87% | -7.59% | 81.76% | 457.71% | 144.99% | - |
| EBITDA | 76.07M | 53.33M | 49.69M | 114.83M | 89.36M | 73.06M | 69.71M | 717.37M | 378.57M | 262.54M | 261.49M | 82.83M | 16.92M | -29.76M |
| EBITDA Margin % | 11.88% | 7.62% | 5.54% | 11.93% | 10.73% | 12.03% | 11.82% | 100.56% | 93.48% | 96.62% | 97.96% | 42.93% | 5.94% | -11.45% |
| EBITDA Growth % | 48.5% | 7.33% | -56.73% | 28.5% | 22.3% | 4.82% | -90.28% | 89.49% | 44.2% | 0.4% | 215.69% | 389.59% | 156.85% | - |
| D&A (Non-Cash Add-back) | 15.88M | 11.55M | 4.71M | 1.1M | 993K | 973K | 968K | 519.58M | 126.6M | 126.98M | 114.79M | 2.12M | 2.45M | 2.4M |
| EBIT | 61.93M | 49.75M | 65.23M | 149.54M | 90.7M | 77.6M | 72.24M | 205.54M | 257.4M | 144.75M | 150.02M | 86.28M | 16.8M | -32.16M |
| Net Interest Income | -358K | 2.45M | 9.62M | 10.57M | 1.32M | 760K | 4.45M | 8.77M | 4.55M | 1.56M | 234K | 1.73M | 497K | 139K |
| Interest Income | 3.31M | 5.85M | 10.4M | 10.57M | 1.32M | 760K | 4.45M | 8.77M | 4.55M | 1.56M | 234K | 1.73M | 497K | 139K |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 54.84M | 46.35M | 64.45M | 149.54M | 90.7M | 94.17M | 77.89M | 196.36M | 276.87M | 137.13M | 146.93M | 82.15M | 10.41M | -32.04M |
| Pretax Margin % | 8.57% | 6.62% | 7.18% | 15.54% | 10.9% | 15.51% | 13.21% | 27.53% | 68.37% | 50.46% | 55.04% | 42.58% | 3.65% | -12.33% |
| Income Tax | 7.89M | 7.67M | 11.32M | 21.77M | 13.23M | 13.15M | 11.55M | 27.32M | 58.86M | 28.25M | 24.57M | 4.85M | 280K | -80K |
| Effective Tax Rate % | 14.39% | 16.55% | 17.56% | 14.56% | 14.59% | 13.97% | 14.83% | 13.91% | 21.26% | 20.6% | 16.72% | 5.9% | 2.69% | 0.25% |
| Net Income | 23.03M | 17.6M | 23.13M | 57.15M | 34M | 35.7M | 28.79M | 169.04M | 96.04M | 42.29M | 37.24M | 7.3M | 10.29M | -31.82M |
| Net Margin % | 3.6% | 2.51% | 2.58% | 5.94% | 4.08% | 5.88% | 4.88% | 23.7% | 23.72% | 15.56% | 13.95% | 3.79% | 3.61% | -12.24% |
| Net Income Growth % | 13.62% | -23.93% | -59.53% | 68.06% | -4.74% | 23.98% | -82.97% | 76.01% | 127.08% | 13.57% | 409.93% | -29.05% | 132.34% | - |
| Net Income (Continuing) | 46.95M | 38.68M | 53.13M | 127.77M | 77.47M | 81.01M | 66.33M | 169.04M | 217.43M | 108.67M | 122.36M | 77.42M | 10.29M | -31.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 175.39M | 174.36M | 181.84M | 183.6M | 163.12M | 152.59M | 244.98M | 240.38M | 201.9M | 140.13M | 124.68M | 112.82M | 0 | 0 |
| EPS (Diluted) | 1.37 | 1.03 | 1.38 | 1.82 | 2.47 | 2.59 | 2.13 | 10.47 | 5.96 | 2.63 | 2.33 | 0.46 | 0.64 | -1.99 |
| EPS Growth % | 0.83% | -25.36% | -24.18% | -26.32% | -4.63% | 21.6% | -79.66% | 75.67% | 126.62% | 12.88% | 406.52% | -28.13% | 132.16% | - |
| EPS (Basic) | - | 1.03 | 1.38 | 3.44 | 4.74 | 4.98 | 4.10 | 10.48 | 5.97 | 2.63 | 2.33 | 0.46 | 0.64 | -1.99 |
| Diluted Shares Outstanding | 16.75M | 16.64M | 16.53M | 31.47M | 31.35M | 31.28M | 31.19M | 16.14M | 16.12M | 16.05M | 16M | 16M | 16M | 16M |
| Basic Shares Outstanding | 16.75M | 16.64M | 16.53M | 16.43M | 16.34M | 16.27M | 16.19M | 16.13M | 16.08M | 16.03M | 16M | 16M | 16M | 16M |
| Dividend Payout Ratio | - | 172.47% | 122.88% | 46.5% | 75.67% | 391.59% | 86.1% | 13.44% | 16.84% | 38.04% | 46.21% | 3071.83% | - | - |
Managed REITs structural decline
As indicated by the most recent quarterly data, RMR's revenue has experienced a sustained decline, falling to $145.6 million in 2026Q2, representing a 12.6% year-over-year contraction that highlights the ongoing challenges within its core captive REIT management business model and fee-earning asset base.
The consistent negative growth trajectory suggests that the firm's reliance on legacy public REITs is creating a structural headwind that current private capital initiatives have yet to offset. Investors should monitor whether this revenue decay is reaching a floor or if further asset liquidations within the managed portfolio will continue to erode the top line.
Based on the provided financial statements, RMR's gross margin has exhibited extreme volatility, ranging from a low of 2.1% in 2025Q4 to a high of 49.3% in 2026Q1, reflecting the significant impact of reimbursable expenses and non-recurring items on the firm's underlying profitability metrics.
The wide swings in gross margin suggest that headline figures are heavily distorted by pass-through costs, which obscures the true profitability of the management platform. Analysts should look past these fluctuations to determine if the core fee-based service model maintains the pricing power necessary to sustain operations during periods of market stress.
According to the income statement history, RMR's operating margin has remained consistently thin, bottoming out at 5.0% in 2026Q2, which suggests that the firm lacks the operating leverage typically expected from an asset management business with a high fixed-cost compensation structure.
The inability to scale operating income relative to gross profit indicates that the firm's cost base is largely rigid and potentially bloated relative to current fee generation. This lack of efficiency warrants investigation into whether the current management platform is over-resourced for the size of the assets it currently oversees.
While the firm maintains a conservative balance sheet, the income statement reveals a precarious reliance on management fees from entities facing significant liquidity pressure, as evidenced by the 76.2% year-over-year decline in EPS reported in the most recent 2026Q2 period.
Short-sellers may focus on the potential for a 'terminal value' collapse if the managed REITs are forced into restructuring, which could trigger a permanent loss of the captive fee base. The current income statement appears to mask these long-term existential risks with short-term stability, potentially misleading investors regarding the sustainability of future cash flows.
Quick answers to the most common questions about buying RMR stock.
For fiscal year 2025, The RMR Group Inc. (RMR) reported total revenue of $700.3M. This represents a 169.4% increase compared to $260.0M in 2013.
The RMR Group Inc. (RMR) is profitable, generating $17.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
The RMR Group Inc. (RMR) reported an operating income of $41.8M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
The RMR Group Inc. (RMR) generated $538.6M in gross profit for the year, representing a gross profit margin of 76.9%. This demonstrates the company's core pricing power and production efficiency.