Compass, Inc. (COMP)

Compass, Inc. reported second-quarter 2026 revenue of $4.31 billion on 4 August, up 109 percent from $2.06 billion a year earlier 1.

Most of the jump came from the purchase of Anywhere Real Estate, which closed on 9 January 2026 63.

Measured as if the two companies had been combined a year earlier, revenue rose 14.3 percent from $3.77 billion 1.

Net income was $92 million against $39 million in the second quarter of 2025 1. Adjusted EBITDA, a profit measure the company defines itself, was $363 million, which its finance chief called an all-time record for a second quarter 1.

Agents closed 153,009 transactions, up 7.4 percent on that combined basis, while the market's count rose 3.5 percent 1. The agent count slipped to 83,184 from 84,187, which the company tied to one acquired brand parting with low-producing agents 1.

For the third quarter the company guided to revenue of $3.85 billion to $4.05 billion and adjusted EBITDA of $275 million to $305 million 1.

On the board, lead independent director Charles Phillips resigned effective 9 October, Frank Martell took the lead role, and Sissie Hsiao, a former Google executive, joined on 14 October 45.

Compass was incorporated in Delaware on 4 October 2012 as Urban Compass, Inc., and has been based in New York City since 3. It earns money as a brokerage: its agents are independent contractors who keep their licenses with Compass, and Compass collects a share of the commissions they earn on home sales 3.

In 2023, revenue was $4,885.0 million and the company lost $320.1 million, with agents closing 178,848 transactions 3. Principal agents, the agents who lead their own deals, numbered 14,683 at the end of that year 3.

In 2024, revenue rose to $5,629.1 million, about 15.2 percent more (computed), and the net loss narrowed to $154.5 million 3. Transactions reached 205,122 and principal agents 17,752 3.

In 2025, revenue climbed 23.7 percent to $6,961.6 million 3. The company explained the rise mainly by more agents joining during 2024 and 2025, including agents who came with businesses it bought 3.

The operating loss shrank to $63.4 million from $154.8 million and the net loss to $58.7 million 3. Operations produced $216.7 million in cash, and transactions rose 22.1 percent to 250,360 3.

Two deals shaped that stretch 3. In January 2025 Compass bought the company holding the exclusive worldwide right to run and franchise the Christie's International Real Estate brand, under a license with a 100-year term 3. In October 2025 it sold its Latter & Blum Texas business, which cut its agent count by about 900 3.

The largest turn came with Anywhere Real Estate 3. The merger agreement is dated 22 September 2025, and the deal closed on 9 January 2026 3. Anywhere holders received 1.436 Compass Class A shares for each of theirs, and Compass paid $502 million to repay Anywhere's revolving credit facility 2.

Anywhere brought more than a brokerage 10. Trade group ALTA reported that Anywhere operates more than 40 title and escrow companies, in 43 states and the nation's capital, and provides closing services in all 50 states 10. Real Estate News reported that Compass called the combined business the world's largest residential brokerage by size and scale 7.

A fight with Zillow ran through early 2026 8. Compass sued over Zillow's Listing Access Standards, then said it would dismiss the suit without prejudice, MortgagePoint reported on 20 March 2026, after a federal court found its claims unlikely to succeed 8. Zillow had announced that it would no longer bar sellers from marketing a listing on Redfin or Compass sites before Zillow 8.

Brokerage: agents and brands

Compass sells help buying and selling homes through agents who work under its brands 3. After the Anywhere merger it runs its owned brokerage mainly under Coldwell Banker, Compass, Corcoran, Sotheby's International Realty and @properties 3.

In the second quarter, the owned brokerage handled $155.2 billion of home sales value and 153,009 transactions, with 83,184 agents and a retention rate of 95.5 percent 1. The company said its gross transaction value rose 15.9 percent on a combined basis while the market's rose 6 percent 1.

Before the merger, the owned brokerage served 39 states and Washington DC, with over 37,000 real estate professionals at the end of 2025 3.

Franchise

Compass also licenses brands to independent brokerages and collects royalties based on a percentage of their commissions 3. The franchise brands are Better Homes and Gardens Real Estate, Century 21, Christie's International Real Estate, Coldwell Banker, Coldwell Banker Commercial, Corcoran, ERA and Sotheby's International Realty 3.

Franchisees closed 203,207 transactions in the second quarter, and franchise sales value was $120.0 billion 1. Royalty per side fell to $505 from $591, which Compass tied to newly acquired brands with lower average sales prices 1.

Christie's International Real Estate alone has over 100 independently operated brokerages in over 50 countries and territories 3.

Title, escrow and other services

Compass handles the paperwork around a sale too 1. Its title and escrow arm closed 42,608 transactions in the second quarter, earning $3,654 on average for each 1. Mortgage and title underwriting run through minority-owned joint ventures, the annual report says 3.

Compass Concierge gives home sellers access to money for home improvements through an independent third-party lender 3.

Technology platform

The Compass platform lets agents run their work from first contact to close with a single log-in 3. Private Exclusives lets an agent list a home on Compass.com only before it goes to a listing service 3.

In July the platform reached 4,000 agents at the acquired brands, and about 80,000 agents in total were expected on it by the end of September, HousingWire reported 6. Compass said Rocket-Redfin sent its agents more than 60,000 leads and Compass sent Redfin more than 20,000 Coming Soon listings 1.

People and offices

Robert Reffkin is founder and chief executive, and Scott Wahlers is chief financial officer 1. Compass had 3,200 employees at the end of 2025, a number that more than tripled after the Anywhere merger 3.

It is headquartered in New York, in about 32,500 square feet of leased office space under a lease expected to expire in November 2033 3.

Rivals and current problems

Zillow is the rival named in the record 8. It argues that private listing networks undermine fair access to information, and says its standards remain in effect 8.

Antitrust suits over buyer-broker commissions reach Compass through Anywhere 3. Anywhere settled the Burnett, Moehrl and Nosalek claims nationwide in October 2023, final approval came on 9 May 2024, and several parties appealed 3.

The annual report warns that such cases could change the commission structure and cut average commission rates 3.

The umbrella, in words

Brands: the owned-brokerage and franchise brands above, and a global network of more than 340,000 real estate professionals after the merger 3.

Subsidiaries: Exhibit 21.1 of the annual report lists Christie's International Real Estate, LLC, Compass Brokerage, LLC and Compass Title & Escrow Services, LLC among others 9. The company reports one operating segment 3.

Stakes: the annual report says mortgage and title underwriting run through minority-owned joint ventures, and gives no percentage 3.

Control: Class A stock carries one vote per share and Class C carries twenty, with 10,122,433 Class C shares outstanding of 563,479,423 shares at the end of 2025 3.

For the third quarter, the company guided to revenue of $3.85 billion to $4.05 billion and adjusted EBITDA of $275 million to $305 million 1.

For 2026 it expects operating costs on a non-GAAP basis of $2.75 billion to $2.80 billion, including $35 million from deals closed in July and $150 million of realized savings 1. It also expects positive free cash flow for the full year 1.

On Anywhere, the company raised its first-year actioned net cost savings target from $300 million to $330 million and its 2026 realized target from $200 million to $220 million 1. Of the $220 million, it expects $150 million through the income statement and $70 million as capital spending savings 1.

Reffkin said progress reinforces confidence in the $500 million net cost savings target over three years 1.

Finance chief Scott Wahlers said Compass remains committed to redeeming its $500 million 9.75% notes when they are first callable in the second quarter of 2027 1. He cited expected future cash tax savings of $470 million from $1.8 billion in net operating losses 1.

Wahlers also said deleveraging the balance sheet remains a key focus, with progress expected from strong cash flow 1.

On the board, Sissie Hsiao was appointed a Class II director with a term expiring at the 2029 annual meeting 4.

Compass said it expects roughly 50,000 non-Compass agents on its Home Platform by the end of September, for roughly 80,000 in all, HousingWire reported 6. That rollout to the acquired brands comes before the franchise rollout planned for the first quarter of 2027 6.

Compass told investors it remains on track to roll the Home Platform out to franchise agents beginning in the first quarter of 2027, HousingWire reported 6.

Reffkin said there would be "no mandates or policies" requiring anyone to opt in to Private Exclusives, Real Estate News reported on 9 January 2026 7.