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Compass (COMP) investor relations material

Compass Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Achieved record Q3 2025 results with revenue of $1.85 billion, up 23.6%–24% year-over-year, driven by agent growth, acquisitions, and strong platform engagement.

  • Outperformed the U.S. residential real estate market in transaction growth for the 18th consecutive quarter, with total Q3 transactions up 21.5%–22%.

  • Principal agent count rose 22.8%–23% year-over-year to 21,550, with 851 agents added organically in Q3.

  • Announced a pending merger with Anywhere Real Estate Inc., expected to close in the second half of 2026, with $7.5 million in Q3 transaction expenses.

  • Completed the acquisition of Christie's International Real Estate, expanding presence in luxury and franchise sectors.

Financial highlights

  • Q3 2025 revenue was $1.85 billion, up 23.6% year-over-year; organic revenue up 11%.

  • Adjusted EBITDA reached $93.6 million, up 80% year-over-year, with a margin of 5.1%.

  • Free cash flow was $73.6 million, up 124% year-over-year, and operating cash flow was $75.5 million.

  • GAAP net loss was $4.6 million; excluding $7.5 million in merger expenses, net income was $2.9 million.

  • Ended Q3 with $170.3 million in cash and no outstanding revolver balance.

Outlook and guidance

  • Q4 2025 revenue guidance: $1.59–$1.69 billion; Adjusted EBITDA: $35–$49 million.

  • Full-year 2025 non-GAAP OPEX guidance reduced to $1.00–$1.005 billion, reflecting cost discipline.

  • Expectation to remain free cash flow positive for FY 2025.

  • Merger with Anywhere Real Estate Inc. expected to close in the second half of 2026, subject to regulatory and shareholder approvals.

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Frequently asked questions

Compass, Inc. provides real estate brokerage services in the United States. The company operates through Compass East and Compass West segments. Compass, Inc provides sales and leasing services, as well as investment sales, property management, marketing and brand development in New York metropolitan area, Los Angeles metropolitan area and Chicago metropolitan area; and retail leasing agent services in the Seattle region. The company primarily serves residential real estate markets including condominiums, multifamily properties, single family homes, land developments and commercial properties.

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