Compass (COMP) investor relations material

Executive summary

• Achieved record Q4 and full-year 2025 revenue, with Q4 revenue up 23.1% year-over-year to $1.70 billion and full-year revenue reaching $7.0 billion, surpassing previous peaks.

• Adjusted EBITDA for FY 2025 reached $293.4 million, with Q4 Adjusted EBITDA at $58.3 million, both showing significant year-over-year growth.

• Completed transformative mergers with Anywhere and Christie's International Real Estate, expanding the platform to 340,000 professionals in 120 countries.

• Principal agent count reached 21,190 at year-end 2025, up 19.4% year-over-year, with 96.8% retention and record agent recruiting.

• Announced exclusive, multi-year Rocket Redfin partnership to expand home seller choice and agent lead flow.

Financial highlights

• FY 2025 revenue was $6,961.6 million, up 23.7% year-over-year; Q4 2025 revenue was $1,699.8 million, up 23.1% year-over-year.

• FY 2025 Adjusted EBITDA reached $293.4 million (+$167.4 million YoY), with a margin of 4.2% (+200 bps YoY); Q4 Adjusted EBITDA was $58.3 million.

• FY 2025 free cash flow was $203.3 million; Q4 2025 free cash flow was $42.2 million.

• FY 2025 operating cash flow was $216.7 million; ended Q4 with $199 million in cash and no revolver balance.

• FY 2025 gross transaction value totaled $267.0 billion, up 23.2% year-over-year; Q4 GTV was $65.6 billion, up 21.6%.

Outlook and guidance

• Q1 2026 revenue guidance: $2.55–$2.75 billion, including Anywhere results from January 9.

• Q1 2026 Adjusted EBITDA guidance: $15–$35 million, including $15–$20 million in discrete expenses from the Anywhere integration.

• Expect negative free cash flow in Q1 due to transaction costs, returning to positive in future quarters.

• CEO commitment to $250 million in cost synergies in year one and $400 million over three years.

• Weighted-average share count for Q1 2026 expected to be 720–730 million, reflecting shares issued for the Anywhere Merger.