Compass (COMP) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $4.31 billion, up 14.3% year-over-year on a pro forma basis, with GAAP net income of $92 million, more than doubling from $39 million in Q2 2025.

• Adjusted EBITDA reached $363 million (8.4% margin), nearly triple the prior year, and operating cash flow was $191 million, with free cash flow at $180 million.

• Completed $300 million of Year 1 net cost synergies from the Anywhere integration five months ahead of plan, raising the target to $330 million.

• The Anywhere Real Estate acquisition closed January 9, 2026, expanding global reach and integrating major brands, with operations now reported in Brokerage, Franchise, and Integrated Services segments.

• Brokerage business outperformed the market for the 21st consecutive quarter, with transactions up 7.4% year-over-year and gross transaction value (GTV) up 16%.

Financial highlights

• Revenue for Q2 2026 was $4.31 billion, up 109% year-over-year and 14.3% pro forma; six-month revenue was $7.0 billion.

• Adjusted EBITDA was $363 million (8.4% margin), up from $125 million (6.1%) in Q2 2025.

• Net income for Q2 2026 was $92 million, up from $39 million in Q2 2025; basic EPS of $0.12.

• Free cash flow for Q2 was $180 million; cash and cash equivalents at June 30, 2026 were $694 million.

• Total long-term debt at June 30, 2026 was $3.14 billion.

Outlook and guidance

• Q3 2026 revenue guidance: $3.85–$4.05 billion; Adjusted EBITDA: $275–$305 million.

• Full-year 2026 non-GAAP OPEX expected at $2.75–$2.80 billion, including $150 million in realized OPEX synergies.

• Company expects to remain free cash flow positive for the full year, supported by $1.8 billion in NOLs.

• Management expects continued synergy realization from the Anywhere Merger, with further integration costs and severance charges anticipated through year-end.

• Debt maturities in 2029–2031 totaling $3.1 billion are a long-term liquidity consideration.