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 adjusted EBITDA of $363 million and GAAP net income of $92 million, more than doubling from $39 million in Q2 2025.

• Brokerage segment led with $3.96 billion in revenue, supported by 83,184 agents and $155.2 billion in gross transaction value.

• Completed $300 million of Year 1 net cost synergies from the Anywhere integration five months ahead of plan, raising the target to $330 million for 2026.

• Technology rollout advanced, with Home Platform launched to over 4,000 agents and positive feedback (82% CSAT); full rollout to 80,000+ agents by September and franchise onboarding in Q1 2027.

• Partnership with Redfin generated over 60,000 leads and increased Compass.com sessions by 111% year-over-year in Chicago.

Financial highlights

• Q2 2026 revenue reached $4.31 billion, up 14.3% year-over-year pro forma, with adjusted EBITDA of $363 million and an 8.43% margin.

• GAAP net income was $92 million, up from $39 million a year ago; free cash flow was $180 million.

• Cash and cash equivalents rose to $694 million as of June 30, 2026, with no outstanding borrowings on the $500 million revolver.

• Total assets increased to $8.33 billion, with stockholders’ equity at $2.99 billion.

• Net debt to adjusted EBITDA improved to just under 3x, with further improvement expected by year-end.

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; $1.8 billion in NOLs to shield future taxable income.