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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.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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