• Actioned Over $250 Million in Net Cost Synergies in Q1
•  Increases 2026 Actioned Cost Synergy Target from $250 Million to $300 Million
• Increases 2026 Realized Cost Synergy Target from $100 Million to $200 Million
• Q1 GAAP Net Income of $22 Million; Adjusted EBITDA of $61 Million
• Q1 Pro forma GTV  +7.3% YoY for Brokerage & +4.6% YoY for Franchise 

New York, NY - May 5, 2026 - Compass, Inc. (“Compass” or “the Company”) (NYSE: COMP), a global real estate services company with a presence in every major U.S. city and approximately 120 countries and territories, announced its financial results for the first quarter ended March 31, 2026. 

“We achieved strong financial and operational results in our first quarter as a newly combined company. Revenue came in above the mid-point of our guide and Adjusted EBITDA came in above the high-end of our guidance range driven by continued OPEX discipline and healthy revenue growth” said Robert Reffkin, Founder and Chief Executive Officer of Compass. Reffkin added, “in Q1, we continued to outperform the industry, with pro forma Brokerage transactions up 2.6% year-over-year compared to market transactions up 0.2% year-over-year, reflecting 240 basis points of outperformance, while pro forma3 Brokerage GTV was up 7.3% year-over-year, which compared favorably to market volumes that were up 1.5% year-over-year.” 

Reffkin continued, "During the quarter, the Compass team was manically focused on executing against our integration and cost synergy plan. This focus led to over $250 million in net cost synergies being actioned by April 1st, only 82 days after close, and allowing us to now raise our 2026 realized cost synergy target from $100 million to $200 million. Of the $200 million, we expect to realize approximately $130 million through the P&L and the remaining $70 million as a Capex synergy. We are also increasing our Year 1 target for actioned cost synergies from $250 million to $300 million, and raising our total actioned cost synergy target from $400 million to $500 million over the next three years. Approximately $420 million of the $500 million is expected to be realized through the P&L, while the remaining $80 million is expected to be realized as a Capex synergy. By fully realizing these cost synergies, we believe Compass will be able to achieve durable profitability and lower our financial leverage in a flat housing market, with significant upside in a housing market recovery.”

Scott Wahlers, Chief Financial Officer of Compass, said, “I’m very pleased with our Q1 2026 results, which reflect our first quarter as a combined company following the close of the Anywhere transaction on January 9, 2026. We delivered $2.70 billion in Revenue, Adjusted EBITDA¹ of $61 million and ended the quarter with $484 million in cash. Looking ahead, we remain acutely focused on OPEX control, executing against our cost synergy targets, and generating cash flow to de-lever our balance sheet.”

Q1 2026 Highlights:

• Revenue in Q1 2026 increased by 99% year-over-year to $2.70 billion compared to $1.36 billion in Q1 2025 primarily due to the addition of Anywhere’s revenue in Q1 2026. Pro forma3 revenue increased by 7% year-over-year to $2.76 billion. 

• GAAP Net Income in Q1 2026 was $22 million compared to a net loss of $51 million in Q1 2025. GAAP net income for Q1 2026 includes $183 million in merger transaction and integration expenses, non-cash stock-based compensation expense of $47 million, depreciation and amortization of $163 million and a non-cash tax benefit of $401 million. 

• Adjusted EBITDA (a non-GAAP measure) was $61 million in Q1 2026. Adjusted EBITDA in Q1 2026 excludes the $401 million non-cash tax benefit in the quarter and $183 million in merger transaction and integration expenses.

• Operating Cash Flow / Free Cash Flow4 (a non-GAAP measure): During Q1 2026, operating cash flow was ($157) million and free cash flow was ($168) million, driven primarily by the Anywhere transaction and related cash expenses.

• Liquidity & Capital Structure: At the end of Q1 2026, our cash balance was $484 million, and we had no balance on our revolver. Total long-term debt at the end of Q1 2026 was $3.14 billion.

  • In early April, both Moody's and S&P initiated credit ratings on Compass with a Positive Outlook. Moody’s initiated a Corporate credit rating of B2, while S&P initiated a Corporate credit rating of B+. Both agencies concurrently upgraded the Anywhere’s notes that Compass assumed. These upgrades underscore Compass’ financial strength and commitment to disciplined capital management. 

Q1 2026 Operational Highlights:

Brokerage:

• Gross Transaction Value (“GTV”): Brokerage GTV was $97.3 billion in Q1 2026, an increase of 85.7% year-over-year compared to $52.4 billion in Q1 2025, primarily due to the addition of Anywhere's GTV in Q1 2026. Brokerage GTV on a pro forma3 basis increased by 7.3% year-over-year to $98.7 billion. GTV for the entire U.S. residential real estate market increased by 1.5% over the same period.

• Transactions: Brokerage agents closed 99,504 total transactions in Q1 2026, an increase of 102.6% year-over-year compared to 49,121 in Q1 2025, primarily due to the addition of Anywhere's transactions in Q1 2026. Total Brokerage transactions on a pro forma3 basis increased by 2.6% year-over-year to 101,147. Transactions for the entire U.S. residential real estate market increased by 0.2% over the same period.

• Total Agents: At the end of Q1 2026, total Brokerage agents were 84,187 compared to 36,990 at the end of Q4 2025. On a pro forma3 basis, total agent count was 85,724 at the end of Q4 2025 and the Company added 3,503 agents on a gross basis between Q4 2025 and Q1 2026. Pro forma3 agent retention rate in Q1 2026 was 94%, flat compared to Q4 2025. The quarter-over-quarter decline in agent count was driven primarily by a strategy at Anywhere to separate non-productive agents. Separations refer to agents that were in the prior quarter’s pro forma3 ending agent count but not included in the current quarter’s ending agent count. Furthermore, unlike Principal agent count, which the Company previously reported, total agent count separations reflect a decision more often than not made by individual agent team leaders, rather than decisions made by Compass. In order to provide investors with greater insight into the combined Brokerage’s retention trends in Q1, the Company is providing the number of total agent separations and agent retention rate by gross commission income (GCI) bands. All amounts reflected below are shown on a pro forma3 basis: 

Quarter-over-Quarter Total Separations and Separations by GCI Band:  

• Total Agent Separations in Q1: 5,041

• Percentage of Q1 Total Agent Separations with $0 GCI in the last twelve-months: 56%

• Percentage of Q1 Total Agent Separations with $20K or less in GCI (equivalent to less than 2 transactions on average at our price points) in the last twelve-months: 77%

Total Agent Retention and Retention by GCI Band:

• Total Agent retention in Q1: 94%

• Total Agent retention excluding $0 GCI agents: 97%

• Total Agent retention excluding agents with $20K or less in GCI: over 98%

Franchise:

• Gross Transaction Value (“GTV”)5: Franchise GTV was $76.9 billion in Q1 2026 compared to the $6.2 billion in Q1 2025, an increase of 1,131% year-over-year primarily due to the addition of Anywhere's franchise GTV in Q1 2026. Franchise GTV on a pro forma3 basis increased by 4.6% year-over-year to $80.7 billion. GTV for the entire U.S. residential real estate market increased by 1.5% over the same period.

• Transactions: The Franchise network closed 137,347 total transactions in Q1 2026 compared to 6,117 in Q1 2025, an increase of 2,145% year-over-year primarily due to the addition of Anywhere's franchise transactions in Q1 2026. Total franchise transactions on a pro forma3 basis increased by 0.1% year-over-year to 143,406.

• Net Royalty Rate Per Side: Net royalty rate per side was $440 in Q1 2026 compared to $660 in Q1 2025, a decrease of 33% year-over-year driven primarily by the addition of Anywhere’s franchise transactions that have a lower average sales price compared to the Christie’s International Real Estate network. Net royalty per side on a pro forma3 basis decreased by 5.0% year-over-year to $438. 

Integrated Services:

• Title and Escrow (“T&E”): Total Title and Escrow transactions were 30,321 in Q1 2026 compared to 4,150 in Q1 2025, an increase of 631% year-over-year primarily due to the addition of Anywhere's T&E transactions in Q1 2026. On a pro forma3 basis, T&E transactions increased by 13.2% year-over-year to 31,698. Average revenue per transaction on a pro forma3 basis was $3,514 in Q1 2026 or up 1% year-over-year.

  • T&E Purchase Transactions: Purchase transactions were 25,003 in Q1 2026 compared to 3,887 in Q1 2025, an increase of 543% year-over-year primarily due to the addition of Anywhere's purchase transactions in Q1 2026. T&E purchase transactions on a pro forma3 basis increased by 4% year-over-year to 26,171.

  • T&E Refi Transactions: Refinance transactions were 5,318 in Q1 2026 compared to 263 in Q1 2025, an increase of 1,922% year-over-year primarily due to the addition of Anywhere's refinance transactions in Q1 2026. Refinance transactions on a pro forma3 basis increased by 100% year-over-year to 5,527.

Platform: The Compass end-to-end proprietary technology platform is the only fully-connected platform in the industry built for real estate professionals. From first contact to close, it brings together everything agents need to grow their business, work more efficiently, and deliver a client experience that sets them apart. The technology will be branded as the Home Platform and we expect it will be made available to Anywhere’s Brokerage agents in Q3 2026, with plans to roll out the platform to Anywhere’s franchise network in Q1 2027. 

• Product highlights from Q1 2026 include: 

• Compass One-Click Title & Escrow Integration: A feature in our platform that allows agents to seamlessly order T&E on behalf of their clients continues to show attach rates that are higher than regular-way transactions, with agents who utilize the integration attaching at an approximately 2x higher-rate than agents who have not used One-Click T&E. In the quarter, the Company introduced One-Click Title capabilities in the Chicago market which represents the first attorney-led market rollout for Compass.  

• Compass One: The industry's premier all-in-one client dashboard designed to connect buyers and sellers with their agent and provide 24/7 transparency is experiencing increased engagement with 31.5% of all closed home sale transactions in Q1 2026 going through the Compass One experience, up from 17.4% in Q1 2025 and up from 28.4% in Q4 2025. 

• Structural Advantage Tools: A set of proprietary platform features that combine to help our real estate professionals surface unique inventory and differentiate themselves in the market continues to see higher engagement. 

  • Reverse Prospecting: Allows our listing professionals to surface agents who have buyers that have shown interest in their property through saved searches, collections, direct views, and other engagement statistics. Since launch, more than 19,700 agents have used the tool, including more than 10,600 in Q1 2026, an 11% increase compared to Q4 2025.

  • Network Tool: Lets our listing professionals surface relevant agents in an area to find the right buyers for their property. In Q1 2026, more than 9,500 agents used the tool. Over time, we believe this feature will help our agents match buyers and sellers more effectively.  

  • Make-Me-Sell: Lets homeowners share an aspirational price with their agent that would compel them to move. At the end of Q1 2026, there were approximately 24,700 make-me-sell entries in the platform, up from approximately 22,000 at the end of Q4 2025. This passive inventory is exclusively available to agents on the platform.

  • Buyer Demand Tool: Provides agents with real-time insights into how many buyers are searching for properties at specific price points before going into a listing appointment. In Q1 2026, more than 10,100 agents engaged with the tool. We believe this feature will help our professionals win more listings and efficiently target buyers for their listings.

Q2 2026 Outlook: 

• Revenue of $4.0 billion to $4.2 billion for Q2

• Adjusted EBITDA of $310 million to $350 million for Q2

Full Year 2026 Outlook: 

• Non-GAAP OPEX of $2.70 billion to $2.75 billion. Included in the range is $130 million of realized OPEX synergies. 

• Free cash flow positive for the full year 2026.

We have not reconciled our outlook for Adjusted EBITDA to GAAP Net Income (loss) because certain expenses excluded from GAAP Net income (loss) when calculating Adjusted EBITDA cannot be reasonably calculated or predicted at this time. Additionally, we have not reconciled our guidance for non-GAAP OPEX to GAAP OPEX because certain expenses excluded from GAAP OPEX cannot be reasonably calculated or predicted at this time. Accordingly, reconciliations are not available without unreasonable effort. 

Additional information can be found in the Company’s Q1 2026 Earnings Presentation, which can be found in the Investor Relations section of the Compass website at https://investors.compass.com.