New York, NY - November 4, 2025 - Compass, Inc. (NYSE: COMP) (“Compass” or “the Company”), the largest residential real estate brokerage in the United States and a leading tech-enabled real estate services company, announced its financial results for the third quarter ended September 30, 2025. 

“Compass delivered the strongest Q3 results in our history, marked by several quarterly records including Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, T&E attach, mortgage JV profitability, and weekly agent sessions on the platform” said Robert Reffkin, Founder and Chief Executive Officer of Compass. Reffkin added, “a record 851 principal agents joined Compass organically in Q3, marking an all-time high. This, combined with our 97.3% quarterly principal agent retention rate, demonstrates that Compass’ value proposition remains strong. In the third quarter, we also continued to outperform the industry as we grew organic transactions by 7% and total transactions by 22%, while market transactions increased by 2% year-over-year. This means organic and total transactions outgrew the market by five and twenty percentage points, respectively. For 18 consecutive quarters, spanning our entire history as a public company, Compass has outperformed the market on an organic basis. Organic quarterly market share grew 32 basis points year-over-year and total quarterly market share grew 83 basis points year-over-year to 5.63%.” 

Scott Wahlers, Chief Financial Officer of Compass, said, “I’m very pleased with our financial and operational execution this quarter, which resulted in record Q3 results. We delivered $1.85 billion in revenue, meeting the high-end of our guidance range, and a robust 23.6% growth year-over-year. Additionally, we generated Adjusted EBITDA of $93.6 million, an increase of 80% from $52 million in the year-ago quarter, which reflects the highest Adjusted EBITDA for any Q3 period, and the second highest quarterly Adjusted EBITDA in the company's history. Notably, we continued our strong track record of cash generation, with Free Cash Flow growing 124% year-over-year to $73.6 million, despite a challenging housing market, and reflecting the 7th consecutive quarter of positive Free Cash Flow. We paid back $50 million on our revolver during the quarter, allowing us to finish Q3 with a healthy $170.3 million in cash and cash equivalents and no balance outstanding on our revolver.” 

Q3 2025 Highlights:

• Revenue in Q3 2025 increased by 23.6% year-over-year to $1.85 billion as transactions increased 21.5% compared to the market transactions, which increased by 2.0%. Year-over-year organic revenue growth was up 11%, while revenue growth attributable to all acquisitions completed since July 1, 2024 was 12.6%.  

• GAAP Net Loss in Q3 2025 was $4.6 million compared to a net loss of $1.7 million in Q3 2024. GAAP net loss for Q3 2025 includes non-cash stock-based compensation expense of $59.6 million, depreciation and amortization of $27.6 million, and merger transaction expenses of $7.5 million associated with the signing of the merger agreement with Anywhere Real Estate Inc. Excluding merger transaction expenses of $7.5 million, net income would have been $2.9 million, which would have been an improvement of $4.6 million year-over-year. 

• Adjusted EBITDA (a non-GAAP measure) was $93.6 million in Q3 2025 compared to $52.0 million in Q3 2024, an improvement of $41.6 million. Adjusted EBITDA in Q3 excludes $7.5 million in merger transaction expenses. 

• Operating Cash Flow / Free Cash Flow (a non-GAAP measure): During Q3 2025, operating cash flow was $75.5 million and free cash flow was $73.6 million. 

• Cash and cash equivalents at the end of Q3 2025 was $170.3 million, and at the end of Q3 2025 we had no balance on our revolver.  

Q3 2025 Operational Highlights:

• National market share: In Q3 2025, quarterly market share was 5.63%, an increase of 83 basis points compared to Q3 2024. Quarterly organic market share growth was 32 basis points in Q3 2025 compared to Q3 2024.

• Principal Agents: At the end of Q3 2025, the number of principal agents was 21,550 compared to 17,542 at the end of Q3 2024, an increase of 4,008 or 22.8% year-over-year. Sequentially, from Q2 2025 to Q3 2025, Compass added 851 agents organically. We continued the trend of strong agent retention with 97.3% quarterly principal agent retention in Q3 2025.  

• Transactions: Compass’ owned-brokerage agents closed 67,886 total transactions in Q3 2025, an increase of 21.5% compared to Q3 2024 (55,872). Organic transactions in Q3 2025 increased by 6.6% compared to Q3 2024. Transactions for the entire U.S. residential real estate market increased by 2% over the same period.  

• Gross Transaction Value (“GTV”): GTV was $70.7 billion in Q3 2025, an increase of 22.5% compared to Q3 2024 GTV of $57.7 billion. Organic GTV was $64.3 billion in Q3 2025. The entire U.S. residential real estate market GTV increased 4.5% for the same period.

• Platform: The Compass end-to-end proprietary technology platform allows real estate agents to perform their primary workflows, from first contact to close, with a single log-in and without leaving the Compass platform. The platform hit a Q3 record of 22 average weekly sessions per agent. Assuming a 5-day work week, that means an average agent used the platform for approximately 4 sessions a day.

• Product highlights from Q3 2025 include: 

  • Compass Make-Me-Sell: A feature on our platform that allows homeowners to share an aspirational price with their agent, which would compel them to move, continues to gain traction, with approximately 19,715 entries at the end of Q3 2025, compared to 16,770 at the end of Q2 2025. Over time, we believe this tool will help convert a portion of our 100+ million CRM contacts into passive ‘willing-to-sell’ inventory that will only be available to Compass agents. 

  • Compass One-Click Title & Escrow (“T&E”) Integration: A feature in our platform that allows agents to seamlessly order T&E on behalf of their clients continues to drive our attach rates higher as we observe agents who utilize the integration attaching at an approximately 2x higher-rate than agents who have not used One-Click T&E. 

  • Compass One: Launched in early 2025, Compass One is the industry’s premier all-in-one client dashboard, designed to connect buyers and sellers with their agent, providing 24/7 transparency before, during, and after the transaction. YTD, agents chose to use Compass One with approximately 330,000 clients.

  • Buyer Demand Tool: A feature on our platform that provides agents with real-time insights into how many buyers are searching for properties at specific price points before going into a listing appointment was launched in Beta in Q3 with approximately 600 users. Following the Beta, the tool was launched on the platform in October with more than 4,000 agents engaging with the tool in the first week of launch.

Additional information can be found in the Company’s Q3 2025 Earnings Presentation, which can be found in the Investor Relations section of the Compass website at https://investors.compass.com. 

Q4 2025 Outlook: 

• Revenue of $1.590 billion to $1.690 billion for Q4.

• Adjusted EBITDA of $35 million to $49 million for Q4.

Updated Full Year 2025 Outlook:

• Non-GAAP OPEX of $1.000 billion to $1.005 billion, reflecting a reduction from the prior range of $1.010 billion to $1.020 billion. Included in the range is $10 million of wrap around OPEX from 2024 M&A, $105 million of OPEX from the Christie’s International Real Estate acquisition that closed on January 13, 2025, $12 million from the acquisitions of Washington Fine Properties and a title company in Texas closed in February 2025 and April 2025, respectively, and $7 million from four acquisitions completed during the third quarter. 

• Free cash flow positive for the full year 2025.

We have not reconciled our guidance for Adjusted EBITDA to GAAP Net 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, these guidance reconciliations are not available without unreasonable effort. 

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures on a historical basis, see “Reconciliation of Net Loss Attributable to Compass, Inc. to Adjusted EBITDA,” “Reconciliation of GAAP OPEX to non-GAAP OPEX” and “Reconciliation of GAAP Operating Cash Flow to Free Cash Flow” in the financial statement tables included in this press release.