• All-time Q3 Records for Revenue, Net Income, Adjusted EBITDA and Operating Cash Flow

• Q3 Revenue +12% YoY; GAAP Net Income $62 Million; Adjusted EBITDA $306 Million

• Operating Cash Flow $248 Million; Cash Balance Increases to $841 Million

New York, NY - November 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 third quarter ended September 30, 2026.

“In a housing market where transactions were down year-over-year, Compass delivered record financial and operational results in Q3,” said Robert Reffkin, Founder and Chief Executive Officer of Compass. Reffkin added, “Adjusted EBITDA2 surpassed the high-end of our guidance range driven by solid OPEX2 discipline and ongoing cost synergy realization, while organic Brokerage GTV outperformed the market by 680 basis points on a pro forma1 basis. Organic3 Brokerage transactions also outperformed the market by approximately 150 basis points in the quarter. Across our entire history as a public company, spanning 22 consecutive quarters, the Compass standalone brand has outperformed the market - and now we have done so for three consecutive quarters including Anywhere.”

“Looking ahead, while the housing market has softened over the past few weeks, I believe Compass is positioned to do very well in the current environment," Reffkin continued. “I believe our track record of prudently managing OPEX2 and ongoing cost synergy realization positions the company to generate significant free cash flow2. This financial strength will allow us to delever the balance sheet while continuing to invest in our agents and platform as the industry pulls back.”

Scott Wahlers, Chief Financial Officer of Compass, said, “We are pleased with the results we delivered in a challenging environment with Q3 Revenue of $3.9 billion, GAAP Net income of $62 million and Adjusted EBITDA2 of $306 million, each reflecting all-time records for any third quarter in our history.”

Wahlers continued, “Our Q3 results also demonstrate the cash flow generative nature of our business. In a quarter where industry transactions were down year-over-year, we generated $248 million in operating cash flow and $240 million in free cash flow2. We ended the quarter with $841 million in cash and no balance on our revolver. At the end of Q3, Net Debt2 to Adjusted EBITDA was 2.7x which is nearly two turns below the 4.4x when we first announced the Anywhere transaction. Additionally, given the healthy cash balance at the end of Q3, we remain in a good position to redeem our $500 million 9.75% Notes when they are first callable in Q2 of 2027.”

Q3 2026 Highlights:

• Revenue in Q3 2026 increased by 111% year-over-year to $3.90 billion compared to Revenue of $1.85 billion in Q3 2025. Revenue increased by 11.6% year-over-year compared to pro forma1 Revenue of $3.49 billion in Q3 2025.

• Organic Revenue3 (a non-GAAP measure): Organic revenue of $3.75 billion in Q3 2026 grew 7.4% year-over-year on a pro forma1 basis.

• GAAP Net Income in Q3 2026 was $62 million compared to a net loss of $4 million in Q3 2025.

• Adjusted EBITDA2 (a non-GAAP measure): was $306 million in Q3 2026 compared to $94 million in Q3 2025. Adjusted EBITDA in Q3 2026 excludes depreciation and amortization of $145 million, non-cash stock-based compensation expense of $36 million and $28 million in merger transaction and integration expenses.

• Operating Cash Flow / Free Cash Flow2 (a non-GAAP measure): During Q3 2026, operating cash flow was $248 million and free cash flow was $240 million.

• Liquidity & Capital Structure: At the end of Q3 2026, our cash balance was $841 million, and we had no balance on our revolver. Total long-term debt at the end of Q3 2026 was $3.14 billion.

Q3 2026 Operational Highlights:

Brokerage:

• Gross Transaction Value (“GTV”): Brokerage GTV was $138.9 billion in Q3 2026, an increase of 96.5% year-over-year compared to GTV of $70.7 billion in Q3 2025. Organic3 Brokerage GTV of $133.1 billion grew 7.5% year-over-year on a pro forma1 basis. GTV for the entire U.S. residential real estate market increased by 0.7%5 over the same period.

• Transactions4: Brokerage agents closed 140,118 total transactions in Q3 2026, an increase of 106.4% year-over-year compared to transactions of 67,887 in Q3 2025. Organic3 transactions of 135,956 decreased by 0.3% year-over-year on a pro forma1 basis. Transactions for the entire U.S. residential real estate market decreased by 1.8% over the same period. 

• Total Agents: At the end of Q3 2026, total Brokerage agents were 85,476 compared to 83,184 at the end of Q2 2026. The Company added 6,390 agents on a gross basis during Q3 2026. Organic3 gross agent additions were 2,734 compared to 2,816 in Q2 2026. Agent retention rate in Q3 2026 was 95.1% compared to 95.5% in Q2 2026. 58% of separations reflected agents with $0 GCI in the last twelve months while 74% of separations reflected agents with less $20,000 or less in GCI in the last twelve months. Separations refer to agents that were in the prior quarter's ending agent count but not included in the current quarter's ending agent count. Total agent separations and additions reflect a decision more often than not made by individual agent team leaders, rather than decisions made by the Company. Below is a detailed breakdown of the number of total agent separations and agent retention rate by gross commission income (GCI) bands.

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

• Total Agent Separations in Q3: 4,098

• Percentage of Q3 Total Agent Separations with $0 GCI in the last twelve months: 58%

• Percentage of Q3 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: 74%

Total Agent Retention and Retention by GCI Band:

• Total Agent retention in Q3: 95.1%

• Total Agent retention excluding $0 GCI agents: 97.9%

• Total Agent retention excluding agents with $20K or less in GCI: 98.7%

Franchise:

• Gross Transaction Value (“GTV”)4: Franchise GTV was $108.9 billion in Q3 2026 compared to GTV of $8.5 billion in Q3 2025, an increase of 1,181% year-over-year. Organic3 Franchise GTV of $104.2 billion grew by 2.3% year-over-year on a pro forma1 basis. GTV for the entire U.S. residential real estate market increased by 0.7%5 over the same period.

  • Transactions: The Franchise network closed 191,809 total transactions in Q3 2026 compared to transactions of 8,825 in Q3 2025, an increase of 2,073% year-over-year. Organic3 Franchise transactions of 189,054 decreased by 3.6% year-over-year on a pro forma1 basis. Transactions for the entire U.S. residential real estate market decreased by 1.8%5 over the same period.

• Net Royalty Rate Per Side4: Net royalty rate per side was $486 in Q3 2026 compared to net royalty rate per side of $669 in Q3 2025, a decrease of 27.4% year-over-year driven primarily by newly acquired brands that have a lower average sales price compared to the Christie's International Real Estate network. Organic3 net royalty per side of $470 grew 3.8% year-over-year on a pro forma1 basis.

Integrated Services:

• Title and Escrow (“T&E”): Total Title and Escrow transactions were 38,757 in Q3 2026 compared to T&E transactions of 7,666 in Q3 2025, an increase of 406% year-over-year primarily due to the addition of T&E transactions from Anywhere. T&E transactions increased by 1.7% year-over-year compared to pro forma1 transactions of 38,123 in Q3 2025. Average revenue per transaction was $3,590 in Q3 2026, up 1.4% year-over-year compared to pro forma1 average revenue per transaction of $3,541 in Q3 2025.

  • T&E Purchase Transactions4 were 35,106 in Q3 2026 compared to T&E Purchase Transactions of 7,089 in Q3 2025, an increase of 395% year-over-year. T&E purchase transactions increased by 1.5% year-over-year compared to pro forma1 purchase transactions of 34,577 in Q3 2025.

  • T&E Refinance Transactions4 were 3,651 in Q3 2026 compared to T&E Refinance Transactions of 577 in Q3 2025, an increase of 533% year-over-year. T&E refinance transactions increased by 3.0% year-over-year compared to pro forma1 refinance transactions of 3,546 in Q3 2025.

• Mortgage: Funded loan volume across the Company's mortgage joint ventures, OriginPoint and Guaranteed Rate Affinity, was $3.30 billion in Q3 2026, up 9.9% year-over-year on a pro forma¹ basis. Year-to-date, funded loan volume was $10.58 billion, up 32.0% year-over-year on a pro forma¹ basis. The year-over-year increase in both periods was driven by loan officer recruiting and higher attach rates.

Website Traffic: Per Similarweb, traffic to Compass.com’s website and mobile apps in Q3 was up 53.6% year-over-year and rose to 68.5% year-over-year in the month of September. 

Platform: The "Home" platform is the only end-to-end proprietary technology in the industry built for real estate professionals, bringing together everything they need from first contact to close. The Company onboarded 33,950 real estate professionals from Coldwell Banker Realty, Corcoran, and Sotheby's International Realty as of October 31, 2026, bringing the total number of real estate professionals on the platform across all owned-brokerage brands to 68,349. Direct feedback has been positive, with a CSAT or Customer Satisfaction score of 4.1 out of 5 or 82% at the end of Q3, which is generally considered to be a strong score in the software industry. The Company plans to roll out the platform to all real estate professionals in its franchise network starting in Q1 2027. 

• Product highlights include:

  • AI Assistant: Designed to improve agent productivity through simple natural language prompts, the integrated AI Assistant brings together more than 90 platform tools for agents. Usage shows the AI Assistant is driving agents to engage deeper with the platform, with nearly 990,000 tools called in Q3 2026 and generating more than 461,000 conversations in October alone.

  • Client Dashboard (formerly Compass One): The industry's premier all-in-one client dashboard is designed to give buyers and sellers 24/7 transparency into the transaction. In Q3 2026, newly onboarded real estate professionals invited nearly 71,000 clients to access their Client Dashboard, with more than 36,000 invites sent in October alone.

  • Structural Advantage Tools: Includes a set of proprietary platform features such as Reverse Prospecting, Network Tool, and Buyer Demand that help real estate professionals surface inventory and connect buyers with sellers directly in the platform. In Q3 2026, more than 25,200 real estate professionals used these tools, up 44% from Q2 2026. Listing agents sent more than 58,000 messages to agents representing potential buyers, with more than 32,700 messages sent in October alone.

Q4 2026 Outlook: 

• Revenue of $3.150 billion to $3.350 billion for Q4

• Adjusted EBITDA of $100 million to $130 million for Q4

Full Year 2026 Outlook: 

• Non-GAAP OPEX of $2.71 billion to $2.73 billion, reflecting a decrease from the prior range of $2.75 billion to $2.80 billion

• Free cash flow positive for the full year 2026

Link to full press release HERE