New York, NY - July 30, 2025 - Compass, Inc. (NYSE: COMP) (“Compass” or “the Company”), a leading tech-enabled real estate services company that includes the largest residential real estate brokerage in the United States by sales volume, announced its financial results for the second quarter ended June 30, 2025.

“Compass delivered the best quarterly results in our history, marked by ten all-time highs, including market share, Revenue, GAAP Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, T&E revenue, T&E attach, and weekly agent sessions on the platform” said Robert Reffkin, Founder and Chief Executive Officer of Compass. Reffkin added, “a record 832 principal agents also joined Compass organically in Q2, making it the highest quarter for principal agent adds in our history. This, combined with our 97.5% quarterly principal agent retention rate, demonstrates that Compass’ value proposition is stronger than ever. In the second quarter, we also continued to widen the gap against the industry as we grew organic transactions by 6.3% and total transactions by 20.9% compared to market transactions, which declined by 0.9% year-over-year. This means organic and total transactions outgrew the market by roughly 7% and 22%, respectively. For 17 consecutive quarters, spanning our entire history as a public company, Compass has outperformed the market on an organic basis. There has never been a quarter since we started measuring this metric where we haven't grown faster than the market. Organic quarterly market share grew 40 basis points year-over-year and total quarterly market share grew 96 basis points year-over-year to 6.09%, which is our highest market share in company history.”

Reffkin continued, “As our Q2 results clearly show, Compass continues to outperform the market, giving us even more confidence that as the market normalizes, we are positioned to drive significant upside long-term.”

Kalani Reelitz, Chief Financial Officer of Compass said, “I am very pleased with our record Q2 results, which demonstrate that we are executing well against our long-term strategy. In the quarter, we grew revenue by 21.1%, Adjusted EBITDA by 63%, and GAAP net income by 90.3% year-over-year. Furthermore, in Q2 2025, we also generated record positive operating cash flow of $72.8 million and free cash flow of $68 million, which demonstrates our ability to consistently generate free cash flow.”

Q2 2025 Highlights:

• Revenue in Q2 2025increased by 21.1% year-over-year to $2.06 billionas transactions increased 20.9% compared to the market transactions, which declined by 0.9%. The Christie’s International Real Estate acquisition contributed 10.4% of the revenue growth in the quarter. Year-over-year organic revenue growth was up 8.7%, while revenue growth attributable to all acquisitions completed since April 1, 2024 was 12.4%.

• GAAP Net Income in Q2 2025 was $39.4 million, an improvement of $18.7 million from a net income of $20.7 million in Q2 2024. The net income for Q2 2025 includes non-cash stock-based compensation expense of $55.2 million and depreciation and amortization of $29.4 million.

   

• Adjusted EBITDA (a non-GAAP measure) was $125.9 million in Q2 2025 compared to $77.4 million in Q2 2024, an improvement of $48.5 million.

   

• Operating Cash Flow / Free Cash Flow (a non-GAAP measure): During Q2 2025, operating cash flow was $72.8 million and free cash flow was $68.0 million.

   

• Cash and cash equivalents at the end of Q2 2025 was $177.3 million, and at the end of Q2 2025 we had a balance of $50 million drawn on our revolver.

Q2 2025 Operational Highlights:

• National market share: In Q2 2025, quarterly market share was 6.09%, an increase of 96 basis points compared to Q2 2024. Quarterly organic market share growth was 40 basis points in Q2 2025 compared to Q2 2024.

• Principal Agents: At the end of Q2 2025, the number of principal agents was 20,965 compared to 16,997 at the end of Q2 2024, an increase of 3,968 or 23.3% year-over-year. Sequentially, from Q1 2025 to Q2 2025, Compass added 832 agents on a gross basis. We continued the trend of strong agent retention with 97.5% quarterly principal agent retention in Q2 2025, up 20 basis points versus the prior year quarter.

• Transactions: Compass agents closed 73,025 total transactions in Q2 2025, an increase of 20.9% compared to Q2 2024 (60,390). Organic transactions in Q2 2025 increased by 6.3% compared to Q2 2024. Transactions for the entire U.S. residential real estate market decreased by 0.9% over the same period, according to NAR.

• Gross Transaction Value (“GTV”): GTV was $78.3 billion in Q2 2025, an increase of 20.3% compared to Q2 2024 GTV of $65.0 billion. Organic GTV was $69.3 billion in Q2 2025. The entire U.S. residential real estate market GTV increased 1.4% for the same period, according to NAR.

• 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 an all-time high of 24 average weekly sessions per agent in Q2, which was up 37% y/y. Assuming a 5-day work week, that means an average agent used the platform for approximately 5 sessions a day.

   

• Product highlights from Q2 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 16,770 entries at the end of Q2 2025, compared to 12,500 at the end of Q1 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 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. In Q2, agents chose to use Compass One with 116,000 clients.

• Compass Reverse Prospecting:

  Launched in late 2024, Reverse Prospecting provides homeowners with exclusive insights such as real-time updates on how often agents and their clients are viewing, commenting on, favoriting, or sharing listings across the Compass platform. We’ve seen 115% growth in the number of transactions that used Reverse Prospecting to match buyers and sellers quarter-over-quarter.

   

Additional information can be found in the Company’s Q2 2025 Earnings Presentation, which can be found in the Investor Relations section of the Compass website at https://investors.compass.com.

Q3 2025 Outlook:

• Revenue of $1.725 billion to $1.850 billion for Q3.

• Adjusted EBITDA of $60 millionto $80 million for Q3.

Updated Full Year 2025 Outlook:

• Non-GAAP OPEX of $1.010 billion to $1.020 billion, reflecting a reduction from the prior range of $1.017 billion to $1.042 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 and $12 million from the acquisitions of Washington Fine Properties and a title company in Texas in February 2025 and April 2025, respectively, and $4 million from two small brokerage acquisitions announced in July.

   

• Free cash flow positive for the full year 2025.