A global real estate services company, Compass runs brokerages and franchises under well-known names like Coldwell Banker, Corcoran, Sotheby's International Realty, and Century 21, and pairs them with an AI-driven cloud platform for agents plus title, escrow, mortgage, and relocation services. It was founded in New York City in 2012 as "Urban Compass" by Robert Reffkin and Ori Allon to guide buyers through a hard-to-navigate market, later dropping "Urban" as it grew. Its 2026 takeover of Anywhere Real Estate brought Cartus relocation services and a network of more than 340,000 agents across about 120 countries.
Compass revenue more than doubles to $4.3B after Anywhere merger, with pro forma growth of 14.3% and a return to quarterly operating profit.
The Anywhere merger transformed Compass's scale and business mix in a single quarter. rose 109% to $4.3 billion, swung to a $124 million profit from a $44.6 million loss a year ago, and the commission rate fell to 75.6% as the no-commission Franchise and Integrated Services segments were added. The combined company is now profitable on a basis, but $3.1 billion in and merger integration costs define the path ahead.
Key takeaways
more than doubled to $4.3 billion, with $1.2 billion contributed by the Anywhere acquisition and the remaining growth coming from an 11% organic increase in agents on the Compass platform.
The commission rate fell to 75.6% of from 81.8% a year ago, driven entirely by the addition of Anywhere's Franchise and Integrated Services segments, which generate revenue without direct commission expenses.
swung to a $124 million profit from a $44.6 million loss, even after absorbing $34 million in merger-related costs during the quarter.
Section summaries
Management's Discussion and Analysis
Revenue more than doubled to $4.3B in Q2 2026, driven by the Anywhere merger, with pro forma revenue up 14.3% on higher transactions and prices.
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Consolidated rose 109% to $4.3B in Q2 2026, primarily from the January 2026 Anywhere acquisition; on a basis, revenue grew 14.3% to $4.3B.
The Brokerage 's rose 131% to $377 million with a 9.5% margin, while the new Franchise segment contributed $87 million in Adjusted EBITDA at a 64.4% margin.
reached $92 million, and the six-month period benefited from a $401 million one-time, non-cash from the reversal of valuation allowances.
Cash and equivalents rose to $694 million, and the company had zero borrowings on its , while stood at $3.1 billion with maturities concentrated in 2029-2031.
What changed
The Q1 2026 operating loss of $351 million, driven by $183 million in merger transaction and integration costs, reversed to a $124 million profit in Q2 as those one-time charges subsided.
The commission rate fell further to 75.6% from 74.3% in Q1 2026, reflecting the first full quarter of Anywhere's no-commission franchise and services in the consolidated results.
swung to a positive $191 million in Q2 after a $157 million cash burn in Q1, confirming that the Q1 outflow was largely merger-driven rather than a new operating trend.
The $401 million non-cash recorded in the six-month period turned the from a prior-year loss to a net profit of $114 million for the first half.
What to watch
Whether the 75.6% commission rate holds or rises as the Anywhere brands are fully integrated and the mix of franchise and company-owned brokerage shifts through the seasonally slower second half.
Principal Agent retention across the combined company in Q3 2026, the first quarter without the initial merger-close disruption, to see whether the over 300,000-agent base remains stable.
in Q3 2026, to see whether the $191 million generated in Q2 is sustainable or if the seasonally weaker second half pressures liquidity under the $3.1 billion debt load.
The outcome of the antitrust settlement appeal and the Tuccori buyer-side settlement, which could release the company from buyer claims or expose it to further liability.
Commissions as a percentage of fell to 75.6% from 81.8% due to the addition of Anywhere's Franchise and Integrated Services segments, which do not incur commission expenses.
Brokerage increased 131% to $377M, with margin expanding to 9.5% from 8.1%, driven by the merger and growth outpacing costs.
Franchise surged to $87M with a 64.4% margin, reflecting the high-margin royalty from the acquired franchise network.
was $92M in Q2 2026, including $34M in merger-related costs; the six-month period benefited from a $401M one-time, non-cash from the reversal of valuation allowances.
Liquidity remains supported by $694M in cash and a $452M available , with $3.1B in maturities in 2029-2031 representing a key future consideration.
The information relating to legal proceedings contained in Note 11 to our condensed consolidated financial statements included elsewhere in this Quarterly Report is incorporated herein by this reference.
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The information relating to legal proceedings contained in Note 11 to our condensed consolidated financial statements included elsewhere in this Quarterly Report is incorporated herein by this reference.
We are subject to various risks and uncertainties, which could materially affect our business, results of operations, financial condition, future results, and the trading price of our common stock. You should read carefully the information appearing in Part I, Item 1A, Risk Fact…
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We are subject to various risks and uncertainties, which could materially affect our business, results of operations, financial condition, future results, and the trading price of our common stock. You should read carefully the information appearing in Part I, Item 1A, Risk Factors in our 2025 Form 10-K. There have been no material changes to the risk factors set forth in our 2025 Form 10-K. However, additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially adversely affect our business, financial condition and/or operating results.