Compass Q2 Revenue Jumps 109% to $4.3B on Anywhere Merger, Adjusted EBITDA Hits Record $363M

summarizeSummary

Compass reported Q2 2026 revenue of $4.31 billion, beating estimates by 5.4%, with record Adjusted EBITDA of $363 million. The results reflect the first full quarter including the Anywhere Real Estate merger, which closed in January 2026.

check_boxKey Events · Earnings and Guidance · COMP

• Revenue More Than Doubles

  Q2 2026 revenue reached $4.31 billion, a 109% increase from $2.06 billion in Q2 2025, driven by the Anywhere Merger. Pro forma revenue grew 14.3% year-over-year.

• Record Adjusted EBITDA

  Adjusted EBITDA hit a record $363 million, up from $125 million in Q2 2025, with margin expanding to 8.4% from 6.1%.

• Segment Performance

  Brokerage revenue was $3.96 billion with a 9.5% Adjusted EBITDA margin. Franchise revenue was $135 million with a 64.4% margin. Integrated Services revenue was $211 million.

• Balance Sheet Transformation

  Cash and cash equivalents rose to $694 million from $199 million at year-end 2025. Total debt stands at $3.14 billion, including $1 billion in 0.25% convertible notes due 2031.

auto_awesomeAnalysis · COMP · Real Estate & Construction

The first full quarter incorporating Anywhere Real Estate reveals the combined company's heft: revenue more than doubled to $4.3 billion, and Adjusted EBITDA reached a record $363 million. Driving the top line, the brokerage segment alone delivered $3.96 billion in revenue at a 9.5% margin. The merger's imprint on the balance sheet is clear — $3.14 billion in debt, including $1 billion in convertible notes, though cash stands at $694 million. Integration costs ran at $34 million for the quarter, while the company navigates significant antitrust litigation liabilities: $54 million remains under the Anywhere Settlement, with additional opt-in settlements totaling $17 million. Results beat consensus by 5.4%, but the heavy debt load and ongoing legal overhang remain key risks.