Compass (COMP) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $4.31 billion, up 14.3% year-over-year on a pro forma basis, with GAAP net income of $92 million, more than doubling from $39 million in Q2 2025, and adjusted EBITDA of $363 million, reflecting significant growth post-Anywhere acquisition.

• Brokerage segment led with $3.96 billion in revenue, supported by 83,184 agents and $155.2 billion in gross transaction value, with transactions up 7.4% year-over-year pro forma.

• Completed $300 million of Year 1 net cost synergies from the Anywhere integration five months ahead of plan, raising the target to $330 million by year-end.

• Technology rollout advanced, with the Home Platform launched to over 4,000 agents and positive feedback; AI initiatives driving operational efficiencies and agent productivity.

• The quarter reflects the first full period of combined operations post-merger, with significant increases in revenue, operating expenses, and net income.

Financial highlights

• Revenue for Q2 2026 was $4.31 billion, up 109% year-over-year and 14.3% pro forma.

• Adjusted EBITDA was $363 million (8.4% margin), up from $125 million (6.1%) in Q2 2025.

• Net income for Q2 2026 was $92 million, up from $39 million in Q2 2025.

• Free cash flow for Q2 2026 was $180 million; cash and cash equivalents at June 30, 2026 were $694 million.

• Total long-term debt at June 30, 2026 was $3.14 billion.

Outlook and guidance

• Q3 2026 revenue guidance: $3.85–$4.05 billion; adjusted EBITDA: $275–$305 million.

• Full-year 2026 non-GAAP OPEX expected at $2.75–$2.80 billion, including $150 million in realized OPEX synergies.

• Company expects to remain free cash flow positive for the full year and continue using $1.8 billion in NOLs to shield taxable income.