Slides
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COMPASS Q2 2026 Business Update & Supplementary Information
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Safe Harbor Statement This presentation includes forward-looking statements, which are statements other than statements of historical facts, and statements in the future tense. These statements include, but are not limited to, statements regarding our future performance, including expected financial results for the third quarter of 2026 and full year 2026 and our expectations for realizing cost synergies and operational achievements. Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date of this presentation, and are subject to risks and uncertainties, including but not limited to: general economic conditions, economic and industry downturns, the effects of geopolitical conflicts, the health of the U.S. real estate industry, and risks generally incident to the ownership of residential real estate; the effect of monetary policies of the federal government and its agencies; high mortgage rates; low home inventory levels; our ability to successfully integrate the business of Anywhere Real Estate, Inc. (“Anywhere”) and realize cost synergies and other anticipated benefits of the acquisition of Anywhere (the “Anywhere transaction”); the rapid advancement and integration of AI technologies in real estate, which could result in potential disintermediation of real estate professionals, increased competitive pressure and a variety of operational, ethical and regulatory challenges, and our ability to adapt to any changes driven by AI technologies in a timely and effective manner; the significant debt (and increased interest expense) we incurred in connection with the Anywhere transaction, including its impact on our business, cash flow and operations; an event of default under our material debt agreements would adversely affect our operations and our ability to satisfy obligations under our indebtedness; our ability to raise capital to grow our business or refinance or restructure our existing debt on terms acceptable to us, or at all; our ability to recruit and retain real estate professionals at the same rate as in the past; review of the Anywhere transaction by regulatory authorities and private parties and any challenges and resulting actions that could adversely affect our business; ongoing industry antitrust class action litigation (including the antitrust lawsuits filed against us and Anywhere) or any related regulatory activities; decreases in our gross commission income or the percentage of commissions that we or our franchisees collect; risks related to the significant increase in our franchise business following the Anywhere transaction; our ability to carefully manage our expense structure; adverse economic, real estate or business conditions in geographic areas where our business is concentrated and/or impacting high-end markets; our ability to continuously innovate, improve and expand our technology offerings to create value for our real estate professionals; our ability to maintain our company culture; our ability to expand our operations and to offer additional integrated services; our ability to realize the expected benefits from our joint ventures, including mortgage and title underwriting; our ability to compete successfully; our ability to attract and retain real estate professionals at our owned-brokerage and expand our franchisees; fluctuations in our quarterly results and other operating metrics; the loss of one or more of our key personnel and our ability to attract and retain other highly qualified personnel; actions by real estate professionals, employees or franchisees that could adversely affect our reputation and subject us to liability; our ability to pursue acquisitions that are successful and integrated into our existing operations; our ability to maintain or establish relationships with MLSs and third-party listing providers; the impact of cybersecurity incidents and the potential loss of critical and confidential information; the reliability of our fraud detection processes; depository banks not honoring our escrow and trust deposits; impairment of our goodwill and other long-lived assets; liabilities arising out of Anywhere's frozen pension plan; exposure to risks inherent to international markets; our ability to develop and maintain an effective system of internal control over financial reporting; our ability to use net operating losses and other tax attributes may be limited; our reliance on assumptions, estimates and business data to calculate our key performance indicators; changes in, and our reliance on, accounting standards, assumptions, estimates and business data; our ability to continue to securitize certain assets of Cartus; the dependability of our platform, technology offerings and software; our ability to obtain or maintain adequate insurance coverage; disruption or delay in service from third-party service providers; our ability to generate high-quality leads for real estate professionals and franchisees; a loss of our largest real estate benefit program client or continued reduction in spending on relocation services; investor expectations related to corporate responsibility, environmental, social and governance factors; natural disasters and catastrophic events; the effect of claims, lawsuits, government investigations, and other proceedings; changes in federal or state laws regarding the classification of real estate professionals as independent contractors; compliance with privacy laws and regulations; compliance with applicable laws and regulations and changes to applicable laws and regulations; our ability to protect our intellectual property rights, and our reliance on the intellectual property rights of third parties; our use of open source software; the impact of having a multi-class structure of common stock; volatility in our trading price; the content of securities analysts reports and/or change in our debt rating by a rating agency; our charter provisions may make us more difficult to acquire, may limit stockholder attempts to remove or replace management and/or obtain a favorable judicial forum for disputes with us or our directors, officers or employees; our plan to continue to retain earnings rather than pay dividends for the foreseeable future; the impact of the accounting method for our 0.25% Convertible Senior Notes due 2031 (the “Convertible Notes”) on our reported financial results; potential for common stock dilution or stock price depression related to the Convertible Notes; counterparty risk with respect to the capped call transactions we entered into in connection with the Convertible Notes; and other risks set forth in our annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant. Accordingly, actual results could differ materially from those predicted or implied or such uncertainties could cause adverse effects on our results. Reported results should not be considered as an indication of future performance. More information about factors that could adversely affect our business, financial condition and results of operations, or that could cause actual results to differ from those expressed or implied in our forward-looking statements is included under the captions “Risk Factors,” “Legal Proceedings” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q, copies of which are available on the Investor Relations page of our website at https://investors.compass.com/ and on the SEC website at www.sec.gov. All information herein speaks as of the date hereof and all forward-looking statements contained herein are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events. Undue reliance should not be placed on the forward-looking statements in this presentation. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Operating Expenses and Free Cash Flow (the “Non-GAAP Measures”). We use Non-GAAP Measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe the Non-GAAP Measures are also helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. The Non-GAAP Measures have limitations as analytical tools, therefore you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Because of these limitations, you should consider the Non-GAAP Measures alongside other financial performance measures. In evaluating the Non-GAAP Measures, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments. Our presentation of the Non-GAAP Measures should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculation of Non-GAAP Measures. The Non-GAAP Measures are not presented in accordance with GAAP and the use of these terms varies from others in our industry. We provide reconciliations of Non-GAAP Measures in the financial statement tables included in our earnings press releases and you are encouraged to review these reconciliations. 2
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AI Assistant Testimonials 3 “I emailed 40 past clients flagged Likely to Sell (that truly were, after scrubbing a list of 70) using AI Assistant, and got 4 responses with 2 appointments scheduled for next week.” Kim Mundorff Texas “...I utilized AI assistant for the first time... I've sent more emails and logged more communication with contacts [this week] than I've done in quite some time. Also utilized it for a lot of reverse prospecting on my listings.” “I only had about 15 minutes before I needed to shut down my computer and go pick up my kids. I asked the AI Assistant, "I have 15 minutes left in my day. What are one or two productive things I can accomplish?" It immediately identified three contacts showing increased activity, gave me a place to focus, and within those 15 minutes I had made calls, sent texts, and moved relationships forward that otherwise would have waited for another day.” “Tagged my contacts and reached out to people I hadn’t spoken to in a long time. Perfect timing, they were just discussing selling, so a listing appointment is ahead.” Liliana Bristman California “On Monday, I told AI that I was planning to re-list a home because it had been overpriced and had already been on the market for two months. I asked it to prepare a CMA for me, and it generated an amazing CMA in seconds. It was honestly like magic. It’s incredible how AI can save so much time while still providing a strong starting point for pricing discussions.” Megan Houatchanthara Massachusetts David Lapsley Tennessee Rodneshia LaShay Florida
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2025 Full Synergized Scenarios (1) All scenarios assume $500mln in cost synergies ($420mln in OpEx & $80mln in CapEx) EHS is the only changing variable in each scenario for Revenue 2025 (2) Flat Mid-recovery Mid-cycle Upside Existing Home Sales (EHS) 4.1mln 4.1mln (flat) 4.8mln (+17%) 5.5mln (+34%) 6.0mln (+47%) Revenue $13.0bln $13bln $15bln $17.5bln $19bln Adj. EBITDA $0.6bln $1bln $1.5bln $2bln $2.5bln Adj. EBITDA Margin 4.6% 8% 10% 12% 13% Unlevered Free Cash Flow $0.40bln $0.75bln $1bln $1.5bln $2bln Baseline Scenario Analysis & Incremental Growth Levers 4 New Agents | Organic Mkt. Share | Title + Escrow Attach | Mortgage Attach | Leads/Other Unlevered Free Cash Flow$XXXM to $XXXM Key Assumptions ● Assumes no change in market share ● Assumes no increase in either average sales price or OPEX off of the 2025 Base ● Assumes Pro forma(2) 2025 OPEX Base of ~$2.79bln ● Assumes no change in attach rate for Title & Escrow or Mortgage ● Assumes Commissions and Other related expenses as a percentage of revenue of ~74% in 2025 remains flat in all scenarios ● Unlevered Free cash flow conversion rate (on Adj. EBITDA) of 75% assumes no cash tax payments (1) This analysis is presented for illustrative purposes and is not intended to be guidance. All figures in scenarios are approximations. (2) All 2025 numbers reflected are on a proforma basis assuming that the Anywhere transaction closed on January 1, 2025. Adj. EBITDA refers to the sum of stand alone Compass and stand alone Anywhere Adj. EBITDA, as reported in Form 8-K filed on February 26, 2026 (“Form 8-K”). Unlevered free cash flow refers to the sum of stand alone Compass and stand alone Anywhere free cash flow plus Anywhere’s interest expense in 2025, as reported in Form 8-K. Proforma 2025 Base OPEX refers to the sum of stand alone Compass and Anywhere OPEX, as reported in Form 8-K, and includes certain reclassifications. Incremental Growth Levers:
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Q2 2026 Operational and Financial Metrics 5 Q2 2026 Revenue $4,306M Q2 2026 Adjusted EBITDA (1) $363M Q2 2026 Brokerage Total Agents 83,184 Q2 2026 Adjusted EBITDA Margin (1) 8.43% (1) See Financial Tables section for a reconciliation of GAAP to Non-GAAP measures. Q2 2026 Brokerage GTV $155.2B Q2 2026 Brokerage Total Transactions 153,009
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Q3 2026 Revenue $3.85 - $4.05 billion Adjusted EBITDA $275 - $305 million Weighted-Average Share Count - Basic 767 - 769 million FY 2026 Non-GAAP Operating Expenses (1) $2.75 - $2.80 billion Free Cash Flow Positive (1) Non-GAAP Operating Expenses includes the impact of $35 million of OPEX from M&A closed in July and $150 million of realized OPEX synergies. Guidance 6
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Financial Tables
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Condensed Consolidated Balance Sheets (in millions, unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 694 $ 199 Accounts receivable, net of allowance 239 57 Relocation receivables 214 — Other current assets 238 61 Total current assets 1,385 317 Property and equipment, net 222 114 Operating lease right-of-use assets 690 381 Intangible assets, net 2,972 193 Goodwill 2,558 479 Other non-current assets 505 56 Total assets $ 8,332 $ 1,540 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 101 $ 12 Commissions payable 246 95 Accrued expenses and other current liabilities 583 138 Current lease liabilities 182 99 Securitization obligations 191 23 Total current liabilities 1,303 367 Long-term debt 3,140 — Non-current lease liabilities 596 354 Deferred income taxes 160 — Other non-current liabilities 146 32 Total liabilities 5,345 753 Stockholders’ equity Common stock — — Additional paid-in capital 5,597 3,513 Accumulated deficit (2,617) (2,731) Accumulated other comprehensive loss (1) — Total Compass, Inc. stockholders’ equity 2,979 782 Non-controlling interest 8 5 Total stockholders’ equity 2,987 787 Total liabilities and stockholders’ equity $ 8,332 $ 1,540 8
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Condensed Consolidated Statements of Operations (in millions, except share and per share data, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 4,306 $ 2,060 $ 7,010 $ 3,416 Operating expenses: Commissions and other related expenses (1) 3,254 1,686 5,262 2,791 Sales and marketing (1) 108 61 205 119 Operations and support (1) 429 145 827 277 Technology and development (1) 109 63 228 113 General and administrative (1) 93 34 174 61 Anywhere merger transaction and integration expenses (1) (2) 34 — 217 — Restructuring costs 2 3 8 12 Depreciation and amortization 153 29 316 58 Total operating expenses 4,182 2,021 7,237 3,431 Income (loss) from operations 124 39 (227) (15) Investment income 4 1 8 2 Interest expense (41) (3) (78) (5) Income (loss) before income taxes and equity in income of unconsolidated entities 87 37 (297) (18) Income tax (expense) benefit (5) — 396 3 Equity in income of unconsolidated entities 10 2 15 3 Net income (loss) 92 39 114 (12) Net income attributable to non-controlling interests — — — — Net income (loss) attributable to Compass, Inc. $ 92 $ 39 $ 114 $ (12) Net income (loss) per share attributable to Compass, Inc., basic $ 0.12 $ 0.07 $ 0.15 $ (0.02) Net income (loss) per share attributable to Compass, Inc., diluted $ 0.11 $ 0.07 $ 0.14 $ (0.02) Weighted-average shares used in computing net income (loss) per share attributable to Compass, Inc., basic 758,064,181 560,307,749 746,273,149 555,255,128 Weighted-average shares used in computing net income (loss) per share attributable to Compass, Inc., diluted 842,377,292 591,370,687 832,950,962 555,255,128 (1) Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commissions and other related expenses $ — $ — $ 1 $ — Sales and marketing 4 9 9 16 Operations and support 8 10 18 15 Technology and development 13 25 32 38 General and administrative 13 11 25 17 Anywhere merger transaction and integration expenses 3 — 64 — Total stock-based compensation expense $ 41 $ 55 $ 149 $ 86 (2) Represents transaction expenses incurred in connection with the closing of the Anywhere Merger and related integration activities. During the three and six months ended June 30, 2026, these expenses consist of legal, investment banking and other transaction-related costs, severance and other personnel-related costs, all of wich were expensed as incurred. 9
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Condensed Consolidated Statements of Cash Flows (in millions, unaudited) Six Months Ended June 30, 2026 2025 Operating Activities Net income (loss) $ 114 $ (12) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 316 58 Stock-based compensation 149 86 Deferred income taxes (401) (4) Equity in income of unconsolidated entities (15) (3) Bad debt expense 10 1 Change in acquisition-related contingent consideration 2 (2) Amortization of debt issuance costs, premiums, and discounts 1 1 Changes in operating assets and liabilities: Accounts receivable (69) (34) Relocation receivables (58) (14) Other current and non-current assets 3 — Operating lease right-of-use assets and operating lease liabilities (8) (6) Accounts payable 1 1 Commissions payable 115 65 Accrued expenses and other liabilities (126) (41) Net cash provided by operating activities 34 96 Investing Activities Investment in unconsolidated entities — (2) Capital expenditures (22) (9) Payments for acquisitions, net of cash acquired (345) (171) Other investing activities 1 — Net cash used in investing activities (366) (182) Financing Activities Proceeds from stock option exercises and Employee Stock Purchase Plan issuances 19 8 Taxes paid related to net share settlement of equity awards (79) (29) Net change in Securitization obligations 25 8 Proceeds from issuance of convertible notes, net of issuance costs 977 — Purchase of capped call for convertible notes (97) — Proceeds from drawdowns on Revolving Credit Facility — 70 Repayments of drawdowns on Revolving Credit Facility — (20) Payments for financing leases (3) — Other (14) 2 Net cash provided by financing activities 828 39 Net increase (decrease) in cash and cash equivalents 496 (47) Effect of changes in exchange rates on cash and cash equivalents (1) — Cash and cash equivalents at beginning of period 199 224 Cash and cash equivalents at end of period $ 694 $ 177 10
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Net Income (Loss) to Adjusted EBITDA Reconciliation (in millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to Compass, Inc. $ 92 $ 39 $ 114 $ (12) Adjusted to exclude the following: Depreciation and amortization 153 29 316 58 Investment income (4) (1) (8) (2) Interest expense 41 3 78 5 Stock-based compensation 38 55 85 86 Income tax expense (benefit) 5 — (396) (3) Anywhere merger transaction and integration expenses (1) 34 — 217 — Restructuring costs 2 3 8 12 Other acquisition-related expenses (2) 2 (3) 3 (3) Litigation charge (3) — — 7 — Adjusted EBITDA $ 363 $ 125 $ 424 $ 141 Net income (loss) attributable to Compass, Inc. margin 2.1 % 1.9 % 1.6 % (0.4) % Adjusted EBITDA margin 8.4 % 6.1 % 6.1 % 4.1 % 11 (1) Represents transaction expenses incurred in connection with the closing of the Anywhere Merger and related integration activities. During the three and six months ended June 30, 2026, these expenses consist of legal, investment banking and other transaction-related costs, severance and other personnel-related costs, all of which were expensed as incurred. (2) For the three months ended June 30, 2026, other acquisition-related expenses consisted of a $1 million loss from the change in fair value of acquisition-related contingent consideration and $1 million of expenses related to acquisition consideration recognized as compensation expense over the applicable retention periods. For the six months ended June 30, 2026, other acquisition-related expenses consisted of a $1 million loss from the change in fair value of acquisition-related contingent consideration and $2 million of expenses related to acquisition consideration recognized as compensation expense over the applicable retention periods. For the three and six months ended June 30, 2025, other acquisition-related expenses consisted of a $3 million gain from the change in fair value of acquisition-related contingent consideration. (3) Represents a charge of $7 million incurred during the six months ended June 30, 2026 in connection with the Antitrust Lawsuits.
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Reconciliation of Operating Cash Flows to Free Cash Flow (in millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 191 $ 73 $ 34 $ 96 Less: Capital expenditures (11) (5) (22) (9) Free cash flow $ 180 $ 68 $ 12 $ 87 12
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Reconciliation of GAAP to Non-GAAP Operating Expenses (in millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP Sales and marketing $ 108 $ 61 $ 205 $ 119 Adjusted to exclude the following: Stock-based compensation (4) (9) (9) (16) Non-GAAP Sales and marketing $ 104 $ 52 $ 196 $ 103 GAAP Operations and support $ 429 $ 145 $ 827 $ 277 Adjusted to exclude the following: Stock-based compensation (8) (10) (18) (15) Other acquisition-related expenses (2) 3 (3) 3 Non-GAAP Operations and support $ 419 $ 138 $ 806 $ 265 GAAP Technology and development $ 109 $ 63 $ 228 $ 113 Adjusted to exclude the following: Stock-based compensation (13) (25) (32) (38) Non-GAAP Technology and development $ 96 $ 38 $ 196 $ 75 GAAP General and administrative $ 93 $ 34 $ 174 $ 61 Adjusted to exclude the following: Stock-based compensation (13) (11) (25) (17) Litigation charge — — (7) — Non-GAAP General and administrative $ 80 $ 23 $ 142 $ 44 13
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Total Non-GAAP Operating Expenses Excluding Commissions and Other Related Expenses (in millions, unaudited) Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Sales and marketing $ 52 $ 50 $ 53 $ 92 $ 104 Operations and support 138 134 135 387 419 Technology and development 38 40 38 100 96 General and administrative 23 28 33 62 80 Total non-GAAP operating expenses excluding commissions and other related expenses $ 251 $ 252 $ 259 $ 641 $ 699 14
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Segment Operating Performance - Q2 2026 (in millions, unaudited) Three Months Ended June 30, 2026 Brokerage Franchise Integrated Services Total Segment revenue $ 3,960 $ 135 $ 211 $ 4,306 Less: Commissions and other related expenses 3,254 — — Sales and marketing 88 10 6 Operations and support 229 32 155 Technology and development 7 5 2 General and administrative 6 1 5 Equity in income of unconsolidated entities (1) — (9) Segment Adjusted EBITDA $ 377 $ 87 $ 52 $ 516 Reconciliation of Segment Adjusted EBITDA to Net income attributable to Compass, Inc.: Unallocated corporate expenses (1) $ (153) Stock-based compensation (38) Depreciation and amortization (153) Restructuring costs (2) Anywhere merger transaction and integration expenses (34) Other acquisition-related expenses (2) Investment income 4 Interest expense (41) Income tax expense (5) Net income attributable to Compass, Inc. $ 92 (1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the three months ended June 30, 2026, these costs are reflected in the following line items within the condensed consolidated statements of operations: $3 million in Operations and support, $82 million in Technology and development, and $68 million in General and administrative. 15
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Segment Operating Performance - Q2 2025 (in millions, unaudited) Three Months Ended June 30, 2025 Brokerage Franchise Integrated Services Total Segment revenue $ 2,013 $ 8 $ 39 $ 2,060 Less: Commissions and other related expenses 1,686 — — Sales and marketing 50 1 1 Operations and support 108 4 25 Technology and development 4 — — General and administrative 2 — 1 Equity in income of unconsolidated entities — — (2) Segment Adjusted EBITDA $ 163 $ 3 $ 14 $ 180 Reconciliation of Segment Adjusted EBITDA to Net income attributable to Compass, Inc.: Unallocated corporate expenses (1) $ (55) Stock-based compensation (55) Depreciation and amortization (29) Restructuring costs (3) Other acquisition-related expenses 3 Investment income 1 Interest expense (3) Net income attributable to Compass, Inc. $ 39 (1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the three months ended June 30, 2025, these costs are reflected in the following line items within the condensed consolidated statements of operations: $1 million in Operations and support, $34 million in Technology and development, and $20 million in General and administrative. 16
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Segment Operating Performance - Q2 2026 YTD (in millions, unaudited) Six Months Ended June 30, 2026 Brokerage Franchise Integrated Services Total Segment revenue $ 6,427 $ 225 $ 358 $ 7,010 Less: Commissions and other related expenses 5,261 — — Sales and marketing 167 17 12 Operations and support 453 63 282 Technology and development 15 11 4 General and administrative 9 1 8 Equity in income of unconsolidated entities (2) — (13) Segment Adjusted EBITDA 524 133 65 722 Reconciliation of Segment Adjusted EBITDA to Net income attributable to Compass, Inc.: Unallocated corporate expenses (1) (298) Stock-based compensation (85) Depreciation and amortization (316) Restructuring costs (8) Anywhere merger transaction and integration expenses (217) Litigation charge (7) Other acquisition-related expenses (3) Investment income 8 Interest expense (78) Income tax benefit 396 Net income attributable to Compass, Inc. $ 114 (1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the six months ended June 30, 2026, these costs are reflected in the following line items within the condensed consolidated statements of operations: $8 million in Operations and support, $166 million in Technology and development, and $124 million in General and administrative. 17
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Segment Operating Performance - Q2 2025 YTD (in millions, unaudited) Six Months Ended June 30, 2025 Brokerage Franchise Integrated Services Total Segment revenue $ 3,341 $ 14 $ 61 $ 3,416 Less: Commissions and other related expenses 2,791 — — Sales and marketing 99 2 2 Operations and support 214 6 44 Technology and development 7 1 1 General and administrative 4 — 1 Equity in income of unconsolidated entities — — (3) Segment Adjusted EBITDA 226 5 16 247 Reconciliation of Segment Adjusted EBITDA to Net loss attributable to Compass, Inc.: Unallocated corporate expenses (1) (106) Stock-based compensation (86) Depreciation and amortization (58) Restructuring costs (12) Other acquisition-related expenses 3 Investment income 2 Interest expense (5) Income tax benefit 3 Net loss attributable to Compass, Inc. $ (12) (1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the six months ended June 30, 2025, these costs are reflected in the following line items within the condensed consolidated statements of operations: $1 million in Operations and support, $66 million in Technology and development, and $39 million in General and administrative. 18
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Key Business Metrics (unaudited) Actuals Pro Forma Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 Brokerage: Gross Transaction Value (in billions) (1) $ 155.2 $ 78.3 $ 252.6 $ 130.7 $ 155.2 $ 133.9 $ 253.9 $ 225.9 Total Transactions (2) 153,009 73,024 252,513 122,146 153,009 142,504 254,156 241,086 Franchise: Gross Transaction Value (in billions) (1) $ 120.0 $ 8.8 $ 196.9 $ 15.1 $ 120.0 $ 107.4 $ 200.6 $ 184.6 Total Transactions (2) 203,207 8,850 340,554 14,967 203,207 195,821 346,613 339,026 Net Royalty Rate Per Side (3) $ 505 $ 591 $ 479 $ 619 $ 505 $ 479 $ 477 $ 472 Integrated Services: Purchase title and escrow transactions (4) 38,406 7,411 63,409 11,298 38,406 36,240 64,577 61,476 Refinancing title and escrow transactions (5) 4,202 470 9,520 733 4,202 3,351 9,729 6,118 Average title and escrow revenue per transaction (6) $ 3,654 $ 4,869 $ 3,599 $ 5,038 $ 3,654 $ 3,600 $ 3,628 $ 3,551 19 (1) Gross Transaction Value represents the sum of all closing sale prices for homes transacted by real estate professionals within our Brokerage or Franchise segments, as applicable, during the periods. The value of a single transaction is counted twice when our real estate professionals represented both the buyer and the seller. This metric excludes any transactions from our international franchisees. (2) Total Transactions represents the sum of all transactions closed by our Brokerage or Franchise segments, as applicable, during the periods in which our real estate professionals represented the buyer or seller in the purchase or sale of a home. A single transaction is counted twice when our real estate professionals represented both the buyer and the seller. This metric excludes any transactions from our international franchisees. (3) Net Royalty Per Side represents the average net royalty revenue earned by our Franchise segment per franchisee transaction side closed during the periods. Net royalty revenue reflects gross royalty revenue earned under our franchise agreements, net of volume incentives and other contractual reductions paid or credited to franchisees. This metric excludes any transactions from our international franchisees. (4) Purchase Title and Escrow Transactions represents the number of title insurance policies and escrow settlements completed by our Integrated Services segment during the periods in connection with home purchase transactions. (5) Refinancing Title and Escrow Transactions represents the number of title insurance policies and escrow settlements completed by our Integrated Services segment during the periods in connection with mortgage refinancing transactions. (6) Average Title and Escrow Revenue Per Transaction represents the average revenue earned by our Integrated Services segment per title and escrow transaction completed during the periods, calculated as title and escrow revenue divided by the sum of purchase and refinancing title and escrow transactions. The following table presents the Company's key business metrics on both an actual and pro forma basis. Pro forma metrics reflect the combined operations of Compass and Anywhere as if the acquisition had occurred on January 1, 2025, and therefore include Anywhere's results across all periods presented. Because the acquisition actually closed on January 9, 2026, the pro forma metrics for the six months ended June 30, 2026 incorporate Anywhere's results for the first eight days of January 2026 prior to closing.
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Supplemental Pro Forma Information (in millions, unaudited) 20 Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Pro forma Revenue: Brokerage: Compass $ 1,328 $ 2,014 $ 1,802 $ 1,657 $ 1,465 Anywhere 1,012 1,431 1,369 1,217 1,042 Total Brokerage revenue $ 2,340 $ 3,445 $ 3,171 $ 2,874 $ 2,507 Franchise: Compass $ 6 $ 8 $ 8 $ 8 $ 8 Anywhere 91 118 123 113 87 Total Franchise revenue $ 97 $ 126 $ 131 $ 121 $ 95 Integrated Services: Compass $ 22 $ 38 $ 36 $ 35 $ 31 Anywhere 118 158 155 139 124 Total Integrated Services revenue $ 140 $ 196 $ 191 $ 174 $ 155 Pro forma revenue $ 2,577 $ 3,767 $ 3,493 $ 3,169 $ 2,757 Pro forma Commissions and other related expenses: Compass $ 1,105 $ 1,685 $ 1,502 $ 1,384 $ 1,219 Anywhere 790 1,131 1,084 956 819 Pro forma commissions and other related expenses $ 1,895 $ 2,816 $ 2,586 $ 2,340 $ 2,038 The following table presents Supplemental Pro Forma Revenue and Commissions and other related expenses for the Company (“Compass”) and Anywhere Real Estate Inc. ("Anywhere") on a combined basis for the periods presented, as if the Company's acquisition of Anywhere had occurred on January 1, 2025. For comparability, Anywhere's results have been included for the full period from January 1, 2025 through March 31, 2026, which incorporates the first eight days of January 2026 prior to the closing of the acquisition. This pro forma financial information has not been prepared and presented in accordance with the requirements of Article 11 of Regulation S-X or Accounting Standards Codification 805, Business Combinations, and it was prepared for illustrative and informational purposes only. Certain amounts in Anywhere's historical financial statements have been reclassified to conform to the Company's new segment-level disclosure format, effective for the three months ended March 31, 2026. These reclassifications include (i) the reclassification of relocation revenue related to the Cartus business to Integrated Services, such that Integrated Services revenue now comprises relocation revenue in addition to title and escrow revenue, (ii) the elimination of intercompany royalty revenue earned by the Franchise business from the Brokerage segment, and (iii) certain other reclassifications to Commissions and other related expenses to conform to the Company's current presentation.
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Investor Contact Soham Bhonsle Investorrelations@compass.com