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Dec 31, 2025
Compass Q4 2025 Earnings Report
Compass reported record fourth quarter 2025 revenue of 1699800000 with a GAAP net loss of 42600000 while significantly improving Adjusted EBITDA to 58300000.
Key Takeaways
Compass delivered record Q4 revenue growth of 23.1% year-over-year driven by strong transaction growth, while expanding Adjusted EBITDA substantially despite a GAAP net loss. Operating cash flow remained positive for the eighth consecutive quarter.
Revenue increased 23.1% year-over-year to 1699800000 driven by 19.7% transaction growth
Adjusted EBITDA improved to 58300000 from 16700000 in the prior year quarter
GAAP net loss was 42600000 compared to 40500000 in Q4 2024
Gross Transaction Value increased 21.6% year-over-year to 65600000000
Forward Guidance
For Q1 2026, Compass expects revenue between 2550000000 and 2750000000 and Adjusted EBITDA between 15000000 and 35000000, including discrete expenses related to the Anywhere merger.
Positive Outlook
- Q1 revenue guidance of 2550000000 to 2750000000
- Q1 Adjusted EBITDA guidance of 15000000 to 35000000
- Continued focus on operating expense control
- Targeting cost synergies from Anywhere merger
- Commitment to generating positive cash flow
Challenges Ahead
- Adjusted EBITDA outlook includes 15000000 to 20000000 of discrete merger-related expenses
- Exposure to housing market conditions and mortgage rates
- Integration risks related to Anywhere merger
- Increased debt and interest expense following merger
Historical Earnings Impact
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Avg. Return Before/After Earnings
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