Short answer
Compass, Inc. (COMP) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $7.0B (+23.7% year over year) and net income of −$59M.
- Top risk flagged: Ongoing industry antitrust class action litigation against Compass and Anywhere with potential material adverse effects
FY2025 key financial metrics · XBRL
- Revenue
- $7.0B
- +23.7% YoY
- Net income
- −$59M
- +62.1% YoY
- Operating margin
- -0.9%
- +1.8 pp YoY
- EPS (diluted)
- −$0.10
- +67.7% YoY
- ROE
- -7.5%
- +30.2 pp YoY
- Operating cash flow
- $217M
- +78.4% YoY
Source: XBRL data from the Compass, Inc. (COMP) FY2025 10-K on SEC EDGAR. USD.
Compass, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global real estate services company with owned-brokerage and franchise businesses, offering technology-enabled brokerage and integrated services
- New this year: Completed acquisition of Anywhere Real Estate, adding 300,000+ real estate professionals and expanding franchise and integrated service offerings including relocation
- Strategic shift: Post-Anywhere Merger portfolio now includes Coldwell Banker, Sotheby’s, Corcoran, plus Christie’s International Real Estate franchise acquired in 2025, broadening brand diversity
- Quantitative highlight: Agent count surged to over 340,000 globally after merger, employee count more than tripled to 3,200 post-merger; divested 900 agents in Latter & Blum Texas sale
- Noteworthy fact: Compass platform integrates AI, machine learning, and OpenAI tools exclusively for Compass brand agents; newly acquired Christie’s uses a separate multi-tenant tech platform
Management Discussion & Analysis
- Revenue $6,961.6M, up 23.7% YoY from $5,629.1M, driven by agent growth and acquisitions
- Operating margin (loss) -0.9% vs -2.7% in 2024, operating loss improved to $(63.4)M from $(154.8)M
- Best segment: Owned-brokerage business with majority revenue; Franchise business contributed minimally to revenue
- Cash uses: $18.1M merger-related expenses in 2025; $1B Convertible Notes issued post-2025 to repay debt and fund merger costs (net proceeds ~$880M)
- Forward outlook: Ongoing integration costs and stock-based compensation expected; regulatory changes in industry remain key emerging risk impacting revenue and profitability
Risk Factors
- Ongoing industry antitrust class action litigation against Compass and Anywhere with potential material adverse effects
- Exposure to U.S. residential real estate market decline due to elevated mortgage rates averaging low-6% range January 2026
- Operational risk from complex integration of Anywhere merger possibly disrupting $1B+ enhanced platform and costly synergy realization
- Competitive risk from pressure on mortgage and title revenue due to lender tightening and increased purchase/refinance competition
- Financial risk from increased indebtedness post-Anywhere merger including $1B Convertible Notes and $0.5B expanded 2025 Credit Facility
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