Compass, Inc. (COMP) FY2025 10-K Annual Report
Compass, Inc. (COMP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Compass, Inc. FY2025 10-K Analysis
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
Compass, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$7.0B
▲ +23.7% YoY
Net Income
-$59M
▲ +62.1% YoY
Operating Margin
-0.9%
▲ +184bp YoY
Net Margin
-0.8%
▲ +190bp YoY
ROE
-7.5%
▲ +3023bp YoY
Total Assets
$1.5B
▲ +30.7% YoY
EPS (Diluted)
$-0.10
▲ +67.7% YoY
Operating Cash Flow
$217M
▲ +78.4% YoY
Source: XBRL data from Compass, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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