Compass (COMP) Company Report

Compass reported record Q4 2025 revenue of $1.7 billion and adjusted EBITDA of $58 million, exceeding guidance, and achieved record full-year 2025 revenue of approximately $7 billion, adjusted EBITDA of $293 million, and operating cash flow of $217 million.
The company announced an exclusive partnership with Rocket and Redfin, which is expected to provide Compass agents with 1.2 million high-intent leads over three years and allow for public marketing of listings without negative insights.
Compass increased its cost synergy commitments from the Anywhere integration, now targeting $250 million in the first year and $400 million in net cost synergies over three years.
For Q1 2026, the company expects consolidated revenue between $2.55 billion and $2.75 billion and consolidated adjusted EBITDA between $15 million and $35 million, anticipating materially negative free cash flow for the quarter due to transaction expenses.

1 day ago

Transcript

Compass Reports Record Q4 and Full-Year 2025 Results, Announces Rocket Redfin Partnership, and Updates Synergy Targets

COMP

Earnings

M&A

Guidance Update

Compass reported record Q4 2025 revenue of $1.7 billion and Adjusted EBITDA of $58 million, surpassing guidance. For the full year 2025, the company achieved record revenue of approximately $7 billion and Adjusted EBITDA of $293 million.
A new strategic partnership with Rocket Redfin was announced, which is expected to provide 1.2 million high-intent leads to agents over three years and expand home seller choice by offering flexible marketing options.
Following the Anywhere acquisition, Compass has actioned approximately $175 million in cost synergies within six and a half weeks, with the CEO committing to $250 million in the first year and $400 million over three years.
In January 2026, Compass issued $1 billion in convertible notes at a 0.25% coupon, using proceeds to repay Anywhere's $500 million revolver for $25 million in annualized cash interest savings. The company expects materially negative free cash flow in Q1 2026 due to transaction costs, but anticipates a return to positive free cash flow in subsequent quarters.
Consolidated revenue for Q1 2026 is projected to be between $2.55 billion and $2.75 billion, despite observed market softness in early 2026 due to weather conditions.

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Transcript

Compass Reports Strong Q4 and Full-Year 2025 Results, Provides Q1 2026 Guidance

COMP

Earnings

Guidance Update

M&A

Compass achieved Q4 2025 revenue of $1,699.8 million, marking a 23.1% year-over-year increase, and Adjusted EBITDA of $58.3 million, an increase of $41.6 million year-over-year. For the full year 2025, revenue was $6,961.6 million, up 23.7% year-over-year, with Adjusted EBITDA reaching $293.4 million, an increase of $167.4 million year-over-year.
The company provided Q1 2026 revenue guidance between $2.55 billion and $2.75 billion and Adjusted EBITDA guidance between $15 million and $35 million.
This Q1 2026 guidance is inclusive of Anywhere Real Estate Inc.'s results starting January 9, 2026, and the Adjusted EBITDA guidance includes $15 to $20 million of discrete expense items related to Anywhere.

1 day ago

Presentation

Compass Reports Record Q4 and Full Year 2025 Results, Announces Rocket Redfin Partnership, and Raises Synergy Targets

COMP

Earnings

M&A

New Projects/Investments

Compass delivered record Q4 2025 revenue of $1.7 billion and Adjusted EBITDA of $58 million, both exceeding the high end of their guidance. For the full year 2025, the company achieved record revenue of $7 billion, Adjusted EBITDA of $293 million, and operating cash flow of $217 million.
The company announced a strategic partnership with Rocket Redfin, which is expected to provide Compass agents with 1.2 million high-intent leads over three years and will place Compass's unique inventory on Redfin.com, routing leads directly to listing agents.
Following the Anywhere acquisition, Compass has increased its cost synergy targets, now committing to action $250 million in the first year and $400 million in net cost synergies over three years, with $175 million already actioned within 6.5 weeks of closing.
For Q1 2026, Compass expects consolidated Adjusted EBITDA to be in the range of $15 million-$35 million. The company also completed a $1 billion convertible note issuance at a 0.25% coupon, using $500 million to repay Anywhere's revolver, resulting in $3.15 billion in total long-term debt.

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Transcript

Compass, Inc. Reports Record Fourth Quarter and Full-Year 2025 Results

COMP

Earnings

M&A

Guidance Update

Compass, Inc. reported record Q4 2025 revenue of $1.70 billion, marking a 23.1% year-over-year increase, and achieved record full-year 2025 revenue of $7.0 billion.
The company's Adjusted EBITDA for Q4 2025 was $58.3 million, a substantial improvement from $16.7 million in Q4 2024, and it generated record full-year Operating Cash Flow of $217 million.
The acquisition of Anywhere Real Estate Inc. closed on January 9, 2026, and its operating results will be included in Compass's financial reporting starting from Q1 2026.
For Q1 2026, Compass anticipates revenue between $2.55 billion and $2.75 billion and Adjusted EBITDA between $15 million and $35 million.

1 day ago

8-K

Compass, Inc. Reports Record Fourth Quarter and Full-Year 2025 Results

COMP

Earnings

Guidance Update

M&A

Compass, Inc. reported record Q4 2025 revenue of $1.70 billion, a 23.1% year-over-year increase, and record full-year 2025 revenue of $7.0 billion.
The company generated a record $217 million in full-year operating cash flow and saw Q4 2025 Adjusted EBITDA improve to $58.3 million from $16.7 million in Q4 2024.
Operational highlights for Q4 2025 include a 19.7% increase in total transactions to 60,328 and a rise in principal agents to 21,190.
For Q1 2026, Compass projects revenue between $2.55 billion and $2.75 billion and Adjusted EBITDA between $15 million and $35 million.
Key strategic moves in 2025 included the completion of the Christie's International Real Estate acquisition and the closing of the Anywhere transaction.

1 day ago

Press Release

Compass Pathways Reports Positive Phase 3 COMP360 Trial Results

COMP

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Compass Pathways' Phase 3 COMP006 trial for COMP360 met its primary endpoint, showing a −3.8 point MADRS improvement at Week 6 with two 25 mg doses compared to 1 mg (p<0.001).
The COMP360 program demonstrated rapid symptom reduction beginning by Day 2 and clinically meaningful responses in 25%–39% of participants at Week 6, with benefits maintained up to 26 weeks.
The treatment was generally well tolerated, with low serious adverse event rates (5% in COMP005, 2% in COMP006). Compass plans to request an FDA meeting for a rolling-review pathway and expects to submit a New Drug Application (NDA) later in the year.
Following the data release on February 17, 2026, CMPS shares closed at $5.81 and traded near $6.00 in after-hours trading, with a recent analyst rating of Buy with a $15.00 price target.

Feb 16, 2026, 1:16 PM

Morningstar

Compass Therapeutics Provides Corporate Update and Leadership Appointments

COMP

New Projects/Investments

Management Change

Guidance Update

Compass Therapeutics expects progression-free survival and overall survival analyses for its Phase 2/3 COMPANION-002 study of tovecimig in advanced biliary tract cancer to remain on track for late Q1 2026.
The company's CTX-8371 PD-1 x PD-L1 bispecific antibody has demonstrated responses in patients with solid tumor and hematologic malignancies, with cohort expansions now open for enrollment in triple-negative breast cancer and NSCLC.
Compass expanded its senior leadership team with the appointments of Arjun Prasad as Chief Commercial Officer and Cynthia Sirard, M.D., as Chief Medical Officer.
As of December 31, 2025, Compass Therapeutics estimated $209 million in cash and marketable securities, which is expected to provide a cash runway into 2028.

Jan 14, 2026, 3:39 PM

Press Release

Compass completes all-stock combination with Anywhere Real Estate Inc.

COMP

M&A

New Projects/Investments

Compass, Inc. (NYSE: COMP) has completed its all-stock combination with Anywhere Real Estate Inc..
The combined companies will operate under Compass International Holdings, led by Robert Reffkin as Chairman and CEO.
The merger aims to empower real estate professionals with a single, modern technology platform, building on Compass's position as the largest residential real estate brokerage in the United States by sales volume.

Jan 9, 2026, 1:00 PM

Press Release

Compass Announces Pricing of Convertible Senior Notes

COMP

Debt Issuance

M&A

Compass, Inc. announced the pricing of $850.0 million in aggregate principal amount of convertible senior notes due 2031 in a private offering, representing a $100.0 million increase from the previously announced size.
The net proceeds from the offering are intended for general corporate purposes, including the repayment of certain existing indebtedness of Anywhere Real Estate Inc. if the merger is completed, and funding the net cost of capped call transactions.
The notes will bear interest at 0.25% per annum and mature on April 15, 2031. The initial conversion price is approximately $15.98 per share of Class A common stock, which is a 35.0% conversion premium over the January 7, 2026 sale price.
In connection with the notes, Compass entered into capped call transactions with an initial cap price of $23.68 per share, representing a 100.0% premium over the last reported sale price of its Class A common stock on January 7, 2026.