Compass on Thursday reported record fourth-quarter results for 2025, with quarterly sales of $1.7 billion and full-year sales of $7 billion.
The company also revealed in its earnings report that it had operating cash flow of $45.3 million in the fourth quarter.
Still, Compass’ net loss for the fourth quarter of 2025 was $42.6 million, up from $40.5 million a year earlier. This was due to merger costs of $10.6 million, non-cash stock-based compensation expense of $57.5 million, and depreciation and amortization of $26.9 million.
“Compass ended 2025 on a high note with the strongest fourth quarter results in our history, including revenue, adjusted EBITDA, adjusted EBITDA margin, organic general lead agent additions, T&E revenue, mortgage joint venture profitability and weekly agent sessions on the platform,” Compass CEO and Founder Robert Refkin said in a statement.
“In the fourth quarter, we continued to outperform the industry with organic trades up 5.6 percent, total trades up 19.7 percent, and market trades up 0.7 percent year over year. This means organic trades and total trades outperformed the market by approximately 5 points and 19 points, respectively. Throughout our history as a public company, Compass has outperformed the market on an organic basis for 19 consecutive quarters.”
The Compass-owned brokerage closed 60,328 deals in the fourth quarter of 2025, compared to 50,411 in the fourth quarter of 2024.
Compass also reported its best third-quarter results in company history last quarter, despite incurring losses partially due to the Anywhere deal.
“We are very pleased with our financial and operational performance this quarter, which delivered record fourth quarter results,” Scott Wahlers, the company’s chief financial officer, said in a statement Thursday. Notably, despite the challenging housing market, operating cash flow increased 49% year over year to $45.3 million, continuing our strong performance in cash generation and reflecting our 8th quarter results.” Operating cash flow has been positive for consecutive quarters. ”
Compass’s number of principal agents grew from 17,752 at the end of Q4 2024 to 21,190 at the end of Q4 2025 (up 19.4% year over year). From Q3 to Q4 of 2025, the brokerage added 830 agents organically.
The company reported that agent retention reached 96.8% in the fourth quarter.
Meanwhile, total transaction value in Q4 2025 was $65.6 billion, up 21.6% year over year from $54 billion in Q4 2024.
Rocket’s new partnership with Redfin
The earnings announcement comes on the heels of news that Compass has signed a deal with Rocket and Redfin to display upcoming Compass listings on Redfin’s platform. According to Compass, the listing agent’s name, brokerage, and photo will be prominently displayed on the listing and will receive “premium” placement on Redfin. Rocket also said it will soon display Compass’ private and exclusive listings on its platform.
Mr. Levkin discussed the new partnership during an earnings call Thursday afternoon, highlighting how it will help homeowners eliminate “negative insights” (days on market, price reductions) that can negatively impact a property’s listing performance on sites like Zillow. He added that the partnership structure will give agents access to 1.2 million high-intent leads within three years.
“Our proprietary inventory is on Redfin.com, and all leads for these listings are routed directly to listing agents across all of our brands, including but not limited to @properties, Better Homes and Gardens Real Estate, Century 21, Christie’s International Real Estate, Coldwell Banker, Compass, Corcoran, ERA and Sotheby’s International Realty,” Levkin said. “This will significantly increase the amount of unique inventory published on Redfin.com and our brokerage website as more homeowners choose to become sellers.”
Mr. Levkin also claimed that the partnership will help increase inventory on the market and make home purchases more affordable by giving homebuyers a 1 percentage point discount on their mortgage rate for the first year of homeownership, or up to $6,000 in lender payment credit through Rocket Mortgage.
Cost reduction measures
Mr. Levkin also used the opportunity to highlight Compass’ key sustainable financial advantages, including industry-beating revenue per transaction and industry-leading cost-to-service position among cost efficiencies.
Levkin similarly highlighted how the company will benefit from the investments Anywhere has made in AI, where approximately two-thirds of all documents in its securities trading operations are already processed through AI automation. Anywhere’s enhancements to agent AI will similarly help the company reduce costs and help agents get paid faster through wire billing automation.
Integration with Anywhere
Overall, Levkin said the integration between Compass and Anywhere is going in a “great” direction, with both companies establishing one office as a central control hub and agents expressing enthusiasm for Compass’ technology platform, which has also had a positive impact on agent retention so far.
Mr. Refkin said that in the six-and-a-half weeks since the transaction between Compass and Anywhere closed, the companies have achieved $175 million in cost synergies, which exceeded the companies’ initial goal of $150 million a year after the transaction. Building on this development, Mr. Levkin also personally reiterated the CEO’s commitment to achieve $250 million in cost synergies within the next year and $400 million in net cost synergies over the next three years.
Protection from potential AI threats
Levkin said that by relying on the company’s proprietary data, trust, and positive network effects from its 340,000 agents, Compass can protect itself from AI threats and strengthen its business within the context of AI.
“We all know that AI is less of a threat to companies that have their own data,” Levkin says. “We all know that the Zillow ban and the approximately 40% of MLSs have restrictive rules that force brokerages to publish proprietary data. With the Rocket and Redfin partnership and the efforts we expect from Compass and Rocket, we are confident that MLSs and Zillow are no longer in a position to force brokerages to publish proprietary data.”
He added that AI cannot replicate the human trust and judgment required for high-stakes transactions such as buying and selling a home.
“Buyers seek out real estate professionals because they know they will need expertise and emotional support when navigating and negotiating a home purchase,” Levkin says. “They’re looking to real estate professionals for information not only about what’s already available online, but also about what’s going to happen in the future, such as their neighbor a few doors down might be preparing to make their next move.”
In other words, Levkin sought to dispel the myth of a future in which one AI agent sells a house to another, leaving the human agent out of the process.
“I think the value of the Compass would skyrocket in that world,” Mr. Levkin said.
“In the near future, you won’t be able to trade securely unless you have real, good agents working with agents that our network deems trustworthy.”
Editor’s note: This article has been updated with details from Thursday afternoon’s earnings call with investors.
Email Lillian Dickerson
