$COMP

Compass, Inc.

CIK:0001563190|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 4,306	$ 2,060	$ 7,010	$ 3,416
Operating expenses:
Commissions and other related expenses	3,254	1,686	5,262	2,791
Sales and marketing	108	61	205	119
Operations and support	429	145	827	277
Technology and development	109	63	228	113
General and administrative	93	34	174	61
Anywhere merger transaction and integration expenses	34	0	217	0
Restructuring costs	2	3	8	12
Depreciation and amortization	153	29	316	58
Total operating expenses	4,182	2,021	7,237	3,431
Income (loss) from operations	124	39	(227)	(15)
Investment income	4	1	8	2
Interest expense	(41)	(3)	(78)	(5)
Income (loss) before income taxes and equity in income of unconsolidated entities	87	37	(297)	(18)
Income tax (expense) benefit	(5)	0	396	3
Equity in income of unconsolidated entities	10	2	15	3
Net income (loss)	92	39	114	(12)
Net income attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Compass, Inc.	$ 92	$ 39	$ 114	$ (12)
Net income (loss) per share attributable to Compass, Inc., basic (in dollars per share)	$ 0.12	$ 0.07	$ 0.15	$ (0.02)
Net income (loss) per share attributable to Compass, Inc., diluted (in dollars per share)	$ 0.11	$ 0.07	$ 0.14	$ (0.02)
Weighted-average shares used in computing net income (loss) per share attributable to Compass, Inc., basic (in shares)	758,064,181	560,307,749	746,273,149	555,255,128
Weighted-average shares used in computing net income (loss) per share attributable to Compass, Inc., diluted (in shares)	842,377,292	591,370,687	832,950,962	555,255,128

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income (loss)	$ 114	$ (12)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	316	58
Stock-based compensation	149	86
Deferred income taxes	(401)	(4)
Equity in income of unconsolidated entities	(15)	(3)
Bad debt expense	10	1
Change in acquisition-related contingent consideration	2	(2)
Amortization of debt issuance costs, premiums, and discounts	1	1
Changes in operating assets and liabilities:
Accounts receivable	(69)	(34)
Relocation receivables	(58)	(14)
Other current and non-current assets	3	0
Operating lease right-of-use assets and operating lease liabilities	(8)	(6)
Accounts payable	1	1
Commissions payable	115	65
Accrued expenses and other liabilities	(126)	(41)
Net cash provided by operating activities	34	96
Investing Activities
Investment in unconsolidated entities	0	(2)
Capital expenditures	(22)	(9)
Payments for acquisitions, net of cash acquired	(345)	(171)
Other investing activities	1	0
Net cash used in investing activities	(366)	(182)
Financing Activities
Proceeds from stock option exercises and Employee Stock Purchase Plan issuances	19	8
Taxes paid related to net share settlement of equity awards	(79)	(29)
Net change in Securitization obligations	25	8
Proceeds from issuance of convertible notes, net of issuance costs	977	0
Purchase of capped call for convertible notes	(97)	0
Proceeds from drawdowns on Revolving Credit Facility	0	70
Repayments of drawdowns on Revolving Credit Facility	0	(20)
Payments for financing leases	(3)	0
Other	(14)	2
Net cash provided by financing activities	828	39
Net increase (decrease) in cash and cash equivalents	496	(47)
Effect of changes in exchange rates on cash and cash equivalents	(1)	0
Cash and cash equivalents at beginning of period	199	224
Cash and cash equivalents at end of period	694	177
Supplemental disclosures of cash flow information:
Cash paid for interest	82	4
Supplemental non-cash information:
Issuance of common stock for acquisitions	$ 1,987	$ 253

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 694	$ 199
Accounts receivable, net of allowance of $16 and $4, respectively	239	57
Relocation receivables	214	0
Other current assets	238	61
Total current assets	1,385	317
Property and equipment, net	222	114
Operating lease right-of-use assets	690	381
Intangible assets, net	2,972	193
Goodwill	2,558	479
Other non-current assets	505	56
Total assets	8,332	1,540
Current liabilities
Accounts payable	101	12
Commissions payable	246	95
Accrued expenses and other current liabilities	583	138
Current lease liabilities	182	99
Securitization obligations	191	23
Total current liabilities	1,303	367
Long-term debt	3,140	0
Non-current lease liabilities	596	354
Deferred income taxes	160	0
Other non-current liabilities	146	32
Total liabilities	5,345	753
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.00001 par value, 13,850,000,000 shares authorized at June 30, 2026 and December 31, 2025; 753,281,560 shares issued and outstanding at June 30, 2026; 563,479,423 shares issued and outstanding at December 31, 2025	0	0
Additional paid-in capital	5,597	3,513
Accumulated deficit	(2,617)	(2,731)
Accumulated other comprehensive loss	(1)	0
Total Compass, Inc. stockholders’ equity	2,979	782
Non-controlling interest	8	5
Total stockholders’ equity	2,987	787
Total liabilities and stockholders’ equity	$ 8,332	$ 1,540