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Real estate services · Real Estate · Fiscal year ends Dec 31
Compass reported revenue of $7B in the fiscal year ended Dec 2025, up 23.7% from the year before. Operating income was −$63M, an operating margin of −0.9%, and net income was −$59M. Operating cash flow of $217M less capital expenditure of $13M left free cash flow of $203M. It held more cash than debt (net cash $199M).
Ranks among the 18 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6,421 | 6,018 | 4,885 | 5,629 | 6,962 |
| Research & development | 365 | 360 | 185 | 189 | 246 |
| Operating income | −493 | −589 | −315 | −155 | −63.4 |
| Interest expense | 2.4 | 3.6 | 10.8 | 6.4 | 9.0 |
| Pre-tax income | −497 | −602 | −322 | −155 | −59.6 |
| Income tax | −2.5 | −0.9 | −0.4 | −0.5 | −1.1 |
| Net income | −494 | −602 | −321 | −154 | −58.5 |
| Diluted EPS | −1.51 | −1.40 | −0.69 | −0.31 | −0.10 |
| Diluted shares | 326 | 428 | 467 | 502 | 562 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 618 | 362 | 167 | 224 | 199 |
| Receivables | 48.5 | 36.6 | 36.6 | 48.6 | 57.0 |
| Current assets | 795 | 518 | 282 | 330 | 317 |
| Net PP&E | 157 | 193 | 152 | 126 | 114 |
| Goodwill | 188 | 198 | 210 | 234 | 479 |
| Total assets | 1,801 | 1,533 | 1,160 | 1,178 | 1,540 |
| Payables | 34.6 | 28.1 | 18.4 | 13.0 | 12.0 |
| Current liabilities | 437 | 518 | 293 | 353 | 367 |
| Long-term debt | – | – | – | – | 0.0 |
| Total liabilities | 953 | 1,012 | 728 | 766 | 753 |
| Shareholders' equity | 844 | 517 | 429 | 409 | 782 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −28.6 | −292 | −25.9 | 122 | 217 |
| Capital expenditure | 50.1 | 70.1 | 11.2 | 15.7 | 13.4 |
| Free cash flow | −78.7 | −362 | −37.1 | 106 | 203 |
| Depreciation & amortisation | 64.4 | 86.3 | 90.0 | 82.4 | 113 |
| Stock-based compensation | 386 | 235 | 158 | 128 | 203 |
| Acquisitions | 137 | 15.0 | −0.7 | 18.9 | 174 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.3% | −18.8% | 15.2% | 23.7% |
| Operating margin | −7.7% | −9.8% | −6.4% | −2.7% | −0.9% |
| Net margin | −7.7% | −10.0% | −6.6% | −2.7% | −0.8% |
| Return on equityBlank when equity is negative | −58.6% | −116.3% | −74.9% | −37.7% | −7.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −36.2% | −58.0% | −36.3% | −18.8% | −5.4% |
| Free cash flow margin | −1.2% | −6.0% | −0.8% | 1.9% | 2.9% |
| Cash conversion (CFO ÷ net income) | 0.06x | 0.48x | 0.08x | −0.79x | −3.70x |
| Receivable days | 3 | 2 | 3 | 3 | 3 |
| Interest cover | −205x | −164x | −29.2x | −24.2x | −7.04x |
| Debt ÷ equity | – | – | – | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −199 |
| Current ratio | 1.82x | 1.00x | 0.96x | 0.93x | 0.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.