From record-breaking agent growth to major acquisitions and long-awaited profitability, Q2 2025 delivered some big wins across the real estate industry.
Compass reported $2.06 billion in revenue and 21% transaction growth in a down market. Zillow’s mortgage revenue jumped 41%, while CoStar added 6,300 new Homes.com members and hit a record $93 million in net new bookings.
Real Brokerage posted its first-ever quarterly profit, and Rocket Companies closed its acquisition of Redfin while originating $29.1 billion in home loans.
Below, you’ll find key takeaways and financial highlights from Q2 earnings reports for ten major companies shaping the future of real estate.
Read on for highlights from Q2 2025 financial updates for the following companies:
- Anywhere
- Compass
- CoStar
- eXp
- Offerpad
- Opendoor
- Real Brokerage
- Redfin & Rocket Companies
- RE/MAX
- Zillow
A few acronyms to keep in mind:
- GAAP = generally accepted accounting principles
- EPS = earnings per share
- EBITDA = earnings before interest, taxes, depreciation, and amortization
- BPS = basis points (100 bps = 1% change; 0.01bps = 1% change)
Read on for the stats and top takeaways.
Anywhere Reports $1.7B in Q2 Revenue as Luxury Outperforms the Market
Anywhere Real Estate, Inc. posted $1.7 billion in revenue for Q2 2025, up slightly from last year. While unit sales were down 4% year-over-year, price gains offset the dip, keeping total closed volume flat.
Notably, the company’s luxury brands, including Coldwell Banker Global Luxury, Corcoran, and Sotheby’s International Realty, outperformed the broader market with a 3.5% gain in closed volume.
Despite a dip in Operating EBITDA and a negative free cash flow quarter due to one-time charges, leadership says the company is on track to meet its full-year guidance, aided by $500 million in new debt that improves financial flexibility and pushes maturities out to 2029.
Q2 2025 Financial Highlights
- Revenue: $1.682 billion, up 1% year-over-year
- Net Income Attributable to Anywhere: $27 million, down from $30 million in Q2 2024
- Adjusted Net Income: $36 million, down from $40 million
- Operating EBITDA: $133 million, down 7% year-over-year
- Free Cash Flow: Negative $5 million. Includes one-time $41 million legacy tax payment and $25 million unfavorable securitization timing impact
- Net Cash from Operating Activities: Negative $28 million (vs. +$39 million in Q2 2024)
- Earnings Per Share: $0.24 (vs. $0.27 in Q2 2024)
Q2 2025 Operational Highlights
- Closed Transaction Volume: Flat year-over-year. Units down 4%, Price up 4%
- Luxury Volume Growth: Up 3.5% YoY for Coldwell Banker Global Luxury, Corcoran, and Sotheby’s
- Open Volume Growth (as of July 21): Up 9% YoY
- Advisor Listings Growth (as of July 21): Up 11% YoY
- New Franchisees: 13 U.S. franchisees added, plus 3 international expansions
- Q2 Cost Savings: $25 million realized
- Full-Year Cost Savings Target: $100 million
- Net Corporate Debt: $2.6 billion
- Cash and Cash Equivalents: $266 million
- Senior Secured Leverage Ratio: 1.07x
- Net Debt Leverage Ratio: 7.2x
- New Debt Issuance: $500 million raised at 9.75%, used to repurchase $345 million of notes and reduce revolver borrowings
Ryan Schneider, Anywhere Real Estate Inc. President and CEO:
“Momentum from improving volume trends in June 2025 carried into July, with open volume up 9% year-over-year through July 21. Anywhere is driving a bold transformation of the real estate industry, empowering agents and franchisees through advanced AI, digital innovation, and the strategic scale of integrated businesses.”
Charlotte Simonelli, Anywhere EVP, CFO and Treasurer:
“We have enhanced financial flexibility following our $500 million bond issuance, with no meaningful note maturities until 2029. We remain on track to deliver our full year guidance.”
Compass Posts Record Q2 Performance with $2.06B in Revenue and 20.9% Transaction Growth
Compass just delivered the strongest quarter in company history, hitting new highs in revenue, net income, cash flow, and market share. The company reported $2.06 billion in Q2 revenue, up 21.1% year-over-year, as transaction volume rose nearly 21% in a market that declined overall.
With 832 new principal agents added in a single quarter and platform engagement climbing to 24 sessions per agent per week, Compass leadership says its tech and value proposition are gaining ground, especially in a tough market.
Q2 2025 Financial Highlights
- Revenue: $2.06 billion, up 21.1% year-over-year
- GAAP Net Income: $39.4 million, up 90.3% from Q2 2024
- Adjusted EBITDA: $125.9 million, up 63% year-over-year
- Operating Cash Flow: $72.8 million (record high)
- Free Cash Flow: $68 million (record high)
- Cash and Cash Equivalents: $177.3 million at quarter-end
- Revolver Balance: $50 million drawn
- Revenue Growth from Christie’s Acquisition: 10.4%
Q2 2025 Operational Highlights
- Total Transactions: 73,025, up 20.9% YoY (vs. market decline of 0.9%)
- Organic Transaction Growth: 6.3% YoY
- Gross Transaction Value: $78.3 billion, up 20.3% YoY
- Market Share: 6.09% (up 96 bps YoY)
- Principal Agent Count: 20,965 (up 23.3% YoY)
- Agent Adds in Q2: 832 principal agents (record high)
- Retention Rate: 97.5%, up 20 bps YoY
- Platform Usage: 24 sessions per agent per week, up 37% YoY
- Clients Using Compass One: 116,000 in Q2
- Reverse Prospecting Growth: 115% quarter-over-quarter
Robert Reffkin, Founder and Chief Executive Officer of Compass:
“Compass delivered the best quarterly results in our history, marked by ten all-time highs, including market share, Revenue, GAAP Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, T&E revenue, T&E attach, and weekly agent sessions on the platform,
“A record 832 principal agents also joined Compass organically in Q2, making it the highest quarter for principal agent adds in our history. This, combined with our 97.5% quarterly principal agent retention rate, demonstrates that Compass’ value proposition is stronger than ever.
“In the second quarter, we also continued to widen the gap against the industry as we grew organic transactions by 6.3% and total transactions by 20.9% compared to market transactions, which declined by 0.9% year-over-year. This means organic and total transactions outgrew the market by roughly 7% and 22%, respectively.
“For 17 consecutive quarters, spanning our entire history as a public company, Compass has outperformed the market on an organic basis. There has never been a quarter since we started measuring this metric where we haven’t grown faster than the market. Organic quarterly market share grew 40 basis points year-over-year and total quarterly market share grew 96 basis points year-over-year to 6.09%, which is our highest market share in company history.
“As our Q2 results clearly show, Compass continues to outperform the market, giving us even more confidence that as the market normalizes, we are positioned to drive significant upside long-term.”
CoStar Hits Record $93M in Net New Bookings in Q2
CoStar Group reported $781 million in revenue for Q2 2025, up 15% year-over-year and marking the company’s 57th consecutive quarter of double-digit revenue growth. Net income landed at $6 million, while adjusted EBITDA surged 108% from the prior year to $85 million.
The company also posted an all-time high of $93 million in net new bookings, with Apartments.com and Homes.com leading the charge. Homes.com saw a 56% quarter-over-quarter increase in agent members, fueled by strong demo-to-close conversion rates and the launch of its new Boost marketing package.
Q2 2025 Financial Highlights
- Revenue: $781 million, up 15% year-over-year
- Net Income: $6 million
- Net Income per Diluted Share: $0.01
- Adjusted EBITDA: $85 million, up 108% from Q2 2024
- Non-GAAP Net Income: $74 million
- Non-GAAP Net Income per Share: $0.17
- All-time High Net New Bookings: $93 million, up 65% from Q1 2025
Q2 2025 Operational Highlights
- Homes.com Member Growth: +6,300 agents, up 56% from Q1 2025
- Homes.com Demo-to-Close Rate: Exceeded 50%
- Boost Launch: Over 1,200 Boost packages sold since launch in Q2
- Homes.com Network Size: 111 million average monthly unique visitors
- Member Agent Performance: 62% more listings won vs. non-members
- Commercial Info & Marketplace Brands: 43% profit margin in Q2
Andy Florance, Founder and Chief Executive Officer of CoStar Group:
“We had an outstanding Q2 2025 as we delivered our 57th consecutive quarter of double-digit revenue growth with a 15% year-over-year increase in revenue. We achieved our all-time high net new bookings in Q2 of $93 million, a 65% increase from last quarter, powered by Apartments.com’s highest net new bookings quarter in two years.
“Our dedicated Homes.com sales team turned in its best net new bookings in Q2 as we added 6,300 Members, an increase of 56% from the end of Q1 2025. Our demo-to-close rate exceeded 50%. The investments in our sales force, mission critical products, and marketplaces are driving these outstanding results as our commercial information and marketplace brands realized a 43% profit margin for Q2 2025.”
eXp Reports $1.3B in Q2 Revenue, Holds Steady with $52.5B in Sales Volume
eXp World Holdings reported $1.3 billion in Q2 2025 revenue, a 1% increase from the prior year. While real estate transaction sides declined 2% and total agent count fell 5% year-over-year, sales volume ticked up slightly to $52.5 billion.
Despite a net loss of $2.3 million for the quarter, the company generated $36.1 million in cash from operations and returned $32.6 million to shareholders through dividends and stock repurchases. Leadership cited continued investment in operations, strategic severance moves, and momentum around its global growth and SUCCESS® brand expansion.
Q2 2025 Financial Highlights
- Revenue: $1.3 billion, up 1% year-over-year
- Net Loss: $(2.3) million
- Net Loss per Diluted Share: $(0.01)
- Adjusted EBITDA: $11.2 million
- Adjusted Operating Cash Flow: $13.4 million
- Net Cash from Operating Activities: $36.1 million
- Cash and Cash Equivalents: $94.6 million (vs. $108.4 million in Q2 2024)
- Shareholder Returns: $32.6 million total, with $24.9 million in stock repurchases and $7.7 million in dividends
- Cash Dividend: $0.05 per share (Q2 paid June 4; Q3 declared July 24)
- Antitrust Settlement: First $17 million installment paid in Q2
Q2 2025 Operational Highlights
- Global Agent Count: 82,704, down 5% year-over-year
- Transactions Closed: 118,612, down 2% year-over-year
- Sales Volume: $52.5 billion, up 1%
- Agent Net Promoter Score (aNPS): 77, up from 76 YoY
Leo Pareja, CEO of eXp Realty:
“eXp was built by agents, for agents and that foundation continues to fuel our momentum. Our continued investments in the agent value stack and ongoing programs like the co-sponsor initiative are resonating with the best agents and teams in the industry. By putting innovation and agent opportunity at the core of everything we do, we’re not only attracting the most productive agents in the industry, we’re shaping a more transparent, competitive, and agent-empowered future for real estate.”
Offerpad Posts $160M in Q2 Revenue as HomePro and Renovate Gain Traction
Offerpad reported $160.3 million in revenue for Q2 2025 and sold 452 homes, maintaining stability quarter over quarter while leaning further into asset-light services.
The company also raised $21 million in July, boosting total liquidity to more than $75 million and enabling continued investment in scalable business lines like HomePro, Direct+, and Renovate.
Q2 2025 Financial Highlights
- Revenue: $160.3M (flat vs. Q1, down 36% YoY)
- Homes sold: 452 (down 2% QoQ, down 39% YoY)
- Gross profit: $14.2M, up 35% QoQ
- Adjusted EBITDA: ($4.8M), a 39% improvement from Q1
- Net loss: ($10.9M), a 28% improvement from Q1
- Gross profit per home sold: $31,400, up 37% QoQ
- Contribution profit after interest per home sold: $12,400 (vs. $500 in Q1)
- Cash and cash equivalents: $22.7M
- Total liquidity (post-July capital raise): Over $75M
Q2 2025 Operational Highlights
- HomePro is now live in all markets and offering multiple selling solutions, including Offerpad’s cash offer, open market listings, investor marketplace access, and upside program.
- Renovate posted its best quarter to date with $6.4M in revenue.
- Direct+ platform enhancements are improving alignment with institutional buyer demand.
- Homes acquired: 443 (down 2% QoQ, down 47% YoY)
Brian Bair, Chairman and CEO of Offerpad:
“We’re seeing strong validation of our model and the progress we’ve made. We’ve built a platform that brings together sellers, agents, cash buyers, and institutional partners, creating a true real estate solutions center. This foundation positions us to scale our asset-light services, operate with greater efficiency, and be ready to accelerate as market activity returns.”
Opendoor Returns to Adjusted EBITDA Profitability with $1.6B in Revenue
Opendoor reported $1.6 billion in revenue for Q2 2025, up 4% year-over-year and 36% from the previous quarter. The company sold 4,299 homes and posted $23 million in adjusted EBITDA, their first positive quarter for this metric since 2022.
Despite a net loss of $29 million, Opendoor narrowed its losses significantly compared to both Q2 and Q1 of last year. The company’s inventory and home acquisitions continued to decline, signaling a leaner, more focused approach.
CEO Carrie Wheeler emphasized the company’s shift toward an agent-led distribution model and capital-light revenue streams as key to long-term growth.
Q2 2025 Financial Highlights
- Revenue: $1.6 billion, up 4% year-over-year and 36% quarter-over-quarter
- Gross Profit: $128 million (vs. $129 million in Q2 2024)
- Gross Margin: 8.2%
- Net Loss: $(29) million (vs. $(92) million in Q2 2024)
- Adjusted Net Loss: $(9) million
- Adjusted EBITDA: $23 million (vs. $(5) million in Q2 2024)
- Adjusted EBITDA Margin: 1.5%
- Contribution Profit: $69 million (vs. $95 million in Q2 2024)
- Contribution Margin: 4.4%
Q2 2025 Operational Highlights
- Homes Sold: 4,299, up 5% YoY
- Homes Purchased: 1,757, down 63% YoY
- Inventory: $1.5 billion (4,538 homes), down 32% YoY
- Homes Under Contract: 393, down 78% YoY
Carrie Wheeler, CEO and Chair of the Board of Directors of Opendoor:
“We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate. This progress reflects the discipline and expertise we’ve built into every part of our business.
“We are building on that foundation by expanding our agent-led distribution platform, enabling partner agents to offer multiple solutions to address each homeowner’s needs. This is a significant evolution in how we operate, allowing us to serve many more sellers and capture capital-light revenue streams as we build the best place to sell.”
Real Brokerage Posts First-Ever Quarterly Profit with $540.7M in Revenue
Real Brokerage crossed a major milestone in Q2 2025, posting its first-ever quarter of positive net income. Revenue surged to $540.7 million, up 59% year-over-year, as the company closed over 49,000 transactions and grew its agent count by 43% to 28,034.
The company reported $20 million in adjusted EBITDA and $41 million in operating cash flow.
Real continues to expand its fintech ecosystem through Real Wallet and is integrating Flyhomes’ home search platform into its upcoming AI-powered product, Leo for Clients.
Leadership also announced enhancements to the Revenue Share program, offering top producers more ways to grow wealth through the platform.
Q2 2025 Financial Highlights
- Revenue: $540.7 million, up 59% year-over-year
- Gross Profit: $47.9 million, up 50%
- GAAP Net Income: $1.5 million (vs. $(1.1) million in Q2 2024)
- Adjusted EBITDA: $20.0 million (up from $14.0 million)
- Earnings Per Share: $0.01 (vs. $(0.01) in Q2 2024)
- Cash from Operating Activities: $41.0 million
- Share Repurchases: 0.7 million shares for $2.7 million
- Cash and Short-Term Investments: $54.8 million
- Total Debt: $0
Q2 2025 Operational Highlights
- Transaction Volume: $20.1 billion, up 60% YoY
- Transactions Closed: 49,282, up 62% YoY
- Agent Count: 28,034 at quarter-end (+43% YoY); ~29,200 as of August 5
- Revenue Share Expense: $17.6 million, up 41%
- Adjusted Operating Expense per Transaction: $459 (down 5% YoY)
- Real Wallet Adoption:
- 3,600+ agents using business checking accounts
- $14M+ average deposit balance across accounts
- Flyhomes Acquisition: Closed July 1; platform to power Leo for Clients
- New Revenue Share Tier Unlocks:
- Tier 3 at 750 agents
- Tier 4 at 1,000 agents
- Tier 5 at 1,500 agents
Tamir Poleg, Real’s Chairman and Chief Executive Officer:
“This quarter marks a pivotal moment for Real, as we proudly announce our first-ever quarter of positive net income. This milestone is a testament to the scalability of our technology and the efficiency of our operating model. We continue to make progress across our ecosystem, including expanding the utility of Real Wallet for our agents, and the significant potential unlocked by our recent acquisition of Flyhomes’ consumer home search portal. Our commitment to building a differentiated, high-value platform that attracts top talent and empowers real estate professionals positions us well for continued long-term growth and success.”
RE/MAX Hits All-Time High in Global Agent Count Despite Revenue Dip
RE/MAX Holdings reported a total agent count of 147,073 at the end of Q2 2025, marking a new company record. That milestone came despite a 5% decline in U.S. and Canadian agents and a 7.3% year-over-year drop in total revenue to $72.8 million.
Global growth and improved profit margins helped soften the impact of declining U.S. agent count and lower broker fee revenue.
Adjusted EBITDA fell 6.4% to $26.3 million, while net income rose to $4.7 million. The company highlighted ongoing operational discipline, strong international expansion, and the rollout of new tools like its AI-powered global referral system and pricing engine for Motto loan officers.
Q2 2025 Financial Highlights
- Total Revenue: $72.8 million, down 7.3% year-over-year
- Revenue Excluding Marketing Funds: $54.5 million, down 6.8%
- GAAP Net Income: $4.7 million (vs. $3.7 million in Q2 2024)
- GAAP EPS: $0.23 (vs. $0.20 basic and $0.19 diluted in Q2 2024)
- Adjusted EBITDA: $26.3 million, down 6.4%
- Adjusted EBITDA Margin: 36.1%
- Adjusted EPS: $0.39 (vs. $0.41 in Q2 2024)
- Cash and Cash Equivalents: $94.3 million
- Outstanding Debt: $439 million
- No share repurchases during Q2; $62.5 million remains under current buyback authorization
Q2 2025 Operational Highlights
- Total Agent Count: 147,073, up 2.5% year-over-year. U.S. Agent Count: 49,669, down 7.0%. Canada Agent Count: 24,966, down 0.9%. International Agent Count: 72,438, up 11.5%
- Motto Mortgage Franchises: 219 offices, down 9.1%
- Recurring Revenue Share (excluding Marketing Funds): 67.3%
- Q2 Operating Expenses: $58.7 million, down 5.7%
- Selling, Operating & Admin Expenses: $33.9 million, down 2.8%
Erik Carlson, RE/MAX Holdings Chief Executive Officer:
“Our total agent count was at an all-time high at the end of the second quarter, and we had our best quarter of U.S. agent count performance since the second quarter of 2022, as agents recognize the power of our brand, scale, and continually improving value proposition. Additionally, for the fifth consecutive quarter we delivered profit and margin performance that exceeded our expectations, driven by our ongoing commitment to operational excellence.
“While we continue to navigate through existing uncertainty in the housing and macroeconomic climate, our team remains focused on delivering an exceptional customer experience. Our innovative onboarding program, ASPIRE, has been well received by our network, and we continue to lean into new ways for our affiliates to win more listings, save time, and build more profitable businesses. These include a new AI powered global referral system we launched during the second quarter to help REMAX agents harness the power, size and scale of our network and a new pricing engine to help our Motto loan officers increase their efficiency and better serve their customers.”
Redfin Skips Q2 Guidance Amid Pending Rocket Acquisition
While its acquisition by Rocket Companies was still pending, Redfin announced (in May) it would not hold an earnings call or issue financial guidance for Q2 2025.
The company pointed investors to its Q1 2025 10-Q filing for the most recent financial details.
Rocket Companies Reports $29.1B in Loan Volume and Closes Redfin Acquisition in Q2
Rocket Companies delivered $1.34 billion in adjusted revenue for Q2 2025, exceeding the high end of its guidance. The company reported $29.1 billion in closed loan volume, up 18% year-over-year, and completed its all-stock acquisition of Redfin on July 1, positioning Rocket to expand its real estate footprint and deepen its purchase pipeline.
Adjusted net income landed at $75 million with adjusted EBITDA at $172 million. The company ended the quarter with $9.1 billion in total liquidity and a servicing portfolio of 2.8 million loans.
Rocket also rolled out multiple AI-powered tools for bankers, brokers, and homebuyers, including a 30-minute digital refi process and a new bridge loan product to help clients buy before they sell.
Q2 2025 Financial Highlights
- Adjusted Revenue: $1.34 billion (vs. $1.228 billion in Q2 2024)
- GAAP Net Income: $34 million
- Adjusted Net Income: $75 million
- Adjusted EBITDA: $172 million
- Adjusted Diluted EPS: $0.04
- Closed Loan Volume: $29.1 billion, up 18% year-over-year
- Net Rate Lock Volume: $28.4 billion, up 13%
- Gain on Sale Margin: 2.80% (down from 2.99% YoY)
- Total Liquidity: $9.1 billion, including $5.1 billion in cash and $3.1 billion in undrawn credit
Q2 2025 Operational Highlights
- Servicing Portfolio: $609 billion (2.8 million loans)
- Annualized Servicing Fee Income: ~$1.6 billion
- Redfin Acquisition Closed: July 1; adds 2,200 agents and 50M monthly site visitors
- Launched Bridge Loan Product: Helps buyers purchase before selling
- Rolled Out Rocket Preferred Pricing: Up to $6,000 lender credit or 1-point rate buydown for Redfin clients
- Digital Refinance Tool: Clients can now lock in a refi entirely online in under 30 minutes
- AI-Powered EMD Processing: Cuts ~20,000 hours of manual work annually
- Broker Platform Enhancements: Self-serve tools and flexible compensation adopted by 1,000+ partners
- #1 in Mortgage Servicing Satisfaction: Awarded by J.D. Power for the 11th time
- Rocket Community Fund: $850K invested to bring free internet to 450 Detroit families
- Rocket Classic Event: Over $10 million raised since 2019 for Detroit community initiatives
Varun Krishna, CEO and Director of Rocket Companies:
“Rocket delivered a standout second quarter, exceeding the high end of guidance with $1.34 billion in adjusted revenue and delivering adjusted diluted EPS of $0.04. Successfully closing the Redfin transaction marks a proud milestone in our legacy. We’re already seeing early signs of what’s possible with Rocket and Redfin together: our purchase funnel is expanding, conversion rates are rising, and Redfin clients are beginning to close with Rocket.”
Zillow Reports $655M in Q2 Revenue, Driven by 41% Growth in Mortgage Segment
Zillow Group reported $655 million in Q2 revenue, up 15% year-over-year and above the high end of its guidance. Growth was led by a 41% surge in mortgage revenue and a 36% increase in rentals, with traffic to Zillow apps and sites hitting 243 million monthly unique users.
The company posted $2 million in GAAP net income and $155 million in adjusted EBITDA, with a 24% margin. Zillow’s for-sale business also saw gains, with residential revenue up 6% and new construction continuing to gain traction. Executives credited strong product demand and cost discipline for the Q2 performance.
Q2 2025 Financial Highlights
- Total Revenue: $655 million, up 15% year-over-year
- For Sale Revenue: $482 million, up 9%
- Residential Revenue: $434 million, up 6%
- Mortgages Revenue: $48 million, up 41%
- Rentals Revenue: $159 million, up 36%
- Adjusted EBITDA: $155 million, 24% margin
- GAAP Net Income: $2 million
- Gross Profit: $489 million (75% gross margin)
- Cash and Investments: $1.2 billion (down from $1.6B in Q1 due to note settlement and share buybacks)
Q2 2025 Operational Highlights
- Zillow Traffic: 243 million monthly average users, up 5% YoY
- Total Visits: 2.6 billion during Q2, up 4% YoY
- For Sale Revenue per TTV: 10.3 basis points (vs. 9.8 bps in Q2 2024)
- Purchase Loan Origination Volume: $1.1 billion, up 48% YoY
- Convertible Notes Settled: $419 million in May 2025
- Share Repurchases: $150 million during the quarter
Zillow CEO Jeremy WacksmanZillow Chief Executive Officer Jeremy Wacksman:
“Zillow’s Q2 results reflect how the power of our strategy and the strength of our execution are fueling growth across the company. We’re relentlessly innovating to build a better real estate experience, one that helps more consumers move with confidence and gives real estate professionals the tools they need to power their businesses and serve movers effectively.”
