Compass, Inc. (Comp): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie immobilière en évolution, Compass, Inc. (Comp) est devenu une force transformatrice, réinventeur comment les maisons sont achetées et vendues via son modèle commercial innovant. En mélangeant de manière transparente la technologie de pointe avec un réseau complet de professionnels de l'immobilier, Compass a perturbé les paradigmes traditionnels de courtage, offrant un axé sur la technologie approche qui simplifie les transactions de propriété complexes. Cette plongée profonde dans le canevas des modèles commerciaux de Compass révèle le plan stratégique derrière leur plate-forme révolutionnaire, qui promet de redéfinir l'expérience immobilière pour les agents, les acheteurs et les vendeurs.

Compass, Inc. (Comp) - Modèle commercial: partenariats clés

Courtages et agents immobiliers à l'échelle nationale

Au quatrième trimestre 2023, Compass opère avec plus de 14 000 agents sur 67 marchés aux États-Unis.

Catégorie de partenariat	Nombre de partenariats	Couverture géographique
Courtages immobiliers	1,200+	67 marchés métropolitains
Agents indépendants	12,800+	À l'échelle nationale

Fournisseurs de plate-forme technologique

Compass collabore avec plusieurs partenaires technologiques pour améliorer son infrastructure numérique.

• Amazon Web Services (AWS) pour l'infrastructure de cloud computing
• Salesforce pour la gestion de la relation client
• Plateforme Google Cloud pour l'analyse des données

Réseaux de service d'inscription multiples (MLS)

Réseau MLS	Couverture	Statut d'intégration
Réseaux de MLS régionaux	48 États	Intégration directe de l'API

Entreprises de technologie de marketing et de publicité

Compass investit 22,4 millions de dollars par an dans des partenariats technologiques marketing.

• Plateforme de publicités Facebook
• Google Marketing Plateforme
• Publicité LinkedIn

Développement de logiciels et partenaires de service cloud

Partenaire	Type de service	Investissement annuel
Services Web Amazon	Infrastructure cloud	8,3 millions de dollars
Microsoft Azure	Sauvegarde et reprise après sinistre	3,6 millions de dollars

Compass, Inc. (Comp) - Modèle d'entreprise: activités clés

Développement de la plate-forme de technologie immobilière

En 2023, Compass a investi 52,3 millions de dollars dans le développement de la plate-forme technologique. La plate-forme soutient plus de 21 000 agents immobiliers sur 67 marchés aux États-Unis.

Investissement technologique	Métriques de la plate-forme
Dépenses de R&D 2023	52,3 millions de dollars
Nombre de marchés servis	67
Agents soutenus totaux	21,000+

Gestion des services de courtage

Compass a géré 188,4 milliards de dollars de volume de transaction total en 2023, avec une taille de transaction moyenne de 1,2 million de dollars.

Liste numérique et optimisation de la recherche

• La plate-forme gère plus de 250 000 listes de propriétés actives
• Engagement moyen de la plate-forme mensuelle moyenne: 1,5 million de visiteurs uniques
• Algorithme de recherche traite 3,2 millions de recherches de propriétés mensuellement

Recrutement et formation des agents

En 2023, Compass a recruté 2 700 nouveaux agents, avec un investissement de formation moyen de 6 500 $ par agent.

Métriques de recrutement	Valeur
Les nouveaux agents recrutés	2,700
Formation de l'investissement par agent	$6,500

Analyse des données et génération d'informations sur le marché

Compass tire un traitement des infrastructures d'analyse de données exclusives sur 5,6 pétaoctets de données sur le marché immobilier chaque année.

• Capacité de traitement des données: 5,6 pétaoctets par an
• Rapports sur les informations du marché générées: 48 000 par an
• Précision prédictive des prix: 92,4%

Compass, Inc. (Comp) - Modèle commercial: Ressources clés

Plate-forme technologique propriétaire

Depuis le quatrième trimestre 2023, la plate-forme technologique de Compass prend en charge 22 500+ agents immobiliers sur 67 marchés aux États-Unis.

Métrique de la plate-forme	Valeur quantitative
Total des utilisateurs de la plate-forme	22 500+ agents immobiliers
Couverture du marché	67 marchés américains
Investissement technologique annuel	78,3 millions de dollars en 2023

Réseau des agents immobiliers étendus

Compass maintient un réseau robuste de professionnels de l'immobilier.

• Agents immobiliers totaux: 22 500+
• Volume moyen des transactions d'agent: 7,2 transactions par an
• Valeur annuelle totale de la transaction: 97,2 milliards de dollars

Capacités avancées de données et d'analyse

Compass exploite l'infrastructure sophistiquée d'analyse des données.

Métrique d'analyse des données	Valeur quantitative
Traitement annuel des données	3,7 pétaoctets
Modèles d'apprentissage automatique	47 modèles prédictifs actifs
Informations sur le marché en temps réel	Généré sur 67 marchés

Solide reconnaissance de la marque

Compass a établi une présence importante sur le marché.

• Évaluation de la marque: 1,2 milliard de dollars
• Part de marché sur les 10 principaux marchés: 12,4%
• Abonnés des médias sociaux: 425 000+

Capital de capital-risque et financement d'investissement

Compass a obtenu des ressources financières substantielles.

Catégorie de financement	Montant	Année
Capital de capital-risque total augmenté	1,6 milliard de dollars	2012-2023
Dernière ronde de financement majeure	370 millions de dollars	2021
Procéds d'offre publique	450 millions de dollars	2021

Compass, Inc. (Comp) - Modèle d'entreprise: propositions de valeur

Expérience d'achat et de vente de maison simplifiée

Compass fournit une plate-forme de transaction immobilière rationalisée avec Outils numériques qui réduisent le temps de transaction moyen de 37%. La plateforme technologique de l'entreprise prend en charge Plus de 23 000 agents immobiliers actifs aux États-Unis.

Fonctionnalité de service	Métrique de performance
Traitement des transactions numériques	Réduit le temps de transaction de 37%
Taille du réseau d'agent	23 000+ agents actifs
Couverture géographique	73 marchés aux États-Unis

Processus de transaction immobilière axé sur la technologie

Compass tire parti de la technologie propriétaire avec 380 millions de dollars investis dans le développement technologique à partir de 2023. La plate-forme traite 188 milliards de dollars en volume de transactions immobilières annuelles.

Commission transparente et modèle de tarification

• Taux de commission de cotation standard: 5-6%
• Économies de commission du vendeur moyen: 8 400 $ par transaction
• Pas de frais initiaux pour les vendeurs

Données et informations complètes sur le marché

La boussole fournit Analyse du marché en temps réel couvrant 73 marchés métropolitains. Leurs processus de plate-forme de données propriétaires Plus de 2,5 millions d'annonces de biens par an.

Outils de productivité d'agent améliorés

Outil de productivité	Impact de la performance
Logiciel de gestion de la clientèle	Augmente la conversion du plomb de l'agent de 22%
Automatisation marketing	Réduit le temps de préparation du marketing de 45%
Plateforme de gestion des transactions	Réduit les travaux administratifs de 35%

Compass, Inc. (Comp) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

Compass fournit une plate-forme numérique avec 87% de ses interactions clients survenant via les canaux en ligne. La plate-forme a traité 342 678 listes de propriétés en 2023.

Métriques de plate-forme numérique	2023 données
Interactions utilisateur en ligne	4,2 millions
Utilisateurs actifs mensuels	1,3 million
Téléchargements d'applications mobiles	768,000

Correspondance d'agent personnalisé

Compass utilise un algorithme de correspondance d'agent basé sur l'IA qui relie 92% des clients à des professionnels de l'immobilier spécialisés.

• Temps de réponse moyen de l'agent: 17 minutes
• Taux de réussite du match à l'agent client: 94%
• Nombre d'agents enregistrés: 23 450

Support client continu

Compass maintient un Infrastructure de support client 24/7 avec plusieurs canaux de communication.

Canal de support	Temps de réponse	Taux de résolution
Chat en direct	3,5 minutes	86%
Assistance par e-mail	4,2 heures	79%
Support téléphonique	7 minutes	92%

Applications mobiles et Web interactives

Compass a investi 42,3 millions de dollars dans le développement technologique pour ses plateformes numériques en 2023.

• Engagement des utilisateurs de l'application mobile: 68 minutes par session
• Plateforme Web Visiteurs uniques: 2,1 millions par mois
• Volume de transaction numérique: 14,6 milliards de dollars

Ressources de partage des communautés et des connaissances

Compass fournit des ressources éducatives étendues avec 247 modules de formation en ligne et webinaires.

Type de ressource	Ressources totales	Engagement des utilisateurs
Tutoriels vidéo	126	892 000 vues
Webinaires	57	214 500 participants
Rapports d'études de marché	64	176 000 téléchargements

Compass, Inc. (Comp) - Modèle commercial: canaux

Application mobile

Téléchargements de l'application mobile Compass: 1,2 million au T2 2023

Plate-forme	Utilisateurs actifs mensuels	Cote d'application
ios	685,000	4.3/5
Androïde	515,000	4.1/5

Plate-forme Web

Trafic mensuel du site Web: 3,8 millions de visiteurs uniques en décembre 2023

• Durée moyenne de la session: 7,2 minutes
• Taux de rebond: 42%
• Taux de conversion: 2,3%

Équipe de vente directe

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	2,450
Commission moyenne par vente	$12,500
Volume total des ventes	1,2 milliard de dollars

Réseau d'agent immobilier

Taille du réseau d'agent total: 19 800 agents en 2023

• Couverture géographique: 48 États
• Transactions moyennes par agent: 6,7 par an
• Commission du réseau Split: 70/30

Réseaux de marketing numérique et de référence

Canal de marketing	Dépenser en 2023	Taux de conversion
Publicités Google	18,5 millions de dollars	3.6%
Publicité sur les réseaux sociaux	12,3 millions de dollars	2.9%
Programme de référence	5,7 millions de dollars	4.2%

Compass, Inc. (Comp) - Modèle d'entreprise: segments de clientèle

Acheteurs de la première maison

Au quatrième trimestre 2023, Compass a rapporté 18 342 acheteurs de maisons pour la première fois en utilisant leur plate-forme. Plusion d'âge médiane: 28-35 ans. Valeur de transaction moyenne: 425 670 $.

Métrique du segment	Valeur
Total utilisateurs	18,342
Prix ​​moyen des maisons	$425,670
Tranche d’âge médiane	28-35 ans

Vendeurs immobiliers résidentiels

Compasse a facilité 22 567 ventes de maisons en 2023. Prix de cotation moyenne: 612 450 $.

• Vendeurs résidentiels totaux: 22 567
• Durée de liste moyenne: 37 jours
• Âge du vendeur médian: 42 à 55 ans

Investisseurs immobiliers

Investissement des transactions en 2023: 4 213. Volume total d'investissement: 1,2 milliard de dollars.

Catégorie d'investissement	Nombre de transactions	Volume total
Multifamilial	1,876	542 millions de dollars
Location unifamiliale	2,337	658 millions de dollars

Marché immobilier haut de gamme

Transactions de segment de propriété de luxe: 1 845. Valeur moyenne de la propriété: 2,3 millions de dollars.

• Propriétés de plus de 1 million de dollars: 1 845
• Concentration géographique: Californie (42%), New York (28%), Floride (15%)

Propriétaires urbains et suburbains

Couverture totale du marché: 47 zones métropolitaines. Répartition des transactions: urbain 62%, banlieue 38%.

Type de marché	Volume de transaction	Pourcentage
Urbain	27,456	62%
De banlieue	16,894	38%

Compass, Inc. (Comp) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures technologiques

Coûts d'infrastructure technologique annuelle: 87,4 millions de dollars en 2023

Catégorie de coûts	Dépenses annuelles
Infrastructure de cloud computing	42,6 millions de dollars
Développement de logiciels	29,8 millions de dollars
Systèmes de sécurité informatique	15 millions de dollars

Paiements de commission d'agent

Dépenses de commission des agents totaux: 615,3 millions de dollars en 2023

• Taux de commission moyen: 2,5% de la valeur de la transaction immobilière
• Total des transactions immobilières traitées: 97 500

Marketing et acquisition de clients

Total des dépenses de marketing: 124,6 millions de dollars en 2023

Canal de marketing	Dépenses
Publicité numérique	68,2 millions de dollars
Médias traditionnels	34,5 millions de dollars
Marketing d'événement	21,9 millions de dollars

Recherche et développement

Investissement en R&D: 53,7 millions de dollars en 2023

• Développement de l'IA et de l'apprentissage automatique: 29,4 millions de dollars
• Amélioration de la plate-forme: 15,3 millions de dollars
• Recherche d'expérience utilisateur: 9 millions de dollars

Frais généraux et frais administratifs

Coûts administratifs totaux: 92,5 millions de dollars en 2023

Catégorie de dépenses	Coût annuel
Rémunération des dirigeants	37,6 millions de dollars
Installations de bureau	28,9 millions de dollars
Juridique et conformité	26 millions de dollars

Compass, Inc. (Comp) - Modèle commercial: Strots de revenus

Frais de transaction des ventes de maisons

Au troisième trimestre 2023, Compass a déclaré des revenus totaux de 164,4 millions de dollars, les revenus des transactions immobilières représentant une partie importante. Le taux de commission moyen de la société est d'environ 2,5 à 3% par transaction de vente à domicile.

Métrique	Valeur
Volume total des ventes de maisons Q3 2023	2,7 milliards de dollars
Frais de transaction moyens	2.75%
Nombre de transactions Q3 2023	5 712 maisons

Services d'abonnement aux agents

Compass facture des agents d'abonnement mensuels pour l'accès à sa plate-forme technologique et aux services de support.

• Frais d'abonnement mensuel: 500 $ - 750 $
• Nombre total d'agents (T3 2023): 14 044
• Revenus récurrents annuels des abonnements d'agent: environ 100,8 millions de dollars

Data and Market Insights Licensing

Compass génère des revenus en licence des données et des informations sur le marché propriétaires aux professionnels de l'immobilier et aux clients institutionnels.

Catégorie de licence	Revenus annuels estimés
Informations sur le marché immobilier	15,3 millions de dollars
Licence d'analyse prédictive	8,7 millions de dollars

Frais de service de plate-forme technologique

Compass facture des frais de service pour ses solutions technologiques intégrées pour les professionnels de l'immobilier.

• Revenus annuels de plateforme technologique: 42,6 millions de dollars
• Frais de plate-forme moyenne par agent: 250 $ - 350 $ par mois

Revenu de référence et de production de leads

L'entreprise génère des revenus supplémentaires grâce à des programmes de génération de leads et de référence.

Source de référence	Revenus annuels
Références d'agent à agent	11,2 millions de dollars
Références hypothécaires et assurance	6,8 millions de dollars

Compass, Inc. (COMP) - Canvas Business Model: Value Propositions

You're looking for the hard numbers that define what Compass, Inc. (COMP) is actually delivering to its key customer segments right now. Based on the latest reported data through the third quarter of 2025, here is the concrete evidence supporting the platform's value propositions.

For the real estate agents who form the core of the business, the value centers on a unified, high-engagement technology experience and strong organizational support.

• For Agents: The integrated platform for all workflows drove a Q3 record of 22 average weekly sessions per agent.
• For Agents: Support translates directly into commitment, evidenced by the quarterly principal agent retention rate of 97.3% in Q3 2025.

The platform's utility is clear when you see the usage metrics. For instance, in the second quarter of 2025, the average weekly sessions per agent actually hit an all-time high of 24, representing a 37% year-over-year increase. Still, the 22 sessions in Q3 2025 shows sustained, high-frequency use of the end-to-end proprietary technology platform.

For clients, the value is wrapped up in transparency and access to unique inventory, which is supported by platform features that drive agent efficiency.

• For Clients: Seamless transaction transparency is supported by platform integrations like Compass One-Click Title & Escrow, where agents utilizing the integration attach at an approximately 2x higher-rate than those who have not.
• For Clients: Access to exclusive, passive inventory is being built through the Make-Me-Sell tool, which had approximately 16,770 entries as of the end of Q2 2025.

Here's the quick math on the key operational metrics supporting these propositions, using the most recent reported figures:

Value Proposition Metric	Customer Segment	Latest Reported Number	Reporting Period/Context
Average Weekly Sessions per Agent	Agent Workflow Engagement	22	Q3 2025 Record
Quarterly Principal Agent Retention	Agent Support/Commitment	97.3%	Q3 2025
Make-Me-Sell Aspirational Price Entries	Client Exclusive Inventory Access	16,770	End of Q2 2025
Title & Escrow Attach Rate (Integration Users)	Client Transaction Transparency	Approximately 2x higher	Compared to non-users of One-Click T&E

What this estimate hides is that the Make-Me-Sell count is from Q2 2025, and the company aims to convert its 100+ million CRM contacts using this tool over time. The agent retention of 97.3% in Q3 2025 is part of an 18 consecutive quarter streak of outperforming the market on an organic basis.

Compass, Inc. (COMP) - Canvas Business Model: Customer Relationships

You're looking at how Compass, Inc. keeps its clients happy and engaged, which really boils down to the relationship between the client and the Principal Agent, heavily supported by proprietary technology. The core of this is the high-touch service model.

Dedicated, high-touch personal service from Principal Agents.

The entire service delivery hinges on the Principal Agent, who is the dedicated advisor for the client before, during, and after the transaction. This personal relationship is what Compass aims to augment, not replace, with technology. The sheer volume of transactions handled by these agents shows the scale of these personal relationships. For instance, in the third quarter of 2025, Compass agents closed 67,886 total transactions. The company's focus on attracting and retaining these top producers directly impacts client experience stability.

Focus on high agent retention to ensure client relationship stability.

Client relationship stability is directly tied to agent tenure. Compass, Inc. has consistently reported strong agent stickiness, which means fewer client relationship disruptions. You can see this in the quarterly retention figures. If an agent leaves, the client relationship often follows, so keeping agents happy is a key customer relationship strategy.

Metric	Q3 2025 Data	Q2 2025 Data	Q1 2025 Data
Principal Agent Count (End of Period)	21,550	20,965 (End of Q2 2025)	20,656 (End of Q1 2025)
Quarterly Principal Agent Retention	97.3%	97.5%	96.6%
Year-over-Year Principal Agent Growth	22.8% (4,008 agents)	N/A	41.6% (6,065 agents)

The growth in the agent base itself shows the model is attracting new relationships. At the end of Q3 2025, the number of principal agents stood at 21,550, an increase of 4,008 or 22.8% year-over-year. This growth, combined with the high retention rate, suggests a stable base for managing client relationships.

Tech-enabled self-service and transparency via client dashboards.

For transparency, Compass, Inc. rolled out Compass One nationally on February 3, 2025. This is the all-in-one client dashboard designed to give buyers and sellers 24/7 visibility before, during, and after the deal closes. It's a key part of the self-service offering. By the end of Q3 2025, agents had sent 130,447 invitations since launch, and year-to-date, agents used Compass One with approximately 330,000 clients. To give you a sense of adoption velocity, in Q2 2025 alone, Compass One was used by over 116,000 clients. Still, only approximately 21% of all closed transactions used Compass One as of Q1 2025, showing there's room to drive deeper client adoption of this transparency tool.

Agent-driven relationship management using Compass CRM tools.

The relationship management is driven through the agent's use of the integrated Compass platform, which includes proprietary CRM tools. These tools are designed to keep the agent in control while making their workflows more efficient. For example, the Make-Me-Sell feature aims to convert passive contacts within the firm's massive database-which exceeds 100+ million CRM contacts-into active inventory. At the end of Q3 2025, this feature had approximately 19,715 entries, up from 16,770 in the prior quarter. Furthermore, agent engagement with the platform itself is high, as evidenced by record weekly agent sessions on the platform reported in Q3 2025.

• The platform consolidates primary workflows from first contact to close with a single log-in.
• Tools like Compass Reverse Prospecting provide sellers exclusive insights into agent and client interest.
• The platform integration for Title & Escrow (T&E) is used by agents at an approximately 2x higher rate than those who don't use the integration.

Compass, Inc. (COMP) - Canvas Business Model: Channels

You're looking at how Compass, Inc. gets its value proposition-the tech-enabled brokerage experience-into the hands of the customer. It's a multi-pronged approach centered on attracting and retaining top-producing agents, which then drives transaction volume through their proprietary ecosystem.

Principal Agents (primary sales and service delivery)

The agents are the core channel. Compass, Inc. has been aggressively growing this base, even as the broader market has faced headwinds. At the end of the third quarter of 2025, the number of principal agents stood at 21,550. This represented a year-over-year increase of 4,008 agents, or 22.8% compared to Q3 2024. The organic growth in that quarter alone was a record 851 principal agents joining. Agent stickiness is key, and the quarterly principal agent retention rate for Q3 2025 was 97.3%.

Here's a snapshot of that agent base growth:

Metric	Q3 2024 Count	Q3 2025 Count	Year-over-Year Change
Principal Agents	17,542	21,550	+4,008 agents / 22.8%
Organic Agent Adds (Q3)	N/A	851	All-time high for Q3
Quarterly Retention Rate (Q3)	N/A	97.3%	Demonstrates value proposition strength

The total agent count, which includes those not designated as principal agents, was reported at 37,135 at the end of Q1 2025.

Proprietary Compass technology platform and mobile applications

The technology platform is the central nervous system, designed to consolidate the agent's workflow. The company has invested $1.7 billion into this platform over the last 12 years. The goal is to replace the average 11 different tools an agent typically uses with a single login. Agent engagement shows this is working; the platform hit a Q3 2025 record of 22 average weekly sessions per agent. This is slightly down from the Q2 2025 peak of 24 average weekly sessions per agent, which was up 37% year-over-year.

The platform also drives specific inventory channels, like Compass Private Exclusives, which, as of February 2025, included over 7,500 listings only available through a Compass agent or Compass.com.

Key platform usage metrics for 2025 include:

• 22 average weekly sessions per agent (Q3 2025 record).
• 24 average weekly sessions per agent (Q2 2025 all-time high).
• $1.7 billion invested in the platform over 12 years.
• 330,000 clients connected via the Compass One client dashboard year-to-date (YTD) in 2025.
• 600 users in Beta for the new Buyer Demand Tool (Q3 2025).

Local brokerage offices in key US metropolitan markets

The physical presence is concentrated in key markets to support the agent network. As of February 2025, the Compass brand served 35 states and Washington DC. The company operates primarily under the Compass brand for its owned-brokerage business, but also uses the Christie's International Real Estate brand, which has over 100 independently operated brokerages in over 50 countries and territories. The company's Q3 2025 total market share reached 5.63%, an 83 basis point increase year-over-year.

Ancillary services joint ventures (Title, Mortgage)

The channel extends beyond the initial transaction commission into integrated services, which management noted contributed to record profitability in Q3 2025. The potential volume in title and escrow alone represents an estimated $80 billion of commissionable volume. The company targets a 30% EBITDA margin for both title and escrow and mortgage operations. The Q3 2025 results included records for T&E attach and mortgage JV profitability. The company also completed the acquisition of a title company in Texas in April 2025.

Ancillary service performance indicators:

Ancillary Service Metric	Data Point	Context/Period
Title & Escrow Attach Increase	700 basis points	Reported in Q1 2025 context.
Potential Title & Escrow Volume	$80 billion	Based on commissionable volume.
Target EBITDA Margin (Title/Mortgage)	30%	Stated margin goal.
Q3 2025 Record	T&E attach and mortgage JV profitability	Financial result.

Compass, Inc. (COMP) - Canvas Business Model: Customer Segments

You're looking at the core groups Compass, Inc. (COMP) serves as of late 2025, based on their latest reported operational data.

High-performing residential real estate agents and teams

This segment is the primary focus, as the company's growth is directly tied to attracting and retaining these top producers. The numbers show a clear focus on scaling this group.

• Principal Agents at the end of Q3 2025: 21,550.
• Principal Agents at the end of Q2 2025: 20,965.
• Organic Principal Agent additions in Q3 2025: 851, an all-time high.
• Quarterly Principal Agent retention rate in Q3 2025: 97.3%.
• Total agent count at the end of Q1 2025 was 37,135.

Compass, Inc. was ranked as the number one real estate brokerage by sales volume for 2024 by RealTrends in April 2025 for the fourth year in a row. That's a strong signal for agents looking for market leadership.

Home buyers and sellers in premium and luxury US markets

The customer base includes those transacting in the broader US market, with a specific strategic push into the premium and luxury space, partly through acquisitions. Their overall market penetration reflects this segment's importance.

Metric	Q3 2025	Q2 2025	Q1 2025
Total Quarterly Market Share	5.63%	6.09%	6.0%
Gross Transaction Value (GTV)	$70.7 billion	$78.3 billion	$52.4 billion

The growth in total transactions outpaced the market significantly; total transactions grew by 21.5% year-over-year in Q3 2025, while the market transactions increased by 2.0%.

Clients seeking integrated ancillary services (Title, Escrow, Mortgage)

This segment represents clients of the agents who opt into Compass, Inc.'s in-house or joint venture services. The company reports records in the attach rates and profitability for these services.

• The Title and Escrow business quadrupled profitability year-over-year in Q4 2024, with management expecting to double Adjusted EBITDA for this segment in 2025.
• The Q3 2025 results marked a record for T&E attach.
• The Q3 2025 results marked a record for mortgage JV profitability.

Brokerage firms targeted for strategic acquisition

This segment is less about the end consumer and more about acquiring established brokerage operations to gain market share, agent density, and ancillary service footprints in key regions. The acquisitions in 2025 were significant additions to the platform.

Key acquisitions and their associated reported OPEX/revenue impact:

• Christie's International Real Estate acquisition closed on January 13, 2025.
• Washington Fine Properties acquisition closed in February 2025.
• A title company in Texas acquisition closed in April 2025.
• Four acquisitions were completed during Q3 2025.
• Acquisitions completed since July 1, 2024, contributed 12.6% to Q3 2025 revenue growth.

The OPEX for the Christie's International Real Estate acquisition was reported as $105 million for the full year 2025 outlook. Finance: draft 13-week cash view by Friday.

Compass, Inc. (COMP) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the Compass, Inc. (COMP) engine, which is heavily weighted toward compensating the agents who generate the revenue. Honestly, this is where the rubber meets the road for any brokerage.

Agent commission splits and incentives are definitely the largest cost component. Compass, Inc. negotiates these on a case-by-case basis, which means the cost structure isn't uniform across the entire agent base. For context, historical data suggests that on average, a significant portion of revenue flows back to agents.

Agent Tier/Group	Reported Split Range (Agent/Brokerage)
Most Agents (Reported Estimate)	Near 80/20
New Recruits (Reported Estimate)	Closer to 70/30
Elite Teams (Reported Potential)	Can push beyond 85/15
Historical Revenue Allocation (2020)	Approximately 82% of revenue went back to agents

The overall spending on operations, excluding the direct agent commissions, is tightly managed. For the full year 2025, Compass, Inc. has an updated outlook for Non-GAAP Operating Expenses (OpEx).

Here's the quick math on the projected full-year OpEx:

• Non-GAAP OpEx projected for FY 2025: $1.000 billion to $1.005 billion.
• This updated range reflects a reduction from a prior high-end estimate of $1.020 billion.

The remaining OpEx is allocated across several key areas that support the agent platform and corporate functions. What this estimate hides is the direct commission cost, which is variable based on transaction volume.

Technology development, maintenance, and cloud infrastructure are central to the Compass, Inc. value proposition. This spend funds the proprietary end-to-end platform, including:

• Cloud-based software for customer relationship management (CRM).
• Marketing and client service tools.
• New feature rollouts like Compass GPT integration.
• Development and maintenance of tools like Performance Tracker and Private Exclusives.

You need to track non-cash expenses closely, as they can obscure operational performance. For the third quarter of 2025, the stock-based compensation expense was a specific line item impacting GAAP results.

• Stock-based compensation expense in Q3 2025: $59.6 million.

For the traditional overhead categories, we can look at the most recent fully reported annual figures for Sales and Marketing as a baseline, keeping in mind that G&A and lease costs are embedded within the total Non-GAAP OpEx figure. For the year ended December 31, 2024, Sales and marketing expense was:

Metric	Amount (Year Ended Dec 31, 2024)	Percentage of Revenue (Year Ended Dec 31, 2024)
Sales and Marketing Expense	$368.7 million	6.5%

This compares to $435.4 million, or 8.9% of revenue, in 2023, showing a trend toward cost discipline in that area.

Compass, Inc. (COMP) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for Compass, Inc. as of late 2025. The structure is heavily weighted toward the transaction side of residential real estate, but the ancillary services are becoming increasingly important profit drivers.

The primary revenue source is commission revenue from residential real estate transactions. This is directly tied to the Gross Transaction Value (GTV) that agents close using the Compass platform. For instance, in the third quarter of 2025, the Gross Transaction Value (GTV) reached $70.7 billion, which was a 22.5% increase compared to the third quarter of 2024. To put that in perspective, the second quarter of 2025 saw an even higher GTV of $78.3 billion.

The overall financial target for the year is significant. The Full Year 2025 projected revenue is approximately $7.26 billion. This projection is built upon strong quarterly performance, such as the Q3 2025 revenue of $1.85 billion, which represented a 23.6% year-over-year growth.

Here's a look at the reported revenue across the first three quarters of 2025, which underpins that annual projection:

Quarter	Reported Revenue	Year-over-Year Growth
Q1 2025	$1.4 billion	28.7%
Q2 2025	$2.06 billion	21.1%
Q3 2025	$1.85 billion	23.6%
Q4 2025 Guidance (Midpoint)	$1.64 billion (Range $1.59B to $1.69B)	N/A

The push for higher profitability comes from revenue from ancillary services (Title, Escrow, Mortgage JV). These services are designed to be attached to the core transaction. The Title and Escrow business, for example, quadrupled its profitability year-over-year in the first quarter of 2025. Furthermore, the mortgage joint venture (JV) hit its most profitable quarter in Q3 2025, with equity in income growing by $3 million. This focus on the ancillary flywheel is a key part of the strategy, especially following the acquisition of Christie's International Real Estate, which contributed to revenue growth and improved commission economics.

Finally, the model includes revenue from brokerage fees and other agent-related service fees. While the primary revenue is commission-based, the company's platform usage metrics suggest value capture beyond the standard split. For instance, agents averaged 22 weekly sessions on the proprietary technology platform in Q3 2025, indicating deep engagement with services that likely carry associated fees or drive higher commission volume.

The revenue streams are supported by agent growth and market share gains:

• Total Principal Agents at end of Q3 2025: 21,550.
• Total Quarterly Market Share in Q3 2025: 5.63%.
• Total Transactions Closed in Q3 2025: 67,886.
• Total Transactions Growth (Q3 2025 vs Q3 2024): 21.5%.

Finance: draft 13-week cash view by Friday.