Anywhere Real Estate Inc. (NYSE: HOUS), a global leader in residential real estate services, has released its financial results for the third quarter ended September 30, 2025. The company reported a revenue increase to $1.6 billion, up $91 million year-over-year, alongside a net loss of $13 million. These figures come as the company moves forward with its proposed merger with Compass, a transaction expected to reshape the real estate industry.
Key Takeaways
- Anywhere Real Estate reported $1.6 billion in revenue for Q3 2025, an increase of $91 million from the previous year.
- The company posted a net loss of $13 million, a decline of $20 million year-over-year.
- Closed transaction volume grew by 7% year-over-year, outperforming the National Association of Realtors (NAR) market growth by over 2 percentage points.
- Anywhere is on track to achieve $100 million in cost savings for the full year 2025.
- The proposed merger with Compass is expected to close in the second half of 2026, pending regulatory and shareholder approvals.
Revenue Growth Driven by Strong Transaction Volume
Anywhere Real Estate's third-quarter revenue reached $1.6 billion, marking a 6% increase compared to the $1.535 billion reported in the same period last year. This growth was largely fueled by a significant increase in closed transaction volume.
The company's combined closed transaction volume for the quarter rose by 7% year-over-year. This growth saw transaction units increase by 2% and average prices climb by 5%. This performance notably surpassed the overall market volume growth reported by the National Association of Realtors (NAR) by more than 2 percentage points for the quarter.
Quick Fact
Anywhere Real Estate's luxury brands, including Coldwell Banker Global Luxury, Corcoran, and Sotheby's International Realty, saw an impressive 12% increase in closed transaction volume year-over-year, significantly outperforming the broader market.
Operational Highlights and Market Outperformance
The positive trend continued into the early part of the fourth quarter. September's open volume increased by 9% year-over-year. As of October 27, closed volume for October also increased by 9%, with open volume up 6%, indicating sustained momentum in transaction units.
Ryan Schneider, President and CEO of Anywhere Real Estate Inc., highlighted the company's strong performance. He noted the business growth momentum reflected in the Q3 results and expressed optimism about the future.
"Our proposed merger with Compass will create the premier platform where agents, franchisees, and employees can thrive as we drive meaningful innovation across the real estate experience," said Ryan Schneider.
Strategic Merger with Compass Moves Forward
A major development for Anywhere Real Estate is its proposed merger with Compass. Both companies jointly announced the signing of a definitive merger agreement to combine in an all-stock transaction. This strategic move aims to create a dominant platform in the residential real estate services sector.
The merger is currently anticipated to close in the second half of 2026. This timeline is subject to several key conditions, including approval from shareholders of both companies and the receipt of all necessary regulatory approvals.
Merger Context
The proposed merger between Anywhere Real Estate and Compass represents a significant consolidation within the competitive real estate services industry. Such large-scale mergers often aim to achieve economies of scale, enhance market reach, and accelerate technological innovation.
Cost Savings and Financial Discipline
Despite the strategic investments associated with the merger, Anywhere Real Estate remains focused on financial efficiency. The company realized $28 million in cost savings during the third quarter of 2025.
Charlotte Simonelli, CFO, confirmed that the company is on track to deliver $100 million in cost savings for the full year 2025. Additionally, temporary cost controls implemented during the third quarter generated an extra $6 million in savings.
"Our team remains committed to advancing our strategic vision while consistently delivering better experiences faster and at lower costs," stated Charlotte Simonelli.
Net Loss and Operating EBITDA
While revenue saw an increase, Anywhere Real Estate reported a net loss attributable to Anywhere of $13 million for the third quarter. This figure represents a decline of $20 million compared to a net income of $7 million in the third quarter of 2024.
Adjusted Net Income for the quarter decreased by $16 million, resulting in zero compared to $16 million in the prior year. This reflects the impact of various financial adjustments and operational changes.
Operating EBITDA stood at $100 million, a decrease from $108 million in the third quarter of 2024. This figure includes a $24 million expense related to mark-to-market cash-settled restricted stock unit awards, influenced by a substantial 193% advance in the company's stock price during the quarter.
- Revenue: $1.626 billion (up 6%)
- Net Loss: $13 million (down $20 million)
- Adjusted Net Income: $0 (down $16 million)
- Operating EBITDA: $100 million (down 7%)
Franchise Network Expansion and Balance Sheet
The company continued to expand its high-margin franchise network, welcoming 13 new U.S. franchisees and one new international expansion during the third quarter. This growth underscores the strength of Anywhere's brand portfolio, which includes Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA®, and Sotheby's International Realty®.
On the balance sheet, total corporate debt, net of cash and cash equivalents, amounted to $2.5 billion as of September 30, 2025. The company held $139 million in cash and cash equivalents at the end of the quarter. The Senior Secured Leverage Ratio was reported at 0.85x, while the Net Debt Leverage Ratio was 6.7x.
Anywhere Real Estate has suspended its forward guidance due to the pending merger with Compass. The company will no longer provide updates on its prior guidance targets.
Investor Call Details
Anywhere Real Estate Inc. held a conference call on November 4, 2025, to discuss its Q3 2025 results and provide a business update. The call featured Ryan Schneider, CEO and President, and Charlotte Simonelli, CFO. A webcast replay is available on the company's investor relations website.
The company emphasizes its purpose to empower everyone's next move through its integrated services, including franchise, brokerage, relocation, and title and settlement businesses. Anywhere Real Estate supports over 300,000 affiliated agents globally, aiming to enhance their productivity and service capabilities for consumers.
