What factors drove the changes in Compass's revenue and profit?

What is Compass's latest dividend and current dividend yield?

What were the key takeaways from Compass’s earnings call?

What is the revenue and EPS growth rate for Compass year over year?

Did Compass beat or miss consensus estimates last quarter?

What were the key takeaways from Compass's earnings call?

What is Compass's gross profit margin?

What guidance did Compass's management provide for the next earnings period?

- **Revenue Growth**: $1.85 billion (+23.6% YoY), outpacing market by 20+ percentage points in total transactions.
- **EBITDA Expansion**: $93.6 million adjusted EBITDA (+80% YoY), driven by OpEx control and margin improvements.
- **AI Adoption**: Compass AI 2.0 to automate 70% of agent tasks, with ChatGPT generating organic leads for top agents.
- **Merger Synergies**: >$300 million net cost savings target, including $150 million first-year benefits from Anywhere deal.
- **Agent Expansion**: 851 new agents in Q3, guiding to 700-800 annually, supported by platform investments and market share gains.

**【CEO Summary Section】**
- **Record Q3 Performance**: Revenue of $1.85 billion (+23.6% YoY), adjusted EBITDA of $93.6 million (+80% YoY), and free cash flow of $73.6 million, all records for a third quarter.
- **Market Outperformance**: Organic transactions grew 7% YoY vs. 2% market growth, with 20+ percentage points of outperformance in total transactions.
- **AI and Agent Growth**: Launched Compass AI 2.0 to 851 new agents, aiming to automate 70% of agent tasks. Generative AI like ChatGPT is driving organic leads for top agents.
- **Anywhere Merger Synergies**: Increased net cost synergy target to >$300 million (11% of combined OpEx), with $150 million realized in first year post-close.
- **Agent Recruitment**: Added 851 principal agents in Q3, guiding to 800 in Q4 and 700-800 annually, driven by platform differentiation and market support.

**【CFO Financial Commentary】**
- **Revenue and Margins**: GAAP revenue $1.85 billion, commissions as % of revenue 81.4%, up 73 bps YoY due to higher-margin Christie's business.
- **OpEx Control**: Full-year 2025 OpEx guidance reduced to $1.00 billion-$1.005 billion, down $34 million from prior midpoint, excluding $7.5 million merger costs.
- **Free Cash Flow**: $73.6 million Q3, highest for any third quarter, with $2.9 million net income excluding merger costs.
- **M&A Impact**: 2025 M&A contributed $50 million to revenue growth, with organic growth 11% YoY.

**【Q&A Highlights】**
- **Synergy Execution**: CEO commits to >$300 million synergies, citing Christie's playbook of agent growth, attach rate improvements, and OpEx savings.
- **AI Lead Generation**: Top agents report free leads from ChatGPT, driven by verified transaction history and performance data.
- **Franchise Strategy**: Scaling Compass platform to franchises, testing enterprise sales processes and transaction management efficiencies.
- **Legal Costs**: Ongoing legal expenses in OpEx, with some expected to continue into 2026, but no material impact on guidance.

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