Compass entered 2026 as a transformed platform after closing the January 9 Anywhere acquisition. Second-quarter results show the strategic logic taking hold while integration costs drag on reported earnings. Revenue of $4,306 million in the second quarter more than doubled year-over-year. The combined company now spans Brokerage, Franchise, and Integrated Services segments. Total real estate professionals exceed 340,000 across the owned and franchise networks. Reported net income reached $92 million for the quarter. That figure carries a $396 million deferred income tax benefit that flatters the year-over-year comparison. The next several quarters should clarify whether the platform's earnings power can outrun the integration drag in reported GAAP results.
The acquisition dramatically reshapes the balance sheet and the operating profile of the company. Total assets climbed to $8,332 million at the end of the most recent quarter. That figure rose from $1,540 million at year-end 2025. Goodwill rose to $2,558 million, while long-term debt now stands at $3,140 million. The debt step-up reflects the assumption of Anywhere's Secured Notes and Unsecured Notes alongside a new Convertible Notes layer. The capital structure creates a long-dated maturity wall spanning 2029 to 2031. That wall totals roughly $3.1 billion in face value that management continues to evaluate for potential refinancing or restructuring.
Operational momentum offsets some of the financing drag across the combined business. Pro-forma Brokerage revenue rose 14.9% in the quarter on a comparable basis. Consolidated Adjusted EBITDA reached $363 million in the quarter. That figure nearly tripled from $125 million a year earlier. The result illustrates the cash earnings power of the platform. GAAP operating income still carries $217 million of merger-and-integration charges through the first half. Investors should anchor on the pro forma disclosures that treat Anywhere as part of the combined business across both periods presented. Those pro forma metrics include combined Brokerage, Franchise, and Integrated Services results as if the acquisition had occurred at the start of the prior-year period.