While the second quarter of 2025 was characterized by high prices and increasing demand, this Q2 earnings recap shows that companies remain hopeful for the future while focusing primarily on AI integration/technology initiatives as well as agent recruitment and retention amid many legal battles and controversies.
Key takeaways from quarter two earnings reports:
While Anywhere has seen its number of units up in Q2, prices remain high and demand continues to increase in what CEO Ryan Schneider calls a “weird market.”
“I think there is still this dynamic out there…that demand is actually greater than supply still, even at these higher affordability levels, and so almost all states we’re looking at have prices still rising, no matter what’s happening with their units,” Schneider explained.
Anywhere’s agent recruiting demonstrated progress since last year, which the company attributes to its stance on private listings. “…We think the vast majority of people should have a broad distribution of listings, and that resonates with agents who want to do business that way—and it’s helping with recruiting,” Schneider noted.
Additionally, Anywhere launched “Reimagine ‘25” earlier this year, an AI platform expected to help brokerages like Coldwell Banker automate 90% of document submissions by year-end.
Performance Highlights:
- Revenue: $1.7 billion (+$13 million from Q2 2024)
- Net income: $27 million (-$3 million YoY)
Compass CEO Robert Reffkin says its Q2 results are the best the company has seen in history, with revenue jumping about 21% this year, and net income nearly doubling.
Marketshare climbed to a record 6.09% even as national sales volume declined. “For 17 consecutive quarters, spanning our entire history as a public company, Compass has outperformed the market on an organic basis,” Reffkin added. “There has never been a quarter since we started measuring this metric where we haven’t grown faster than the market.”
Amid its ongoing lawsuit against Zillow’s ban on private listings not publicly marketed on the MLS (and its platform), Compass has seen its agent count continue to grow. The company now employs over 20,000 principle agents, which Reffkin ties to productivity gains as Compass has seen a 20.9% increase in agent transactions in Q2, and a 20.3% increase of its gross transaction value year-over-year.
Reffkin also announced that CFO Kalani Reelitz would be leaving the brokerage at the end of August, with Chief Accounting Officer Scott Wahler succeeding him.
Performance Highlights:
- Revenue: $2.06 billion (+21.1% from Q2 2024)
- Net income: $39.4 million (+90.3% from a year ago)
- Adjusted EBITDA: $125.9 million (+63% YoY)
- Agent count: 20,965 principle agents (+23.3% from last year)
CoStar has posted a 15% revenue increase year-over-year, marking its 57th consecutive quarter of double-digit revenue growth.
CoStar continues to show its commitment to success for agents, buyers and sellers by supporting Compass in its ongoing battle against Zillow, promising to boost listings banned by Zillow for free on Homes.com.
“The reason is simple—Homes.com benefits all parties involved: homebuyers, sellers and agents, and MLSs,” CoStar CEO Andy Florance said. “We eliminate friction by providing a professional online presentation of every home and community without distracting ads or spam, and we’re connecting buyers honestly directly with a seller’s agent.”
Based on the company’s reported earnings, the Homes.com Boost package has sold to over 1,200 agents and home sellers blocked by Zillow.
Performance Highlights:
- Revenue: $781 million (+15% YoY)
- EBITDA: $85 million (+108% YoY)
eXp has seen opposite results to some other brokerages nationwide, with an increased Q2 revenue, but a 5% drop in agent count.
The company notes that this is part of its strategy, dropping around 57% of agents they consider to be “unproductive” in Q2, in order to focus on its “high-performing” agent base—which has increased by 9% this year.
The company has also partnered with different tech platforms like OpenAI, Slack and Oracle, which CFO Jesse Hill says will introduce font-end productivity and back-end efficiency. The goal is to “expedite response times, provide better support and, ultimately, drive more sales and productivity,” Hill says.
eXp also expanded its brand name worldwide, establishing a presence in Peru, Turkey and Ecuador, with hopes to establish a presence in Japan and Egypt next.
Performance Highlights:
- Revenue: $1.3 billion (+59% YoY)
- Real estate sales volume: +1% YoY
- Agent count: 82,704 (-5% YoY)
- Sales transaction per agent: +4% YoY
Fathom
Fathom Holdings reported all-around growth in the second quarter, reporting a revenue, gross profit and transaction increase alongside excelling agent recruitment and retention efforts.
“The second quarter of 2025 marked a strong step forward for Fathom, driven by the strength of our platform and our ability to recruit, retain and support our agents in a dynamic housing market,” said Marco Fregenal, CEO of Fathom Holdings. “While 2025 continues to present challenges for the industry, we are beginning to see the clear benefits of our diversified growth strategy.”
Fregenal attributes these successful Q2 results to its new Elevate concierge program, which has already onboarded over 70 agents, and the successful implementation of its first intelliAgent platform, in an effort to expand the company’s technological capabilities.
Performance Highlights:
- Revenue: $121.4 million (+36.1% YoY)
- Gross profit: $9.4 million (+24.7% YoY)
- Agent count: +23% YoY
Despite Offerpad’s reported decreasing Q2 revenue, Chief Financial Officer Peter Knag has focused on improving numbers and greater flexibility within the company.
Knag says the company will focus on amping up home acquisitions and sales, with a goal of 1,000 home transactions per quarter.
Offerpad recently launched HomePro, which allows prospective sellers to meet with local agents to explore their options, focusing on connecting consumers with agents.
“As the market starts to get back to a normalized (place), you’ll see a lot of sellers that want to test the market by listing…our ability to get into the living room and have face time with the customer and figure out what is the best solution for them, that’s always been kind of our mission statement is let’s figure out what the best path forward is,” explained Offerpad CEO Brian Bair.
Performance Highlights:
- Revenue: $160.3 million (-36% YoY)
- Operating Expenses: $21.9 million (-30% YoY)
Opendoor has reported strong earnings for the second quarter, experiencing overall growth in revenue, home sales and gross profit. CEO Carrie Wheeler said that its Q2 earnings growth reflected some “stability” in the market and the strength of the iBuyer’s offerings and platform.
She explained that Opendoor’s cash offer capabilities such as home valuation insights, AI-enabled approach to home assessments and home repair capabilities have seen strong feedback from agents.
Wheeler also praises the company’s customer loyalty, continuing to establish new customer relations daily and gaining traffic and exposure to the brand’s website.
“This increased visibility is an opportunity to tell our story to a broader audience. We intend to make the most of it,” said Wheeler. “We’ve been laying the groundwork to execute on the strategy we have laid out to serve every seller possible to build a profitable business, and in doing so to create long-term shareholder value.”
Days after the earnings call, Wheeler stepped down, with the company describing the move as part of a planned “strategic evolution” even as she faced calls to resign from investors and former company insiders.
Performance Highlights:
- Revenue: $1.6 billion (+4% YoY)
- Gross profit: $128 million
- Home sales: +5% YoY
Real Brokerage
Real Brokerage CEO Tamir Poleg says he is “particularly proud” of the company’s reported Q2 earnings.
“We believe this should provide confidence in our future, knowing that we are still in the early innings of transforming this industry,” Poleg added.
At the same time, the company is facing two different lawsuits, including one from a former CFO who claims the brokerage has played fast and loose with both products and finances.
While executives noted that market conditions may be causing agents to step back, Real Brokerage added another 1,200 agents to its network in the second quarter. While also off-boarding a number of agents, Poleg praised agent transaction numbers, which have increased 7% this year.
Performance Highlights:
- Revenue: $540 million
- Net income: $1.5 million
- Adjusted EBITDA: $20 million (+40% YoY)
- Gross Profit: $47.9 million (+50% YoY)
REMAX reported mixed Q2 results, with revenue down about 7% since last year, while net income has risen to $4.7 million.
Despite the soft financial results, REMAX CEO Erik Carlson is focusing on achievements like agent retention efforts and new technology initiatives. Carlson stated the company achieved a record-high agent count in the second quarter, with the best agent performance REMAX has seen since Q2 2022.
He attributes much of this agent growth and productivity to the integration of artificial intelligence and new company offerings into its agent efficiency strategies. In the second quarter, REMAX launched Aspire, an AI-powered referral system, along with a new pricing engine for Motto loan officers.
“We’ve seen fantastic results from a business perspective and from an adoption standpoint as it really accelerated recruiting,” CFO Karri Callahan said. “But from a revenue perspective, near term, it’s going to take a little while for us to see the revenue contribution.”
Performance Highlights:
- Revenue: $72.8 million (-7.3%)
- Net income: $4.7 million
- Agent count: 147,073 (+2.5%)
Rocket Companies, which recently acquired Redfin and is in the process of closing a deal to buy Mr. Cooper, posted growing revenue and net income for the second quarter.
Rocket attributes much of its quarterly success to its integration of AI services into the company’s daily operations. The brand’s commitment to AI-powered technology is estimated to save its operations team over 20,000 hours annually, with 80% of clients choosing to undergo the application process through AI chat.
Rocket CFO Brian Brown noted that these new technological advances have resulted in the discontinuation of two company business lines, although he believes these decisions will boost company profits in upcoming quarters.
“These changes were a result of our investments in AI and automation, which have allowed us to reduce redundant roles and retire legacy workflows,” he said. “We expect these actions to collectively deliver approximately $80 million in annualized savings, the majority of which will be recognized on a full-quarter run-rate basis starting in Q4.”
Performance Highlights:
- Revenue: $1.34 billion (+9% YoY)
- Net rate lock volume: $28 billion (+13%)
- Net income: $75 million
United Wholesale Mortgage (UWM) President and CEO Mat Ishbia described the second quarter as the company’s best since 2021.
Much like many other companies with successful Q2 earnings, UWM points to artificial intelligence such as client-facing virtual assistants and mortgage loan officers that automate and accelerate mundane tasks like appointment scheduling.
“If rates tick down a little bit more, it will impact business greatly today and this year, supplying brokers the best tools and technology helps them win, and a channel continues to post higher and higher overall market share,” said Ishbia. “We’ll leverage our world-class operating system and industry best technology that we’ve developed for brokers to scale and dominate.”
Performance Highlights:
- Revenue: $758.7 million
- Net income: $314.5 million
- Total equity: $1.7 billion
- Loan origination volume: $39.7 billion
Amid controversies and lawsuits, Zillow’s Q2 earnings results remained strong with continuously growing revenue and increased website traffic.
CEO Jeremy Wacksman credited the performance to Zillow’s “truly integrated, digitized end-to-end transaction experience” and innovative products across the platform.
Zillow’s For Sale business saw revenue increase by 9% year-over-year, amassing $482 million in Q2. Its rental business had a revenue growth of 36% since last year, with $159 million in the second quarter alone.
“We are successfully executing on our for sale strategy to deliver an easier streamlined, tech-enabled and integrated transaction experience across Zillow with innovative products and services that solve problems for everyone involved in the move,” Wacksman noted.
The company is currently embroiled in a high-profile lawsuit with Compass over new listing rules announced in April, with Compass asking a judge to block the implementation of the policy based on its alleged anticompetitive effects. Zillow has defended the rules, which ban certain private listings from its platform, as transparent and pro-competitive.
Wacksman pointed to new products and offerings like Zillow Home Loans and BuyAbility, New Enhanced Markets, AI-powered Smart Messages and Follow-Up Boss, recently launched Sky Tour, Showcase and the Housing Super App.
Performance Highlights:
- Revenue: $655 million (+15% YoY)
- Website traffic: +5% YoY
