Compass vs eXp vs RE/MAX: One Grew. One Shrank. One Merged.

Three brokerages reported Q2 2026 earnings within a week of each other. The numbers tell three completely different stories about where the industry is headed.

Compass posted $92 million in net income on $4.31 billion in revenue after absorbing Anywhere's 340,000 franchise agents. AGNT (formerly eXp World Holdings) hit record revenue of $1.4 billion, driven not by adding agents but by making existing agents more productive. RE/MAX reported a $4.3 million net loss, watched its US agent count shrink 2.2%, and is waiting for a merger with The Real Brokerage to close.

If you're an agent evaluating your brokerage, these aren't abstract financial reports. They preview which organizations will invest in your tools, your leads, and your growth over the next 24 months, and which ones will be cutting costs to stay solvent.

The Q2 2026 Scoreboard

Compass reported $4.31 billion in revenue with $92 million in net income. AGNT/eXp hit $1.4 billion in record revenue with 87,338 agents. RE/MAX posted $68.5 million in revenue, a $4.3 million net loss, and watched its US agent count fall 2.2%. Three models, three outcomes, one question: which one invests in agents next?

*RE/MAX revenue is franchise fees, not commission income. Not directly comparable to Compass or eXp brokerage revenue. Sources: Compass Investor Relations, RISMedia, HousingWire.

Compass Absorbed 340,000 Agents and Posted $92M Profit

Compass completed its $4.85 billion acquisition of Anywhere Real Estate in late 2025, adding Coldwell Banker, Century 21, Sotheby's International Realty, and ERA to its portfolio. Q2 2026 is the first full quarter showing the combined operation at scale.

Pro forma revenue grew 14.3% year-over-year to $4.31 billion, outperforming a broader market that grew roughly 6% (Compass Investor Relations, Aug 2026). Brokerage gross transaction value reached $155.2 billion, up 15.9% on a pro forma basis. Transactions grew 7.4% to 153,009. Adjusted EBITDA hit a record $363 million for any Q2 in company history.

The cost-cutting is running ahead of plan. Compass actioned $300 million in net cost savings, hitting its Year 1 target five months early. It raised the full-year target to $330 million actioned and $220 million realized. Cash on hand climbed to $694 million, up $210 million from Q1. Free cash flow reached $180 million for the quarter.

But the agent count tells a different story. Owned brokerage agents dropped from 84,187 in Q1 to 83,184 in Q2, a net loss of roughly 1,000 agents. Compass attributed this to a "strategy at a specific brand acquired through the Anywhere transaction to separate low and non-productive agents." In plain terms: they are pruning the roster. The retention rate for remaining agents improved to 95.5%, up from 94.1% in Q1.

The debt load is the number Compass doesn't put in the headline. Long-term debt stands at $3.14 billion. That's the price of buying market share overnight. The $180 million in quarterly free cash flow covers interest payments, but leaves limited room for new agent-facing investment beyond what cost-cut savings free up.

Robin Take: Compass is profitable and growing revenue, but $3.14B in debt means the margin for error is thin. If you're productive, you'll get more resources. If you're not, you're part of the pruning strategy. Check your per-hour production math.

AGNT/eXp Hit Record Revenue by Making Each Agent Close More

AGNT, Inc. (rebranded from eXp World Holdings earlier in 2026) took the opposite path from Compass. Instead of acquiring agents, it grew production from the ones it had.

Q2 revenue hit $1.4 billion, up 11% year-over-year (RISMedia, Aug 2026). Transactions rose 12% to more than 132,000. Sales volume jumped 15% to $60.5 billion. Agent count grew a modest 6% to 87,338.

The number that stands out: transactions per agent increased 6% to 5.5 for the quarter. eXp agents are closing more deals without the company adding proportionally more headcount. That's the productivity story Wall Street responds to, because each new agent carries training, support, and technology costs, while productivity gains from existing agents fall mostly to the bottom line.

For full-year 2026, AGNT maintained its revenue outlook of $4.85 to $5.15 billion (HousingWire, Aug 2026). That would put its annual revenue within striking distance of Compass's pro forma pace, on roughly the same agent count but a fundamentally different model: cloud-based, low-overhead, with revenue sharing and stock participation replacing office space and brand-level marketing.

Robin Take: eXp's record quarter came from making each agent more productive, not from adding headcount. That's a healthier growth story than buying market share. But the rebrand to AGNT signals a strategic shift that hasn't been fully explained. Teams comparing models should factor in eXp's revenue-sharing structure.

RE/MAX Lost $4.3M and Is Merging to Survive

RE/MAX's Q2 tells the story of a franchise model under pressure from both sides: shrinking domestic market share and rising costs from a merger it needs to close.

Revenue fell 5.8% to $68.5 million (HousingWire, Aug 2026). Adjusted EBITDA dropped 12.6% to $22.9 million. The company reported a net loss of $4.3 million, with diluted loss per share of negative $0.20, compared to earnings of $0.23 in the same quarter a year ago.

The agent count numbers look worse beneath the surface. Total agents rose 1.5% to 149,267, but that growth came entirely from international markets. US and Canada combined agent count fell 2.2% to 72,968. Domestic agents are leaving, and the headline total masks the direction of the domestic business.

Operating expenses rose 14.1% to $67 million, driven by $11.5 million in costs tied to the pending merger with The Real Brokerage. RE/MAX did not host a quarterly earnings call, citing the merger. The absence itself sends a message: there is nothing to present beyond the numbers, and the numbers are a holding pattern.

Robin Take: RE/MAX is losing US agents and posting net losses while spending $11.5M on merger costs. The brand has recognition, but the domestic business is shrinking. If you're at RE/MAX and considering a move, don't wait for the press release. Watch what happens to the tech stack and fee structure.

Per-Agent Revenue Math the Earnings Calls Skip

The headline revenue numbers compare poorly across these three brokerages because each runs a different business model. Compass and eXp collect commission splits as brokerages. RE/MAX collects franchise fees. Revenue per agent reflects model structure, not agent quality.

RE/MAX excluded: franchise fee revenue is not comparable to brokerage commission revenue. Calculations: Compass $4.31B / 83,184 agents; eXp $1.4B / 87,338 agents. GTV: Compass $155.2B / 83,184; eXp $60.5B / 87,338.

Compass agents transact at nearly 3x the volume of eXp agents per quarter ($1.87 million vs. $693,000 in sales volume per agent). That gap reflects the different agent profiles each company attracts. Compass skews toward luxury and high-volume urban markets. eXp's cloud model draws a wider range, including part-time agents and agents in lower-cost markets.

The number that matters for you isn't company revenue. It's what you keep after splits, caps, desk fees, and technology charges. An agent closing the same $400,000 deal at both companies will generate more reported revenue for Compass's books (higher split retained by brokerage) but may take home more at eXp (lower splits, stock participation, no desk fees). Run the math on your actual production before comparing offers. Your CRM and technology costs should factor in too, since some brokerages bundle tools while others charge separately.

Robin Take: Revenue per agent is a company metric, not an agent metric. Your take-home depends on your split, your cap, and what you pay for separately. A higher revenue-per-agent brokerage isn't automatically better for you.

3 Questions to Ask Before Your Next Brokerage Move

Earnings reports tell you about a company's financial trajectory and investment capacity. They won't tell you what your daily experience at a specific office will look like. Before switching, evaluate three specifics:

1. What technology does the brokerage provide at no additional cost?

Compass invested in acquiring Anywhere's title, escrow, and technology platforms. eXp built kvCORE into its standard offering. RE/MAX has historically relied on franchisees to provide technology, which means your tools vary by office. Ask for a line-item list of what is included in your split versus what you pay for separately. A 70/30 split that includes CRM, transaction management, and marketing tools is a different deal than an 85/15 split where you buy all three yourself.

2. Where is agent count trending domestically?

Brokerages losing domestic agents (RE/MAX: down 2.2% in US and Canada) are often reducing investment to protect margins. Brokerages growing agents through productivity (eXp: transactions per agent up 6%) are betting that their platform creates enough value to retain. Brokerages growing through acquisition (Compass: the Anywhere deal) have consolidated but have not yet proven the integration produces agent-level benefits beyond the brand. Each trajectory tells you where resources will flow for the next 24 months. Follow the proptech investment trends alongside brokerage trends to see the full picture.

3. What is your real cost per closed deal at your current brokerage?

Add your commission split percentage to your desk fees, technology subscriptions, marketing costs, and transaction fees. Divide by your annual deal count. That number is your true cost per closing. Compare it across brokerage offers using the same formula. The brokerage with the better headline split may cost more per deal once you add everything else.

Frequently Asked Questions

Is Compass the biggest brokerage in the US now?

By revenue, yes. Compass reported $4.31 billion in Q2 2026 revenue. Including its Anywhere franchise network (Coldwell Banker, Century 21, Sotheby's, ERA), Compass-affiliated agents total roughly 340,000 worldwide (Compass Investor Relations, Aug 2026). By owned brokerage agent count in the US, eXp's 87,338 agents edges Compass's 83,184.

What happened to eXp's agent growth?

AGNT/eXp grew its agent count 6% year-over-year to 87,338 in Q2 2026, down from double-digit growth in prior years. The company emphasized that agent productivity (transactions per agent up 6%) is driving record revenue rather than raw headcount growth (RISMedia, Aug 2026). The full-year revenue outlook of $4.85 to $5.15 billion suggests the productivity strategy is working at scale.

Should I switch brokerages based on earnings reports?

Earnings reports show financial health and investment capacity. They don't show what your specific office culture, technology support, or lead generation will look like. Before switching, compare: your current split versus what is offered, the technology included at each brokerage, local office leadership quality, and your production level relative to the brokerage's target agent profile. A profitable brokerage that does not invest in agent tools is no better than a struggling one that does.

What does the RE/MAX and Real Brokerage merger mean for current agents?

The Real Brokerage operates a cloud-based model with revenue sharing and stock awards, similar in structure to eXp. If the merger closes, RE/MAX agents may see changes to fee structures, technology platforms, and brand positioning. RE/MAX spent $11.5 million on merger-related costs in Q2 alone (HousingWire, Aug 2026), which signals significant integration work ahead. Current agents should wait for finalized terms before making decisions, but should also evaluate alternatives now in case the combined entity's value proposition does not match their needs.

Your brokerage may change. Your CRM and lead management tools should not have to. RobinFlow gives agents a platform that moves with them, regardless of which brand is on the door. See how it works.