Anywhere Posts Flat Revenue, Net Income in Q2 Earnings

Anywhere Real Estate posted subdued second-quarter earnings in the face of a turbulent housing market, but pointed to strong numbers heading into the back half of the year.

In the second quarter of 2025, the parent company of Corcoran, Coldwell Banker, Century 21 and Sotheby’s International Realty posted net income of $27 million, a decrease of $3 million from the same time last year. Revenue was up under 1 percent to $1.7 billion.

Anywhere CEO Ryan Schneider painted a rosy future outlook, saying that July is shaping up to be a strong month for the company. “We love the business momentum we are seeing in July,” he said.

Closed volume was up year over year through July 21, driven by gains in both units and price, while open volume was up 9 percent. “Units seem to be having a renaissance,” Schneider said, pointing out that most of the past year’s growth had been driven by price.

The company also scored a $500 million refinancing in the second quarter, which it used to repurchase $345 million of exchangeable notes and reduce its outstanding revolver balance to $460 million.

Chief Financial Officer Charlotte Simonelli said she expects to repurchase the remaining $58 million in outstanding notes in the next months, pushing the company’s earliest maturity date back to 2029.

Luxury continues to grow

Anywhere’s luxury segment, which grew 3.5 percent year over year on a volume basis, outperformed the company overall, which was flat in the second quarter compared to last year. The company sold 369 homes priced $10 million or higher, a 20 percent increase from the prior year.

Anywhere’s quarterly operating EBITDA fell to $133 million from $144 million on a year-over-year basis, and the company reiterated its projected full-year EBITDA of $350 million.

The brokerage posted a free cash flow loss of $5 million, down from a gain of $63 million in the second quarter of last year. Its free cash flow was impacted by a $41 million payment related to a legacy tax matter and $25 million from what the company called an “unfavorable impact” from securitization timing.

Agent commission splits were 80.9 percent, an increase from around 80.5 percent in the second quarter of last year. Simonelli said a decrease in new development and company-generated leads in the business and an increase in deals done by top agents contributed to the rising splits.

All in on AI, unclear on private listings

Schneider led off the call touting the company’s investment in artificial intelligence, which he said “will change how real estate is done and we plan to lead the way.”

One-third of Coldwell Banker’s brokerage document submissions are now automated, according to Simonelli.

The company is leaning on generative AI to help in its cost-reduction efforts. It saved $25 million in the second quarter and $39 million this year, which puts it on track to realize $100 million in cost savings this year. Last year, the company cut $125 million in costs.

Compared to previous years, the “low-hanging fruit” for cost savings is gone, but generative AI is “creating new cost efficiency opportunities,” according to Schneider.

Schneider tried to toe the line on private listings, reiterating that “typically getting as many people looking at your listings” is good for the consumer, while also pointing out that Anywhere has been building tools that can accommodate a market turn to private listings.

“We like the preparation for a defensive play if the world does go more toward private listings,” he said.