ANYWHERE REAL ESTATE INC. REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS
MADISON, N.J., July 29, 2025 /PRNewswire/ -- Anywhere Real Estate Inc. (NYSE:HOUS) ("Anywhere" or the "Company"), a global leader in residential real estate services, today reported financial results for the second quarter ended June 30, 2025.
"Momentum from improving volume trends in June 2025 carried into July, with open volume up 9% year-over-year through July 21," said Ryan Schneider, Anywhere Real Estate Inc. President and CEO. "Anywhere is driving a bold transformation of the real estate industry, empowering agents and franchisees through advanced AI, digital innovation, and the strategic scale of integrated businesses."
"We have enhanced financial flexibility following our $500 million bond issuance, with no meaningful note maturities until 2029," said CFO Charlotte Simonelli, Anywhere EVP, CFO and Treasurer. "We remain on track to deliver our full year guidance."
Second Quarter 2025 Highlights
Generated Revenue of $1.7 billion, an increase of $13 million year-over-year.
Reported Net Income attributable to Anywhere of $27 million, an improvement of $3 million year-over-year. Adjusted Net Income of $36 million decreased $4 million versus second quarter of 2024 (See Table 1a).
Operating EBITDA of $133 million (See Table 5a).
Improved financial flexibility by proactively raising $500 million in new debt, extending maturities and improving our capital structure.
Combined closed transaction volume for the quarter was flat year-over-year, with units down about 4% and price up 4%.
Continued strength in luxury with Coldwell Banker Global Luxury, Corcoran, and Sotheby's International Realty brands significantly outperforming the market, with closed transaction volume increasing 3.5% year-over-year.
Momentum improved into July, with closed transaction volume up mid-single digits year-over-year as of July 21, driven by gains in both sides and price. Open volume rose 9% through July 21, supported by increases in sides and price, while Advisor listings grew 11% year-over-year.
Welcomed 13 new US franchisees and added three new international expansions to our high-margin franchise network in the second quarter.
Realized cost savings of $25 million in the second quarter of 2025 and on track to deliver $100 million for full year 2025.
Free Cash Flow of negative $5 million in the second quarter of 2025 (including a one-time $41 million legacy tax matter payment and a $25 million unfavorable impact from securitization timing) (See Table 7).
Second Quarter 2025 Financial Highlights
The following table sets forth the Company's financial highlights for the periods presented (in millions, except per share data) (unaudited):
Three Months Ended June 30,
2025
2024
Change
% Change
Revenue
$ 1,682
$ 1,669
$ 13
1 %
Operating EBITDA 1, 2
133
143
(10)
(7)
Net income attributable to Anywhere
27
30
(3)
(10)
Adjusted net income 1, 3
36
40
(4)
(10)
Earnings per share
0.24
0.27
(0.03)
(11)
Free Cash Flow 4
(5)
63
(68)
(108)
Net cash (used in) provided by operating activities
$ (28)
$ 39
$ (67)
(172) %
Select Key Drivers
Anywhere Brands - Franchise Group 5, 6
Closed homesale sides
186,970
194,372
(4) %
Average homesale price
$ 527,356
$ 506,676
4 %
Anywhere Advisors - Owned Brokerage Group 6
Closed homesale sides
69,479
71,895
(3) %
Average homesale price
$ 800,807
$ 775,453
3 %
Anywhere Integrated Services - Title Group
Purchase title and closing units
28,829
29,816
(3) %
Refinance title and closing units
2,881
2,394
20 %
_______________
Footnotes:
1 Effective December 31, 2024, the Company updated its definitions of Operating EBITDA and Adjusted net income (loss) to include adjustments for non-cash stock-based compensation and legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits to conform with similar adjustments and measures disclosed by industry competitors. These changes have been applied retrospectively to prior periods to enhance comparability. The inclusion of these adjustments does not materially affect segment-level trends or conclusions previously disclosed.
2 See Table 5a for a reconciliation of Net income attributable to Anywhere to Operating EBITDA. Operating EBITDA is defined as net income (loss) adjusted for depreciation and amortization, interest expense, net (excluding relocation services interest for securitization assets and securitization obligations), income taxes, and certain non-core items. Non-core items include non-cash stock-based compensation, restructuring charges, impairments, former parent legacy items, legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits, gains or losses on the early extinguishment of debt, and gains or losses on discontinued operations or the sale of businesses, investments or other assets.
3 See Table 1a for a reconciliation of Net income attributable to Anywhere to Adjusted net income. Adjusted net income (loss) is defined as net income (loss) before mark-to-market interest rate swap adjustments, non-cash stock-based compensation, restructuring charges, impairments, former parent legacy items, legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits, (gain) loss on the early extinguishment of debt, (gain) loss on the sale of businesses, investments or other assets and the tax effect of the foregoing adjustments.
4 See Table 7 for a reconciliation of Net income attributable to Anywhere to Free Cash Flow. Free Cash Flow is defined as net income (loss) attributable to Anywhere before income tax expense (benefit), income tax payments, net interest expense, cash interest payments, depreciation and amortization, capital expenditures, restructuring costs and former parent legacy costs (benefits), net of payments, impairments, (gain) loss on the sale of businesses, investments or other assets, (gain) loss on the early extinguishment of debt, working capital adjustments and relocation receivables (assets), net of change in securitization obligations.
5 Includes all franchisees except for Owned Brokerage Group.
6 As of June 30, 2025, the Company's combined homesale transaction volume (transaction sides multiplied by average sale price) remained flat compared with the second quarter of 2024.
Guidance
The Company expects to realize cost savings of approximately $100 million in 2025, which we expect will be offset in part by inflationary pressures and investments as we look to make significant progress transforming our business.
The Company expects Operating EBITDA for full year 2025 to be about $350 million. The largest variable in this estimate is the performance of the housing market.
The Company expects Free Cash Flow excluding one-time items to be approximately $70 million. Free Cash Flow, like Operating EBITDA, is driven by the overall housing market and may be impacted by additional investments we make to drive growth and advance our technology strategy.
The one-time items consist of three payments. First, $41 million for a 1999 Cendant legacy tax matter, which was paid in second quarter of 2025 and that the Company intends to appeal. Next, an approximately $20 million payment for settlement of the Company's TCPA litigation, which is subject to final court approval. Last, the final $54 million payment towards our antitrust litigation settlement, which will be due when appeals are resolved, the timing of which is uncertain (but which we now anticipate may occur in late 2025 or early 2026).
This guidance is subject to, among other things, macroeconomic and housing market uncertainties, including those related to declining affordability, constrained inventory and competitive, litigation and regulatory uncertainties. See "Forward-Looking Statements" below.
Balance Sheet
Total corporate debt, including the short-term portion, net of cash and cash equivalents (net corporate debt), totaled $2.6 billion at June 30, 2025. The Company ended the quarter with cash and cash equivalents of $266 million. The Company's Senior Secured Leverage Ratio was 1.07x at June 30, 2025 (see Table 8a). The Company's Net Debt Leverage Ratio was 7.2x at June 30, 2025 (see Table 8b).
On June 26, 2025, Anywhere Group and Anywhere Co-Issuer Corp. issued $500 million aggregate principal amount of 9.75% Senior Secured Second Lien Notes and used the net proceeds from the offering to repurchase $345 million in aggregate principal amount of the Exchangeable Senior Notes for an aggregate cash payment of $339 million. Following the repurchase, approximately $58 million in aggregate principal amount of the Exchangeable Senior Notes remains outstanding.
The Company used the remaining net proceeds to repay a portion of outstanding borrowings under the Revolving Credit Facility in July 2025. As of July 28, 2025 the Company had $460 million of outstanding borrowings under its Revolving Credit Facility.
A consolidated balance sheet is included as Table 2 of this press release.
Investor Conference Call
Today, July 29, at 8:30 a.m. (ET), Anywhere will hold a conference call via webcast to review its Q2 2025 results and provide a business update. The webcast will be hosted by Ryan Schneider, chief executive officer and president, and Charlotte Simonelli, chief financial officer, and will conclude with an investor Q&A period with management.
To access the live webcast of the conference call or to view a replay, visit the company's investor relations website at https://ir.anywhere.re/.
The conference call can also be accessed by registering online at the Event Registration Page, at which time registrants will receive dial-in information as well as a conference ID. Registration can be completed in advance of the conference call.
About Anywhere Real Estate Inc.
Anywhere Real Estate Inc. (NYSE:HOUS) is moving real estate to what's next. We fulfill our purpose to empower everyone's next move through our leading integrated services, which include franchise, brokerage, relocation, and title and settlement businesses, as well as mortgage and title insurance underwriter minority owned joint ventures. Our brands are some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Every day, we help fuel the productivity of our vast network of franchise owners and our more than 300,000 affiliated agents globally as they build stronger businesses and best serve today's consumers. Learn more about our award-winning culture of innovation and integrity at www.anywhere.re.
Forward-Looking Statements
This press release contains "forward-looking statements," within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believes", "expects", "anticipates", "intends", "projects", "estimates", "potential" and "plans" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could", and include statements that refer to expectations or other characterizations of future events, circumstances or results. Examples of forward-looking statements include, but are not limited to, the information appearing under "Guidance."
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anywhere Real Estate Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The following include some, but not all, of the factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements: downturns and disruptions in the residential real estate market, which could include, but are not limited to, factors that impact homesale transaction volume, such as: prolonged periods of a high mortgage rate and/or high inflation rate environment, continued or accelerated reductions in housing affordability, insufficient or excessive inventory and continued or accelerated declines, the absence of significant increases in the number of home sales, stagnant or declining home prices, or changes in consumer preferences in the U.S.; adverse developments or the absence of sustained improvement in macroeconomic conditions (such as business, economic or political conditions) on a global, domestic or local basis, including those arising from actual or potential changes in trade policy; changes to industry rules or practices that prohibit, restrict or adversely alter policies, practices, rules or regulations governing the functioning of the residential real estate market (regardless of whether such changes are driven by regulatory action, litigation outcomes, or otherwise); the impact of evolving competitive and consumer dynamics, including: meaningful decreases in the average broker commission rate, continued erosion of the Company's share of the commission income generated by homesale transactions, our ability (and the ability of affiliated joint ventures and franchisees) to compete against traditional and non-traditional competitors, our ability to adapt our business to changing consumer preferences, or further disruption in the residential real estate brokerage industry related to listing aggregator market power and concentration; our ability to execute our business strategy, including with respect to our efforts to: recruit and retain productive independent sales agents, attract and retain franchisees or renew existing franchise agreements without reducing contractual royalty rates or increasing the amount and prevalence of sales incentives, develop or procure products, services and technology that support our strategic initiatives, successfully adopt and integrate artificial intelligence and similar technology into our products and services, or achieve or maintain cost savings and other benefits from our cost-saving initiatives; adverse developments or outcomes in large scale litigation, involving significant claims, such as antitrust litigation and litigation related to the Telephone Consumer Protection Act (TCPA); risks related to our substantial indebtedness, in general, particularly heightened during industry downturns or broader recessions, which could adversely limit our operations, including our ability to grow our business, whether organically or via acquisitions, adversely impact our liquidity and/or adversely impact our ability, and any actions we may take, to refinance, restructure or repay our indebtedness; risks related to the maturity date of the Revolving Credit Facility, which will spring forward from July 2027 to March 2026 if we have not repurchased the remaining Exchangeable Senior Notes by such date (unless all Revolving Credit Facility lenders approve the modification or waiver of this provision); risks related to our ability to refinance or restructure our Revolving Credit Facility or other debt on terms as favorable as those of currently outstanding debt, or at all, including as a result of global and national macroeconomic factors and their impact on the credit and capital markets; risks related to our business structure, including: the operating results of affiliated franchisees and their ability to pay franchise and related fees, continued consolidation among our top 250 franchisees, the geographic and high-end market concentration of our company owned brokerages, the loss of our largest real estate benefit program client or continued reduction in spending on relocation services, the failure of third-party vendors or partners to perform as expected or our failure to adequately monitor them, or our ability to continue to securitize certain of the relocation assets of Cartus; our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing, including but not limited to (1) antitrust laws and regulations, (2) the Real Estate Settlement Procedures Act or other federal or state consumer protection or similar laws, (3) state or federal employment laws or regulations that would require reclassification of independent contractor sales agents to employee status, (4) the TCPA, and (5) privacy or cybersecurity laws and regulations; cybersecurity incidents; impacts from severe weather events, natural disasters and other catastrophic events; impairment of our goodwill and other long-lived assets; the accuracy of market forecasts and estimates; and significant fluctuation in the price of our common stock.
Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings "Forward-Looking Statements," "Summary of Risk Factors" and "Risk Factors" in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and our Annual Report on Form 10-K for the year ended December 31, 2024, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events except as required by law.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, important information regarding such measures is contained in the Tables attached to this release. See Tables 8a, 8b and 9 for definitions of these non-GAAP financial measures and Tables 1a, 5a, 5b, 6a, 6b, 7, 8a and 8b for reconciliations of the historical non-GAAP financial measures to their most comparable GAAP terms.
Reconciliations of the Company's estimates of 2025 Operating EBITDA and full-year Free Cash Flow excluding one-time items set forth under "Guidance", which are each non-GAAP financial measures, to estimated net income (loss) attributable to Anywhere are not provided because of the difficulty in forecasting and quantifying the items that would be necessary for such reconciliations. The Company also believes that providing estimates of the amounts that would be required to provide such reconciliations would imply a degree of precision that would be confusing or misleading to investors. These items are uncertain, depend on various factors and may have a material impact on GAAP results.
July 2025 Volume Data. July 2025 month-to-date data is through July 21, 2025, with year-over-year comparisons based on the same number of business days in July 2025 and July 2024.
Investor Contacts:
Media Contacts:
Tom Hudson
Barri Rafferty
973-407-3677
(973) 407-3667
John Carr
Kyle Kirkpatrick
(973) 407-2612
(973) 407-2935
Table 1
ANYWHERE REAL ESTATE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenues
Gross commission income
$ 1,381
$ 1,376
$ 2,357
$ 2,283
Service revenue
167
159
292
278
Franchise fees
101
101
174
171
Other
33
33
63
63
Net revenues
1,682
1,669
2,886
2,795
Expenses
Commission and other agent-related costs
1,117
1,108
1,902
1,834
Operating
303
285
580
558
Marketing
49
47
93
92
General and administrative
89
93
192
192
Former parent legacy cost (benefit), net
1
1
(2)
2
Restructuring costs, net
12
7
24
18
Impairments
—
2
6
8
Depreciation and amortization
49
48
95
103
Interest expense, net
36
40
72
79
Gain on the early extinguishment of debt
(2)
—
(2)
—
Other income, net
(4)
—
(5)
(1)
Total expenses
1,650
1,631
2,955
2,885
Income (loss) before income taxes, equity in earnings and noncontrolling interests
32
38
(69)
(90)
Income tax expense (benefit)
9
11
(15)
(17)
Equity in earnings of unconsolidated entities
(5)
(3)
(4)
(2)
Net income (loss)
28
30
(50)
(71)
Less: Net income attributable to noncontrolling interests
(1)
—
(1)
—
Net income (loss) attributable to Anywhere
$ 27
$ 30
$ (51)
$ (71)
Earnings (loss) per share attributable to Anywhere shareholders:
Basic earnings (loss) per share
$ 0.24
$ 0.27
$ (0.46)
$ (0.64)
Diluted earnings (loss) per share
$ 0.24
$ 0.27
$ (0.46)
$ (0.64)
Weighted average common and common equivalent shares of Anywhere outstanding:
Basic
111.9
111.2
111.7
110.9
Diluted
114.1
111.9
111.7
110.9
Table 1a
ANYWHERE REAL ESTATE INC.
NON-GAAP RECONCILIATION
ADJUSTED NET INCOME (LOSS)
(In millions, except per share data)
Set forth in the table below is a reconciliation of Net income (loss) attributable to Anywhere to Adjusted net income (loss) as defined in Table 9 for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024 (a)
2025
2024 (a)
Net income (loss) attributable to Anywhere
$ 27
$ 30
$ (51)
$ (71)
Addback:
Stock-based compensation (b)
4
4
9
8
Restructuring costs, net (c)
12
7
24
18
Impairments
—
2
6
8
Former parent legacy cost (benefit), net
1
1
(2)
2
Legal contingencies (d)
—
—
—
—
Gain on the early extinguishment of debt
(2)
—
(2)
—
Gain on the sale of businesses, investments or other assets, net
(3)
—
(4)
—
Adjustments for tax effect (e)
(3)
(4)
(8)
(10)
Adjusted net income (loss) attributable to Anywhere
$ 36
$ 40
$ (28)
$ (45)
_______________
(a)
2024 amounts have been updated to reflect our definition of Adjusted net income (loss) (see Table 9 for definition).
(b)
Stock-based compensation is a non-cash expense that is based on grant date fair value, which is influenced by the Company's stock price, and recognized over the requisite service period.
(c)
Restructuring costs include personnel-related, facility-related and other costs related to professional fees and consulting fees.
(d)
Legal contingencies do not include cases that are part of our normal operating activities or legal expenses incurred in the ordinary course of business.
(e)
Reflects tax effect of adjustments at the Company's blended state and federal statutory rate.
Table 2
ANYWHERE REAL ESTATE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
June 30,2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 266
$ 118
Restricted cash
12
6
Trade receivables (net of allowance for doubtful accounts of $19 and $17)
124
101
Relocation receivables
255
150
Other current assets
195
206
Total current assets
852
581
Property and equipment, net
238
247
Operating lease assets, net
312
331
Goodwill
2,499
2,499
Trademarks
584
584
Franchise agreements, net
787
821
Other intangibles, net
96
106
Other non-current assets
491
467
Total assets
$ 5,859
$ 5,636
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 116
$ 101
Securitization obligations
180
140
Current portion of long-term debt
668
490
Current portion of operating lease liabilities
97
105
Accrued expenses and other current liabilities
484
553
Total current liabilities
1,545
1,389
Long-term debt
2,125
2,031
Long-term operating lease liabilities
267
284
Deferred income taxes
191
207
Other non-current liabilities
202
155
Total liabilities
4,330
4,066
Commitments and contingencies
Equity:
Anywhere preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued and outstanding at June 30, 2025 and December 31, 2024
—
—
Anywhere common stock: $0.01 par value; 400,000,000 shares authorized, 111,993,989 shares issued and outstanding at June 30, 2025 and 111,261,825 shares issued and outstanding at December 31, 2024
1
1
Additional paid-in capital
4,834
4,827
Accumulated deficit
(3,270)
(3,219)
Accumulated other comprehensive loss
(40)
(42)
Total stockholders' equity
1,525
1,567
Noncontrolling interests
4
3
Total equity
1,529
