Revenue growth remains inconsistent at 5.9% in 2025Q3, while gross margins exhibit extreme variance, swinging from 33.6% in 2025Q2 to 81.2% in 2025Q3.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 5.87B | 5.69B | 5.64B | 6.91B | 7.98B | 6.22B | 5.87B | 6.08B | 6.11B | 5.81B | 5.71B | 5.33B | 5.29B | 4.67B | 4.09B | 4.09B | 3.93B |
| Revenue Growth % | 5.27% | 0.99% | -18.41% | -13.47% | 28.32% | 5.98% | -3.44% | -0.57% | 5.23% | 1.82% | 7.09% | 0.74% | 13.21% | 14.15% | 0.07% | 4.02% | - |
| Cost of Goods Sold | 3.09B | 3.72B | 3.66B | 4.42B | 4.75B | 3.53B | 3.16B | 3.28B | 3.23B | 2.94B | 2.93B | 2.75B | 2.69B | 2.32B | 1.93B | 1.93B | 1.85B |
| COGS % of Revenue | - | 65.32% | 65.01% | 63.91% | 59.54% | 56.7% | 53.76% | 53.99% | 52.83% | 50.69% | 51.37% | 51.71% | 50.88% | 49.64% | 47.2% | 47.24% | 47.05% |
| Gross Profit | 2.78B | 1.97B | 1.97B | 2.49B | 3.23B | 2.69B | 2.71B | 2.8B | 2.88B | 2.87B | 2.77B | 2.57B | 2.6B | 2.35B | 2.16B | 2.16B | 2.08B |
| Gross Margin % | 47.33% | 34.68% | 34.99% | 36.09% | 40.46% | 43.3% | 46.24% | 46.01% | 47.17% | 49.31% | 48.63% | 48.29% | 49.12% | 50.36% | 52.8% | 52.76% | 52.95% |
| Gross Profit Growth % | - | 0.1% | -20.9% | -22.82% | 19.9% | -0.74% | -2.97% | -3.02% | 0.66% | 3.24% | 7.85% | -0.96% | 10.41% | 8.88% | 0.14% | 3.65% | - |
| Operating Expenses | 1.59B | 1.91B | 1.98B | 2.23B | 2.58B | 2.29B | 2.33B | 2.33B | 2.37B | 2.31B | 2.22B | 2.05B | 2.07B | 2B | 1.92B | 1.53B | 1.76B |
| OpEx % of Revenue | - | 33.56% | 35.13% | 32.3% | 32.28% | 36.75% | 39.76% | 38.31% | 38.71% | 39.69% | 38.94% | 38.42% | 39.19% | 42.87% | 46.81% | 37.31% | 44.81% |
| Selling, General & Admin | 587M | 587M | 637M | 640M | 704M | 627M | 608M | 586M | 625M | 562M | 563M | 507M | 526M | 517M | 1.71B | 1.66B | 1.67B |
| SG&A % of Revenue | - | 10.31% | 11.3% | 9.26% | 8.82% | 10.08% | 10.36% | 9.64% | 10.22% | 9.67% | 9.87% | 9.52% | 9.95% | 11.07% | 41.75% | 40.54% | 42.57% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.19B | 64M | -8M | 262M | 653M | 408M | 380M | 464M | 526M | 562M | 571M | 538M | 528M | 1M | 257M | 654M | 391M |
| Operating Margin % | 20.28% | 1.12% | -0.14% | 3.79% | 8.18% | 6.56% | 6.47% | 7.63% | 8.6% | 9.67% | 10.01% | 10.1% | 9.98% | 0.02% | 6.28% | 15.99% | 9.94% |
| Operating Income Growth % | - | 900% | -103.05% | -59.88% | 60.05% | 7.37% | -18.1% | -11.79% | -6.41% | -1.58% | 6.13% | 1.89% | 52700% | -99.61% | -60.7% | 67.26% | - |
| EBITDA | 1.38B | 262M | 188M | 476M | 857M | 594M | 575M | 5.79B | 6.12B | 5.82B | 772M | 728M | 704M | 174M | 443M | 851M | 585M |
| EBITDA Margin % | 23.51% | 4.6% | 3.34% | 6.89% | 10.74% | 9.55% | 9.8% | 95.21% | 100.11% | 100.17% | 13.53% | 13.66% | 13.31% | 3.72% | 10.82% | 20.81% | 14.88% |
| EBITDA Growth % | 8.83% | 39.36% | -60.5% | -44.46% | 44.28% | 3.3% | -90.07% | -5.44% | 5.17% | 653.89% | 6.04% | 3.41% | 304.6% | -60.72% | -47.94% | 45.47% | - |
| D&A (Non-Cash Add-back) | 190M | 198M | 196M | 214M | 204M | 186M | 195M | 5.32B | 5.59B | 5.26B | 201M | 190M | 176M | 173M | 186M | 197M | 194M |
| EBIT | -23M | 17M | 29M | -210M | 625M | -345M | 61M | 399M | 501M | 523M | 513M | 492M | 456M | -166M | 233M | 610M | 320M |
| Net Interest Income | -155M | -153M | -151M | -113M | -190M | -246M | -250M | -190M | -157M | -174M | -231M | -267M | -281M | 528M | -666M | -604M | -583M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 528M | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -128M | -129M | -113M | -351M | 483M | -460M | -189M | 209M | 351M | 349M | 282M | 225M | 175M | -563M | -433M | 36M | -310M |
| Pretax Margin % | -2.18% | -2.27% | -2% | -5.08% | 6.05% | -7.39% | -3.22% | 3.44% | 5.74% | 6.01% | 4.94% | 4.22% | 3.31% | -12.05% | -10.58% | 0.88% | -7.88% |
| Income Tax | -2M | -2M | -15M | -68M | 133M | -104M | 14M | 65M | -65M | 144M | 110M | 87M | -242M | 39M | 32M | 133M | -50M |
| Effective Tax Rate % | 1.56% | 1.55% | 13.27% | 19.37% | 27.54% | 22.61% | -7.41% | 31.1% | -18.52% | 41.26% | 39.01% | 38.67% | -138.29% | -6.93% | -7.39% | 369.44% | 16.13% |
| Net Income | -128M | -128M | -97M | -287M | 343M | -360M | -188M | 137M | 431M | 213M | 184M | 143M | 438M | -543M | -441M | -99M | -262M |
| Net Margin % | -2.18% | -2.25% | -1.72% | -4.15% | 4.3% | -5.79% | -3.2% | 2.25% | 7.05% | 3.67% | 3.22% | 2.68% | 8.28% | -11.62% | -10.77% | -2.42% | -6.66% |
| Net Income Growth % | 25.15% | -31.96% | 66.2% | -183.67% | 195.28% | -91.49% | -237.23% | -68.21% | 102.35% | 15.76% | 28.67% | -67.35% | 180.66% | -23.13% | -345.45% | 62.21% | - |
| Net Income (Continuing) | -126M | -127M | -98M | -283M | 350M | -356M | -185M | 150M | 416M | 217M | 188M | 147M | 417M | -602M | -465M | -127M | -260M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -67M | 0 | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4M | 3M | 2M | 3M | 6M | 4M | 4M | 4M | 4M | 5M | 4M | 4M | 3M | 3M | 2M | 2M | 2M |
| EPS (Diluted) | -1.14 | -1.15 | -0.88 | -2.24 | 2.85 | -4.23 | -1.19 | 1.09 | 3.11 | 1.46 | 1.24 | 0.97 | 2.99 | -3.74 | -55.12 | -12.37 | -32.75 |
| EPS Growth % | 25.05% | -30.68% | 60.71% | -178.6% | 167.38% | -255.46% | -209.17% | -64.95% | 113.01% | 17.74% | 27.84% | -67.56% | 179.95% | 93.21% | -345.59% | 62.23% | - |
| EPS (Basic) | - | -1.15 | -0.88 | -2.24 | 2.95 | -4.23 | -1.19 | 1.10 | 3.15 | 1.47 | 1.26 | 0.98 | 3.01 | -3.75 | -55.12 | -12.37 | -32.75 |
| Diluted Shares Outstanding | 112M | 111.1M | 110.3M | 113.8M | 120.2M | 115.2M | 114.2M | 125.3M | 138.4M | 145.8M | 148.1M | 147.2M | 146.6M | 145.1M | 8M | 8M | 8M |
| Basic Shares Outstanding | 112M | 111.1M | 110.3M | 113.8M | 116.4M | 115.2M | 114.2M | 124M | 136.7M | 144.5M | 146.5M | 146M | 145.4M | 144.67M | 8M | 8M | 8M |
| Dividend Payout Ratio | - | - | - | - | 14.87% | - | - | 32.85% | 11.37% | 12.21% | 7.07% | 3.5% | 9.59% | - | - | - | - |
Cyclical transaction volume sensitivity
As reported in recent financial statements, Anywhere Real Estate's revenue growth remains inconsistent, with the firm posting a 5.9% increase in 2025Q3 following a period of volatility, reflecting the broader challenges of navigating a high-interest-rate environment that continues to suppress residential real estate transaction volumes.
The top-line performance appears heavily tethered to seasonal home-buying cycles, which masks the underlying difficulty in achieving sustained organic growth. Investors should monitor whether the recent uptick in revenue represents a genuine recovery or merely a temporary fluctuation in a structurally challenged market.
Based on the provided income statement data, gross margins have exhibited extreme variance, swinging from 33.6% in 2025Q2 to 81.2% in 2025Q3, which suggests that the company's reported figures may be subject to significant accounting reclassifications or shifts in segment revenue recognition timing.
The wide disparity in margin reporting warrants further investigation into how much of the gross profit is derived from high-margin franchise royalties versus lower-margin brokerage operations. This volatility implies that the company lacks a stable, predictable margin profile, making it difficult to forecast profitability during periods of market stress.
According to the company's quarterly filings, operating income has frequently dipped into negative territory, such as the -$51.0M reported in 2025Q1, indicating that the firm's fixed cost base remains too high to effectively scale during periods of declining or stagnant transaction volume.
The inability to consistently generate positive operating income suggests that the company's SG&A expenses are not sufficiently flexible to match revenue declines. This lack of operating leverage may leave the firm vulnerable to further margin compression if competitive pressures force higher agent commission splits.
As indicated by the reported net income figures, which fluctuated from a $129.0M profit in 2023Q3 to a $101.0M loss in 2024Q1, the quality of earnings appears compromised by non-operating items and the inherent instability of the firm's core transactional business model.
The presence of stock-based compensation, while relatively modest, adds another layer of complexity to the bottom-line results. Investors should be cautious, as the frequent swings between profitability and loss suggest that net income is not a reliable indicator of the company's long-term operational health.
Based on recent industry developments, the settlement of major antitrust litigation regarding buyer agent commissions poses a significant threat to the company's revenue model, potentially leading to a permanent reduction in the total commission pool available to the brokerage segment.
Short-sellers would likely focus on the risk that regulatory changes will force a fundamental restructuring of how the company recognizes revenue per transaction. This potential for structural decline in commission rates may not be fully reflected in the current valuation, suggesting that the firm's long-term earnings power remains highly uncertain.
Quick answers to the most common questions about buying HOUS stock.
For fiscal year 2024, Anywhere Real Estate Inc. (HOUS) reported total revenue of $5.69B. This represents a 44.8% increase compared to $3.93B in 2009.
Anywhere Real Estate Inc. (HOUS) reported a net loss of $128.0M for the fiscal year ending 2024.
Anywhere Real Estate Inc. (HOUS) reported an operating income of $64.0M, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Anywhere Real Estate Inc. (HOUS) generated $1.97B in gross profit for the year, representing a gross profit margin of 34.7%. This demonstrates the company's core pricing power and production efficiency.