Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

A summary of stock option activity is presented below (in millions, except share and per share amounts):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value (1)
Balance as of December 31, 2025	28,559,349	$	6.31	3.6	$	130
Replacement awards assumed in connection with the Anywhere Merger	1,875,225	14.84
Exercised	(3,477,561)	4.82
Forfeited	(1,912,108)	13.99
Balance as of June 30, 2026	25,044,905	$	6.57	3.3	$	150
Exercisable and vested at June 30, 2026	24,898,574	$	6.57	3.3	$	149

(1)The aggregate intrinsic values have been calculated using the Company’s closing stock prices of $12.33 and $10.57 as of June 30, 2026 and December 31, 2025, respectively.

Schedule of Restricted Stock Units Activity

A summary of RSU activity is presented below:


	Number of Awards	Weighted Average Grant Date Fair Value
Balance as of December 31, 2025	48,620,509	$	7.06
Granted (1)	18,616,688	8.61
Replacement awards assumed in connection with the Anywhere Merger	12,355,843	12.26
Vested and converted to common stock (2)	(26,687,528)	9.41
Forfeited	(3,824,024)	6.79
Balance as of June 30, 2026	49,081,488	$	7.71

(1)Included within the 18.6 million RSUs granted during the six months ended June 30, 2026 are 5.0 million RSUs granted during the second quarter of 2026 resulting from the Company's modification of certain outstanding cash awards held by legacy Anywhere employees. As a result of this modification, $20 million of liabilities were reclassified to Additional paid-in capital on the modification date.

(2)During the six months ended June 30, 2026, the Company net settled certain of the RSUs that vested and converted to common stock through which it withheld an aggregate of 6.6 million shares of Class A common stock to satisfy $79 million of tax withholding obligations on behalf of the Company’s employees.

Schedule of Total Stock-Based Compensation Expense

Total stock-based compensation expense included in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 is as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Commissions and other related expenses	$	—	$	—	$	1	$	—
Sales and marketing	4		9		9		16
Operations and support	8		10		18		15
Technology and development	13		25		32		38
General and administrative	13		11		25		17
Anywhere merger transaction and integration expenses	3		—		64		—
Total stock-based compensation expense	$	41	$	55	$	149	$	86