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CSGP

CoStar Group, Inc.

CSGP

CoStar Group, Inc. • NASDAQ
$68.80 ▲ 1.45% (+0.98)
Market Cap $29.16 B
52w High $97.43
52w Low $63.82
Dividend Yield 0%
P/E 1146.67
Volume 1.81M
Outstanding Shares 423.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $833.6M ▲ $712.5M ▲ $-30.9M ▼ -3.707% ▼ $-0.074 ▼ $29.4M ▼
Q2-2025 $781.3M ▲ $640.7M ▲ $6.2M ▲ 0.794% ▲ $0.015 ▲ $38.3M ▲
Q1-2025 $732.2M ▲ $621.7M ▲ $-14.8M ▼ -2.021% ▼ $-0.036 ▼ $4.5M ▼
Q4-2024 $709.4M ▲ $528.5M ▲ $59.8M ▲ 8.43% ▲ $0.15 ▲ $79.3M ▲
Q3-2024 $692.6M $528.3M $53M 7.652% $0.13 $59.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.035B ▼ $10.82B ▲ $2.196B ▲ $8.616B ▲
Q2-2025 $4.035B ▼ $10.507B ▲ $1.906B ▲ $8.601B ▲
Q1-2025 $4.064B ▼ $10.428B ▲ $1.872B ▲ $8.556B ▲
Q4-2024 $4.681B ▼ $9.257B ▲ $1.703B ▲ $7.553B ▲
Q3-2024 $4.938B $9.139B $1.648B $7.491B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.9M ▼ $68.2M ▼ $-1.688B ▼ $-63.7M ▼ $-1.692B ▼ $352.6M ▲
Q2-2025 $6.2M ▲ $146.5M ▲ $-150.8M ▲ $-51.1M ▼ $-51.2M ▲ $-58.7M ▼
Q1-2025 $-14.8M ▼ $53.2M ▼ $-910.6M ▼ $-47.3M ▼ $-902.8M ▼ $-26M ▼
Q4-2024 $59.8M ▲ $94.6M ▼ $-350.1M ▼ $100K ▼ $-256.6M ▼ $15.8M ▲
Q3-2024 $53M $100.3M $-85.2M $1.5M $18.1M $13.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
CoStar Suite
CoStar Suite
 $260.00M ▲$270.00M ▲$270.00M ▲$280.00M ▲
Information services
Information services
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
LoopNet
LoopNet
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Multifamily Online Marketplace
Multifamily Online Marketplace
 $0 ▲$280.00M ▲$290.00M ▲$300.00M ▲
Residential
Residential
 $30.00M ▲$30.00M ▲$30.00M ▲$50.00M ▲
Online Marketplaces
Online Marketplaces
 $40.00M ▲$40.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for CoStar’s data and marketplaces remains healthy. Gross profitability looks strong, which means the core products are attractive and priced well. The standout issue is that operating profit and net income dipped sharply in the most recent year, essentially flattening out despite higher sales. This suggests a deliberate step-up in spending—likely on marketing, technology, and new initiatives like Homes.com and Matterport integration—compressing margins in the short term. In plain terms: the business is selling more, but near‑term earnings have been sacrificed to fund growth and expansion efforts.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. CoStar holds a large cash pile relative to its modest debt, giving it financial flexibility to keep investing, make acquisitions, or weather downturns in real estate activity. Assets and shareholder equity have been climbing over time, which reflects both retained earnings and ongoing investment in the business. Debt levels have stayed low and stable, so the company does not appear heavily reliant on borrowing. Overall, the financial foundation supports a long-term, investment-heavy strategy without obvious balance sheet strain.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations has been consistently healthy, which is a good sign that the underlying subscription and marketplace model is cash‑generative. Historically, free cash flow was comfortably positive, but in the most recent year it swung negative because capital spending jumped sharply. That spike is likely tied to acquisitions, platform build‑outs, and technology infrastructure rather than routine spending. So cash flow is being intentionally redirected toward growth projects. The trade‑off is clear: more aggressive investment now, less near‑term surplus cash, but still backed by strong operating inflows and a large cash balance.

Competitive Edge

Competitive Edge CoStar’s competitive position is unusually strong for a real estate services company. Its edge rests on a massive, proprietary data set that has taken decades and billions of dollars to build, plus a large research workforce that keeps the information accurate. Products like CoStar Suite, LoopNet, Apartments.com, and Homes.com benefit from network effects: more listings attract more users, and vice versa, making it hard for new entrants to catch up. Customers are deeply integrated into CoStar’s tools, which raises switching costs, and the brands are widely recognized and trusted. Strategic acquisitions have further consolidated its role as a central information and marketplace hub in commercial and, increasingly, residential real estate.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology and product innovation. It is embedding artificial intelligence and machine learning into its platforms for smarter search, better analytics, and more automated data verification. The Matterport acquisition brings 3D “digital twin” capabilities, enabling immersive virtual tours that can be deployed across Apartments.com, Homes.com, and other platforms. Homes.com itself is a major strategic push into residential, with an agent‑friendly model designed to differentiate it from incumbent players. CoStar is also expanding internationally and is openly pursuing more sizable acquisitions. All of this requires substantial R&D and marketing spend, which is visible in the recent pressure on margins and free cash flow, but it reinforces the long‑term technology moat if execution is successful.

Summary

CoStar today looks like a financially strong, data‑driven platform company that is in the middle of an investment surge. Revenues and gross profits are rising steadily, but near‑term earnings and free cash flow have been dampened by heavy spending on technology, content, marketing, and acquisitions. The balance sheet, with ample cash and low debt, gives it room to pursue this strategy. Its competitive moat—rooted in proprietary data, network effects, and trusted brands—is substantial, especially in commercial real estate, while newer bets in residential and international markets introduce both growth potential and execution risk. The key uncertainty is how quickly the recent wave of investment, particularly in Homes.com and advanced tech like AI and 3D digital twins, will translate into durable, higher‑margin growth over the coming years.

NEWS

November 20, 2025 · 9:00 AM UTC

CoStar projects yields to ease across CRE property types in 2026

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November 17, 2025 · 4:05 PM UTC

CoStar Group To Present at Stephens 27th Annual Investment Conference

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November 13, 2025 · 9:00 AM UTC

Homes.com Report: U.S. Home Price Appreciation Remained Muted in October

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November 11, 2025 · 9:00 AM UTC

CoStar Lowers Near-Term U.S. Multifamily Forecast

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November 7, 2025 · 1:43 PM UTC

CORRECTING and REPLACING Apartments.com Releases Multifamily Rent Growth Report for October 2025

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