COSTAR GROUP (CSGP) Company Report

CoStar plans to penetrate its $9 billion Apartments.com TAM by expanding sales coverage across all property sizes—currently under 1% in 1–49 units, 7% in 20–49, and 30% above 50 units—with 90%+ incremental margins.
The company has invested over $5 billion in proprietary data and aggressively defends its IP—suing a competitor over 50,000 copyrighted images—and views AI as an accelerator, not a threat, to its platforms.
CoStar has sold 500+ Matterport packages for residential listings, noting 9 out of 10 viewers click on 3D tours, and is integrating this capability into all CoStar businesses, shifting to a B2B sales model.
A unified technology platform now powers CoStar’s marketplaces (LoopNet, Apartments.com, Homes.com) and analytics (Lender.com), enabling bidirectional data flow and cross‐product enhancements.
LoopNet refocused on mid‐market “silver” listings—retention of high-80s to low-90s% vs. teens for platinum—and is back to double‐digit growth, with 100,000+ European listings and an Australia launch planned in H1 2026.

Nov 20, 2025, 3:00 PM

Transcript

CoStar Group outlines growth strategy at Stephens annual investment conference

CSGP

Legal Proceedings

Share Buyback

New Projects/Investments

CoStar estimates a $9 billion+ TAM in the U.S. multifamily market with 15–20% current penetration versus a 70–80% target, driving a 20% expansion in Apartments.com’s salesforce to capture this opportunity.
CoStar has filed a major copyright infringement lawsuit against a competitor over ~50,000 unauthorized uses of its images and prohibits API access to protect its IP, viewing scraping as illegal.
The Matterport Plus program has sold >500 packages, leading 9 out of 10 viewers to click listings, with plans to integrate the technology across Apartments.com, Homes.com, LoopNet, and CoStar platforms.
The company accelerated its $500 million share buyback program—initially neutralizing stock-based compensation—and expects to complete it by December, with buybacks to remain part of future capital recommendations.
LoopNet refocused on mid-market “silver” offers, achieving 88–90% retention versus teens for “platinum,” reinforcing its billion-dollar revenue profile; international listings exceed 100,000, and an Australian launch is slated for H1 2026.

Nov 20, 2025, 3:00 PM

Transcript

CoStar outlines growth strategies for Apartments.com, Homes.com and LoopNet

CSGP

Share Buyback

Revenue Acceleration/Inflection

New Projects/Investments

Apartments.com achieved double-digit growth for 13 consecutive quarters, growing from $50 M+ to $1.2 B in revenues with a TAM > $9 B and 2× the size of its nearest competitor, leveraging Matterport and AI to enhance consumer experience and lead generation.
Sales headcount increased ~20% to capture under-penetrated segments (1–49 units currently < 1% penetration), targeting high-margin (90%+ incremental) expansion across the existing TAM.
Capital allocation has shifted to include an accelerated $500 M share buyback, expected to complete by December, with buybacks remaining central to the deployment strategy.
Homes.com now has 26,000 subscribing agents, employing tiered advertising and pricing penetration models to drive digital marketing spend, with plans to increase pricing as penetration grows.
LoopNet reoriented toward silver-package penetration, boosting retention to high-80s/low-90s% (vs. teens for platinum) and returning to double-digit growth; international listings exceed 100 K in Europe with Australia launch in H1 2026.

Nov 20, 2025, 3:00 PM

Transcript

CoStar Group publishes October 2025 rent growth report

CSGP

Demand Weakening

National average rent declined to $1,708, down 0.3% month-over-month, marking the fourth consecutive month of flat or negative change and 0.8% annual growth in October 2025
Elevated supply pressures since 2022 have intensified seasonal autumn slowdown into outright declines, with October 2025 recording the steepest drop in over 15 years
All U.S. regions saw month-over-month decreases: West -0.53%, South -0.28%, Northeast -0.24%, Midwest -0.18%; on a year-over-year basis, Midwest led with +2.2%, followed by Northeast +1.8%, South 0%, and West -1.4%
Among metros, only Las Vegas and Milwaukee posted gains (+0.2%), while Denver (-1.3%), Austin (-1.1%), Seattle (-0.9%), Salt Lake City and Phoenix (-0.8%) saw the steepest declines

Nov 7, 2025, 2:15 PM

Press Release

CoStar Group reports Q3 2025 results

CSGP

Earnings

Guidance Update

M&A

CoStar Group delivered $834 million in Q3 2025 revenue (+20% YoY) and $115 million in adjusted EBITDA (+51% YoY).
Full-year 2025 revenue guidance raised to $3.23 – 3.24 billion, Q4 revenue expected at $885 – 895 million, and full-year adjusted EBITDA guidance at $415 – 425 million (Domain contributing ~$15 million).
Residential portals saw strong growth: Apartments.com Q3 revenue of $303 million (+11% YoY) with a 99% renewal rate, Homes.com net new annualized bookings of $16 million (+53% QoQ) and Q3 revenue up 20% YoY.
Closed Domain Holdings acquisition for $1.9 billion (stub period revenue of $25 million) and repurchased 576,000 shares for $51 million in Q3, with ~$50 million planned in Q4.

Oct 28, 2025, 9:00 PM

Transcript

CoStar Group reports Q3 2025 results

CSGP

Earnings

Guidance Update

M&A

$834 million in Q3 revenue, up 20% year-over-year, marking the 58th consecutive quarter of double-digit growth.
Adjusted EBITDA of $115 million (14% margin), exceeding the high end of guidance.
Net new bookings reached $84 million, a 92% year-over-year increase.
Closed Domain Holdings acquisition on August 27 for $1.9 billion, with Domain contributing $25 million in Q3 revenue.
Q4 revenue guidance of $885–895 million, full-year 2025 revenue of $3.23–3.24 billion, and full-year adjusted EBITDA of $415–425 million.

Oct 28, 2025, 9:00 PM

Transcript

CoStar Group reports Q3 2025 earnings

CSGP

Earnings

Guidance Update

Revenue of $834 million, up 20% YoY, exceeding the high end of guidance for the 58th consecutive quarter of double-digit growth.
Net new bookings of $84 million, a 92% increase year-over-year.
Net loss of $31 million; Adjusted EBITDA of $115 million, representing a 14% margin.
Q4 revenue guidance of $885 million to $895 million (+25% YoY) and full-year revenue guidance of $3.23 billion to $3.24 billion (+18% YoY).

Oct 28, 2025, 9:00 PM

Presentation

CoStar Group reports Q3 2025 results

CSGP

Earnings

M&A

Guidance Update

CoStar Group reported Q3 2025 revenue of $834 million (20% y/y) and adjusted EBITDA of $115 million.
Net new bookings totaled $84 million, a 92% increase year-over-year.
Completed acquisition of Domain Holdings on August 27 for $1.9 billion, with Domain contributing $25 million to Q3 revenue.
Q4 2025 revenue is guided to $885–895 million, and full-year 2025 revenue is now expected at $3.23–3.24 billion.

Oct 28, 2025, 9:00 PM

Transcript

CoStar Group reports Q3 2025 results

CSGP

Earnings

Guidance Update

CoStar delivered $834 million in Q3 2025 revenue, up 20% YoY; GAAP net loss was $31 million (–$0.07 per diluted share) and non-GAAP net income was $97 million ($0.23 per share).
Adjusted EBITDA reached $115 million, a 51% increase year-over-year.
Net new bookings of $84 million in Q3 represented a 92% YoY gain; Homes.com membership surpassed 26,000, up nearly 150% since Q3 2024.
The company raised its 2025 guidance to $3.23 B–$3.24 B in revenue (≈18% growth) and $415 M–$425 M in adjusted EBITDA; Q4 revenue is expected at $885 M–$895 M with $150 M–$160 M in adjusted EBITDA.

Oct 28, 2025, 8:03 PM

8-K

CoStar Group reports Q3 2025 results

CSGP

Earnings

Revenue Acceleration/Inflection

Revenue of $834 million in Q3 2025, up 20% year-over-year, marking the 58th consecutive quarter of double-digit growth.
Net new bookings reached $84 million, up 92% year-over-year; Homes.com Members grew to over 26,000, up nearly 150% since Q3 2024.
Adjusted EBITDA was $115 million, a 51% increase year-over-year, while Non-GAAP net income rose to $97 million, up 10%.

Oct 28, 2025, 8:02 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for COSTAR GROUP.

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