Total Revenue

+11.6% (from $656.4M to $732.2M)

Total revenue grew by 11.6% driven by strong geographical sales: robust North America performance (+12% increase) and a modest international gain (+5%). Enhanced market positioning and pricing actions in key segments contributed to the overall revenue uplift. " "

North America Revenue

+12% (from $623.3M to $697.4M)

The North America segment increased by nearly 12%, reflecting improvements in subscriber growth, pricing, and multifamily revenue performance, which built on prior period momentum to drive further regional gains. " " "

International Revenue

+5% (to $34.8M)

International revenue posted a modest 5% increase, signaling steady performance likely supported by incremental price adjustments and stable market conditions outside North America relative to previous performance. " " "

Operating Income

Unchanged at –$42.8M

Operating income remained at a loss of –$42.8 million, as rising operating expenses continued to offset the revenue growth seen in the current period, reflecting persistent cost pressures compared to the prior quarter. " "

Net Income

Deteriorated from +$6.7M to –$14.8M

Net income swung from a profit of $6.7 million to a loss of $14.8 million due to increased operating expenses and lower interest income, demonstrating that higher costs and other adverse financial impacts outpaced the revenue gains observed in the current period. " "

Operating Cash Flow

–62% (from $139.6M to $53.2M)

Operating cash flow dropped by approximately 62% primarily because the decline in net income and unfavorable working capital changes outweighed non-cash adjustments, echoing trends seen in the expenses and income deterioration compared to the previous period. " "

Cash & Cash Equivalents

–25% (from $4,951.6M to $3,680.8M)

Liquidity declined by about 25% as heavy investing activities—particularly acquisitions and property investments—combined with financing outflows reduced the cash balance, despite robust revenue performance; this contrasts with the prior period’s higher liquidity. " "

Total Assets

+15% (from $9,034.5M to $10,428.1M)

Total assets increased by approximately 15%, mainly driven by the Matterport Acquisition, which added significant goodwill and intangible assets, marking a strategic balance sheet expansion relative to the previous period. " "

Revenue

FY 2025

$2.985B–$3.015B, implying 9%–10% growth "

$3.115B–$3.155B, implying 14%–15% growth "

raised

Adjusted EBITDA

FY 2025

$375M–$405M, approx. 13% margin "

$355M–$385M, approx. 12% margin "

lowered

Apartments.com Revenue Growth

FY 2025

11%–12% "

11%–12% "

no change

LoopNet Revenue Growth

FY 2025

mid-single digits "

7%–8% "

raised

Information Services Revenue Growth

FY 2025

18%–20% (with visual lease contributing ~$40M) "

18%–20% "

no change

Residential Revenue Growth

FY 2025

high teens to low 20s percent range "

mid-teens to low 20s percent range "

lowered

Other Revenue (including Matterport)

FY 2025

no prior guidance

Increase of 100%–115%, reaching $270M–$280M with Matterport contributing $135M–$140M "

no prior guidance

Revenue

Q2 2025

no prior guidance

$770M–$775M, representing 14% YoY growth "

no prior guidance

Adjusted EBITDA

Q2 2025

no prior guidance

$50M–$60M, approx. 7% margin "

no prior guidance

CoStar Revenue Growth

Q2 2025

no prior guidance

6% "

no prior guidance

Apartments.com Revenue Growth

Q2 2025

no prior guidance

10% "

no prior guidance

LoopNet Revenue Growth

Q2 2025

no prior guidance

7% "

no prior guidance

Information Services Revenue Growth

Q2 2025

no prior guidance

18%–20% "

no prior guidance

Other Revenue (including Matterport)

Q2 2025

no prior guidance

Approximately $70M, with Matterport contributing $40M "

no prior guidance

Residential Revenue Growth

Q2 2025

no prior guidance

low single digits "

no prior guidance

Homes.com Performance and Customer Metrics

Previously, earnings calls in Q2–Q4 2024 discussed initial negative NPS values turning “good” through improvements, reduction in cancellation rates, and progressive sales force scaling with early execution risks in onboarding and customer education. " " " " "

In Q1 2025, Homes.com showcased a dramatic surge in NPS (up to 43) and major improvements in cancellation rates, along with an accelerated sales force growth (600% expansion with clear plans for further ramp‐up). " "

Significant improvement and aggressive scaling. The narrative shifted from early challenges to robust performance and operational momentum.

Apartments.com Performance and TAM Expansion

Prior quarters (Q2–Q4 2024) emphasized consistent revenue growth, strong performance metrics, and ambitious TAM expansion initiatives with some ambiguity in net new bookings figures, highlighting steady execution with future growth potential. " " " "

In Q1 2025, Apartments.com continued to report revenue growth with estimated mid–$20 million net new bookings, reinforcing TAM expansion especially in the 20‑unit-plus and sub–100 unit segments. " "

Consistent performance with incremental improvements. The focus on TAM remains, with clearer booking figures and sustained growth momentum.

Matterport Integration

In Q3 2024, Matterport was mentioned in the context of offering 3D tours on Homes.com, while in Q4 2024 mention focused on acquisition compliance rather than integration. " "

Q1 2025 saw a deepened emphasis on integrating Matterport across several platforms (Real Estate Manager, CoStar, LoopNet, Apartments.com, Homes.com and eventually Domain), with plans for R&D and significant sales force expansion dedicated to it, highlighting its transformative potential. " "

Increased emphasis and deeper integration. Matterport is moving from a peripheral add-on to a core, strategic technology across multiple platforms.

Pricing Strategy and Margin Expansion

Q2–Q4 2024 calls discussed pricing adjustments to address inflation, introduced innovative asset–based pricing models on platforms like LoopNet, and detailed strategies to improve margins by leveraging fixed–cost structures and reinvesting cost reductions. " " "

Q1 2025 continued the focus on innovative pricing: LoopNet’s asset–based pricing model is being aggressively implemented with strong renewal rates (97%) and a shift toward subscription packages that better capture property value, all contributing to robust commercial margins (43%). " " "

Continuous and slightly more aggressive pricing measures. The strategy evolves from incremental adjustments to a more structured asset-based approach, driving higher margins.

Sales Force Expansion and Resource Reallocation

In earlier periods (Q2–Q4 2024), there was discussion on reallocating borrowed resources, temporary shifts impacting core product productivity, and efforts to rebuild dedicated teams for Homes.com and other platforms. " " "

Q1 2025 highlighted a far more advanced and expansive sales force—with 1,600 salespeople across brands, a dedicated Homes.com sales team scaling from 50 to over 314 in production, and strategic resource reallocation earmarked under a $900 million investment plan—fueling revenue growth and optimized cost management. " " "

Accelerated and focused expansion. The evolution shows a shift from temporary reallocation challenges toward a robust, strategic scaling of sales teams, poised to drive long–term revenue growth and operational efficiency.

Revenue Growth Challenges

Q2 and particularly Q3 2024 noted declines in net new bookings (e.g. a 34% drop in Q3) and revised guidance reflecting market headwinds, with concerns about sales force reengagement and pipeline rebuilding. " "

In Q1 2025, such challenges were notably absent with strong net new bookings reported (e.g. $56 million, a sequential increase) and maintained or improved guidance, reflecting a recovery from previous booking declines. " "

Downward pressure from earlier headwinds appears to have eased. The recovery in net new bookings and stabilized guidance indicates that past challenges have been addressed.

LoopNet Asset–Based Pricing Model

Q3 and Q4 2024 calls introduced and experimented with asset–based pricing for LoopNet, shifting emphasis from high–tier ads to increasing volume in lower–tier “silver” ads, with early renewals providing promising signs. " " "

In Q1 2025, LoopNet’s asset–based pricing model was a clear focal point, with explicit details on pricing tied to property value, remarkable renewal rates (97%), and improved per–rep productivity (200% YoY increase), marking a successful implementation of the revised strategy. "

Strengthened and mature implementation. The initiative is moving into full execution mode, underpinning revenue growth, with increased customer acceptance of the new model.

International Expansion Initiatives

Q3 2024 focused on U.K. market growth through the OnTheMarket platform—marked by substantial YOY increases in traffic and agents—and Q4 2024 addressed European consolidation and rationalization to prepare for market expansion, mainly via the LoopNet platform. " "

Q1 2025 expanded the discussion with a broader international focus that includes using Matterport’s global reach and initiatives like the Farmland Price Index in Europe; meanwhile, there is increased coverage of European markets alongside strong international net new bookings growth. " " "

Greater international focus and strategic consolidation. While initial efforts targeted local markets (like the U.K.), the current period broadens the scope to integrate global assets and expand aggressively in Europe.

Monetization Challenges in Smaller Property Markets

Q2 2024 featured recognition of substantial opportunities—and challenges—in the 1–19 unit segment with single digits penetration, and Q4 2024 discussed the 1–19 unit market as the largest TAM opportunity but noted complexities in pricing and scale. " "

Q1 2025 did not explicitly mention monetization challenges in the 1–19 unit segments.

Less emphasis in the current period. The topic appears to have been deprioritized or resolved enough to warrant less discussion compared to earlier calls.

Operational Execution Risks

In Q3 and Q4 2024, there were indirect references to execution risks in integrating new technologies and scaling platforms—particularly with new product launches like Homes.com and active integration efforts (e.g., early challenges in onboarding and productivity dips). " "

Q1 2025 did not explicitly call out operational execution risks; rather, discussion centered on successful integrations (such as Matterport) and scaling efforts, suggesting better mitigation or increased confidence in execution. "

Reduced explicit emphasis. Although the inherent complexities remain, the current period shows a more confident tone with fewer overt mentions of risks, implying improvements in execution.