CoStar Group, Inc. Earnings Recaps
Q1 2026
Apr 29, 2026
Shares of CoStar fell 5.8% following Q1 2026 earnings, as investor reactions focused on a more cautious tone in the company’s outlook and ongoing investment intensity, with the transcript lacking clear upward revisions to guidance or visibility on margin expansion despite top-line growth.
Key takeaways
- Q1 2026 revenue grew 23% year-over-year, with adjusted EBITDA doubling to $132 million—26% above the midpoint of previous guidance.
- Net new bookings reached $67 million (up 20% YoY), with notable momentum in commercial products, CoStar core, and debt solutions.
- Management emphasized substantial ongoing investment, particularly in Homes.com and new product launches; no specific upward guidance revision was provided during the call.
- Segment highlights included 15% YoY revenue growth and $161 million EBITDA in commercial, and strong acceleration in international regions (e.g., UK revenue up 25%, net new bookings up 44%).
- Despite operational positives, the lack of a more optimistic forward outlook or increased margin targets appeared to disappoint investors, driving the post-earnings stock decline.
Q3 2025
Oct 29, 2025
CoStar Group reported robust Q3 2025 results with revenues of $834 million, marking a 20% increase year-over-year, and demonstrating strong operational efficiencies and strategic growth across its portfolio.
Key takeaways
- Adjusted EBITDA rose 51% year-over-year to $115 million, with a profit margin of 47% in Commercial Information and Marketplace segments.
- Net new bookings surged 92% year-over-year to $84 million, driven by strong performance in the residential real estate sector.
- Apartments.com achieved over $1.2 billion in annual run rate revenue, with Q3 revenues of $303 million, reflecting an 11% year-over-year growth.
- Homes.com saw a remarkable 1,225% increase in annualized net new bookings, highlighting its rapid adoption and revenue stream expansion.
- Total multifamily property count surpassed 87,000, supported by a 66% year-over-year increase in client interactions, indicating strong market engagement and momentum.