CoStar Group (CSGP) Q4 2024 earnings summary

Executive summary

• Achieved full year 2024 revenue of $2.74 billion, up 11% year-over-year, surpassing guidance high end, with Q4 revenue at $709 million and 55 consecutive quarters of double-digit growth.

• Net income for 2024 was $139 million; Q4 net income was $60 million; Adjusted EBITDA for 2024 was $241 million, with Q4 Adjusted EBITDA at $112 million, up 47% sequentially from Q3.

• Homes.com Network became the second largest U.S. residential real estate marketplace, reaching 110 million average monthly unique visitors in Q4 2024.

• Strategic investments in Homes.com, international expansion, and major marketing campaigns are driving future growth.

• Board approved a $500 million share buyback program with no set expiration.

Financial highlights

• Q4 2024 revenue: $709 million, up 11% year-over-year; full year revenue: $2.74 billion.

• Full year 2024 net income: $139 million; Q4 net income: $60 million.

• Adjusted EBITDA for 2024: $241 million (9% margin); Q4 Adjusted EBITDA: $112 million.

• Net new bookings in Q4: $53 million, up 21% sequentially; full year net new bookings: $250 million.

• Gross profit for 2024 was $2.18 billion, with an 80% gross margin.

Outlook and guidance

• 2025 revenue expected at $2.985–$3.015 billion, 9–10% annual growth; Q1 2025 revenue guidance: $711–$716 million, 9% year-over-year growth at midpoint.

• 2025 Adjusted EBITDA expected at $375–$405 million (approx. 13% margin); Q1 2025 Adjusted EBITDA guidance: $25–$35 million.

• Apartments.com revenue growth forecasted at 11–12% for 2025; residential revenue growth in high teens to low 20% range.

• Announced $500 million share buyback program, with $150 million annual repurchases.