CoStar Group (CSGP) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached $3.2 billion, up 19% year-over-year, with Q4 revenue at $900 million, a 27% increase year-over-year, marking 59 consecutive quarters of double-digit growth.

• Adjusted EBITDA for 2025 was $442 million, up 83% from 2024, with a margin of 14%; Q4 adjusted EBITDA was $177 million.

• Net income for 2025 was $7 million, impacted by acquisition costs; adjusted net income was $364 million, up 23% year-over-year.

• Net new sales bookings hit a record $308 million in 2025, up 23% year-over-year.

• Company sites reached 139 million average monthly unique visitors in Q4 2025; Homes.com Network reached 108 million.

Financial highlights

• Commercial segment revenue was $1.79 billion, up 18% year-over-year; residential segment revenue was $1.46 billion, up 20%.

• Apartments.com revenue grew 11% for both Q4 and full year; Homes.com delivered 63% year-over-year growth.

• LoopNet revenue increased 17% in Q4 and 11% for the year; Matterport and Domain contributed 10 percentage points to commercial growth.

• Q4 adjusted net income was $131 million ($0.31 per diluted share); full-year adjusted EPS was $0.87.

• Cash and cash equivalents at year-end 2025 were $1.63 billion, down from $4.68 billion at year-end 2024, mainly due to acquisitions and share repurchases.

Outlook and guidance

• 2026 revenue guidance is $3.78–$3.82 billion, implying 16%–18% annual growth.

• Adjusted EBITDA for 2026 is guided at $740–$800 million, with margins expected to rise to 20%–21%.

• Commercial revenue expected at $1.955–$1.975 billion (9%–11% growth); residential at $1.825–$1.845 billion (25%–26% growth).

• Adjusted EPS for 2026 is projected at $1.22–$1.33 per share.

• CapEx for 2026 projected at $175–$225 million, with margin expansion expected as marketing spend is front-loaded.