CSGPNasdaqServices-Business Services, NECUS GAAP · USD

CoStar Group, Inc

CoStar Group builds subscription-based real estate information platforms and online marketplaces that help professionals find, price, market, and manage properties. Its core business combines commercial real estate data, listings, analytics, and research with newer software and 3D digital twin capabilities through brands such as CoStar, LoopNet, Apartments.com, Homes.com, Matterport, Visual Lease, and Domain. The company serves both commercial and residential real estate participants, as well as lenders, investors, and other adjacent business users who rely on standardized property data and transaction tools. CoStar has also expanded through acquisitions, adding lease management software and spatial capture technology to broaden its product set and deepen customer relationships.

Revenue3,247m USD
+18.7 %y/y
Operating profit (EBIT)-72.0m USD
−1,540.0 %y/y
EBIT margin-2.2%
−2.4 ppy/y
Net income7.0m USD
−95.0 %y/y
Free cash flow123m USD
+166.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,0004,000m USD2020: 1,659 m USD2020: EBIT 289 m USD20202021: 1,944 m USD2021: EBIT 432 m USD20212022: 2,182 m USD2022: EBIT 451 m USD20222023: 2,455 m USD2023: EBIT 282 m USD20232024: 2,736 m USD2024: EBIT 5.0 m USD20242025: 3,247 m USD2025: EBIT -72 m USD20253,247-72
RevenueOperating profit (EBIT)

Business

Share of revenue
Commercial real estate intelligence40 %

Subscription data, analytics, tenant, lease, comparable sales, and market intelligence for CRE professionals and lenders.

Online property marketplaces30 %

Listing and discovery platforms for commercial and residential properties, including advertising and premium placement services.

Lease management software12 %

SaaS tools for lease administration, lease accounting, and transaction management for corporate real estate users.

3D digital twin technology10 %

Matterport capture, hosting, and related hardware/services used to create digital property models.

Hospitality and specialty analytics8 %

Benchmarking and risk tools for hotels, lenders, and other specialized real estate users.

Products

Reported · share of revenue
39.0%37.3%10.3%FY2024100 %
  • Multifamily Product and Service39.0 %
  • Co Star37.3 %
  • Loop Net10.3 %
  • Information Services5.0 %
  • Other Marketplaces4.8 %
  • Residential3.7 %

Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

CoStar sells to a broad set of real estate market participants that need reliable property data, listings, and workflow tools to source deals, market assets, and manage portfolios. Its core users include property owners, brokers, developers, property managers, investors, lenders, and appraisers who pay for access to data, exposure, and transaction support. The company also serves corporate occupiers, retailers, hospitality owners, and institutional advisors that use its software and analytics to manage leases, evaluate locations, and benchmark markets. Public-sector and adjacent business users such as government agencies, reporters, and service vendors also consume its information products, but the commercial and professional real estate customer base is the economic engine.

Commercial real estate professionals

Brokers, owners, developers, appraisers, and property managers buy CoStar and LoopNet to source deals, market listings, and access comparable and tenant data.

Lenders and financial institutions

Banks, mortgage bankers, mortgage-backed security issuers, and other lenders use CoStar analytics and risk tools to underwrite and monitor real estate exposure.

Corporate occupiers and lease managers

Enterprises, retailers, and real estate teams use Visual Lease and CoStar Real Estate Manager to administer leases, accounting, and transactions.

Residential marketplace users

Apartment owners, landlords, and residential advertisers use Apartments.com and Homes.com to generate leads and fill vacancies.

Hospitality and specialty users

Hotel operators and related users buy STR benchmarking and analytics to compare performance and pricing against peers.

Digital twin and capture customers

Property marketers and field teams use Matterport hardware and hosting to create immersive property models and remote viewing experiences.

Strategy

CoStar’s strategy is to deepen its position as the default data and marketplace layer for real estate by expanding coverage, improving product functionality, and cross-selling across brands. Management is investing in sales and marketing to attract new subscribers, increase renewals, and convert users into multi-product customers. The company is also integrating acquisitions such as Visual Lease, Matterport, and Domain to broaden its software, digital twin, and marketplace capabilities. Over time, the goal is to make the platform more indispensable to brokers, owners, lenders, and occupiers by combining data, workflow, and transaction tools in one network.

Cross-sell and retain subscribersShort term

Recurring subscription revenue depends on keeping churn low and expanding wallet share across the customer base.

Integrate acquisitionsMedium term

Recent deals add new product categories and customer relationships, but value depends on successful integration and monetization.

Expand platform breadth and functionalityMedium term

Broader data, analytics, and workflow tools increase switching costs and make the platform more essential to users.

Geography

Q1/2026

CoStar operates online marketplaces and sales teams across North America and international markets, with a stated operating focus on North America and International, the latter including Asia-Pacific, Europe, and Latin America. The company specifically notes field sales offices in the U.S., Canada, the U.K., Spain, France, Germany, and Australia, which supports local market coverage and customer relationships. Its marketplaces are used in the U.S., Australia, Europe, Canada, and Asia-Pacific, so geography matters both for demand generation and for the local relevance of listings and data. International operations also create foreign-currency and regulatory exposure, while acquisitions such as Domain expand the company’s footprint in Australia.

Other countries (US filing)100 %

Risks

CoStar depends on attracting and retaining subscribers, so weaker demand, customer budget pressure, or competition can directly slow revenue growth and renewals. Its business also relies on third-party listing feeds, data quality, and stable technology infrastructure, which makes operational disruption or cyberattacks a material risk. International expansion exposes the company to foreign exchange volatility, local regulation, and market-specific execution challenges, while acquisitions add integration and supplier risks, especially for Matterport’s hardware supply chain. Because the company uses significant debt and continues to invest heavily in sales and product development, execution missteps could pressure cash flow, margins, and flexibility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer attrition and weaker renewals1Cyberattacks and security vulnerabilities2Supplier concentration for Matterport hardware3Foreign currency and international expansion risk4Acquisition integration and goodwill risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer attrition and weaker renewalsImpact: HighLikelihood: Medium

    Revenue depends heavily on recurring subscriptions and marketplace participation, so churn or slower new bookings would directly affect growth.

    ExposureCoStarLoopNetOther subscription products
  2. Cyberattacks and security vulnerabilitiesImpact: HighLikelihood: Medium

    The company stores and transmits confidential business and personal information across its platforms and relies on third-party cloud and SaaS infrastructure.

    Exposure: All digital products and internal systems

  3. Supplier concentration for Matterport hardwareImpact: HighLikelihood: Medium

    Matterport relies on a limited number of suppliers and in some cases single-source components, which can delay product availability.

    Exposure: Matterport cameras and hardware components

  4. Foreign currency and international expansion riskImpact: MediumLikelihood: Medium

    International operations expose the company to exchange-rate volatility, local market conditions, and regulatory complexity.

    ExposureEuropeAsia-PacificLatin AmericaAustralia
  5. Acquisition integration and goodwill riskImpact: MediumLikelihood: Medium

    Recent acquisitions increase execution complexity and create goodwill/intangible asset impairment exposure if synergies or growth do not materialize.

    ExposureVisual LeaseMatterportDomain

Accounting

Judgemental items
Goodwill and intangible assets

Recent acquisitions create large acquired asset balances that require periodic impairment testing and amortization judgments.

Impact: Can materially affect operating income and equity if impairments are recorded

Business combinations

Visual Lease, Matterport, and Domain require purchase accounting and fair value estimates for acquired assets and liabilities.

Impact: Affects reported amortization, goodwill, and acquisition-related expenses

Revenue recognition across mixed offerings

The company combines subscriptions, listings, digital twin services, and hardware sales, each with different recognition patterns.

Impact: Can shift quarterly revenue and gross margin timing

Income tax estimates

International operations and acquisition structures increase complexity in tax provisioning and effective tax rate forecasting.

Impact: Can materially affect net income and comparability across periods

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

CoStar Group, Inc (CSGP) Revenue, Earnings & Financials 2025 – Clarifo