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CoStar Group Q2 Revenue Increases 15% Year-over-Year, Achieves All-time High Quarterly Net New Bookings of $93 million and Increases Homes.com Members 56% from Q1 2025

ARLINGTON, Va.--(BUSINESS WIRE)-- CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets, announced today that revenue for the quarter ended June 30, 2025 was $781 million, up 15% over revenue of $678 million for the quarter ended June 30, 2024. Net income was $6.2 million and net income per diluted share was $0.01 for the second quarter 2025. Adjusted EBITDA was $85 million in Q2 2025, an increase of 108% from Q2 2024.

鈥淲e had an outstanding Q2 2025 as we delivered our 57^th consecutive quarter of double-digit revenue growth with a 15% year-over-year increase in revenue,鈥� said Andy Florance, Founder and Chief Executive Officer of CoStar Group. 鈥淲e achieved our all-time high net new bookings in Q2 of $93 million, a 65% increase from last quarter, powered by Apartments.com鈥檚 highest net new bookings quarter in two years. Our dedicated Homes.com sales team turned in its best net new bookings in Q2 as we added 6,300 Members, an increase of 56% from the end of Q1 2025. Our demo-to-close rate exceeded 50%. The investments in our sales force, mission critical products, and marketplaces are driving these outstanding results as our commercial information and marketplace brands¹ realized a 43% profit margin for Q2 2025.鈥�

Florance continued 鈥淢ember agents are winning 62% more listings than comparable non-Member agents.² We launched Boost on Homes.com in Q2. Boost is a digital marketing package that gives sellers and their agents the ability to maximize exposure of a single property on Homes.com. To date, we have sold more than 1,200 Boosts to agents and home sellers. The Homes.com Network is the second largest in the industry in the United States, with 111 million average monthly unique visitors.³

2025 Outlook

鈥淲e exceeded the top-end of our revenue and adjusted EBITDA guidance in Q2 delivering strong revenue growth, exceptional net new bookings and continued cost discipline while we invest throughout the business,鈥� said Christian Lown, CFO of CoStar Group. The Company now expects revenue in the range of $3.135 billion to $3.155 billion for the full year 2025, representing revenue growth of approximately 15% year-over-year at the midpoint of the range. The Company expects revenue for the third quarter 2025 in the range of $800 million to $805 million, representing revenue growth of approximately 16% year-over-year at the midpoint of the range.

The Company is increasing its adjusted EBITDA guidance for the full year 2025 to a range of $370 million to $390 million, an increase of $10 million at the midpoint of the range from its previous guidance. For the third quarter 2025, the Company expects adjusted EBITDA in the range of $75 million to $85 million.

The Company expects full year 2025 non-GAAP net income per diluted share in a range of $0.76 to $0.80 based on 421 million shares. For the third quarter 2025, the Company expects non-GAAP net income per diluted share in a range of $0.15 to $0.17 based on 425 million shares. These ranges include an estimated non-GAAP tax rate of 26% for the full year and the third quarter 2025.

The preceding forward-looking statements reflect CoStar Group鈥檚 expectations as of July 22, 2025, including forward-looking non-GAAP financial measures on a consolidated basis, based on current estimates, expectations, observations, and trends. Given the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in this release and in our quarterly reports on Form 10-Q and annual reports on Form 10-K, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement.

Reconciliations of EBITDA, adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share to the most directly comparable GAAP measures are shown in detail below, along with definitions for those terms. A reconciliation of forward-looking non-GAAP guidance to the most directly comparable GAAP measure, net income (loss), can be found within the tables included in this release.

Non-GAAP Financial Measures

For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company鈥檚 financial condition and results of operations, please refer to the Company鈥檚 latest periodic report.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before interest income or expense, net and other income or expense, net; loss on debt extinguishment; income taxes, and depreciation and amortization expense.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before stock-based compensation expense; acquisition- and integration-related costs; restructuring and related costs, including certain advisory fees; and settlements and impairments incurred outside the Company鈥檚 ordinary course of business. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues for the period.

Non-GAAP net income is a non-GAAP financial measure determined by adjusting GAAP net income (loss) attributable to CoStar Group for stock-based compensation expense; acquisition- and integration-related costs, including gains or losses on equity investments acquired in prospective targets and related to deal-contingent financial instruments; restructuring costs; settlement and impairment costs incurred outside the Company's ordinary course of business, and loss on debt extinguishment, as well as amortization of acquired intangible assets and other related costs, and then subtracting an assumed provision for income taxes. In 2025, the Company is assuming a 26% tax rate to approximate its statutory corporate tax rate, excluding the impact of discrete items, to determine Non-GAAP net income for each quarterly period, year-to-date period, and the annual period.

Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share. For periods with GAAP net losses and non-GAAP net income, the weighted average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Operating Metrics

Net new bookings is calculated based on the annualized amount of change in the Company's sales bookings resulting from new subscription-based contracts, changes to existing subscription-based contracts, and cancellations of subscription-based contracts for the period reported. Information regarding net new bookings is not comparable to, nor should it be substituted for, an analysis of the Company's revenues over time.

Earnings Conference Call

Management will conduct a conference call to discuss the second quarter 2025 results and the Company鈥檚 outlook at 5:00 PM ET on Tuesday, July 22, 2025. A live audio webcast of the conference will be available in listen-only mode through the Investors section of the CoStar Group website: . A replay of the webcast audio will also be available in the Investors section of our website for a period of time following the call.

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world鈥檚 real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group鈥檚 major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; and Homes.com, the fastest-growing residential real estate marketplace. CoStar Group鈥檚 industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group鈥檚 websites attracted over 111 million average monthly unique visitors in the second quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release and the Company鈥檚 earnings conference call contain 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's plans, objectives, expectations, beliefs and intentions and other statements including words such as 鈥渉ope,鈥� 鈥渁nticipate,鈥� 鈥渕ay,鈥� 鈥渓ikely,鈥� 鈥渕ight,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渙bserve,鈥� 鈥渃onsider鈥�, 鈥渢hink,鈥� 鈥渋ntend,鈥� 鈥渆nvision,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渃ould鈥�, 鈥渨ould,鈥� 鈥減lan,鈥� 鈥渢arget,鈥� 鈥済oal,鈥� 鈥渆stimate,鈥� 鈥減redict,鈥� 鈥渃ontinue,鈥� 鈥渃ommit,鈥� and 鈥減otential鈥� or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risks related to the specific timing, price, and size of repurchases under the Stock Repurchase Program, including that the Stock Repurchase Program may be suspended or discontinued at any time at the Company's discretion; our inability to attract and retain new clients; our inability to successfully develop and introduce new or updated online marketplace services, information, and analytics; our inability to compete successfully against existing or future competitors in attracting advertisers and in general; the effects of fluctuations and market cyclicality; the effects of global economic uncertainties and downturns or a downturn or consolidation in the real estate industry; our inability to hire qualified persons for, or retain and continue to develop our sales force, or unproductivity of our sales force; our inability to retain and attract highly capable management and operating personnel; the downward pressure that our internal and external investments may place on our operating margins; our inability to increase brand awareness; our inability to maintain or increase internet traffic to our marketplaces, and the risk that the methods, including Google Analytics, that we use to measure average monthly unique visitors to our portals may misstate the actual number of unique persons who visit our network of mobile applications and websites for a given month or may differ from the methods used by competitors; our inability to attract new advertisers; our inability to successfully identify, finance, integrate, and/or manage costs related to acquisitions; our inability to complete certain strategic transactions if a proposed transaction is subject to review or approval by regulatory authorities pursuant to applicable laws or regulations; our inability to realize the benefits of the acquisition of Matterport; the effects of cyberattacks and security vulnerabilities, and technical problems or disruptions; the significant costs associated with undertaking a large infrastructure project to build out our campus in Richmond, Virginia; our inability to generate increased revenues from our current or future geographic expansion plans; the risks related to acceptance of credit cards and debit cards and facilitation of other customer payments; the effects of climate related events and other events beyond our control; the effects related to attention to climate-related risks and opportunities; our inability to obtain and maintain accurate, comprehensive, or reliable data; our inability to obtain and maintain stable data feeds, or disruption of our data feeds; our inability to enforce or defend our ownership and use of intellectual property; the effects of use of new and evolving technologies, including artificial intelligence, on our ability to protect our data and intellectual property from misappropriation by third parties; our inability to defend against potential legal liability for collecting, displaying, or distributing information; our inability to obtain or retain listings from real estate brokers, agents, property owners, and apartment property managers; our inability to maintain or establish relationships with third-party listing providers; our inability to comply with the rules and compliance requirements of Multiple Listing Services; the risks related to international operations; the effects of foreign currency exchange rate fluctuations; our indebtedness; the effects of a lowering or withdrawal of the ratings assigned to our debt securities by rating agencies; the effects of any actual or perceived failure to comply with privacy laws and standards; the effects of changes in tax laws, regulations, or fiscal and tax policies; the effects of third-party claims, litigation, regulatory proceedings, or government investigations; and risks related to return on investment; the inability of third-party suppliers upon which Matterport relies to fulfill its needs; the risks related to our equity investments; the risks associated with the ability to consummate the transaction to acquire Domain Holdings Australia Limited (the "Domain Transaction") and realize the benefits of the Domain Transaction; and the risks related to open source software. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group鈥檚 filings from time to time with the Securities and Exchange Commission (the "SEC"), including in CoStar Group鈥檚 Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, each of which is filed with the SEC, including in the 鈥淩isk Factors鈥� section of those filings, as well as CoStar Group鈥檚 other filings with the SEC (including Current Reports on Form 8-K) available at the SEC鈥檚 website (). All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

View source version on businesswire.com:

Investor Relations:

Rich Simonelli

Head of Investor Relations

CoStar Group Investor Relations

(973) 896-8184

[email protected]

News Media:

Matthew Blocher

Vice President

CoStar Group Corporate Marketing & Communications

(202) 346-6775

[email protected]

Source: CoStar Group