CoStar Group

CoStar Group sells real estate information and runs online real estate marketplaces. It reports two segments. Commercial Real Estate includes the CoStar database and analytics, which brokers, owners and lenders buy by subscription, the LoopNet listing marketplace and other services such as Ten-X auctions; it had $492 million of revenue in Q3 2026. Residential Real Estate includes Apartments.com, where landlords pay to list rentals, and Homes.com, where agents pay for advertising, with $460 million of revenue in Q3 2026.

In August 2026, CoStar bought Zonda, a new-home data and marketplace company, for $800 million in cash. In October 2026, it agreed to buy Vexcel, a provider of aerial imagery and geospatial data, for about $730 million in cash. Most revenue is recurring subscription and listing fees. For years, CoStar spent heavily on Homes.com marketing to win home search traffic, and in 2026 it cut this spending to raise profit.

The market prices CoStar at a discount because it doubts that the large spending on Homes.com will pay off, and it fears that AI search can weaken listing marketplaces and data subscriptions. Profit now grows fast, but sales growth slows. In Q3 2026, adjusted EBITDA doubled to $229 million, and the Residential segment had adjusted EBITDA of $49 million. But net new bookings fell to $37 million from $84 million a year earlier, and CoStar guides Q4 2026 revenue growth of about 10%.

CoStar also continues to buy companies: it paid $800 million for Zonda in August 2026 and agreed to buy Vexcel for about $730 million in October 2026. For the gap to close, three things must be true. Net new bookings must grow again, because lower bookings lead to slower revenue later. Costs must keep falling: CoStar expects at least $200 million of more savings over 12 to 18 months and keeps its 2028 adjusted EBITDA target of $1.25 billion.

AI products such as Homes.com Ai and Apartments.com Ai, and the new data from Zonda and Vexcel, must raise leads and keep customers. The full-year 2026 report and the 2027 outlook in early 2027 are the next test. If profit and bookings both improve, the gap can close slowly over 2027 and 2028. The main risk is that AI tools from large technology companies take traffic from Homes.com and Apartments.com.

1. Oct 27, 2026Failed

   Q3 2026 results: revenue, bookings and Residential profitRevenue within the $935 million to $945 million guide, adjusted EBITDA of $190 million or more and a profitable Residential segment pass; revenue below the guide or bookings that fall again fail.Outcome: Revenue of $952 million and adjusted EBITDA of $229 million beat the guide and Residential was profitable, but net new bookings fell again, to $37 million from $69 million in Q2 2026.
2. Jan 27, 2027 · est.Pending

   Full-year 2026 results and 2027 outlookFull-year adjusted EBITDA within the raised $820 million to $840 million outlook, net new bookings above the $37 million of Q3 2026 and a 2027 outlook with double-digit revenue growth pass; a lower revenue outlook or bookings that keep falling fail.
3. Q1 2027 · est.Pending

   Vexcel purchase closesThe Vexcel purchase closes in Q1 2027, as CoStar expects, at about $730 million passes; a block by regulators or a long delay fails.
4. Jul 2027 · est.Pending

   Q2 2027 results: bookings recoveryNet new bookings higher than the $69 million of Q2 2026 pass; bookings that keep falling fail.

Every passed and failed checkpoint across all picks

• October 27, 2026CoStar reported Q3 2026 results. Revenue was $952 million, up 14% and above its guidance of $935 million to $945 million. Net income was $74 million. Adjusted EBITDA was $229 million, about double the year before, and adjusted EPS was $0.38. The Residential segment had adjusted EBITDA of $49 million. Net new bookings were $37 million, down from $84 million in Q3 2025. CoStar raised its 2026 outlook to revenue of $3.75 billion to $3.77 billion, adjusted EBITDA of $820 million to $840 million and adjusted EPS of $1.38 to $1.41. It expects at least $200 million of more cost savings over the next 12 to 18 months.
• October 27, 2026CoStar agreed to buy Vexcel, a provider of aerial imagery and geospatial data, for about $730 million in cash. Vexcel had more than $140 million of revenue in the last 12 months. CoStar plans to pay with cash and its revolving credit facility. It expects the deal to close in Q1 2027, after regulatory approvals.
• October 1, 2026CoStar said that it will report Q3 2026 results on October 27, 2026.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · csgp-20260930
• 8-KNew material agreement and Earnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled August 21, 2026 · csgp-20260821
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · csgp-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled July 13, 2026 · csgp-20260707
• 8-KChange of directors or officers and Shareholder vote resultsFiled June 25, 2026 · csgp-20260623
• 8-KNew material agreement and Investor disclosureFiled May 29, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · csgp-20260331
• 8-KEarnings release and Investor disclosureFiled April 28, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1057352)

• AI search tools can change how people search for homes and rentals, and how brokers get data. If large AI platforms send traffic around Homes.com and Apartments.com, the value of paid listings falls. CoStar launched its own AI tools in 2026, and their effect on revenue is not proven yet.
• Revenue growth slows. Net new bookings fell to $37 million in Q3 2026 from $84 million a year earlier, after $69 million in Q2 2026. Press reports of the earnings call said that management named slower growth of its sales force and the economy as causes. Lower bookings lead to slower revenue later, and CoStar guides Q4 2026 revenue growth of about 10%.
• Homes.com competes with larger home search sites, and the Residential segment lost money until Q2 2026. If spending cuts weaken its traffic, the past investment loses value. If CoStar raises spending again, profit falls.
• Management changes. A new CFO started on July 31, 2026, a new President of Homes.com in September 2026, and activist investors pushed for board changes earlier in 2026. Changes in strategy can add cost and risk.
• CoStar spends large amounts of cash on acquisitions: $800 million for Zonda in August 2026 and about $730 million for Vexcel, which it agreed to buy in October 2026. If the new data does not raise revenue, this cash earns a low return, and the Vexcel deal makes CoStar borrow on its credit facility.
• Commercial real estate weakness, such as high office vacancy, can slow subscriptions from brokers, owners and lenders.

CoStar now has more debt than cash. Its only debt is $1.0 billion of 2.800% senior notes due July 15, 2030. Read more

CoStar Group does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.