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Real estate · Business Services · Nasdaq

CSGPCoStar Group

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The 10-K against last year's

177 changes: 61 added, 28 removed, 87 reworded, 1 quiet changes

10-K Feb 26, 2026 vs Feb 20, 2025
Risk FactorsRedline ↓
18.7%
of the text changed · 16,599 words now
45.3%
of the text changed · 8,341 words now
Legal ProceedingsRedline ↓
73.3%
of the text changed · 991 words now
Accounting PoliciesRedline ↓
30.4%
of the text changed · 7,394 words now

10-K 0001057352-26-000020 (2026-02-26) vs 10-K 0001057352-25-000016 (2025-02-20)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 226 words changed in this paragraph; it is 62% similar to last year's version.
As a result, we are subject to a variety of state, national, and international laws and regulations that apply to the collection, use, retention, protection, disclosure, transfer, and other processing of personal information, including, but not limited to, the EU and UK GDPR (together, the "GDPR") and CCPA. These laws and regulations are evolving, with new or modified laws and regulations proposed and implemented frequently and existing laws and regulations subject to new or different interpretations. For example, in the EEA and the UK, the GDPR creates comprehensively regulates our use of personal data, including cross-border transfers of personal data protection requirements in the EU and UK and imposes substantial fines for breaches out of the EEA and UK, in respect of which we expect the existing legal complexity and uncertainty regarding international personal data protection rules. The GDPR increased our responsibility transfers to continue, and liability international transfers to the United States, China, and to other jurisdictions more generally to continue to be subject to enhanced scrutiny by regulators. As the regulatory guidance and enforcement landscape in relation to personal data that transfers continue to develop, we process. could suffer additional costs, we may have to make operational changes, it could otherwise affect the manner in which we provide our services, and could adversely affect our business, operations and financial condition. Failure to comply with the GDPR could result in penalties for noncompliance. Since we are subject to the supervision of relevant data protection authorities under multiple legal regimes (including under both the EU GDPR and the UK GDPR), we could be fined under those regimes independently in respect of the same breach. In addition to fines, a breach of the GDPR may result in regulatory investigations, reputational damage, orders to cease/change our data processing activities, enforcement notices, assessment notices (for a compulsory audit) or civil claims (including class actions). The CCPA, among other things, provides the rights to California residents related to their personal information, places limitations on data uses, and creates new audit requirements for higher risk data. The CCPA also provides for civil penalties for violations, as well as a private right of action for data breaches that may increase data breach litigation. Other state privacy laws apply to operations, and similar laws have been proposed, and likely will continue to be proposed, in other states and at the federal level, and if passed, may have potentially conflicting requirements that would make compliance challenging.

Source: Item 1A, 10-K 0001057352-26-000020 vs Item 1A, 10-K 0001057352-25-000016

MD&A 174 words changed in this paragraph; it is 56% similar to last year's version.
We view EBITDA, adjusted Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and adjusted EBITDA margin Adjusted EPS as operating performance measures. We believe that the most directly comparable GAAP financial measure to EBITDA EBITDA, Adjusted EBITDA, and adjusted EBITDA Adjusted Net Income is net income. We believe the most directly comparable GAAP financial measure to adjusted Adjusted EPS and Adjusted EBITDA margin is are earnings per diluted share and net income (loss) divided by revenue. revenue, respectively. In calculating EBITDA, adjusted Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and adjusted EBITDA margin Adjusted EPS, we exclude from net income (loss) the financial items that we believe should be separately identified to provide additional analysis of the financial components of the day-to-day operation of our business. We have outlined below the type and scope of these exclusions and the material limitations on the use of these non-GAAP financial measures as a result of these exclusions. EBITDA, adjusted EBITDA, and adjusted EBITDA margin are not measurements of financial performance under GAAP and should not be considered as a measure of liquidity, as an alternative to net income, or as an indicator of any other measure of performance derived in accordance with GAAP. Investors and potential investors in our securities should not rely on EBITDA, adjusted EBITDA, and adjusted EBITDA margin as a substitute for any GAAP financial measure. In addition, we urge investors and potential investors in our securities to carefully review the GAAP financial information included as part of our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q that are filed with the SEC, as well as our quarterly earnings releases, and compare the GAAP financial information with our EBITDA, adjusted EBITDA, and adjusted EBITDA margin.

Source: Item 7, 10-K 0001057352-26-000020 vs Item 7, 10-K 0001057352-25-000016

Accounting Policies 170 words changed in this paragraph; it is 66% similar to last year's version.
Goodwill represents The Company allocates goodwill to reporting units based on the future economic benefits arising reporting unit expected to benefit from the business combination. A reporting unit is defined as an operating segment or one level below an operating segment. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a business combination and is calculated as the excess of the purchase consideration paid in a business combination over the relative fair value of the net identifiable assets acquired. allocation approach. Goodwill is not amortized, but instead is assigned to each of the Company's reporting units and tested for impairment at least annually, on October 1, or more frequently if an event or other circumstance indicates that the fair value of a reporting unit may be below its carrying amount. The Company may first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or elect to bypass the qualitative assessment. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or the Company elects to bypass the qualitative assessment, the Company then performs a quantitative assessment by determining the fair value of each reporting unit. The estimate of the fair value of each reporting unit is based on a projected discounted cash flow model that includes significant assumptions and estimates including the discount rate, growth rate and future financial performance. Assumptions about the discount rate are based on a weighted average cost of capital for comparable companies. Assumptions about the growth rate and future financial performance of a reporting unit are based on the Company's forecasts, business plans, economic projections, and anticipated future cash flows. The fair value of each reporting unit is compared to the carrying amount of the reporting unit. If the carrying value of the reporting unit exceeds the fair value, then an impairment loss is recognized for the difference.

Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001057352-26-000020 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001057352-25-000016

Legal Proceedings 11 words changed in this paragraph; it is 95% similar to last year's version.
Currently, and from time to time, the Company is involved in litigation incidental to the conduct of its business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount can be reasonably estimated. While it is reasonably possible that an unfavorable outcome may occur as a result of one or more of the Company’s current litigation matters, at this time time, management has concluded that the resolutions of these matters are not expected to have a material effect on the Company's consolidated financial position, future results of operations operations, or liquidity. Legal defense costs are expensed as incurred. incurred, except as set forth below.

Source: Item 3, via Note 12 – COMMITMENTS AND CONTINGENCIES, 10-K 0001057352-26-000020 vs Item 3, via Note 13 – COMMITMENTS AND CONTINGENCIES, 10-K 0001057352-25-000016

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CSGP's Risk Factors and MD&A, 10-K 2026-02-26 against 10-K 2025-02-20. Each links to the text at sec.gov.

RewordedRisk Factors
If our websites are not prominently featured in internet search engine results, if internet search engines do not prominently feature our websites on the search engine results page, integrate technologies or adopt ranking methodologies that decrease traffic to our websites would decrease, and, if websites, or we are unable to maintain or increase grow traffic to our marketplaces, our business and operating results could be adversely affected.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
These risks may be exacerbated from impacts, or perceived impacts, of emerging technologies (including, but not limited to, machine learning) on human rights, privacy, or other social considerations, which may result in reputational harm, compliance costs for any new rules or interpretations, or other adverse impacts on AI Technologies integrated into our operations products and financial performance. services).

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
Data feeds could also be disrupted as a result of class action lawsuits, settlements, or governmental investigations involving the MLSs or other industry organizations, regardless of whether we are involved.The loss or degradation of this listings data could materially and adversely affect traffic to our websites and mobile applications, which could severely harm our business, results of operations, and financial condition. involved.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
While To date, these cyberattacks and vulnerabilities have not had a material adverse effect on our operations, they and similar incidents require us to devote time and resources to monitoring and remediation on a regular basis, and but there can be no guarantee that future material attacks or incidents will not be material. occur in the future.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
Data feeds could also be disrupted as a result of class action lawsuits, settlements, or governmental investigations involving the MLSs or other industry organizations, regardless of whether we are involved.The The loss or degradation of this listings data could materially and adversely affect traffic to our websites and mobile applications, which could severely harm our business, results of operations, and financial condition.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
Competitors Competitors, or future competitors, may introduce different solutions that attract users away from our services services, such as AI-powered platforms that provide access to real estate agents, real estate data, and related content without directing users to our marketplaces, or provide solutions similar to ours that have the advantage of better branding or marketing resources.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
A lowering of one or both of our investment grade ratings would result in increased compliance costs and would impose certain operating restrictions, either of which could be materially adverse to our operations and financial results.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
Any increases in our credit and debit card fees could harm our results of operations, particularly if we elect not to raise our rates for our services to offset the increase.

Read it in 10-K 2026-02-26 at sec.gov ↗

Show the other 16
RewordedRisk Factors
Our competitors may be able to undertake more effective marketing campaigns, obtain more data, adopt more aggressive pricing policies, make more attractive offers to potential employees, subscribers, advertisers, distribution partners, and content providers, or may be able to respond more quickly to new or emerging technologies technologies, including the integration of generative AI Technologies in response to changing consumer behavior or changes in user requirements.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
Our marketplace businesses, including the LoopNet Network, the Apartments.com Network, the Homes.com Homes.com, OnTheMarket and OnTheMarket Domain residential marketplaces, and the Land.com Network, depend on advertising revenues revenue generated primarily through sales to persons in the real estate industry, including broker, agents, property managers and owners, real estate agents, and other advertisers.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
While we engage Any engagement in voluntary initiatives (including disclosures) to improve our ESG corporate responsibility profile and respond to stakeholder expectations, such initiatives can be costly, be subject to conditions outside our control, and may not fail to have the desired effect. effects.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedRisk Factors
In February December 2025, the Board of Directors approved the a Stock Repurchase Program which authorizes, but does not obligate, the repurchase of up to $500 million $1.5 billion of the Company’s common stock. CoStar Group Shares.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
The $96.9 $37 million decrease increase in net cash provided by operating activities was primarily driven by an increase in non-cash expenses, partially offset by a decrease in working capital of $149 million and a decrease in net income, partially offset by an increase in non-cash expenses and working capital changes. income.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
The decrease in the percentage of our revenue from subscription-based contracts with a term of at least one year from 2023 2024 to 2024 2025 was primarily due to increases in sales of shorter-term Multifamily products. Domain, which sells listings on its platforms on a transactional basis, as well as the transactional products and services sold by Matterport.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
With respect to our accounting policy for intangible assets See Notes 2, 3 and goodwill, we further supplement in Note 2 13 of the Notes to the Consolidated Financial Statements included in Part IV of this Report with for additional information on the following: segments change.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
The majority of our revenue is generated from service offerings that Our services are typically distributed to our customers under subscription-based license agreements that typically generally renew automatically and automatically, a majority of which have a term of at least one year.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
Investors and potential investors in our securities should not rely on EBITDA, adjusted Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and adjusted EBITDA margin Adjusted EPS as a substitute for any GAAP financial measure. measure, including net income (loss) and earnings per diluted share.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
Due to these acquisitions, our net income (loss) has included significant charges for amortization of acquired intangible assets, depreciation and other amortization, acquisition- and integration-related costs, including gains and losses on equity investments acquired in prospective targets and related to deal-contingent financial instruments, restructuring and related costs, including certain advisory fees, and loss on debt extinguishment.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
With respect Refer to our accounting policy for intangible assets and goodwill, we further supplement in Note 2 and Note 13 of the Notes to the Consolidated Financial Statements included in Part IV of this Report with the following: for additional information.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
As of December 31, 2024, 2025, we had fixed operating lease payment obligations of $139 $161 million, with $32 $29 million payable within 12 months, and fixed finance lease payment obligations of $12 million, with $6 million payable within 12 months.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and adjusted EBITDA margin Adjusted EPS exclude these charges and provide meaningful information about the operating performance of our business, apart from charges for amortization of acquired intangible assets, depreciation and other amortization, amortization; acquisition- and integration-related costs, restructuring costs; and related costs, including certain advisory fees, and settlement and impairment costs incurred outside our ordinary course of business.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
With respect to our accounting policy for intangible assets and goodwill, we further supplement in See Note 2 of the Notes to the Consolidated Financial Statements included in Part IV of this Report with the following: for additional information.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
With respect to our accounting policy for intangible assets and goodwill, we further supplement in See Note 2 of the Notes to the Consolidated Financial Statements included in Part IV of this Report with the following: for additional information.

Read it in 10-K 2026-02-26 at sec.gov ↗

RewordedMD&A
The decrease in cash and cash, cash equivalents and restricted cash for the year ended December 31, 2024 2025 was primarily due to $912.9 million $2.8 billion of cash used in investing activities and $559 million of cash used in financing activities of $13.7 million, activities, partially offset by cash provided by operating activities of $392.6 $430 million.

Read it in 10-K 2026-02-26 at sec.gov ↗

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