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CSGPCoStar Group

Real estate · Business Services · Nasdaq

CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets. 10-K, Item 1

CSGP quote by TradingView
Headquarters
Arlington, VA
CEO
Andrew C. Florance
Next results
around Feb 23, 2027
Compare with peers → Embed

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

SectionCompared textWords nowChanged
Risk FactorsItem 1A16,599 18.7%
MD&AItem 78,341 45.3%
Legal ProceedingsItem 3, via Note 12 – COMMITMENTS AND CONTINGENCIES991 73.3%
Accounting Policies10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES7,394 30.4%

The redline: what was cut and what was added

In each section, the paragraph that changed most, 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 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.

All 177 Added 61Removed 28Reworded 87Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
• If third-party suppliers upon which Matterport relies are not able to fulfill its needs, Matterport's ability to timely and cost effectively bring its hardware products to market could be affected.

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

AddedRisk Factors
• Failure to comply with the terms of the underlying open source software licenses could restrict our ability to deliver our products or services or subject us to litigation or other actions.

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

AddedRisk Factors
• We are expanding our operations outside of the United States, which may subject us to increased business, regulatory, and economic risks that could harm our business.

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

AddedRisk Factors
With respect to our products or services that incorporate AI Technologies, the market for such products and services is rapidly evolving and unproven in many industries, including our own, and important assumptions about the characteristics of targeted markets, pricing, sales cycles, cost, performance, and perceived value associated with our services or products may be inaccurate. Our failure to successfully develop and commercialize our products or services involving AI Technologies could harm our ability to expand our business; provide, improve and diversify our product offerings; continue our operations and efficiently manage our operating expenses; and respond effectively to competitive developments, which could adversely affect our business, results of operations, and financial condition.

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

AddedRisk Factors
completed the Domain Acquisition. Following the acquisition of both companies, we have lost and can continue to lose key employees, incur higher than expected costs, anticipate the diversion of management attention, or the disruption of our ongoing businesses, which may adversely affect the combined company’s ability to maintain relationships with customers, vendors and employees or to achieve the anticipated benefits of the acquisition.

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

AddedRisk Factors
If third-party suppliers upon which Matterport relies are not able to fulfill its needs, Matterport’s ability to timely and cost effectively bring its hardware products to market could be affected. Matterport relies on a limited number of suppliers to supply its hardware components for its cameras and other hardware products, including in some cases only a single supplier for some products and components. This reliance on a limited number of manufacturers increases its risks, since Matterport does not currently have proven reliable alternative or replacement manufacturers beyond these key parties. In the event of interruption, we may not be able to increase capacity from other sources or develop alternate or secondary sources, and if such sources become available, they may result in material additional costs and substantial delays.

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

AddedRisk Factors
Unexpected changes in business conditions, materials pricing, labor issues, wars, trade policies, natural disasters, health epidemics, trade and shipping disruptions, port congestions, and other factors beyond our or our suppliers’ control could also affect these suppliers’ ability to deliver components to us or to remain solvent and operational. Such disruptions could adversely affect our business if we are not able to meet customer demands. In addition, some of our suppliers are located in China. Our access to suppliers in China may be limited or impaired as a result of tariffs, including those that have been recently introduced by the current U.S. administration, or other government restrictions in response to geopolitical factors. There is no guarantee we may be able to continually use alternative suppliers and alternative parts as we scale production to meet our growth targets. Additionally, if our suppliers do not accurately forecast and effectively allocate production or if they are not willing to allocate sufficient production to us, it may reduce our access to components and require us to search for new suppliers. The unavailability of any component or supplier could result in production delays, idle manufacturing facilities, product design changes, and loss of access to important technology and tools for producing and supporting our products, as well as impact our capacity expansion and our ability to fulfill our obligations under customer contracts. Moreover, new product launches or product design changes by us have required, and may in the future require, us to procure additional components in a short amount of time. Our suppliers may not be willing or able to sustainably meet our timelines or our cost, quality, and volume needs, or to do so may cost us more, which may require us to replace them with other sources.

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

AddedRisk Factors
If we face supply constraints for any of the reasons described above, it may not be possible to obtain or increase supplies on acceptable terms, which may undermine our ability to satisfy customer demands in a timely manner. For example, it may take a significant amount of time to identify a manufacturer that has the capability and resources to build and supply necessary hardware components in sufficient volume. Identifying suitable suppliers can be an extensive process that requires us to become satisfied with our suppliers’ quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor and other ethical practices. Accordingly, a loss of any significant suppliers or manufacturers would have an adverse effect on our business, financial condition, and operating results.

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

AddedRisk Factors
regarding the environmental and/or social impacts, risks, and opportunities of our business. Failure to disclose accurate information in a timely manner may also adversely affect our reputation, business, or financial performance.

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

AddedRisk Factors
Additionally, the scope of intellectual property protection in the field of AI and machine learning is currently under development, and there is uncertainty and ongoing litigation in different jurisdictions as to the degree and extent of protection warranted for AI and machine learning systems and their relevant system outputs. For example, the law is uncertain across jurisdictions regarding the copyright ownership of content that is produced in whole or in part by generative AI tools. If we fail to obtain protection for the intellectual property rights concerning our AI Technologies or their outputs that we seek to claim as proprietary, or later have our intellectual property rights invalidated or otherwise diminished, which could adversely affect our business, reputation and financial condition.

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

AddedRisk Factors
Further, the use of AI Technologies, whether by us or by third parties, may increase the risk that our data, intellectual property or confidential information will be inadvertently disclosed, which may result in reputational harm, competitive harm, or legal liability and adversely affect our business, results of operations, or financial condition.

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

AddedRisk Factors
In addition, in the EU, the DSA governs, among other things, our potential liability for illegal services/products or content on our platforms, obligations around traceability of business users, and requires enhanced transparency measures, including in relation to any recommendation systems (including the main parameters used by such systems and any available options for recipients to modify or influence them). Further, the DSA contains general requirements that user interfaces may not deceive or manipulate users which are yet to be clarified further by guidance. Similarly, in the United Kingdom, the OSA establishes an extensive regulatory framework for certain user-to-user and search services and imposes obligations to protect users from illegal content. The DSA and the OSA may increase our compliance costs, require changes to our user interfaces, processes, operations, and business practices which may adversely affect our ability to attract, retain and provide our services to customers, and may otherwise adversely affect our business, operations and financial condition. Failure to comply with the DSA can result in fines of up to 6% of total annual worldwide turnover and recipients of services have the right to seek compensation from providers in respect of damage or loss suffered due to infringement by the provider to comply with the DSA, and failure to comply with the OSA can result in fines of up to 10% of total annual worldwide turnover or £18 million, whichever is higher.

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

RemovedRisk Factors
Introducing new products may be difficult and expensive. If we are unable to do so successfully, our brands may be adversely affected, and we may not be able to maintain or grow our current revenue and profit levels. To remain competitive and stimulate consumer and business demand, we must successfully manage new product introductions and transitions of

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
We may be unable to complete the acquisition of Matterport or otherwise realize the benefits of the pending Matterport acquisition, which could have an adverse effect on us. On April 22, 2024, we announced that we had entered into the Matterport Merger Agreement to acquire Matterport. Pursuant to the Matterport Merger Agreement, and subject to the terms and conditions contained therein, at the closing of the acquisition, we will acquire all of the outstanding shares of Matterport Common Stock in a cash and stock transaction. The closing of the acquisition is subject to customary conditions, including: expiration or termination of the applicable waiting periods under applicable antitrust laws; no injunction, award, law or order restraining, enjoining or otherwise prohibiting or making illegal the consummation of the Mergers; accuracy of each party’s representations and warranties, subject in most cases to materiality or material adverse effect qualifications; compliance by each party with its obligations under the Matterport Merger Agreement in all material respects; and with respect to the other party, there not having occurred since the date of the Merger Agreement any event, development, change or occurrence that has had or would reasonably be expected to have had, individually or in the aggregate, a material adverse effect. On July 3, 2024, Matterport and CoStar Group each received a request for additional information and documentary materials (the “Second Request”) from the FTC in connection with the FTC’s review of the transaction. The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Matterport and CoStar Group have each substantially complied with their respective Second Requests, unless that period is extended or terminated sooner by the FTC. Matterport and CoStar Group certified they were in substantial compliance with the Second Request in November 2024 and January 2025, respectively. Each of Matterport and CoStar Group continue to work cooperatively with the FTC in its review of the Transaction and expect that the Transaction will be completed in the first quarter of 2025, subject to the expiration or termination of the waiting period under the HSR Act and the satisfaction or waiver of the other closing conditions specified in the Matterport Merger Agreement.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Until the completion of the acquisition, we will operate independently of Matterport. It is possible that the pendency of the acquisition could result in the loss of key employees, higher than expected costs, diversion of management attention, or the disruption of our ongoing businesses, which may adversely affect the combined company’s ability to maintain relationships with customers, vendors and employees or to achieve the anticipated benefits of the acquisition. In addition, the amount of stock consideration offered per share of Matterport Common Stock is based on an exchange ratio that will be fixed prior to closing, subject to a collar, based on our share price, and will not be adjusted to account for changes in Matterport’s business, assets, liabilities, prospects, outlook, financial condition, or results of operations, or any other changes during the pendency of the acquisition, including any change in the market price of, analyst estimates of or projections relating to Matterport Common Stock, which could adversely affect our business, results of operations, and financial condition.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
quantity and quality of the sale and rental data we provide, reduce customer confidence in our products and services, and cause customers to go elsewhere for real estate listings and information, which could severely harm our business, results of operations, and financial condition.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
The interpretation and application of many privacy and data protection laws are uncertain. These laws may be interpreted and applied in a manner that is inconsistent with our existing data management practices or the features of our products. If so, in addition to the possibility of negative publicity, fines, lawsuits, and other claims and penalties, we could be required to fundamentally change our business activities and practices or modify our products, which could harm our business.

Read it in 10-K 2025-02-20 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 ↗

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 ↗

Quiet changesRisk Factors
In addition, any significant cyberattacks or data security breaches affecting companies that we acquire and/or that provide us services (including data center and cloud computing providers) could materially impact our business.

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

AddedMD&A
CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets, based on the numbers of unique visitors and site visits per month; provides more information, analytics, and marketing services than many of our competitors; offers the most comprehensive commercial real estate database available; and has the largest commercial real estate research department in the industry. We have created and compiled a standardized platform of real estate information and analytics and online marketplaces where industry professionals, consumers of commercial and residential real estate, including apartments, and the related business communities, can continuously interact and facilitate transactions by efficiently accessing and exchanging accurate and standardized real estate-related information. Our service offerings span all property types, including office, retail, industrial, multifamily, residential, land, mixed-use, and hospitality.

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

AddedMD&A
We operate, develop products, and deliver our services in two reportable segments, Commercial Real Estate and Residential Real Estate. Our Commercial Real Estate segment offers commercial real estate information and analytics, online marketplaces, and 3D digital twin technology and its principal brands are CoStar, including CoStar Real Estate Manager and CoStar with STR benchmarking, LoopNet, Matterport, BizBuySell, and Ten-X. Our Residential Real Estate segment hosts marketplaces which aggregate consumer demand for homes that they can rent or buy and we sell marketing and leads to the agents, owners, landlords, and property management companies that need to reach those consumers with their offerings. Our flagship brands in the U.S. are Apartments.com, Homes.com, and Land.com. Domain and OnTheMarket are our leading marketplaces in Australia and the U.K., respectively.

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

AddedMD&A
Our services are primarily derived from a database of building-specific information and offer customers specialized tools for accessing, analyzing, and using our information. Over time, we have enhanced and expanded, and we expect to continue to enhance and expand, our existing information, analytics, and online marketplaces. We have developed and we expect to continue to develop additional services leveraging our centralized database and 3D digital twin technology to meet the needs of our existing customers as well as potential new categories of customers.

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

AddedMD&A
services regularly, we generally charge a fixed monthly amount for our subscription-based services rather than charging fees based on actual platform usage or number of paid clicks. Depending on the type of service, contract rates are generally based on the number of sites, number of users, organization size, the customer’s business focus, the customer's geographic location, the number of properties reported on or analyzed, the number and types of services to which a customer subscribes, the number of digital twins hosted, the number of properties a customer advertises, and the prominence and placement of a customer's advertised properties in the search results. Our subscription customers generally pay contract fees on a monthly basis, but in some cases may pay us on a quarterly or annual basis. Our transaction-based services primarily consist of (i) providing premium listings for individual properties on our marketplaces, (ii) providing data capture services to create digital twins, (iii) the sale of Matterport cameras and capture equipment, and (iv) Ten-X auction fees.

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

AddedMD&A
Other Commercial Real Estate includes revenue from the Matterport Acquisition, BizBuySell Network, and Ten-X's online auctions for commercial real estate. Matterport primarily provides hosting services for its 3D digital twins on a subscription basis. Matterport also provides capture services of spatial data and other add-on services to existing subscription customers and sells 3D capture cameras and accessories. Our BizBuySell Network provides online marketplaces for businesses and franchises for sale.

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

AddedMD&A
We expect Commercial Real Estate's revenue growth rate for the year ending December 31, 2026 to moderate compared to the revenue growth rate for the year ended December 31, 2025, due to the lack of benefit from the Matterport Acquisition realized in 2025.

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

AddedMD&A
•Integration of our residential platforms. Deploying Homes.com in Australia and the U.K. through the integrations of our Domain and OnTheMarket businesses. Leveraging rentals marketing and lead generation across platforms, in particular, Apartments.com and Homes.com. Scaling Homes.com through new product releases including depth advertising and the new homes builder program. Continue to develop new and improved tools for residential agents and brokers to help amplify their reach.

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

AddedMD&A
•Launching additional AI-enabled features across our products. We plan to extend the revolutionary capability of Homes AI across the Company’s portfolio of leading platforms, including Apartments.com, CoStar, LoopNet, Land.com and BizBuySell.com - ushering in a new era of intelligent, conversational real estate discovery. Our AI capabilities draw from property data, Matterport 3D digital twin technology, images, proprietary school data, neighborhood insights, and market intelligence.

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

AddedMD&A
•Continuing to expand our CoStar offerings with additional modules, including new data and enhanced analytics. We plan to add new homes data, valuation capabilities, lease benchmarking data, and debt benchmarking. These enhancements will continue to drive new subscribers and additional usage under one platform.

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

AddedMD&A
•Leveraging technology and AI capabilities in our internal processes. We are using advanced technology, including AI, to improve data collection, data generation, and data quality. AI is driving research efficiencies, improving data

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

AddedMD&A
quality, and increasing the pace of product development. Proprietary data, an integrated delivery platform, and bespoke research processes underpin our product solutions.

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

AddedMD&A
EBITDA is our net income (loss) before interest income or expense, net, other expense or income, net, loss on debt extinguishment, income taxes, depreciation and amortization.

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

RemovedMD&A
We provide real estate and lease management technology solutions, including lease administration, lease accounting, transaction management, and professional services through our CoStar Real Estate Manager and Visual Lease service offerings. We also provide data and reports on an ad hoc basis to customers in the hospitality industry. We expect Information Services' revenue growth rate for the year ending December 31, 2025 to accelerate compared to the revenue growth rate for the year ended December 31, 2024 as a result of the Visual Lease Acquisition.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
Apartments.com is the flagship brand of our apartment marketing network of subscription-based advertising services and provides property management companies and landlords with a comprehensive advertising destination for their available rental units. In addition, it offers renters a platform for searching for available rentals and earns transaction-based revenue primarily from providing online tenant applications, including background and credit checks, and rental payment processing. We expect Multifamily's revenue growth rate for the year ending December 31, 2025 to moderate compared to the revenue growth rate for the year ended December 31, 2024, due to the impact in 2025 of pivoting the Apartments.com sales force to support the Homes.com product launch in 2024.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
Our other marketplaces include Ten-X, an online auction platform for commercial real estate, our Land.com Network, and our BizBuySell Network. The Land.com Network provides online marketplaces for rural lands for sale and BizBuySell Network provides online marketplaces for businesses and franchises for sale. We expect Other Marketplaces' revenues for the year ending December 31, 2025 to increase compared to the revenues for the year ended December 31, 2024 due to increased revenues from our Land.com and BizBuySell Networks.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
•Continuing to invest in and develop Homes.com. In 2024, we launched Homes.com memberships giving real estate agents the ability to advertise and promote their listings on our website featuring original, media rich content. In 2025, we plan to continue hiring our dedicated Homes.com sales force. We plan to continue to raise unaided brand awareness of the site through targeted marketing campaigns and to continue to focus on attracting recurring visitors to the site. In addition, we plan to develop and market additional products.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
•Using the aggregate and anonymized data from leases within CoStar Real Estate Manager and Visual Lease to create a trusted source of pricing and occupancy information for Commercial Real Estate. We also plan to begin the integration of the CoStar Real Estate Manager and Visual Lease products.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
We expect our investment in the sales force will increase our selling and marketing expenses for the year ending December 31, 2025 compared to the year ended December 31, 2024. We intend to continue to assess the need for additional investments in

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
•an increase in Residential revenues of $55 million, or 118%, due to the launch of the new Homes.com membership subscriptions and the OnTheMarket Acquisition, partially offset by the discontinuation and reduced sales of certain products and services that were inconsistent with our long-term business strategy,

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
•a decrease in Information services revenues of $35 million, or 20%, attributable to converting legacy STR customers to our new CoStar-based benchmarking product, partially offset by an increase in revenue from CoStar Real Estate Manager and the Visual Lease Acquisition, and

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
•a decrease in Other marketplaces revenues of $4 million, or 3%, due to lower property volumes auctioned on Ten-X partially offset by increases in revenues of the Land.com Network.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
We manage our business geographically in two operating segments, with the primary areas of measurement and decision-making being North America, which includes the U.S. and Canada, and International, which primarily includes Europe, Asia-Pacific and Latin America. Management relies on an internal management reporting process that provides revenue and operating segment EBITDA, which is our net income before interest income or expense, net, other expense or income, net, loss on debt extinguishment, income taxes, depreciation and amortization. Management believes that operating segment EBITDA is an appropriate measure for evaluating the operational performance of our operating segments. EBITDA is used by management to internally measure operating and management performance and to evaluate the performance of our business.

Read it in 10-K 2025-02-20 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 ↗

Work on CSGP in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CSGP/export.csv") into a cell.