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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
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.43Sales (ttm)3.7BNet income (ttm)179.0MSales growth+18.7%EPS growth-94.1%Sales Q/Q+14.1%
Free cash flow422.0MGross margin78.3%Oper. margin5.8%Net margin4.9%FCF margin11.5%ROE2.2%
ROA1.7%R&D / sales-Dividend-Debt/Eq0.13Curr. ratio1.32Cash500.0M
Op. cash flow (ttm)617.0MEBITDA191.0MEBITDA margin5.9%Net debt500.0MQuick ratio1.31Interest cover-3.79
ROIC-0.2%Tax rate76.7%Stock pay / sales6.0%Shares out.402.3MShares Y/Y+3.2%Book / share19.82
Cash / share1.24Sales / share9.13Asset turnover0.36Inventory turns114.33Days sales out.26Sales 3Y CAGR+14.2%
Sales 5Y CAGR+14.4%EPS 3Y CAGR-72.2%EPS 5Y CAGR-49.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt fell 86%$1.0B → $140.0M · Short-term + long-term debt at year end
  • Free cash flow turned positive−$186.0M → $123.0M · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +18.7%+11.4% → +18.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to -2.2%0.2% → -2.2% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

CSGP against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
CSGPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+18.7%2nd of 29 · median +5.1%
Net margin
4.9%26th of 29 · median 21.7%
Return on equity
2.2%25th of 27 · median 7.8%
Free cash flow margin
11.5%8th of 12 · median 24.1%
Debt / equity (less is better)
0.132nd of 24 · median 0.84
CSGP and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CSGP CoStar Group$3.7B +18.7%78.3%4.9%2.2%11.5%0.13
VICI Vici Properties$4.2B +4.1%99.3%56.5%8.1%-0.58
CCI Crown Castle$4.1B -4.4%-20.1%-42.2%-
BXP BXP, Inc.$3.5B +2.2%59.1%8.4%5.8%-0.15
EXR Extra Space Storage$3.5B +3.7%-29.9%8.1%44.7%-
DOC Healthpeak Properties$3.1B +4.5%-12.3%4.8%12.3%1.19

From $1.9B of sales to $292.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.6BRevenue to Cost of revenue: $357.2MGross profit to Operating profit: $432.3MGross profit to Operating expenses: $1.2BOperating profit to Net profit: $292.6MOperating profit to Tax & other: $139.7M Revenue: $1.9B Revenue$1.9B +17% Y/Y Gross profit: $1.6B · 82% margin Gross profit$1.6B82% margin +18% Y/Y Cost of revenue: $357.2M · 18% of revenue Cost of revenue$357.2M18% of revenue Operating profit: $432.3M · 22% margin Operating profit$432.3M22% margin +49% Y/Y Operating expenses: $1.2B · 59% of revenue Operating expenses$1.2B59% of revenue Net profit: $292.6M · 15% margin Net profit$292.6M15% margin +29% Y/Y Tax & other: $139.7M · 7% of revenue Tax & other$139.7M7% of revenue

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From $2.2B of sales to $369.5M of profit

FY2022, from the 10-K income statement and revenue by segment
North America to Revenue: $2.1BInternational to Revenue: $76.4MRevenue to Gross profit: $1.8BRevenue to Cost of revenue: $414.0MGross profit to Operating profit: $451.0MGross profit to Operating expenses: $1.3BOperating profit to Net profit: $334.0MOperating profit to Tax: $117.0MOther income to Net profit: $35.5M North America: $2.1B · 96% North America$2.1B96% International: $76.4M · 4% International$76.4M4% Revenue: $2.2B Revenue$2.2B +12% Y/Y Gross profit: $1.8B · 81% margin Gross profit$1.8B81% margin +11% Y/Y Cost of revenue: $414.0M · 19% of revenue Cost of revenue$414.0M19% of revenue Operating profit: $451.0M · 21% margin Operating profit$451.0M21% margin +4% Y/Y Other income: $35.5M · 2% of revenue Other income$35.5M2% of revenue Operating expenses: $1.3B · 60% of revenue Operating expenses$1.3B60% of revenue Net profit: $369.5M · 17% margin Net profit$369.5M17% margin +26% Y/Y Tax: $117.0M · 5% of revenue Tax$117.0M5% of revenue

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From $2.5B of sales to $375.0M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $491.0MGross profit to Operating profit: $282.0MGross profit to Operating expenses: $1.7BOperating profit to Net profit: $155.0MOperating profit to Tax: $127.0MOther income to Net profit: $220.0M Revenue: $2.5B Revenue$2.5B +12% Y/Y Gross profit: $2.0B · 80% margin Gross profit$2.0B80% margin +11% Y/Y Cost of revenue: $491.0M · 20% of revenue Cost of revenue$491.0M20% of revenue Operating profit: $282.0M · 11% margin Operating profit$282.0M11% margin −37% Y/Y Other income: $220.0M · 9% of revenue Other income$220.0M9% of revenue Operating expenses: $1.7B · 69% of revenue Operating expenses$1.7B69% of revenue Net profit: $375.0M · 15% margin Net profit$375.0M15% margin +1% Y/Y Tax: $127.0M · 5% of revenue Tax$127.0M5% of revenue

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From $2.7B of sales to $139.0M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.2BRevenue to Cost of revenue: $558.0MGross profit to Operating profit: $5.0MGross profit to Operating expenses: $2.2BOperating profit to Net profit: $5.0MOther income to Net profit: $134.0M Revenue: $2.7B Revenue$2.7B +11% Y/Y Gross profit: $2.2B · 80% margin Gross profit$2.2B80% margin +11% Y/Y Cost of revenue: $558.0M · 20% of revenue Cost of revenue$558.0M20% of revenue Operating profit: $5.0M · 0% margin Operating profit$5.0M0% margin −98% Y/Y Other income: $134.0M · 5% of revenue Other income$134.0M5% of revenue Operating expenses: $2.2B · 79% of revenue Operating expenses$2.2B79% of revenue Net profit: $139.0M · 5% margin Net profit$139.0M5% margin −63% Y/Y

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From $3.2B of sales to $7.0M of profit

FY2025, from the 10-K income statement and revenue by segment
Commercial Real Estate to Revenue: $1.8BResidential Real Estate to Revenue: $1.5BRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $686.0MGross profit to Net profit: $7.0MGross profit to Costs, tax, other: $2.6B Commercial Real Estate: $1.8B · 55% Commercial Real Estate$1.8B55% Residential Real Estate: $1.5B · 45% Residential Real Estate$1.5B45% Revenue: $3.2B Revenue$3.2B +19% Y/Y Gross profit: $2.6B · 79% margin Gross profit$2.6B79% margin +18% Y/Y Cost of revenue: $686.0M · 21% of revenue Cost of revenue$686.0M21% of revenue Net profit: $7.0M · 0% margin Net profit$7.0M0% margin −95% Y/Y Costs, tax, other: $2.6B · 79% of revenue Costs, tax, other$2.6B79% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median4.9% vs 21.7%
  • !
    Gross margin down over 5 years81.4% → 78.9%
  • !
    Return on equity below 15%2.2%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 10.2% → 0.2%

Balance sheet

3 of 4
  • !
    Interest covered less than 5 timesOperating income is -3.8× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.13 on the latest balance sheet (peer median 0.84)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.32
  • ✓
    Net debt under 3 years of free cash flow$500.0M net debt, 1.2 years
Debt / equity at each year end, FY2016 to FY2025: 0.20 → 0.02

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 9 of 10 years$123.0M last year
  • !
    Share count up over 5 years+9.8%
  • ✓
    Cash from operations above net income$430.0M vs $7.0M
Free cash flow, FY2016 to FY2025: 181.9M → 123.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 3.2B Net income 7.0M
FY2016 revenue 837.6M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-19-000017 FY2016 net income 85.1M · NetIncomeLoss, 0001057352-19-000017 837.6M FY2016 FY2017 revenue 965.2M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-20-000036 FY2017 net income 122.7M · NetIncomeLoss, 0001057352-20-000036 965.2M FY2017 FY2018 revenue 1.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-21-000032 FY2018 net income 238.3M · NetIncomeLoss, 0001057352-21-000032 1.2B FY2018 FY2019 revenue 1.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-22-000027 FY2019 net income 315.0M · NetIncomeLoss, 0001057352-22-000027 1.4B FY2019 FY2020 revenue 1.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-23-000030 FY2020 net income 227.1M · NetIncomeLoss, 0001057352-23-000030 1.7B FY2020 FY2021 revenue 1.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-24-000013 FY2021 net income 292.6M · NetIncomeLoss, 0001057352-24-000013 1.9B FY2021 FY2022 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-25-000016 FY2022 net income 369.5M · NetIncomeLoss, 0001057352-25-000016 2.2B FY2022 FY2023 revenue 2.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-26-000020 FY2023 net income 375.0M · NetIncomeLoss, 0001057352-26-000020 2.5B FY2023 FY2024 revenue 2.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-26-000020 FY2024 net income 139.0M · NetIncomeLoss, 0001057352-26-000020 2.7B FY2024 FY2025 revenue 3.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001057352-26-000020 FY2025 net income 7.0M · NetIncomeLoss, 0001057352-26-000020 3.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

CSGP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.2B
FY2016: 837.6MFY2017: 965.2MFY2018: 1.2BFY2019: 1.4BFY2020: 1.7BFY2021: 1.9BFY2022: 2.2BFY2023: 2.5BFY2024: 2.7BFY2025: 3.2B FY2017FY2019FY2021FY2023FY2025
Net income7.0M
FY2016: 85.1MFY2017: 122.7MFY2018: 238.3MFY2019: 315.0MFY2020: 227.1MFY2021: 292.6MFY2022: 369.5MFY2023: 375.0MFY2024: 139.0MFY2025: 7.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow123.0M
FY2016: 181.9MFY2017: 210.2MFY2018: 305.8MFY2019: 457.8MFY2020: 486.1MFY2021: 346.0MFY2022: 443.5MFY2023: 372.0MFY2024: -186.0MFY2025: 123.0M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)0.02
FY2016: 0.26FY2017: 0.37FY2018: 0.65FY2019: 0.86FY2020: 0.59FY2021: 0.74FY2022: 0.93FY2023: 0.92FY2024: 0.34FY2025: 0.02 FY2017FY2019FY2021FY2023FY2025
Diluted shares420.7M
FY2016: 324.4MFY2017: 335.6MFY2018: 364.5MFY2019: 366.3MFY2020: 383.3MFY2021: 394.2MFY2022: 397.8MFY2023: 406.9MFY2024: 407.8MFY2025: 420.7M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-26

Compared with the 10-K of Feb 20, 2025: new segments Commercial Real Estate, Residential Real Estate; no longer reported: International, North America.

During the fourth quarter of 2025, the Company realigned our business segments. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Commercial Real Estate 1.8B55.0% +18.0%
Residential Real Estate 1.5B45.0% +19.6%

10-K 0001057352-26-000020, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue837.6M965.2M1.2B1.4B1.7B1.9B2.2B2.5B2.7B3.2B
Cost of revenue173.8M220.4M269.9M289.2M309.0M357.2M414.0M491.0M558.0M686.0M
Gross profit663.8M744.8M921.9M1.1B1.4B1.6B1.8B2.0B2.2B2.6B
SG&A123.3M146.1M156.7M178.7M299.7M256.8M338.7M382.0M439.0M549.0M
Operating income144.9M173.8M273.6M363.5M289.2M432.3M451.0M282.0M5.0M-72.0M
Interest expense10.0M9.0M2.8M2.6M21.8M32.3M32.3M31.0M27.0M19.0M
Pretax income136.7M165.1M284.0M390.9M271.0M404.0M486.5M502.0M210.0M30.0M
Income tax51.6M42.4M45.7M76.0M43.9M111.4M117.0M127.0M71.0M23.0M
Net income85.1M122.7M238.3M315.0M227.1M292.6M369.5M375.0M139.0M7.0M
EPS (diluted)0.260.370.650.860.590.740.930.920.340.02
Diluted shares324.4M335.6M364.5M366.3M383.3M394.2M397.8M406.9M407.8M420.7M
Depreciation & amortization70.2M63.6M77.7M81.2M116.9M139.6M137.9M108.0M147.0M263.0M
EBITDA215.1M237.5M351.3M444.7M406.1M571.9M588.9M390.0M152.0M191.0M
Gross margin79.2%77.2%77.4%79.3%81.4%81.6%81.0%80.0%79.6%78.9%
Operating margin17.3%18.0%23.0%26.0%17.4%22.2%20.7%11.5%0.2%-2.2%
Net margin10.2%12.7%20.0%22.5%13.7%15.1%16.9%15.3%5.1%0.2%
Revenue growth-+15.2%+23.5%+17.4%+18.5%+17.2%+12.3%+12.5%+11.4%+18.7%
EPS growth-+39.7%+78.7%+31.5%-31.4%+25.4%+25.7%-1.1%-63.0%-94.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash567.2M1.2B1.1B1.1B3.7B3.8B5.0B5.2B4.7B1.6B
Receivables48.5M60.9M89.2M92.2M103.9M124.8M153.9M190.0M188.0M234.0M
Inventory---------6.0M
Current assets627.5M1.3B1.2B1.2B3.9B4.0B5.2B5.5B5.0B2.1B
Property & equipment87.6M84.5M83.3M107.5M126.3M271.4M321.3M472.2M1.0B1.3B
Goodwill1.3B1.3B1.6B1.9B2.2B2.3B2.3B2.4B2.5B4.9B
Total assets2.2B2.9B3.3B3.9B6.9B7.3B8.4B8.9B9.3B10.5B
Accounts payable11.5M9.3M6.3M7.6M15.7M22.2M28.6M23.1M44.0M42.0M
Current liabilities154.9M146.7M154.2M207.1M330.9M338.7M372.7M455.8M552.0M746.0M
Total debt338.3M0001.0B1.0B1.0B1.0B1.0B140.0M
Total liabilities530.9M222.2M291.0M448.4M1.5B1.5B1.5B1.6B1.7B2.2B
Shareholders' equity1.7B2.7B3.0B3.4B5.4B5.7B6.9B7.3B7.6B8.3B
Retained earnings195.8M320.7M613.5M940.5M1.2B1.5B1.8B2.2B2.3B2.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow200.6M234.7M335.5M457.8M486.1M469.7M478.7M490.0M393.0M430.0M
Capital spending18.8M24.5M29.6M00123.7M35.2M118.0M579.0M307.0M
Free cash flow181.9M210.2M305.8M457.8M486.1M346.0M443.5M372.0M-186.0M123.0M
Stock-based pay (added back)36.3M39.0M41.2M52.3M53.5M63.7M75.2M85.0M89.0M194.0M
Buybacks-------00500.0M
Acquisitions10.4M47.8M418.4M437.6M426.1M193.0M6.3M100.0M277.0M2.3B
Debt raised0-001.7B00---
Debt repaid20.0M345.0M00745.0M02.2M00-
Investing cash flow-23.3M-72.3M-448.0M-483.8M-464.2M-381.3M-69.1M-239.0M-913.0M-2.8B
Financing cash flow-30.6M480.4M2.7M-4.2M2.7B-15.7M734.0M-4.0M-14.0M-559.0M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)36.3M39.0M41.2M52.3M53.5M63.7M75.2M85.0M89.0M194.0M
Stock-based pay / revenue4.3%4.0%3.5%3.7%3.2%3.3%3.4%3.5%3.3%6.0%
Operating lease cost-25.7M28.1M27.6M32.8M34.8M33.6M36.0M41.0M39.0M
Operating lease cash paid---30.3M37.0M37.3M41.6M45.0M47.0M36.0M
Finance lease principal paid-----001.0M5.0M5.0M
Right-of-use assets--0115.1M108.7M100.7M80.4M79.8M103.0M123.0M
Operating lease liabilities---149.8M138.0M125.6M112.1M102.9M121.0M140.0M
Finance lease liabilities------013.0M15.0M11.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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.