Slides
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Fourth Quarter and Full Year 2025 Highlights
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Forward-Looking Statements This investor presentation includes “forward-looking statements” . Potential factors that may cause actual results to differ materially from those projected in these forward-looking statements are described in CoStar Group’s periodic filings with the Securities and Exchange Commission (“SEC”), such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, including the “Risk Factors” sections of those documents. These filings can be accessed via the SEC’s website at www.sec.gov. All forward-looking statements reflect information available to CoStar Group as of the date of this presentation, and CoStar Group undertakes no obligation to update or revise any forward-looking statements unless required by applicable law.
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Fourth Quarter and Full Y ear 2025 Highlights • Full year 2025 Revenue of $3.2 billion increased 19% year-over-year, exceeding the high end of our guidance • Fourth quarter revenue of $900 million increased 27% year-over-year, exceeding the high end of our guidance and marking the 59th consecutive quarter of double-digit revenue growth • Full Year 2025 Net Income of $7 million and Adjusted EBITDA of $442 million • Fourth Quarter Net Income of $47 million and Adjusted EBITDA of $177 million • CoStar Group sites reached 139 million and the Homes.com Network reached 108 million average monthly unique visitors* *Prior to June 1, 2024, we measured average monthly unique visitors for all CoStar Group sites using Google’s Universal Analytics. Beginning June 1, 2024, average monthly unique visitors are measured using Google Analytics 4 (GA4), the replacement for Universal Analytics. Due to the change in methodologies, unique visitors reported prior to June 1, 2024 may not provide a meaningful comparison to unique visitors in subsequent periods.
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Global T raffic of 139 Million Unique Visitors in Q4 2025 - 20 40 60 80 100 120 140 160 180 200Average Monthly Unique Visitors (in millions) 139 MILLION *Prior to June 1, 2024, we measured average monthly unique visitors for all CoStar Group sites using Google’s Universal Analytics. Beginning June 1, 2024, average monthly unique visitors are measured using Google Analytics 4 (GA4), the replacement for Universal Analytics. Due to the change in methodologies, unique visitors reported prior to June 1, 2024 may not provide a meaningful comparison to unique visitors in subsequent periods.
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Fourth Quarter 2025 Results Fourth Quarter Full Year Revenue $900 million 27% year-over-year growth $3.2B 19% year-over-year growth Net Income $47 million $7 million Adjusted EBITDA $177 million 20% margin $442 million 14% margin Adjusted Net Income $131 million $0.31 per diluted share $364 million $0.87 per diluted share
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2026 First Quarter and Full Y ear Outlook First Quarter Full Year Revenue $890 million to $900 million 22% to 23% YoY growth $3.78 billion to $3.82 billion 16% to 18% YoY growth Net Income (Loss) ($21) million to ($5) million $184 million to $227 million Adjusted EBITDA $95 million to $115 million 11% to 13% margin $740 million to $800 million 20% to 21% margin Adjusted Net Income $66 million to $81 million $0.16 to $0.19 per share $507 million to $551 million $1.22 to $1.33 per share
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2026 First Quarter and Full Y ear Outlook – Segments First Quarter Full Year Commercial Revenue $470 million to $475 million 15% to 16% YoY growth $1.955 billion to $1.975 billion 9% to 11% YoY growth Residential Revenue $420 million to $425 million 30% to 32% YoY growth $1.825 billion to $1.845 Billion 25% to 26% YoY growth Commercial Adjusted EBITDA $145 million to $155 million 31% to 33% margin $650 million to $680 million 33% to 34% margin Residential Adjusted EBITDA ($50) million to ($40) million (12%) to (9%) margin $90 million to $120 million 5% to 7% margin
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Segment – Commercial Real Estate Commercial Real Estate Segment Disaggregated Revenue Brand CoStar LoopNet Domain CRE Listings CoStar CoStar Debt Solutions Real Estate Manager / Visual Lease LoopNet Other Commercial Matterport (Operate) Ten-X BizBuySell
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Segment – Residential Real Estate Residential Real Estate Segment Disaggregated Revenue Brand Residential Real Estate Apartments.com Homes.com Domain Residential Land.com OnTheMarket
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Disaggregated Revenue 2024 2025 ($ in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 CoStar $ 283 $ 286 $ 290 $ 297 $ 305 $ 310 $ 318 $ 325 $ 1,156 $ 1,259 LoopNet 69 70 71 72 73 76 79 84 282 312 Other Commercial Real Estate 17 18 19 22 31 60 64 62 77 216 Total Commercial Real Estate 369 374 380 391 409 446 461 471 1,515 1,787 Residential Real Estate 287 304 313 318 323 335 373 429 1,221 1,460 Total Revenue $ 656 $ 678 $ 693 $ 709 $ 732 $ 781 $ 834 $ 900 $2,736 $3,247
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Disaggregated Revenue – Prior Disclosure 2024 2025 ($ in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 CoStar $ 250 $ 253 $ 257 $ 260 $ 265 $ 271 $ 277 $ 283 $ 1,021 $ 1,096 Information Services 33 33 33 37 40 39 41 42 136 162 Multifamily 255 264 272 277 283 292 303 308 1,067 1,185 LoopNet 69 70 71 72 73 76 79 84 282 312 Residential 19 26 28 28 27 28 55 108 101 218 Other Revenues 31 31 32 36 45 75 78 75 130 272 Total Company $ 656 $ 678 $ 693 $ 709 $ 732 $ 781 $ 834 $ 900 $ 2,736 $ 3,247 Note: Due to rounding, figures may not sum
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Historical Net New Bookings ($ in millions) Year Q1 Q2 Q3 Q4 Total 2015 $21 $34 $31 $25 $111 2016 $30 $26 $26 $29 $112 2017 $35 $37 $34 $43 $148 2018 $35 $45 $40 $50 $169 2019 $48 $59 $50 $52 $210 2020 $48 $35 $53 $49 $184 2021 $52 $51 $47 $67 $217 2022 $69 $84 $76 $77 $305 2023 $80 $82 $65 $58 $286 2024 $86 $67 $44 $53 $250 2025 $56 $93 $84 $75 $308 Note: Due to rounding, figures may not sum
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Stock Repurchase Programs Expect to retire ~5% of shares outstanding with repurchases in 2025 and 2026 Prior Stock Repurchase Program Stock Repurchase Program Announcement Date February 2025 January 2026 Amount Authorized $500 million $1,500 million Duration No limit No limit Actual / Anticipated Amount Repurchased - Year 1* $500 million $700 million *Prior Stock Repurchase Program completed in 2025. Anticipate to purchase $700 million of shares of our common stock under our $1.5 billion Stock Repurchase Program in 2026
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Initiative Comment Approximate Headcount CoStar in Australia Expand CoStar to Australia - $60 million+ Opportunity 210 CoStar in France Expand CoStar to France - $110 million+ Opportunity 50 CoStar Lender Origination CoStar Lender origination product expands TAM $300m & data benefit 35 CoStar Corporate Real Estate Integrate Real Estate Manager, Visual Lease, CoStar, and Benchmarking - $120m TAM 120 CoStar New Homes Build new homes information product for home developers & banks - $200m TAM 90 STR Profit/Loss Benchmark Aggregate 150 P&L accounts at hotel level to sell to hotels & investors 30 Matterport Sales Force Expand Matterport's salesforce from 22 to 120 and build redundancy into key tech 100 Grow Core Sales Force Additional high ROI salespeople 96 Australia Homes.com Homes.com software and Matterport to Australia - $750 mil TAM –$50 mil savings 220 UK Homes.com Homes.com software and Matterport to UK - $500 mil+ TAM –$5 mil savings 20 Australia LoopNet Replace Domain CRE market with LoopNet $23 mil+ TAM –$2 mil savings 30 Europe LoopNet Launch LoopNet across Europe $340 mil+ TAM 30 T otal 1,031 12 Additional Significant Investments in 2026 T o Drive Future Revenue & EBITDA Growth
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Appendix
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Non-GAAP Financial Measures For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this presentation and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, please refer to the Company’s latest periodic report filed with the SEC at www.sec.gov. EBITDA is a non-GAAP financial measure that represents GAAP net income (loss) 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’s ordinary course of business. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues for the period. Adjusted 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 2026, the Company is assuming a 26% tax rate to approximate its statutory corporate tax rate, excluding the impact of discrete items, to determine Adjusted Net Income for each quarterly period, year-to-date period, and the annual period. Adjusted EPS is a non-GAAP financial measure that represents Adjusted Net Income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP earnings per diluted share. For periods with GAAP net losses and Adjusted Net Income, the weighted average outstanding shares used to calculate Adjusted EPS includes potentially dilutive securities that were excluded from the calculation of EPS as the effect was anti-dilutive.
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Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS - Unaudited
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Reconciliation of Net Income to Adjusted EBITDA - Unaudited
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Results of Segments and Guidance Ranges - Unaudited
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Disaggregated Revenues - Unaudited During the fourth quarter of 2025, we changed the composition of our segments from geography-based to product line- based. We have recast certain prior period disclosures to align with the new presentation:
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Use of Operating Metrics and Other Definitions Operating Metrics CoStar Group reviews a number of operating metrics to evaluate its business, measure performance, identify trends, formulate business plans and make strategic decisions. This presentation includes Net new bookings. Going forward, CoStar Group expects to use these operating metrics on a periodic basis to evaluate and provide investors with insight into the performance of the Company’s subscription-based services. 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. Other Definitions Our “Homes.com Network” consists of the following list of U.S.-only brands: Apartments.com, ApartmentFinder, FinderSites, ApartmentHomeLiving, WestSideRentals, ForRent, After55, CorporateHousing, ForRentUniversity, Cozy.com, Off Campus Partners, Homes.com, Homesnap, CitySnap, Land.com, Landandfarm.com, and LandWatch.com.