CoStar Group, Inc. (CSGP) - Company Research

Last Updated: 3 May 2026

CoStar Group, Inc. (NASDAQ: CSGP) is the largest provider of commercial real estate information, analytics and online marketplaces in the world, and — following the August 2025 closing of the A$3.0 bn Domain Holdings takeover, the February 2025 close of the $1.6 bn Matterport acquisition and the December 2023 OnTheMarket UK deal — now also a global residential portal operator. The company reported its 60th consecutive quarter of double-digit revenue growth on 28 April 2026: Q1 2026 revenue of $897 m (+23% YoY), adjusted EBITDA $132 m (doubled YoY) and adjusted EPS $0.23 vs guidance of $0.06–$0.08. Full-year 2025 revenue was $3.25 bn (+19%) with adjusted EBITDA $442 m (+83%) and net income of just $7 m, reflecting the heavy Homes.com investment cycle. Management raised 2026 adjusted EBITDA guidance to $780–$820 m and adjusted EPS to $1.32–$1.39, while authorising a new $1.5 bn buyback (with $700 m of total 2026 cash repurchases planned, $505 m already executed in Q1 via an accelerated share repurchase). Critically, on 13–14 April 2026 Third Point disclosed it had liquidated its entire CoStar position and abandoned its activist board campaign, citing a thesis that "no longer holds true today". The next earnings release is Q2 2026 on or around late July 2026; CoStar pays no dividend. For live pricing see our live charts, the upcoming release schedule on the economic calendar, and discussion on the ChartsView forum.

1. Company Snapshot

Company	CoStar Group, Inc.
Ticker	NASDAQ: CSGP (S&P 500 constituent)
Sector / Industry	Real Estate Services / Information & Analytics / Online Marketplaces
HQ	1201 Wilson Boulevard, Arlington, Virginia 22209, USA (relocated to Arlington in 2025)
Founder, President & CEO	Andy (Andrew C.) Florance — founded the company in 1986 (incorporated 1987); CEO since founding
Independent Board Chair	Louise Sams (since April 2025; director since 2019)
CFO	Christian Lown
CTO	Frank A. Simuro
CIO	Jason Butler
Founded	1986 (Washington, D.C.); IPO 29 June 1998
Employees	~8,441 (per stockanalysis.com Q1 2026 snapshot; ~8,000+ post Domain integration; +500 from Matterport)
Fiscal year end	31 December
Share price (close 28 Apr 2026, post Q1)	$35.96
Recent quote (snapshot used in this report)	$34.54–$34.72 range, early May 2026
52-week range	$33.32 (intraday low, April 2026) — $97.43 (high, mid-2025)
Market cap (early May 2026)	~$14.2–$14.5 bn
Shares outstanding	~408–424 m (post $505 m Q1 ASR; post $1.5 bn new authorisation)
FY2025 revenue / adjusted EBITDA	$3.25 bn (+19%) / $442 m (+83%)
Q1 2026 revenue / adjusted EBITDA / adj EPS	$897 m (+23%) / $132 m (+100%) / $0.23
2026 guidance (revenue / adj EBITDA / adj EPS)	~$3.84 bn (+18%) / $780–$820 m / $1.32–$1.39
Buyback authorisation	$1.5 bn (announced January 2026); $505 m executed in Q1 via ASR; ~$700 m total 2026 cash outlay planned
Dividend	None — CoStar has never paid a cash dividend
Website	costargroup.com / investors.costargroup.com

2. Bull Case vs Bear Case

Bull Case	Bear Case
60 consecutive quarters of double-digit revenue growth; FY25 +19%; Q1 2026 +23%; 2026 guide +18%; medium-term target ~15% revenue CAGR 2025–2028 with adjusted EBITDA reaching $1.25 bn by 2028.	Trailing P/E reported in the 560–580 range (FY25 net income just $7 m on $3.25 bn revenue) reflects Homes.com investment burning ~$230 m of adjusted EBITDA in 2025 alone; profitability not expected at Homes.com until 2030 per management.
Activist overhang lifted: Third Point disclosed 13–14 April 2026 it had liquidated its entire CoStar position and dropped its planned proxy fight; D.E. Shaw also previously disengaged. CEO described the company as "more focused" on its Q1 call.	Stock down ~63% from 52-week high $97.43 to ~$34–$36; market cap halved from peak ~$40 bn to ~$14 bn; 1-year price change deeply negative as Homes.com ROI debate continues.
Homes.com gaining share: Q1 2026 revenue $26 m (+58%); paid agent subscriber count surged 205% YoY to 35,175; 100 m+ average monthly unique users; CoStar Group cited 187% YoY agent lead growth; management plans 1 May 2026 subscription price increase for new members ($3,400 list vs cited 11x ROI).	Zillow (Z) commands 235–243 m monthly UVs and ~2.6 bn quarterly visits versus Homes.com's ~108 m UVs — Zillow is still 2×+ scale; Realtor.com (Move/News Corp) and Redfin (now part of Rocket Companies post-2025 acquisition) compete aggressively at the listing-agent layer.
Capital return scaling: $1.5 bn buyback authorised January 2026; $505 m executed in Q1 2026 ASR; ~$700 m total cash repurchases planned for 2026 (vs $500 m completed in 2025).	CEO compensation controversy: Florance received ~$37.4 m total compensation in 2024; criticised by Third Point and D.E. Shaw as "exorbitant" relative to the share-price decline; corporate-jet usage cited.
Commercial segment is highly profitable: FY25 commercial revenue $1.79 bn (+18%) with $672 m adjusted EBITDA at >35% margin; Q1 2026 commercial adj. EBITDA $161 m at 34% margin.	Domain integration risk: A$3.0 bn enterprise value Australian portal closed only 27 August 2025; needs to be folded into the Homes.com / OnTheMarket / Apartments.com playbook with cost discipline; medium-term EBITDA targets implicitly assume Domain margin uplift.
AI / Matterport flywheel: Homes AI launched 17 February 2026 on Microsoft Azure OpenAI with Matterport 3D digital twins; Matterport added >14 m spaces and 50 bn sq ft of digitised property; CoStar plans to extend Homes AI to Apartments.com, LoopNet, Land.com and BizBuySell.	Move/News Corp dropped its trade-secrets lawsuit (April 2025) but the residential portal turf war continues; Realtor.com and Zillow have launched competing AI search experiences; pricing power on Homes.com unproven at scale.

3. What Does This Company Actually Do?

CoStar Group operates two reporting segments — Commercial (the historic CoStar information and LoopNet marketplace business plus BizBuySell, Ten-X auctions and CoStar Real Estate Manager) and Residential (Apartments.com, Homes.com, OnTheMarket UK, Domain Australia, Land.com and Matterport). The segment composition was changed in Q4 2025 from a geography view to a product-portfolio view to reflect the now-global residential push.

FY2025 revenue mix ($ billions):

• Commercial segment — ~$1.79 bn (~55% of total): includes the flagship CoStar information service, LoopNet, BizBuySell, Ten-X and CoStar Real Estate Manager. Q1 2026 commercial revenue was $472 m, +15% YoY, with CoStar at $331 m (+9%) and LoopNet at $85 m (+16%).
• Residential segment — ~$1.46 bn (~45% of total): Apartments.com is the cash engine ($312 m in Q1 2026, +10% — 15th consecutive quarter of double-digit growth); Homes.com is the high-growth investment platform ($26 m in Q1 2026, +58%); OnTheMarket UK; Domain Holdings Australia (consolidated from 27 Aug 2025); Matterport (consolidated from 28 Feb 2025).

Q1 2026 product-line revenue: CoStar $331 m (+9%); Apartments.com $312 m (+10%); LoopNet $85 m (+16%); Homes.com $26 m (+58%); plus Domain, OnTheMarket, Matterport, BizBuySell, LandsofAmerica and other international portals making up the balance to $897 m.

Geographic mix: CoStar is no longer a US-only story. Domain (Australia, August 2025), OnTheMarket (UK, December 2023) and Matterport (global SaaS, February 2025) materially expand the international footprint. The 2025 international revenue figure was not separately reported following the Q4 2025 segmentation change.

4. The Business Model

CoStar sells subscription-based information services to commercial real estate professionals (the historic moat; multi-year contracts with industry-leading retention) and operates online marketplaces that monetise via paid listings and agent / landlord membership fees. Roughly 95% of revenue is recurring subscription / membership; bookings convert to revenue over the subsequent 12–24 months.

• Commercial — the cash engine: CoStar's flagship information service has >90% gross retention; LoopNet operates the largest commercial real estate listings marketplace in the US. FY25 commercial adjusted EBITDA was $672 m at >35% margin; Q1 2026 commercial margin was 34%, above the high end of guidance.
• Residential — the investment cycle: Apartments.com is the profit centre (the Karl-Urban "Apartments.com" multi-million-dollar advertising campaign drove paid landlord membership to category leadership; 11× consecutive years rated the #1 multifamily site). Homes.com is the new investment, designed as a listing-agent-friendly model (flat membership rather than buyer-agent leads, the differentiator versus Zillow's Premier Agent). FY25 residential adjusted EBITDA was a $230 m loss, narrowing from $361 m loss in FY24; management has guided Homes.com to profitability by 2030.
• Capital allocation: $1.5 bn buyback authorised January 2026; $505 m executed in Q1 2026 via accelerated share repurchase; total ~$700 m cash repurchases planned for 2026 vs $500 m completed in 2025. CoStar pays no dividend and has never paid one.
• M&A engine: Matterport ($1.6 bn cash, closed 28 Feb 2025); Domain Holdings Australia (A$3.0 bn enterprise value, closed 27 Aug 2025); OnTheMarket (UK, closed Dec 2023, ~£99 m); plus BizBuySell, Ten-X, STR Inc, RentPath (2021), Homesnap (2020).
• Subsidy / regulatory credit dependency: none material. Revenue is subscription and marketplace-fee driven. CoStar does collect government property data feeds but does not depend on tax credits or regulatory credits for any meaningful share of revenue.

5. Financial Health

Five-year fiscal trend (years ended 31 December, $ billions unless noted):

Metric	FY21	FY22	FY23	FY24	FY25
Revenue	1.94	2.18	2.46	2.74	3.25
YoY growth	+19%	+12%	+13%	+11%	+19%
Adjusted EBITDA	~0.55	~0.41	~0.34	~0.24	0.442
Net income (GAAP)	~0.29	~0.37	~0.37	~0.14	0.007
Cash & investments (year end)	~5.0	~4.9	~5.1	~4.7	~1.6
Long-term debt	~1.0	~1.0	~1.0	~1.0	~0.99

The FY25 GAAP net income of $7 m and the cash drawdown from ~$4.7 bn to ~$1.6 bn reflect the cash deployment for Matterport (~$1.6 bn in Feb 2025) and the substantial Domain Holdings cash component (closed Aug 2025) plus the 2025 buyback. Adjusted EBITDA recovered sharply in FY25 (+83%) as the residential investment intensity peaked.

Last five quarters — revenue and adjusted EBITDA margin (CoStar reports adjusted EBITDA rather than gross margin at the consolidated level for quarterly cadence; we use it as the closest comparable profitability metric):

Quarter	Period end	Revenue	YoY growth	Adj. EBITDA	Adj. EBITDA margin
Q1 2025	31 Mar 2025	$732 m	+12%	~$66 m	~9%
Q2 2025	30 Jun 2025	$781 m	+15%	~$92 m	~12%
Q3 2025	30 Sep 2025	$834 m	+20%	~$107 m	~13%
Q4 2025	31 Dec 2025	$900 m	+27%	$177 m	~20%
Q1 2026	31 Mar 2026	$897 m	+23%	$132 m	~15%

Balance sheet at 31 December 2025: cash & investments ~$1.6 bn; long-term debt ~$0.99 bn; total stockholders' equity ~$7.5 bn; debt-to-equity ~13%; cash-to-debt ratio 1.38× (down from a 10-year median of 4.28× following the Matterport and Domain cash deployments). Total shares outstanding ~408–424 m post the Q1 2026 ASR.

6. Valuation & Market Data

Metric	Value (early May 2026 unless noted)
Share price (close 28 Apr 2026, post Q1 print)	$35.96
Recent quote (early May 2026)	~$34.54–$34.72
52-week high / date	$97.43 (mid-2025)
52-week low / date	$33.32 (April 2026)
1-year price change	~−63%
Market cap	~$14.18–$14.5 bn
Enterprise value	~$13.6 bn (cash $1.6 bn, debt ~$0.99 bn)
Shares outstanding	~408 m (per stockanalysis.com snapshot); ~424 m per other feeds pre-Q1 ASR
P/E (trailing, GAAP)	~567× (FY25 GAAP EPS only $0.06; figure not meaningful)
P/E (forward, on midpoint $1.355 adj. EPS guide)	~24×–26×
P/S (TTM)	~4.2× ($14.2 bn / $3.41 bn TTM)
EV/Sales	~4.0×
EV/EBITDA (FY25 adjusted)	~30.7× ($13.6 bn / $442 m)
EV/EBITDA (2026 mid-point guide)	~17.0× ($13.6 bn / $800 m)
Beta	~0.75
Dividend yield	0% (no dividend)
Short interest	16.64 m shares (4.01% of float, days to cover 2.71)
Off-exchange short volume	795,302 shares (~31.6% of total short volume)

Note: GAAP trailing P/E is mathematically inflated by a near-zero net income line item that reflects deliberate Homes.com investment intensity, integration-related charges and Matterport / Domain accounting items. Management focuses investor attention on adjusted EBITDA and adjusted EPS.

7. What Are They Building / What's Coming?

• Homes AI (launched 17 Feb 2026): conversational, two-way AI home search powered by Microsoft Azure OpenAI and integrated with Matterport 3D digital twins. Draws on Homes.com property data, school data, neighbourhood insights and proprietary market intelligence. Data is kept inside the Homes.com ecosystem and not used to train external models. CoStar plans to extend the same pattern to Apartments.com, LoopNet, Land.com, BizBuySell and other marketplaces.
• Matterport integration (closed 28 Feb 2025, $1.6 bn): 14 m+ digitised spaces, 50 bn sq ft of digitised property across 177 countries; Cortex AI engine; ~500 employees added. Strategic objective: combine with CoStar's property data to feed Homes AI, Apartments.com 3D listings, LoopNet 3D, and lender / investor digital twin offerings.
• Domain Holdings Australia (closed 27 Aug 2025, A$3.0 bn EV): Australia's #2 residential portal. Folded into the residential segment; CoStar has signalled it will run the Homes.com playbook in Australia (membership-based agent monetisation versus REA Group's lead-gen model).
• OnTheMarket (UK, closed Dec 2023): per estate-agency press, two years post-acquisition the UK portal has grown leads ~100%, traffic ~55% and stock ~47%; £50 m of investment committed.
• Homes.com price increases: announced 1 May 2026 effective date for new-member subscription price increases; cited research found 11× ROI for members and average commission gains of $36,400 vs the $3,400 annual subscription.
• 2026 share buyback: $1.5 bn programme authorised in January 2026; $505 m executed in Q1 via ASR; expectation of an additional ~$195 m later in 2026 (total ~$700 m cash outlay for the year).
• Patents and IP: Matterport's patented capture & rendering technology; Cortex AI software stack. CoStar's commercial information moat is based on a proprietary research field force of ~1,000+ researchers who continuously verify property data — a hard-to-replicate competitive asset.
• Medium-term targets: ~15% revenue CAGR 2025–2028; adjusted EBITDA reaching ~$1.25 bn by 2028; Homes.com profitability by 2030.

8. Competitive Landscape

CoStar competes on two fronts. In commercial information / software it competes with Yardi, RealPage and MRI Software (the workflow stack); in residential portals it competes with Zillow Group, Move (News Corp / Realtor.com), Redfin (now part of Rocket Companies, acquired 2025 for $1.75 bn), Compass and Australia's REA Group. The residential layer is the central strategic battle.

Competitor	Position	Quoted share / scale
Zillow Group (Z, ZG)	US residential portal #1	~235–243 m monthly UVs (Q2 2025); ~2.6 bn quarterly visits
Move (News Corp) / Realtor.com	US residential portal #2	~30.1 m monthly visitors (2024 Statista)
CoStar / Homes.com Network	US residential portal challenger	~108 m monthly UVs (network total 2025); 100 m at Homes.com proper
Compass (COMP)	Brokerage with portal	~22.9 m monthly visitors
Redfin (acquired by Rocket 2025)	Brokerage portal	~9.8 m monthly visitors
RealPage (commercial / multifamily)	Real-estate software market #1 by share	~13.4% of global real-estate software market (2024)
Yardi Systems	Real-estate software	FY revenue ~$2.2 bn; cited #2/#3 in real-estate software
MRI Software	Real-estate software	Privately held (Thoma Bravo); cited as a top-5 vendor

Top-10 real-estate software vendors accounted for 51.2% of the $9.5 bn global real-estate software market in 2024 (Apps Run The World). By company revenue, CoStar Group ($2.74 bn FY24 / $3.25 bn FY25) is the largest by revenue, with Yardi (~$2.2 bn) and RealPage (~$1.6 bn) the next two. The Homes.com Network's 108 m monthly UVs is an "all-CoStar" figure that includes Apartments.com and Land.com.

Direct competitors by line: Commercial information — Yardi (Voyager / Genesis), RealPage (multifamily / commercial), MRI Software, Altus Group, Reonomy, CompStak. Multifamily marketing — RentCafe (Yardi), Zillow Rentals, Rent. (formerly RentPath, now CoStar). Commercial listings — Crexi, Buildout, Brevitas. Residential portals — Zillow, Realtor.com, Redfin, Compass, REA Group (Australia — Domain's domestic competitor), Rightmove (UK — OnTheMarket's domestic competitor), ImmoScout24 (Germany).

9. Leadership and Ownership

Executive team:

• Andy (Andrew C.) Florance — Founder, President & CEO. Founded the company in 1986 and has run it ever since. Total compensation 2024: ~$37.4 m (a major activist criticism point). 2024 also saw an open-market purchase of 14,731 shares (~$1 m) at $44.52 per share, lifting his direct holding above 1.58 m shares.
• Christian Lown — CFO.
• Frank A. Simuro — CTO.
• Jason Butler — CIO.
• William Warmington Jr. — VP, Investor Relations.

Board of directors: chaired by Louise Sams (independent chair from April 2025; director since 2019). The board was refreshed in April 2025 with three new directors — John Berisford (former S&P Global Ratings President), Rachel Glaser (former Etsy CFO) and Christine McCarthy (former Walt Disney CFO; current Flutter Entertainment, FM Global and Procter & Gamble director). Michael Klein, Christopher Nassetta and Laura Kaplan retired from the board. The board is now eight directors, seven of whom are independent. Nana Banerjee was appointed in early 2026.

Ownership: ~98.7% institutional / 1.46% insider / 0.0% retail (Wallet Investor / WallStreetZen). Top holder: Vanguard Group ~16.7% (~70.1 m shares). Other major holders include BlackRock, Bamco Inc., State Street, Principal Financial Group, Vanguard Real Estate Index, Baillie Gifford, Geode Capital and Capital International. Andy Florance directly owned 1,527,273 shares as of 1 March 2026 after a tax-withholding event on RSU vesting.

Recent insider Form 4 transactions:

Date	Insider	Role	Type	Shares	Price	10b5-1?
1 Mar 2026	Andy Florance	CEO	Tax withholding on RSU vesting	59,593 disposed	$44.63	n/a (vesting)
27 Feb 2026	Andy Florance	CEO	RSU grant (3-yr cliff/tranche vest 2027/28/29)	83,708 RSUs	—	Grant
2024 (full-year, prior plan)	Andy Florance	CEO	Open-market purchase	55,720	$44.52 avg	Discretionary
25 Oct 2024	Andy Florance	CEO	Open-market purchase	14,731	~$67.90	Discretionary

Activist history: Third Point (Daniel Loeb) launched an activist campaign in January 2026, criticising "misallocation of billions of dollars" into Homes.com and citing a 5-year stock decline. Third Point disclosed in mid-April 2026 that it had liquidated its entire stake (more than 2 m shares as of mid-2025) and dropped the planned proxy fight. D.E. Shaw also wrote a critical letter prior to disengaging. CoStar refreshed the board, appointed an independent chair, and approved a redesigned 2026 executive compensation programme with "more rigorous and quantitative goals" in response.

10. Risks and Challenges

• Homes.com ROI / payback risk: management has guided Homes.com to profitability only by 2030; FY25 residential adjusted EBITDA loss was $230 m (improved from $361 m loss FY24). Third Point pointed to a cited ~$5 bn cumulative spend versus an estimated ~$80 m of 2025 Homes.com revenue. Even after Loeb's exit, the spend-vs-monetisation question remains live.
• Zillow scale advantage: Zillow's ~240 m monthly UVs and ~2.6 bn quarterly visits is more than 2× the entire CoStar Homes.com Network (108 m UVs). Zillow has launched its own AI search; Realtor.com is also pushing AI. Network-effects gravity remains a risk.
• Trailing P/E optics: ~567× trailing GAAP P/E (FY25 net income just $7 m). The number is mathematically inflated and management directs investors to adjusted EBITDA and EPS, but the optics are a real headwind for index funds and passive screens.
• CEO key-man / pay risk: Florance is the founder and dominant decision-maker; his ~$37.4 m FY24 compensation was a primary activist grievance. The 2026 compensation redesign and refreshed board partially address this, but the structural concentration of strategic decision-making remains.
• Integration risk — multiple large deals at once: Matterport ($1.6 bn, Feb 2025), Domain Holdings Australia (A$3.0 bn EV, Aug 2025), OnTheMarket (Dec 2023). Three cross-border integrations are in flight simultaneously while Homes AI is being launched on Microsoft Azure OpenAI.
• Cash position more constrained: cash & investments ended FY25 at ~$1.6 bn vs ~$4.7 bn at the end of FY24, after Matterport and Domain cash deployments. Cash-to-debt fell to 1.38× from a 10-year median of 4.28×. Buyback intensity ($700 m planned 2026) will keep the cushion thin until residential profitability turns.
• Macro / commercial real-estate cycle: CoStar's flagship commercial information service is sold to brokers, lenders, owners and property managers — all sensitive to interest rates and commercial property transaction volumes.
• Litigation tail: Move (News Corp / Realtor.com) dropped its trade-secrets suit with prejudice in April 2025 after CoStar threatened sanctions, but Florance has publicly characterised the action as a "PR stunt"; antitrust and IP claims are a recurring industry risk.
• Currency exposure: Australia (Domain), UK (OnTheMarket) and Matterport's ~177-country footprint introduce non-trivial FX translation and economic exposure that did not exist before 2023.
• Subsidy / regulatory dependency: none material. The principal regulatory exposures are around real estate listing data and the post-NAR-settlement US residential commission landscape.

11. Recent Developments

• 1 May 2026 — Effective date for previously-announced Homes.com new-member subscription price increases; cited 11× ROI / $36,400 commission-gain reference point.
• 29 April 2026 — Florance gave several interviews defending Homes.com strategy after the Third Point exit, characterising CoStar as "more focused" without the activist "distraction".
• 28 April 2026 — Q1 2026 earnings: revenue $897 m (+23%); Commercial $472 m (+15%); Residential $425 m (+32%); CoStar $331 m (+9%); Apartments.com $312 m (+10%); LoopNet $85 m (+16%); Homes.com $26 m (+58%, agent subscribers +205% YoY to 35,175); adj. EBITDA $132 m (+100%); adj. EPS $0.23. Q2 2026 revenue guide $922–$932 m (+18–19%). Full-year 2026 adj. EBITDA guide raised to $780–$820 m; adj. EPS to $1.32–$1.39.
• 15–17 April 2026 — Reports of CoStar layoffs at the Richmond, Virginia campus as part of personnel-expense efficiency initiatives flagged in the 2026 outlook.
• 13–14 April 2026 — Third Point disclosed liquidation of its entire CoStar position and abandonment of the planned proxy fight. Loeb wrote that "we no longer believe that our original thesis holds true today and have disposed of our position in its entirety". Third Point had held more than 2 m shares as of June 2025.
• 1 March 2026 — Andy Florance Form 4: 59,593 shares disposed at $44.63 for tax withholding on PSU/RSU vesting; direct holding 1,527,273 shares.
• 27 Feb 2026 — Florance granted 83,708 RSUs vesting in three tranches (1 Mar 2027 / 2028 / 2029).
• 24 Feb 2026 — FY2025 results: revenue $3.25 bn (+19%); Q4 2025 revenue $900 m (+27%); FY25 adj. EBITDA $442 m (+83%); Q4 adj. EBITDA $177 m (+58%); FY25 net income $7 m; record net new bookings $308 m; $700 m 2026 share-repurchase plan announced. Domain folded into the Homes.com playbook for Australia.
• 17 Feb 2026 — CoStar launched Homes AI on Homes.com, powered by Microsoft Azure OpenAI and integrated with Matterport 3D digital twins; conversational text/voice search; data kept inside the Homes.com proprietary ecosystem.
• ~14 Jan 2026 — Third Point publicly launched its activist campaign with a slate of board nominees and a critique of Homes.com spending and CEO compensation.
• ~7 Jan 2026 — CoStar provided a Full Year 2026 and medium-term outlook ($1.5 bn buyback authorised; medium-term ~15% revenue CAGR 2025–2028; adj. EBITDA $1.25 bn by 2028).
• 27 Aug 2025 — Domain Holdings Australia acquisition completed at A$4.43/share / A$3.0 bn EV (after CoStar acquired ~17% in February 2025 at A$4.20/share for ~A$452 m).
• July 2025 — Q2 2025 earnings: revenue $781 m (+15%); record quarterly net new bookings $93 m; Homes.com members +56% from Q1.
• 7 Apr 2025 — Move (News Corp / Realtor.com) trade-secrets suit dismissed with prejudice; CoStar paid nothing.
• April 2025 — Board refreshment: Louise Sams appointed independent chair; Berisford, Glaser and McCarthy added; Klein, Nassetta and Kaplan retired.
• 28 Feb 2025 — Matterport acquisition completed (~$1.6 bn cash); ~500 employees added.

12. Key Dates Coming Up

• 1 May 2026 — Homes.com new-member subscription price increases take effect.
• ~Late July 2026 — Q2 2026 earnings release (period ending 30 June 2026); CoStar's typical pattern is the last Tuesday of July.
• ~June 2026 — Annual Stockholders Meeting (CoStar's AGM is typically held in June; this year is the first post-Third-Point exit and post-board-refresh).
• ~Late October 2026 — Q3 2026 earnings.
• ~Mid-late February 2027 — FY2026 / Q4 2026 earnings.
• Ongoing 2026 — Roll-out of Homes AI conversational search across Apartments.com, LoopNet, Land.com, BizBuySell and other CoStar marketplaces.
• 2026–2028 — Medium-term targets — ~15% revenue CAGR; adjusted EBITDA $1.25 bn by 2028; Homes.com profitability targeted 2030.

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