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Sep 30, 2025
CoStar Q3 2025 Earnings Report
CoStar reported Q3 2025 results with 20% revenue growth but a net loss of $31 million.
Key Takeaways
CoStar delivered double-digit revenue growth for the 58th consecutive quarter, achieving $834 million in revenue. Despite strong top-line growth, the company reported a GAAP net loss of $31 million due to acquisition costs and stock-based compensation. Non-GAAP earnings and adjusted EBITDA showed strong year-over-year gains.
Revenue reached $834 million, up 20% from Q3 2024.
Net loss was $31 million, driven by integration-related expenses.
Non-GAAP net income rose to $97 million, with diluted EPS of $0.23.
Net new bookings surged 92% YoY to $84 million, with 7,000 new Homes.com members added.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q4 2025, CoStar expects revenue of $885M to $895M and adjusted EBITDA between $150M and $160M. Full-year revenue is projected between $3.23B and $3.24B.
Positive Outlook
- Q4 2025 revenue expected to grow ~25% YoY.
- Full-year adjusted EBITDA raised by $40 million to $415–425 million.
- Non-GAAP EPS forecast for Q4 is $0.26–$0.28.
- Strong Homes.com growth and Smart Search rollout.
- Momentum in Community Boost and Domain/Matterport integrations.
Challenges Ahead
- GAAP net income expected to remain negative for full-year 2025.
- Full-year GAAP EPS expected between -$0.05 and -$0.03.
- International segment posted negative EBITDA (-$20.5M) in Q3.
- Cash declined significantly from $4.68B to $1.94B due to acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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