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Sep 30
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.
CoStar
CoStar
CoStar Revenue by Segment
CoStar Revenue by Geographic Location
Revenue by Segment
CoStar Revenue
CapyFin.comInformation Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comLoopNet Revenue
CapyFin.comResidential Revenue
CapyFin.comOther Revenues Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- Higher amortization and stock-based compensation costs impacted profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income