CoStar Group, Inc. (CSGP) Earnings
CoStar Group, Inc. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $0.28. CSGP has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +22.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.18 | $0.23 | +27.8% | $897M | +0.0% |
| Feb 24, 2026 | $0.27 | $0.31 | +13.6% | $900M | +0.9% |
| Oct 28, 2025 | $0.18 | $0.23 | +26.3% | $834M | +2.5% |
| Jul 22, 2025 | $0.14 | $0.17 | +23.4% | $781M | +1.2% |
| Feb 18, 2025 | $0.22 | $0.26 | +18.2% | $709M | +1.2% |
| Oct 22, 2024 | $0.16 | $0.22 | +35.3% | $693M | -0.5% |
| Jul 23, 2024 | $0.10 | $0.15 | +43.1% | $678M | +0.1% |
| Feb 20, 2024 | $0.32 | $0.33 | +3.1% | $640M | +0.9% |
| Jul 25, 2023 | $0.30 | $0.31 | +3.3% | $606M | -0.2% |
| Feb 21, 2023 | $0.36 | $0.38 | +5.6% | $573M | +0.6% |
| Jul 26, 2022 | $0.21 | $0.28 | +33.3% | $536M | +0.8% |
| Feb 22, 2022 | $0.29 | $0.35 | +20.7% | $507M | +1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
First, it was an exceptional quarter with 60th consecutive quarter of double-digit revenue growth, adjusted EBITDA doubled, and on track for highest full-year adjusted EBITDA. Homes.com investment delivering as expected. Activist distraction behind us. Walked through numbers: Q1 26 revenue grew 23% YOY, adjusted EBIT 132M doubled YOY and above guidance midpoint. Q1 net bookings 67M up 20% YOY. Commercial business details. CoStar details including users, sales, NPS, renewal rate. CoStar Rent Benchmark, New Homes, Debt Solutions details. CoStar UK, Canada, France, Australia details. Real estate manager AI lease abstraction. LoopNet revenue and paid listings details. Matterport subscription revenue. BizBuy sell details. Residential details including Apartments.com and Homes.com. Land.com and Domain Australia details. On the market details.
Guidance
For Q2 2026, expect revenue to range from $922 million to $932 million, an 18% to 19% increase over Q2 2025, or a 10% organic growth rate at midpoint. Commercial revenue expected to grow between 7% and 9%, to $479 to $484 million. Residential revenue expected $443 to $448 million, an increase of 32% to 34% year-over-year, or 12% to 14% organically. Adjusted EBITDA expected to range between $160 and $180 million, margin 17% to 19%. Commercial adjusted EBITDA expected between $160 and $170 million, margin 34% to 35%. Residential adjusted EBITDA anticipated positive in Q2 2026, range break-even to $10 million. Adjusted EPS guidance for Q2 2026 27 to 30 cents per share. For full year 2026, reaffirm revenue guidance range 3.78 to 3.82 billion dollars, 16 to 18% annual growth rate. Now expect adjusted EBITDA to range from $780 to $820 million, adjusted EPS range $1.32 to $1.39.
Segment performance
First quarter 2026 revenue grew 23% year over year. Adjusted EBIT of 132 million doubled year over year and came in 26% above the midpoint of guidance. Q1 net bookings of 67 million were up 20% year over year. Commercial business generated $472 million of revenue in Q1, up 15% year over year, with adjusted EBITDA of $161 million. CoStar revenue was $331 million. CoStar users grew 22% year-over-year to 317,000. CoStar Rent Benchmark launches this summer. CoStar New Homes in development. CoStar Debt Solutions had strong quarter with net new bookings up 26% year over year. CoStar UK's growth accelerated in Q1 with revenue up 25% and net new bookings up 44% year over year. CoStar Canada revenue grew 22% year over year. CoStar France launches in Q2. CoStar Australia rapidly building proprietary property data. Real estate manager added AI lease abstraction capabilities. LoopNet generated 85 million of revenue in Q1, up 16% year-over-year. Paid listings rose in various regions. Subscription revenue for Matterport was up 19% year-over-year. BizBuy sell revenue was 8.8 million in Q1. Residential revenue was 421 million in Q1, up 32% year-over-year. Apartments.com generated $312 million of revenue in Q1, up 10% year-over-year. Homes.com revenue grew 58% year-over-year to 26 million in Q1. Land.com revenue grew 8% year-over-year and net new bookings hit a record. Domain Australia delivered strong Q1. On the market had 23rd consecutive month of positive net new bookings.
Analyst Q&A
Q: Two parts. question on bookings. First, was the $67 million of net new in line with generally what you were expecting for the quarter? And then second, variation in how investors translate bookings into revenue growth expectations.
A: Thanks, Ryan. A couple of comments. First, reaffirmed guidance in line with net new and revenue development. Second question detailed, broke down revenue components, non-subscription growth, subscription growth, importance of homes.com growth, and commitment to adjusted EBITDA targets.
Q: Dig into bookings again, particularly apartments pricing, competitive dynamic, pricing impact on bookings production.
A: Commented on picking up rooftops from rent.com, those advertisers tended to be lower ARPU, no major shift in ad depth, those customers had more budget properties.
Q: Speaking with apartments.com, revenue growth moderated sequentially to 10% year over year. What would need to change to drive reacceleration?
A: Target continued growth in sales force, homes.com presents strategic opportunity to grow traffic, still relatively early in penetrating opportunity, remain competitively advantaged.
Q: Both you and Chris mentioned the sales productivity ramp. With headcount additions across sales organization, what are seeing in terms of ramp times or quota attainment?
A: Varies by brand, CoStar accelerating productivity per rep, apartments.com needs growing Salesforce to match revenue, LoopNet wants to continue growing sales force, homes.com Salesforce still rookie but improving productivity, growth in field and new home sales, tracking cohorts on six-month, 12-month, 18-month basis.
Q: Follow up on sales capacity and productivity. Where will deploy incremental sales resources over rest of year and into next?
A: Good results with new home salespeople, invest in adding field sales for homes.com in batches, prioritize marketing spend in those markets, work on inside sales team for homes.com, continue growing apartments.com field sales team, continue growing LoopNet field sales team, growing Matterport sales team.
Q: Sequential trends in net bookings the last few quarters. Third straight quarter of sequential decline.
A: Understand variability, started putting out quarterly total bookings, feel good about opportunity set and productivity, hiring created lag effect, first quarter tends to be lighter, second quarter stronger, homes.com sales force still junior but improving.
Q: In press release cited strong engagement, how translating into revenue momentum in segment?
A: Most important thing is about a year with homes.com, up to 35,000 users, results phenomenal, gives comfort to bring ARPU up, have synergies with apartments.com.
Q: Would you be willing to provide bookings guidance for 2Q?
A: Bookings is a number never guided to, there's variability in quarters, provided booking numbers for homes.com for transparency, not going to provide guidance around bookings.
Q: Andy, talk about decision or pricing strategy in homes.com, raising pricing for new members on May 1st. Why not wait a year?
A: Can grow user base and capture more value, close rates high for well-trained salespeople, room to recognize more value, continue to grow member count, optimize pricing in different cohorts.
Q: On Matterport, talk balancing and pricing and distribution, differentiation.
A: Pricing embedded in subscription or advertising fees, refocusing Matterport towards professional user market, working on Matterport Pro 4 camera, x-ray function and other innovations differentiate, no one keeping up with innovation pace.