COSTAR GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COSTAR GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	838	965	1,192	1,400	1,659	1,944	2,182	2,455	2,736	3,247
Cost of revenue	174	220	270	289	309	357	414	491	558	686
Gross profit	664	745	922	1,110	1,350	1,587	1,768	1,964	2,178	2,561
Selling and marketing	296	318	360	409	536	622	684	990	1,364	1,560
General and administrative	123	146	157	179	300	257	339	382	439	549
Operating expenses	519	571	648	747	1,061	1,155	1,317	1,682	2,173	2,633
Operating income	145	174	274	364	289	432	451	282	5	-72
Interest expense	10	9.01	2.83	2.62	21.8	32.3	32.3	31	27	19
Other non-operating income				10.7	-0.83	3.3	3.4	6	-8	-8
Pre-tax income	137	165	284	391	271	404	487	502	210	30
Income tax	51.6	42.4	45.7	76	43.9	111	117	127	71	23
Net income	85.1	123	238	315	227	293	370	375	139	7
EBITDA	215	237	351	445	406	572	589	390	152	191
EPS, basic	0.26	0.37	0.66	0.87	0.60	0.75	0.93	0.92	0.34	0.02
EPS, diluted	0.26	0.37	0.65	0.86	0.59	0.74	0.93	0.92	0.34	0.02
Shares, basic (weighted)	322	332	361	363	381	392	396	405	406	417
Shares, diluted (weighted)	324	336	364	366	383	394	398	407	408	421

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	567	1,211	1,100	1,071	3,694	3,800	5,000	5,200	4,681	1,633
Receivables	48.5	60.9	89.2	92.2	104	125	154	190	188	234
Inventory										6
Other current assets	11.6	15.6	23.7	36.2	28.7	36.2	64	70.2	81	134
Total current assets	627	1,288	1,213	1,199	3,889	3,988	5,186	5,476	4,950	2,119
Property, plant and equipment	87.6	84.5	83.3	108	126	271	321	472	1,015	1,323
Lease right-of-use assets			0	115	109	101	80.4	79.8	103	123
Goodwill	1,255	1,283	1,612	1,882	2,236	2,321	2,315	2,386	2,528	4,944
Intangible assets	196	183	289	421	427	436	329	314	433	1,771
Long-term investments	9.95	10.1	10.1	10.1	0
Total assets	2,185	2,873	3,313	3,854	6,915	7,257	8,403	8,920	9,257	10,538
Accounts payable	11.5	9.26	6.33	7.64	15.7	22.2	28.6	23.1	44	42
Accrued liabilities	31.1	22.2	29.8	38.7	110	81.7	89.1	163	133	145
Deferred revenue	39.2	45.7	51.5	67.3	74.9	95.5	104	104	137	205
Short-term debt	31.9	0
Total current liabilities	155	147	154	207	331	339	373	456	552	746
Long-term debt	306	0		0	987	988	989	991	992	993
Lease liabilities				120	105	99.4	76.1	66	94	117
Total liabilities	531	222	291	448	1,540	1,545	1,533	1,581	1,704	2,167
Total debt	338	0	0	0	1,000	1,000	1,000	1,000	1,000	140
Paid-in capital	1,471	2,339	2,420	2,473	4,205	4,253	5,065	5,148	5,232	6,410
Retained earnings	196	321	613	940	1,168	1,460	1,830	2,204	2,343	2,350
Treasury stock									0	-510
Other comprehensive income	-13	-9.02	-11.7	-8.59	-0.89	-5.76	-29.1	-17.6	-26	80
Shareholders' equity	1,654	2,651	3,022	3,406	5,375	5,712	6,870	7,339	7,553	8,334
Minority interests									0	37
Total equity	1,654	2,651	3,022	3,406	5,375	5,712	6,868	7,338	7,553	8,371
Total liabilities and equity	2,185	2,873	3,313	3,854	6,915	7,257	8,403	8,920	9,257	10,538
Shares outstanding	325	361	364	36.7	394	395	407	408	410	418

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	85.1	123	238	315	227	293	370	375	139	7
Depreciation and amortization	70.2	63.6	77.7	81.2	117	140	138	108	147	263
Stock-based compensation	36.3	39	41.2	52.3	53.5	63.7	75.2	85	89	194
Deferred income tax	15.6	-2.9	3.67	8.22	-11.5	24.2	-31.2	-37	-50	36
Change in receivables	-16	-17.5	-27.8	-5.01	-36.1	-29.6	-46.4	-67	-30	-28
Change in payables	-1.52	11.5	-14.1	17.8	101	-30.2	23.2	34	44	-12
Cash from operations	201	235	335	458	486	470	479	490	393	430
Capital expenditures	-18.8	-24.5	-29.6	0	0	-124	-35.2	-118	-579	-307
Acquisitions	-10.4	-47.8	-418	-438	-426	-193	-6.3	-100	-277	-2,347
Sales and maturities of investments	5.95	0	0	0	10.3	0	0.9	4	2	205
Cash from investing	-23.3	-72.3	-448	-484	-464	-381	-69.1	-239	-913	-2,816
Debt issued	0		0	0	1,744	0	0
Debt repaid	-20	-345	0	0	-745	0	-2.2	0	0
Stock issued	0	834	0	0	1,690	0	746	0	0
Share buybacks								0	0	-500
Cash from financing	-30.6	480	2.74	-4.15	2,662	-15.7	734	-4	-14	-559
Exchange rate effect	-1.42	1.37	-1.25	0.44	0.94	-1.5	-2.7	1	-1	-3
Net change in cash	145	644	-111	-29.7	2,685	71.2	1,141	248	-535	-2,948
Free cash flow	182	210	306	458	486	346	444	372	-186	123
Interest paid	6.71	6.45	1.42	2	5.95	31.5	29.9	31	31	30
Income taxes paid	34.1	41.3	36	68.9	45.8	82.1	169	163	100	73

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $28.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	78.7%	Gross profit / revenue.
Operating margin	2.2%	Operating income / revenue.
EBITDA margin	11.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.8%	Pre-tax income / revenue.
Net margin	2.1%	Net income / revenue.
FCF margin	7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Effective tax rate	27.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Return on invested capital (ROIC)	0.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.1%	Capital expenditures / revenue.
D&A / revenue	8.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1,540.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	25.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-31.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-14.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-95.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-73.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-50.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-94.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-72.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-49.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-34.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-24.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.21x	Current assets / current liabilities.
Quick ratio	2.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.69x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.9%	Total debt / total assets.
Liabilities / assets	21.6%	Total liabilities / total assets.
Net debt	-$266.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.17x	Operating income / interest expense.
Working capital	$907.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	65.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	4.23x	Revenue / average property, plant and equipment.
Inventory turnover	37.9x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Receivables turnover	14.1x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	14 days	Days inventory + days sales outstanding - days payables.
FCF conversion	378.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	43.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.79	Revenue / diluted weighted shares.
FCF per share	$0.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.23	Cash from operations / diluted weighted shares.
Book value per share	$19.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.17	Tangible book value / shares outstanding.
Cash per share	$3.13	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	365.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.38B	Share price x shares outstanding.
Enterprise value	$11.12B	Market cap + total debt - cash - short-term investments.
P/E	154x	Market cap / net income. Only when net income is positive.
P/S	3.20x	Market cap / revenue.
P/B	1.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.88x	Market cap / tangible book value, when positive.
P/FCF	40.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.9x	Market cap / cash from operations, when positive.
EV/Sales	3.13x	Enterprise value / revenue.
EV/EBIT	144x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.0%	(Dividends paid + share buybacks) / market cap.

What was COSTAR GROUP, INC.'s revenue in fiscal 2025?

COSTAR GROUP, INC. reported revenue of $3.25B for fiscal 2025, 18.7% higher than the year before.

Was COSTAR GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $7.0M, a net margin of 0.2%.

How much free cash flow did COSTAR GROUP, INC. generate in fiscal 2025?

Cash from operations of $430.0M minus capital expenditures of $307.0M left free cash flow of $123.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to COSTAR GROUP, INC.