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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
CoStar Group
CoStar Group (CSGP) investor relations material
CoStar Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Revenue for 2025 reached $3.2 billion, up 19% year-over-year, with Q4 revenue at $900 million, a 27% increase year-over-year, marking 59 consecutive quarters of double-digit growth.
Adjusted EBITDA for 2025 was $442 million, up 83% from 2024, with a margin of 14%; Q4 adjusted EBITDA was $177 million.
Net income for 2025 was $7 million, impacted by acquisition costs; adjusted net income was $364 million, up 23% year-over-year.
Net new sales bookings hit a record $308 million in 2025, up 23% year-over-year.
Company sites reached 139 million average monthly unique visitors in Q4 2025; Homes.com Network reached 108 million.
Financial highlights
Commercial segment revenue was $1.79 billion, up 18% year-over-year; residential segment revenue was $1.46 billion, up 20%.
Apartments.com revenue grew 11% for both Q4 and full year; Homes.com delivered 63% year-over-year growth.
LoopNet revenue increased 17% in Q4 and 11% for the year; Matterport and Domain contributed 10 percentage points to commercial growth.
Q4 adjusted net income was $131 million ($0.31 per diluted share); full-year adjusted EPS was $0.87.
Cash and cash equivalents at year-end 2025 were $1.63 billion, down from $4.68 billion at year-end 2024, mainly due to acquisitions and share repurchases.
Outlook and guidance
2026 revenue guidance is $3.78–$3.82 billion, implying 16%–18% annual growth.
Adjusted EBITDA for 2026 is guided at $740–$800 million, with margins expected to rise to 20%–21%.
Commercial revenue expected at $1.955–$1.975 billion (9%–11% growth); residential at $1.825–$1.845 billion (25%–26% growth).
Adjusted EPS for 2026 is projected at $1.22–$1.33 per share.
CapEx for 2026 projected at $175–$225 million, with margin expansion expected as marketing spend is front-loaded.
How did acquisitions impact 2025 net income?
What is the Residential segment profitability outlook?
What drives 2026 EBITDA margin progression?
Homes AI impact on user engagement and conversion?
Commercial segment's 2026 investment priorities?
How does CoStar leverage AI to strengthen its data moat?
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Next CoStar Group earnings date
Q1 202628 Apr, 2026
CoStar Group
Next CoStar Group earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Commercial Real Estate Information
CoStar Group, Inc. is an American company providing commercial real estate information, analytics, and online marketplaces. The company offers comprehensive data and insight on commercial properties, covering aspects like occupancy rates, transaction history, and property valuations. Its primary clients include real estate brokers, owners, investors, lenders, and appraisers. CoStar Group is headquartered in Washington DC, and its shares are listed on the Nasdaq.
Growth and Acquisitions
CoStar Group, Inc. was established in 1987 by Andrew C. Florance in Washington D.C. The company was created to consolidate and digitize information about commercial real estate properties, which was traditionally scattered and difficult to access. CoStar set out to create a comprehensive database to serve real estate professionals, making property data more readily available and analyzable.
Throughout its history, CoStar has expanded both its geographical reach and the scope of its services. Growth has been achieved through a combination of organic development and strategic acquisitions. Notable acquisitions include LoopNet in 2012, which enhanced its commercial real estate listings, and Apartments.com in 2014, expanding its presence in the residential market.
Extensive Database
CoStar Group provides an extensive array of services primarily centered around its comprehensive commercial real estate database, which is one of the largest of its kind. This database includes detailed information on properties, including sales and lease transactions, occupancy rates, property valuations, and historical data. By aggregating and analyzing this data, CoStar offers insights into real estate market trends, pricing, and investment opportunities. Their platform is particularly valuable for professionals like brokers, appraisers, and investors who require accurate and up-to-date information to make informed decisions. CoStar’s services are not just limited to data provision; they also include analytic tools that help users interpret market dynamics, evaluate property values, and identify potential risks and opportunities.
Property listings
CoStar Group operates several platforms for property listings, each serving a specific segment of the real estate market. LoopNet, a significant platform in CoStar's portfolio, focuses on commercial real estate. It is used by brokers and investors for listing and searching commercial properties. Another platform, Apartments.com, is built for residential listings, particularly apartments and multifamily units (similar to what Zillow and Redfin offer. These platforms offer users functionalities like search filters, property details, and tools for property marketing.
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