Q2 2026 Costar Group Inc Earnings Call Transcript
Key Points
- CoStar Group Inc (CSGP) reported a significant increase in adjusted EBITDA, more than doubling year over year to $184 million, marking the second-highest quarterly level in company history.
- The company achieved $925 million in revenue for Q2 2026, an 18% increase year over year, marking the 61st consecutive quarter of double-digit revenue growth.
- CoStar's Commercial real-estate business generated $481 million in revenue, an 8% increase year over year, with adjusted EBITDA rising by 7%.
- The subscriber base on the CoStar platform grew 19% year over year to 327,000, enhancing the platform's value for brokers and owners.
- Apartments.com delivered $318 million in revenue, up 9% year over year, with strong renewal rates and a significant increase in paid properties.
- Net new bookings were $69 million, up 3% sequentially but down approximately 26% year over year, indicating a slowdown in growth momentum.
- The Ten-X business experienced a revenue decline of $4 million due to restructuring efforts, impacting overall revenue growth.
- The Homes.com salesforce was reduced by 21% to optimize productivity, which may impact short-term revenue growth.
- The competitive environment in the multi-family market is challenging, with increased competition and macroeconomic pressures affecting pricing.
- The company revised its full-year revenue guidance downward, reflecting moderated near-term revenue growth due to strategic restructuring and competitive pressures.
Good day and thank you for standing by. Welcome to the Q2 2026 CoStar Group earnings conference call.
(Operator Instructions) Please be advised that today's conference is being recorded.(Operator Instructions)
I would now like to hand the conference over to your speaker today, Rich Simonelli, Head of Investor Relations.
Thank you, Josh. Hello and thank you, all, for joining us to discuss the second-quarter 2026 results of the CoStar Group.
Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Chris Lown, our CFO, I'd like to review our Safe Harbor statement.
Certain portions of the discussion today may contain forward-looking statements. The company's outlook and expectations are based on current beliefs and assumptions.
Forward-looking statements involve many risks and uncertainties, assumptions, estimates, and other factors that can cause actual results to differ materially from such statements.
Important factors that
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