CoStar Q3: Revenue Up 14% to $952M, Net Income $74M, But Bookings Slow Sharply
CSGP is trading near its 52-week low of $25.894 (6.3% above the low) on elevated volume (2.8× avg).
Summary
CoStar's Q3 10-Q confirms $952 million of revenue (up 14%) and $74 million of net income, but reveals subscription bookings fell to $37 million from $84 million and cash dropped to $500 million after heavy buybacks and deal spending.
Key Events · Earnings and Guidance · CSGP
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Q3 Revenue $952M, Net Income $74M
Revenue rose 14% to $952 million from $834 million, and operating income swung to $84 million from a $51 million loss a year ago. Diluted EPS was $0.18 versus $(0.07).
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Subscription Bookings Collapse to $37M
Annualized net new bookings of subscription services fell to $37 million from $84 million a year ago, which the company attributes to economic headwinds and slower-than-expected sales force growth. Trailing 12-month renewal rate slipped to 88% from 89%.
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Cash Falls to $500M From $1.7B
Cash and equivalents dropped to $500 million from $1.733 billion at December 31, 2025, after $668 million of share repurchases and $789 million of net acquisition spending. The $1.1 billion revolver was undrawn at quarter end.
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Zonda Deal Cost $815M, $434M Goodwill
The August 2026 Zonda acquisition totaled $815 million — $558 million cash, $172 million debt settlement and $85 million preferred equity settlement — producing $434 million of goodwill and $458 million of intangibles.
Analysis · CSGP · Trade & Services
The headline numbers were already out on October 27, but the full 10-Q adds the details that matter for the thesis. Subscription net new bookings collapsed to $37 million from $84 million a year ago, which the company blames on economic headwinds and slower sales force growth — that is the forward revenue engine, and it is running at less than half last year's pace. Cash fell to $500 million from $1.733 billion at year-end after $668 million of buybacks and $789 million of acquisition spending, leaving the $730 million Vexcel purchase, expected to close in the first half of 2027, dependent on the undrawn $1.1 billion revolver. Margins improved sharply — operating income swung to $84 million from a $51 million loss — but that came largely from cutting marketing and headcount, not from accelerating growth.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.7% of the 1698 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CSGP was trading at $27.53 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $11.2B. The 52-week trading range was $25.89 to $78.95. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.