Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1659.3%
Neutral933.3%
Bearish27.4%
CoStar Group, Inc. · CSGP · FY2026 Q3 · Calendar Q4 2026
CoStar posts record Q3 and raises EBITDA outlook
The quarter provides evidence for a constructive growth case: record revenue, higher adjusted EBITDA guidance, resilient demand, cost-efficiency opportunities, and continued product expansion. The main counterevidence is that sales-force capacity constrained bookings and that acquisitions, integration costs, interest rates, and residential-market pressure create execution risk.
Reported After market closeNASDAQReal Estate
$12.97B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.38
Consensus $0.34
EPS surprise
+12.8%
Reported versus consensus
Reported revenue
$952.0M
Consensus $945.8M
Revenue surprise
+0.7%
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
-5.0%
Event window
SPY move
+0.6%
Same window
Abnormal move
-5.6%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
CSGPSPY benchmark
Ask FN2 about CSGP FY2026 Q3
Transcript, numbers and history already loaded
Why did CSGP fall 5.0% after beating EPS estimates in FY2026 Q3?What changed in CSGP's guidance and outlook in FY2026 Q3?Give me the bull and bear case for CSGP after FY2026 Q3 earnings.
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Transcript intelligence
What changed
CoStar moved from a prior-quarter focus on raised revenue guidance and reaffirmed EBITDA guidance to a record Q3, higher full-year adjusted EBITDA guidance, and a newly identified $200 million of additional cost-efficiency opportunities. The company also disclosed sales-force capacity as a bookings constraint and highlighted Zonda and Vexcel integration.
Guidance delta
Management raised full-year adjusted EBITDA guidance to $820–$840 million. This is an improvement from the prior quarter’s reaffirmed adjusted EBITDA outlook; the prior quarter also raised full-year revenue guidance.
Key takeaways
- Record Q3 results were accompanied by higher full-year adjusted EBITDA guidance.
- Management identified $200 million of additional cost-efficiency opportunities over the next 12–18 months, while noting sales-force capacity is constraining bookings.
- Zonda and Vexcel broaden the data platform, and AI products plus international expansion remain central growth initiatives.
Management priorities
- Rebuild field-sales capacity in major U.S. markets and address the bookings bottleneck.
- Integrate Zonda and Vexcel while expanding AI-enhanced data products, including Tenant AI and aerial imagery.
- Scale premium advertising, international product rollouts, and CoStar Debt Solutions.
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Analyst 52W Price Targets
$32.01Current
$26Low
$58.08Average
$110High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Oct 6, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 24, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Jul 29, 2026 |
| William Blair | Market Perform | Outperform | Downgrade | Jul 29, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Outperform | Downgrade | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 29, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 29, 2026 |
| BTIG | Buy | Buy | Maintain | Jul 29, 2026 |
| Baird | Neutral | Outperform | Downgrade | Jul 14, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 13, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 25, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jun 24, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | May 19, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | May 4, 2026 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Apr 30, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 12, 2025 |
| Jefferies | Hold | Hold | Maintain | Apr 12, 2024 |
| Truist Securities | Buy | Buy | Maintain | Oct 25, 2023 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 29, 2020 |
| B. Riley Securities | Buy | Buy | Maintain | Apr 23, 2020 |
| B. Riley FBR | Buy | Buy | Maintain | Apr 23, 2020 |
| B. Riley | Buy | Buy | Maintain | Oct 21, 2019 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Jul 10, 2019 |
| Bank of America | Buy | Buy | Maintain | Apr 24, 2019 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Aug 16, 2012 |
| Raymond James | Market Perform | Outperform | Downgrade | Jul 6, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $32.01. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| KeyBanc | Analyst unavailable | $33 | $32.7 | +3.1% | Aug 24, 2026 |
| BMO Capital | Jeffrey Silber | $33 | $32.26 | +3.1% | Aug 24, 2026 |
| BTIG | Analyst unavailable | $42 | $30.33 | +31.2% | Jul 29, 2026 |
| Goldman Sachs | George Tong | $40 | $30.33 | +25.0% | Jul 29, 2026 |
| Needham | Mayank Tandon | $40 | $30.33 | +25.0% | Jul 29, 2026 |
| Wolfe Research | Scott Wurtzel | $32 | $30.33 | -0.0% | Jul 29, 2026 |
| Robert W. Baird | Jeffrey Meuler | $34 | $28.77 | +6.2% | Jul 14, 2026 |
| RBC Capital | Analyst unavailable | $34 | $28.39 | +6.2% | Jul 13, 2026 |
| Goldman Sachs | Analyst unavailable | $46 | $29.81 | +43.7% | Jun 25, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $30.26 | -18.8% | Jun 24, 2026 |
| Stephens | Analyst unavailable | $42 | $34.72 | +31.2% | May 4, 2026 |
| Deutsche Bank | Analyst unavailable | $44 | $33.95 | +37.5% | Apr 30, 2026 |
| Needham | Mayank Tandon | $50 | $34.31 | +56.2% | Apr 29, 2026 |
| BTIG | Jake Fuller | $55 | $37.6 | +71.8% | Apr 15, 2026 |
| Stephens | Brett Huff | $50 | $37.68 | +56.2% | Apr 14, 2026 |
| BTIG | Analyst unavailable | $60 | $44.78 | +87.4% | Feb 26, 2026 |
| Robert W. Baird | Jeffrey Meuler | $73 | $43.53 | +128.1% | Feb 25, 2026 |
| Jefferies | Analyst unavailable | $67 | $49.07 | +109.3% | Feb 20, 2026 |
| Wells Fargo | Analyst unavailable | $48 | $51.73 | +50.0% | Feb 4, 2026 |
| BTIG | Jake Fuller | $80 | $65.81 | +149.9% | Jan 27, 2026 |
| BNP Paribas | Analyst unavailable | $64 | $61.82 | +99.9% | Jan 14, 2026 |
| Goldman Sachs | George Tong | $84 | $61.82 | +162.4% | Jan 14, 2026 |
| Deutsche Bank | Analyst unavailable | $68 | $62.03 | +112.4% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $72 | $62.13 | +124.9% | Jan 8, 2026 |
| Wells Fargo | Jason Haas | $55 | $61.66 | +71.8% | Jan 8, 2026 |
| BMO Capital | Analyst unavailable | $72 | $61.66 | +124.9% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $78 | $61.66 | +143.7% | Jan 8, 2026 |
| Raymond James | Analyst unavailable | $74 | $61.66 | +131.2% | Jan 7, 2026 |
| Wells Fargo | Analyst unavailable | $60 | $68.05 | +87.4% | Nov 17, 2025 |
| Wolfe Research | Scott Wurtzel | $105 | $87.86 | +228.0% | Sep 3, 2025 |
| Stephens | Brett Huff | $105 | $81.94 | +228.0% | Jun 16, 2025 |
| UBS | Analyst unavailable | $89 | $76.25 | +178.0% | Feb 28, 2025 |
| Citigroup | Peter Christiansen | $90 | $72.82 | +181.2% | Oct 23, 2024 |
| RBC Capital | Ashish Sabadra | $83 | $76.87 | +159.3% | Oct 23, 2024 |
| RBC Capital | Ashish Sabadra | $96 | $78.22 | +199.9% | Oct 16, 2024 |
| Robert W. Baird | Jeffrey Meuler | $100 | $77.37 | +212.4% | Sep 24, 2024 |
| Goldman Sachs | George Tong | $93 | $77.37 | +190.5% | Sep 24, 2024 |
| Citigroup | Peter Christiansen | $97 | $77.36 | +203.0% | Sep 6, 2024 |
| JMP Securities | Nicholas Jones | $90 | $74.84 | +181.2% | Jul 24, 2024 |
| Goldman Sachs | George Tong | $108 | $72.73 | +237.4% | Jun 20, 2024 |
| BMO Capital | Jeff Silber | $88 | $91.95 | +174.9% | Apr 25, 2024 |
| BMO Capital | Jeff Silber | $84 | $84.18 | +162.4% | Apr 19, 2024 |
| RBC Capital | Ashish Sabadra | $109 | $95.82 | +240.5% | Mar 25, 2024 |
| Robert W. Baird | Jeffrey Meuler | $105 | $96.15 | +228.0% | Mar 18, 2024 |
| JMP Securities | Nicholas Jones | $110 | $96.15 | +243.6% | Mar 18, 2024 |
| RBC Capital | Ashish Sabadra | $95 | $83.24 | +196.8% | Feb 21, 2024 |
| Needham | Mayank Tandon | $100 | $84.64 | +212.4% | Jul 26, 2023 |
| J.P. Morgan | Analyst unavailable | $110 | $77.88 | +243.6% | Dec 16, 2022 |
| Needham | Analyst unavailable | $77 | $64 | +140.5% | Apr 27, 2022 |
Track every rating change on CSGP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCoStar Group, Inc. (CSGP) stands as a premier global provider of comprehensive information, sophisticated analytics, and dynamic online marketplace services. The company caters to professionals within the commercial real estate, hospitality, residential, and related industries, extending its reach across the United States, Canada, Europe, the Asia Pacific region, and Latin America. Its diverse suite of offerings encompasses powerful data platforms like CoStar Property, which meticulously catalogues an extensive inventory of various property types, including office, industrial, retail, multifamily, hospitality, student housing, and undeveloped land. Other key analytical tools comprise CoStar COMPS, a robust repository of comparable commercial real estate sales transactions; CoStar Market Analytics, designed for examining aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical resource providing detailed tenant information.…
Historical context
All CSGP earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ARE Alexandria Real Estate Equities, Inc. | FY2026 Q3 · Calendar Q4 2026 | -13401.8% | -5.9% | ARE leasing strengthened, but 2027 expirations remain a risk |
| AMT American Tower Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -2.4% | AMT Raises Outlook as CoreSite Growth Offsets Tower-Sector Headwinds |
| PSA-PL Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance as retention and pricing improve |
| PSA-PN Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance as operating trends improve |
| PSA-PO Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance again as demand strengthens |
| PSA-PK Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance as digital platform and acquisitions support growth |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
- AREFY2026 Q3 · October 26, 2026-13401.8% EPS-5.9% move
- SHGFY2026 Q3 · October 27, 2026-4.5% EPS-1.4% move
Get the CSGP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-28T05:03:46.056611+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T05:10:46.923431+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T05:10:46.920768+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-28. For educational purposes only; not investment advice.