Costar
CSGP · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
Costar reported revenue of $3.2B in the fiscal year ended Dec 2025, up 18.7% from the year before. Operating income was −$72M, an operating margin of −2.2%, and net income was $7M. Operating cash flow of $430M less capital expenditure of $307M left free cash flow of $123M. It held more cash than debt (net cash $640M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.2B | $2.5B | $2.7B | $3.2B |
| Cost of revenue | $357M | $414M | $491M | $558M | $686M |
| Gross profit | $1.6B | $1.8B | $2B | $2.2B | $2.6B |
| Operating income | $432M | $451M | $282M | $5M | −$72M |
| Interest expense | $32M | $32M | $31M | $27M | $19M |
| Pre-tax income | $404M | $487M | $502M | $210M | $30M |
| Income tax | $111M | $117M | $127M | $71M | $23M |
| Net income | $293M | $370M | $375M | $139M | $7M |
| Diluted EPS | 0.74 | 0.93 | 0.92 | 0.34 | 0.02 |
| Diluted shares | 394M | 398M | 407M | 408M | 421M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.8B | $5B | $5.2B | $4.7B | $1.6B |
| Receivables | $125M | $154M | $190M | $188M | $234M |
| Inventory | – | – | – | – | $6M |
| Current assets | $4B | $5.2B | $5.5B | $5B | $2.1B |
| Net PP&E | $271M | $321M | $472M | $1B | $1.3B |
| Goodwill | $2.3B | $2.3B | $2.4B | $2.5B | $4.9B |
| Total assets | $7.3B | $8.4B | $8.9B | $9.3B | $10.5B |
| Payables | $22M | $29M | $23M | $44M | $42M |
| Deferred revenue | $95M | $104M | $104M | $137M | $205M |
| Current liabilities | $339M | $373M | $456M | $552M | $746M |
| Long-term debt | $988M | $989M | $991M | $992M | $993M |
| Total liabilities | $1.5B | $1.5B | $1.6B | $1.7B | $2.2B |
| Shareholders' equity | $5.7B | $6.9B | $7.3B | $7.6B | $8.3B |
| Backlog (remaining obligations) | $315M | $436M | $410M | $392M | $527M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $470M | $479M | $490M | $393M | $430M |
| Capital expenditure | $124M | $35M | $118M | $579M | $307M |
| Free cash flow | $346M | $444M | $372M | −$186M | $123M |
| Depreciation & amortisation | $140M | $138M | $108M | $147M | $263M |
| Stock-based compensation | $64M | $75M | $85M | $89M | $194M |
| Acquisitions | $193M | $6M | $100M | $277M | $2.3B |
| Share buybacks | – | – | $0 | $0 | $500M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.3% | 12.5% | 11.4% | 18.7% |
| Operating income growth (YoY) | – | 4.3% | −37.5% | −98.2% | −1540.0% |
| EPS growth (YoY) | – | 25.7% | −1.1% | −63.0% | −94.1% |
| Gross margin | 81.6% | 81.0% | 80.0% | 79.6% | 78.9% |
| Operating margin | 22.2% | 20.7% | 11.5% | 0.2% | −2.2% |
| Net margin | 15.1% | 16.9% | 15.3% | 5.1% | 0.2% |
| Return on equityBlank when equity is negative | 5.1% | 5.4% | 5.1% | 1.8% | 0.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.2% | 5.6% | 3.3% | 0.1% | −0.7% |
| Free cash flow margin | 17.8% | 20.3% | 15.2% | −6.8% | 3.8% |
| Cash conversion (CFO ÷ net income) | 1.61x | 1.30x | 1.31x | 2.83x | 61.4x |
| Receivable days | 23 | 26 | 28 | 25 | 26 |
| Inventory days | – | – | – | – | 3 |
| Payable days | 23 | 25 | 17 | 29 | 22 |
| Interest cover | 13.4x | 14.0x | 9.10x | 0.19x | −3.79x |
| Debt ÷ equity | 0.17x | 0.14x | 0.13x | 0.13x | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.8B | −$4B | −$4.2B | −$3.7B | −$640M |
| Current ratio | 11.8x | 13.9x | 12.0x | 8.97x | 2.84x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.