Mexico's Televisa Cut to Junk by Moody's on Falling Subscribers
Moody's downgraded Televisa Ba1 from Baa3 and maintained its negative outlook on the rating, it said in a statement Friday. The outlook 'reflects our view that Televisa's operating performance will continue to be challenged by subscriber losses,' analysts Rosa Morales and Marcos Schmidt wrote.
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21 minutes ago
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East West Bancorp Reports Earnings for Second Quarter of 2025, With Record Quarterly Revenue and Net Interest Income
Total revenue (FTE), pre-tax, pre-provision income, adjusted net income, and adjusted diluted earnings per share are non-GAAP financial measures. Total revenue (FTE) represents total revenue adjusted for tax exempt interest on certain investment securities and loans. Adjusted net income and adjusted diluted earnings per share ("EPS") represent net income and diluted EPS adjusted for certain tax-effected items. See reconciliation of GAAP to non-GAAP financial measures in Table 13 of East West's detailed 2Q25 earnings release and financial tables, available at . Tangible book value per share, return on average tangible common equity, adjusted return on average tangible common equity, and tangible common equity ratio are non-GAAP financial measures. Adjusted return on average tangible common equity represents return on tangible common equity adjusted for certain tax-effected items. See reconciliation of GAAP to non-GAAP measures in Table 14 of East West's detailed 2Q25 earnings release and financial tables, available at . "Credit trends were resilient, with criticized loans and nonperforming assets both declining quarter-over-quarter. Our capital levels increased during the quarter, with East West's tangible common equity ratio growing to 10%. This position of strength will allow us to support our customers with confidence and to capitalize on market opportunities. I am also proud to report that East West was again ranked as the best performing bank above $50 billion in assets by Bank Director, marking our third consecutive year and fourth title in the past five years," Ng concluded. PASADENA, Calif., July 22, 2025 --( BUSINESS WIRE )--East West Bancorp, Inc. ("East West" or the "Company") (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the second quarter of 2025. Second quarter 2025 net income was $310 million or $2.24 per diluted share. Total loans and deposits both reached new records as of June 30, 2025, at $55.0 billion and $65.0 billion respectively. Return on average common equity was 15.4% and the total stockholders' equity to assets ratio was 10.5% for the second quarter. Book value per share and tangible book value per share 1 both grew $1.97 quarter-over-quarter. Story Continues Conference Call East West will host a conference call to discuss second quarter 2025 earnings with the public on Tuesday, July 22, 2025, at 2:00 p.m. PT/5:00 p.m. ET. The public and investment community are invited to listen as management discusses second quarter 2025 results and operating developments. The following dial-in information is provided for participation in the conference call: calls within the U.S. - (877) 506-6399; calls within Canada – (855) 669-9657; international calls – (412) 902-6699. A presentation to accompany the earnings call, a listen-only live broadcast of the call, and information to access a replay one hour after the call will all be available on the Investor Relations page of the Company's website at About East West East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: "EWBC") with total assets of $78.2 billion as of June 30, 2025. The Company's wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit Forward-Looking Statements Certain matters set forth herein (including any exhibits hereto) contain "forward-looking statements" that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. East West Bancorp, Inc. (referred to herein on an unconsolidated basis as "East West" and on a consolidated basis as the "Company," "we," "us," "our" or "EWBC") may make forward-looking statements in other documents that it files with, or furnishes to, the United States ("U.S.") Securities and Exchange Commission ("SEC") and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond the Company's control. Forward-looking statements may relate to various matters, including the Company's financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to known and unknown risks and uncertainties. Factors that might cause future results to differ materially from historical performance and any forward-looking statements include, but are not limited to: changes in local, regional and global business, economic and political conditions and natural or geopolitical events; the soundness of other financial institutions and the impacts related to or resulting from bank failures and other industry volatility, including potential increased regulatory requirements, FDIC insurance premiums and assessments, and deposit withdrawals; changes in laws or the regulatory environment, including trade, monetary and fiscal policies and laws and current or potential disputes between the U.S. and the People's Republic of China, Singapore, and other countries; changes in the commercial and consumer real estate markets; changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors; the Company's ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies; the success and timing of the Company's business strategies; the Company's ability to retain key officers and employees; changes in market interest rates, competition, regulatory requirements and product mix; changes in the Company's costs of operation, compliance and expansion; disruption, failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third party vendors with which the Company does business, including as a result of cyber-attacks, and the disclosure or misuse of confidential information; the adequacy of the Company's risk management framework; future credit quality and performance, including expectations regarding future credit losses and allowance levels; adverse changes to the Company's credit ratings; legal proceedings, regulatory investigations and their resolution; the Company's capital requirements and its ability to generate capital internally or raise capital on favorable terms; the impact on the Company's liquidity due to changes in the Company's ability to receive dividends from its subsidiaries; and any strategic acquisitions or divestitures and the introduction of new or expanded products and services or other events that may directly or indirectly result in a negative impact on the financial performance of the Company and its customers. For a more detailed discussion of some of the factors that might cause such differences, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025 under the heading Item 1A. Risk Factors. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law. View source version on Contacts For Investor Inquiries, Contact: Adrienne Atkinson Director of Investor Relations T: (626) 788-7536 E: For Media Inquiries, Contact: Angie Tang SVP - Corporate Communications T: (626) 768-6853 E:
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Finance of America Announces Second Quarter Earnings Release and Conference Call on August 5, 2025
PLANO, Texas, July 22, 2025--(BUSINESS WIRE)--Finance of America Companies Inc. ("Finance of America" or the "Company") (NYSE: FOA), a leading provider of home equity-based financing solutions for a modern retirement, today announced that it will release results for the second quarter ended June 30, 2025 after market closing on Tuesday, August 5, 2025. Webcast and Earnings Conference Call Management will host a webcast and conference call on the same day at 5:00 pm Eastern Time to discuss the Company's results for the second quarter ended June 30, 2025. A copy of the press release and investor presentation will be posted prior to the call under the "Investors" section on Finance of America's website at To listen to the audio webcast of the conference call, please visit the "Investors" section of the Company's website at The conference call can also be accessed by dialing the following: 1-800-715-9871 (Domestic) 1-646-307-1963 (International) Conference ID: 5706924 Replay A replay of the call will also be available on the Company's website approximately two hours after the conclusion of the conference call until August 12, 2025. To access the replay, dial 1-800-770-2030 (United States) or 1-609-800-9909 (International). The replay pin number is 5706924. The replay can also be accessed on the "Investors" section of the Company's website at About Finance of America Companies Finance of America (NYSE: FOA) is a leading provider of home equity-based financing solutions for a modern retirement. In addition, Finance of America offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit View source version on Contacts For Finance of America Media Relations: pr@ For Finance of America Investor Relations: ir@
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CoStar Group Q2 Revenue Increases 15% Year-over-Year, Achieves All-time High Quarterly Net New Bookings of $93 million and Increases Homes.com Members 56% from Q1 2025
"We exceeded the top-end of our revenue and adjusted EBITDA guidance in Q2 delivering strong revenue growth, exceptional net new bookings and continued cost discipline while we invest throughout the business," said Christian Lown, CFO of CoStar Group. The Company now expects revenue in the range of $3.135 billion to $3.155 billion for the full year 2025, representing revenue growth of approximately 15% year-over-year at the midpoint of the range. The Company expects revenue for the third quarter 2025 in the range of $800 million to $805 million, representing revenue growth of approximately 16% year-over-year at the midpoint of the range. 3 Based on: (1) the Network (which includes the Apartments Network, and the Land Network) average monthly unique visitors (111 million) for the quarter ended June 30, 2025, according to Google Analytics, (2) average monthly unique users (66 million) of web and mobile sites according to internal data, for the quarter ended March 31, 2025, as reported in News Corp's press release on May 8, 2025, (3) Redfin's monthly average visitors (45.66 million) for the quarter ended March 31, 2025, according to Google Analytics, as reported in Redfin's Quarterly Report on Form 10-Q filed on May 6, 2025 and (4) Zillow Group's average monthly unique users (227 million) for the quarter ended March 31, 2025, as reported in Zillow Group's Quarterly Report on Form 10-Q dated May 7, 2025. 1 References to "commercial information and marketplace brands" refer to our consolidated financial position and results excluding the impact of OnTheMarket, and Matterport. Florance continued "Member agents are winning 62% more listings than comparable non-Member agents. 2 We launched Boost on in Q2. Boost is a digital marketing package that gives sellers and their agents the ability to maximize exposure of a single property on To date, we have sold more than 1,200 Boosts to agents and home sellers. The Network is the second largest in the industry in the United States, with 111 million average monthly unique visitors. 3 "We had an outstanding Q2 2025 as we delivered our 57 th consecutive quarter of double-digit revenue growth with a 15% year-over-year increase in revenue," said Andy Florance, Founder and Chief Executive Officer of CoStar Group. "We achieved our all-time high net new bookings in Q2 of $93 million, a 65% increase from last quarter, powered by highest net new bookings quarter in two years. Our dedicated sales team turned in its best net new bookings in Q2 as we added 6,300 Members, an increase of 56% from the end of Q1 2025. Our demo-to-close rate exceeded 50%. The investments in our sales force, mission critical products, and marketplaces are driving these outstanding results as our commercial information and marketplace brands 1 realized a 43% profit margin for Q2 2025." ARLINGTON, Va., July 22, 2025 --( BUSINESS WIRE )--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets, announced today that revenue for the quarter ended June 30, 2025 was $781 million, up 15% over revenue of $678 million for the quarter ended June 30, 2024. Net income was $6.2 million and net income per diluted share was $0.01 for the second quarter 2025. Adjusted EBITDA was $85 million in Q2 2025, an increase of 108% from Q2 2024. Story Continues The Company is increasing its adjusted EBITDA guidance for the full year 2025 to a range of $370 million to $390 million, an increase of $10 million at the midpoint of the range from its previous guidance. For the third quarter 2025, the Company expects adjusted EBITDA in the range of $75 million to $85 million. The Company expects full year 2025 non-GAAP net income per diluted share in a range of $0.76 to $0.80 based on 421 million shares. For the third quarter 2025, the Company expects non-GAAP net income per diluted share in a range of $0.15 to $0.17 based on 425 million shares. These ranges include an estimated non-GAAP tax rate of 26% for the full year and the third quarter 2025. The preceding forward-looking statements reflect CoStar Group's expectations as of July 22, 2025, including forward-looking non-GAAP financial measures on a consolidated basis, based on current estimates, expectations, observations, and trends. Given the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in this release and in our quarterly reports on Form 10-Q and annual reports on Form 10-K, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement. Reconciliations of EBITDA, adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share to the most directly comparable GAAP measures are shown in detail below, along with definitions for those terms. A reconciliation of forward-looking non-GAAP guidance to the most directly comparable GAAP measure, net income (loss), can be found within the tables included in this release. Non-GAAP Financial Measures For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company's financial condition and results of operations, please refer to the Company's latest periodic report. EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before interest income or expense, net and other income or expense, net; loss on debt extinguishment; income taxes, and depreciation and amortization expense. Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before stock-based compensation expense; acquisition- and integration-related costs; restructuring and related costs, including certain advisory fees; and settlements and impairments incurred outside the Company's ordinary course of business. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues for the period. Non-GAAP net income is a non-GAAP financial measure determined by adjusting GAAP net income (loss) attributable to CoStar Group for stock-based compensation expense; acquisition- and integration-related costs, including gains or losses on equity investments acquired in prospective targets and related to deal-contingent financial instruments; restructuring costs; settlement and impairment costs incurred outside the Company's ordinary course of business, and loss on debt extinguishment, as well as amortization of acquired intangible assets and other related costs, and then subtracting an assumed provision for income taxes. In 2025, the Company is assuming a 26% tax rate to approximate its statutory corporate tax rate, excluding the impact of discrete items, to determine Non-GAAP net income for each quarterly period, year-to-date period, and the annual period. Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share. For periods with GAAP net losses and non-GAAP net income, the weighted average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive. Operating Metrics Net new bookings is calculated based on the annualized amount of change in the Company's sales bookings resulting from new subscription-based contracts, changes to existing subscription-based contracts, and cancellations of subscription-based contracts for the period reported. Information regarding net new bookings is not comparable to, nor should it be substituted for, an analysis of the Company's revenues over time. Earnings Conference Call Management will conduct a conference call to discuss the second quarter 2025 results and the Company's outlook at 5:00 PM ET on Tuesday, July 22, 2025. A live audio webcast of the conference will be available in listen-only mode through the Investors section of the CoStar Group website: A replay of the webcast audio will also be available in the Investors section of our website for a period of time following the call. CoStar Group, Inc. Condensed Consolidated Statements of Operations - Unaudited (in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 781.3 $ 677.8 $ 1,513.5 $ 1,334.2 Cost of revenues 167.8 135.8 321.1 277.0 Gross profit 613.5 542.0 1,192.4 1,057.2 Operating expenses: Selling and marketing (excluding customer base amortization) 394.9 358.4 763.8 724.5 Software development 97.1 79.6 191.6 162.0 General and administrative 122.2 109.9 263.3 208.4 Customer base amortization 26.5 10.2 43.7 21.2 640.7 558.1 1,262.4 1,116.1 Loss from operations (27.2 ) (16.1 ) (70.0 ) (58.9 ) Interest income, net 32.5 53.5 71.0 109.7 Other income (expense), net 16.3 (1.5 ) 13.9 (3.4 ) Income before income taxes 21.6 35.9 14.9 47.4 Income tax expense 15.4 16.7 23.5 21.5 Net income (loss) $ 6.2 $ 19.2 $ (8.6 ) $ 25.9 Net income (loss) per share - basic $ 0.01 $ 0.05 $ (0.02 ) $ 0.06 Net income (loss) per share - diluted $ 0.01 $ 0.05 $ (0.02 ) $ 0.06 Weighted-average outstanding shares - basic 419.6 406.0 415.1 405.8 Weighted-average outstanding shares - diluted 424.3 407.4 415.1 407.3 CoStar Group, Inc. Reconciliation of Non-GAAP Financial Measures - Unaudited (in millions, except per share data) Reconciliation of Net Income (Loss) to Non-GAAP Net Income Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $ 6.2 $ 19.2 $ (8.6 ) $ 25.9 Income tax expense 15.4 16.7 23.5 21.5 Income before income taxes 21.6 35.9 14.9 47.4 Amortization of acquired intangible assets 43.6 18.1 71.3 37.9 Stock-based compensation expense 51.8 22.7 82.2 45.5 Acquisition and integration related costs included in loss from operations 5.4 6.0 26.0 8.3 Unrealized gains on investments and deal-contingent foreign currency forward contracts related to an expected acquisition(1) (22.1 ) — (24.6 ) — Restructuring and related costs (1.4 ) — 5.7 — Settlements and impairments 0.6 — 8.9 — Non-GAAP income before income taxes 99.5 82.7 184.4 139.1 Assumed rate for income tax expense(2) 26.0 % 26.0 % 26.0 % 26.0 % Assumed provision for income tax expense (25.9 ) (21.5 ) (47.9 ) (36.2 ) Non-GAAP net income $ 73.6 $ 61.2 $ 136.5 $ 102.9 Net income (loss) per share - diluted $ 0.01 $ ... 0.05 $ (0.02 ) $ 0.06 Non-GAAP net income per share - diluted $ 0.17 $ 0.15 $ 0.32 $ 0.25 Weighted average outstanding shares - basic 419.6 406.0 415.1 405.8 Weighted average outstanding shares - diluted 424.3 407.4 415.1 407.3 Non-GAAP dilutive shares(3) — — 4.8 — Non-GAAP weighted average shares, diluted 424.3 407.4 419.9 407.3 __________________________ (1) Recorded in other income (expense), net in the condensed consolidated statements of operations. (2) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period. (3) Includes the effect of potential common shares, such as the Company's stock options, restricted stock units, and deferred stock units, to the extent the effect is dilutive. In periods with a net loss available to common stockholders, the anti-dilutive effect of these potential common shares is excluded and diluted net loss per share is equal to basic net loss per share. Non-GAAP weighted average shares have been adjusted for these periods to include the dilutive impact. CoStar Group, Inc. Reconciliation of Non-GAAP Financial Measures - Unaudited (in millions, except per share data) Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $ 6.2 $ 19.2 $ (8.6 ) $ 25.9 Amortization of acquired intangible assets in cost of revenues 17.1 7.9 27.6 16.7 Amortization of acquired intangible assets in operating expenses 26.5 10.2 43.7 21.2 Depreciation and other amortization 12.2 10.1 26.5 20.4 Interest income, net (32.5 ) (53.5 ) (71.0 ) (109.7 ) Other (income) expense, net (1) (16.3 ) 1.5 (13.9 ) 3.4 Income tax expense 15.4 16.7 23.5 21.5 EBITDA 28.6 12.1 27.8 (0.6 ) Stock-based compensation expense 51.8 22.7 82.2 45.5 Acquisition and integration related costs 5.4 6.0 26.0 8.3 Restructuring and related costs (1.4 ) — 5.7 — Settlements and impairments 0.6 — 8.9 — Adjusted EBITDA $ 85.0 $ 40.8 150.6 $ 53.2 __________________________ (1) Includes $8.5 million and $8.3 million of depreciation and amortization expense, including above-market lease amortization associated with lessor activities for the three months ended June 30, 2025 and 2024, respectively, and $13.5 million and $13.8 million for the six months ended June 30, 2025 and 2024, respectively. CoStar Group, Inc. Condensed Consolidated Balance Sheets - Unaudited (in millions) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 3,628.6 $ 4,681.0 Restricted cash 98.4 — Equity investment 308.1 — Accounts receivable 231.0 210.7 Less: Allowance for credit losses (27.2 ) (22.8 ) Accounts receivable, net 203.8 187.9 Prepaid expenses and other current assets 92.6 81.3 Total current assets 4,331.5 4,950.2 Deferred income taxes, net 55.4 30.6 Property and equipment, net 1,206.7 1,014.9 Lease right-of-use assets 93.8 103.0 Goodwill 3,689.6 2,527.6 Intangible assets, net 915.6 433.2 Deferred commission costs, net 184.4 169.6 Deposits and other assets 30.1 27.7 Total assets $ 10,507.1 $ 9,256.8 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 51.5 47.0 Accrued wages and commissions 135.9 133.3 Accrued expenses 220.3 163.7 Litigation accrual 96.7 — Income taxes payable 1.0 23.2 Lease liabilities 25.8 32.0 Deferred revenue 187.4 137.1 Other current liabilities 23.8 16.0 Total current liabilities 742.4 552.3 Long-term debt, net 992.5 991.9 Deferred income taxes, net 8.2 7.6 Income taxes payable 26.4 25.0 Lease and other long-term liabilities 136.2 126.5 Total liabilities 1,905.7 1,703.3 Total stockholders' equity 8,601.4 7,553.5 Total liabilities and stockholders' equity $ 10,507.1 $ 9,256.8 CoStar Group, Inc. Condensed Consolidated Statements of Cash Flows - Unaudited (in millions) Six Months Ended June 30, 2025 2024 Operating activities: Net income (loss) $ (8.6 ) $ 25.9 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 112.8 72.1 Amortization of deferred commissions costs 66.9 56.3 Non-cash lease expense 16.0 16.5 Stock-based compensation expense 82.2 45.5 Deferred income taxes, net (5.5 ) (6.4 ) Credit loss expense 16.9 17.0 Unrealized gains on investments and deal-contingent foreign currency forward contracts (24.6 ) — Other operating activities, net (1.9 ) 1.8 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (18.8 ) (31.1 ) Prepaid expenses and other current assets and other assets 13.4 (13.9 ) Deferred commissions (80.0 ) (67.6 ) Accounts payable and other liabilities 54.2 88.0 Lease liabilities (18.8 ) (18.4 ) Income taxes payable, net (21.3 ) (7.0 ) Deferred revenue 16.8 19.0 Net cash provided by operating activities 199.7 197.7 Investing activities: Proceeds from sale and settlement of investments 203.4 — Proceeds from sale of property, equipment, and other assets 0.8 — Purchases of property, equipment, and other assets for new campuses (172.5 ) (449.5 ) Purchases of property, equipment, and other assets (58.2 ) (23.0 ) Purchases of equity securities (284.8 ) — Cash paid for acquisitions, net of cash acquired (750.1 ) (5.1 ) Net cash used in investing activities (1,061.4 ) (477.6 ) Financing activities: Payments of debt issuance costs — (3.4 ) Repurchase of restricted stock to satisfy tax withholding obligations (47.0 ) (26.9 ) Stock repurchase (63.8 ) — Proceeds from exercise of stock options and employee stock purchase plan 14.4 17.2 Principal repayments of financing lease obligations (2.0 ) (2.2 ) Net cash used in financing activities (98.4 ) (15.3 ) Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash 6.1 (1.2 ) Net decrease in cash, cash equivalents, and restricted cash (954.0 ) (296.4 ) Cash, cash equivalents, and restricted cash at the beginning of period 4,681.0 5,215.9 Cash, cash equivalents, and restricted cash at the end of period $ 3,727.0 $ 4,919.5 CoStar Group, Inc. Disaggregated Revenues - Unaudited (in millions) Three Months Ended June 30, 2025 2024 North America International Total North America International Total CoStar $ 251.6 $ 19.3 $ 270.9 $ 237.1 $ 15.9 $ 253.0 Information Services 35.7 3.6 39.3 27.9 5.5 33.4 Multifamily 292.3 — 292.3 264.2 — 264.2 LoopNet 72.6 3.1 75.7 67.2 2.6 69.8 Residential 17.1 11.3 28.4 16.2 10.0 26.2 Other Revenues 74.7 — 74.7 31.2 — 31.2 Total revenues $ 744.0 $ 37.3 $ 781.3 $ 643.8 $ 34.0 $ 677.8 CoStar Group, Inc. Disaggregated Revenues - Unaudited (in millions) Six Months Ended June 30, 2025 2024 North America International Total North America International Total CoStar $ 499.2 $ 36.8 $ 536.0 $ 472.8 $ 30.5 $ 503.3 Information Services 71.7 7.4 79.1 55.3 11.1 66.4 Multifamily 574.8 — 574.8 519.0 — 519.0 LoopNet 142.6 5.9 148.5 133.6 5.3 138.9 Residential 33.6 22.0 55.6 24.6 20.2 44.8 Other Revenues 119.5 — 119.5 61.8 — 61.8 Total revenues $ 1,441.4 $ 72.1 $ 1,513.5 $ 1,267.1 $ 67.1 $ 1,334.2 CoStar Group, Inc. Results of Segments - Unaudited (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 EBITDA North America $ 43.3 $ 30.8 $ 52.4 $ 34.0 International (14.7 ) (18.7 ) (24.6 ) (34.6 ) Total EBITDA $ 28.6 $ 12.1 $ 27.8 $ (0.6 ) CoStar Group, Inc. Reconciliation of Non-GAAP Financial Measures with Quarterly Results - Unaudited (in millions, except per share data) Reconciliation of Net Income (Loss) to Non-GAAP Net Income 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Net income (loss) $6.7 $19.2 $53.0 $59.8 ($14.8) $6.2 Income tax expense 4.8 16.7 24.7 25.2 8.1 15.4 Income (loss) before income taxes 11.5 35.9 77.7 85.0 (6.7) 21.6 Amortization of acquired intangible assets 19.8 18.1 16.5 19.8 27.7 43.6 Stock-based compensation expense 22.8 22.7 21.8 21.8 30.4 51.8 Acquisition and integration related costs 2.3 6.0 4.4 16.7 20.6 5.4 Unrealized gains on investments and deal-contingent foreign currency forward contracts related to an expected acquisition(1) — — — — (2.5) (22.1) Restructuring and related costs — — 0.2 0.5 7.1 (1.4) Settlements and impairments — — (1.3) — 8.3 0.6 Non-GAAP income before income taxes(2) 56.4 82.7 119.3 143.8 84.9 99.5 Assumed rate for income tax expense(3) 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% Assumed provision for income tax expense (14.7) (21.5) (31.0) (37.4) (22.1) (25.9) Non-GAAP net income(2) $41.7 $61.2 $88.3 $106.4 $62.8 $73.6 Non-GAAP net income per share - diluted $0.10 $0.15 $0.22 $0.26 $0.15 $0.17 Weighted average outstanding shares - diluted 406.2 407.4 408.0 408.4 410.5 424.3 Non-GAAP dilutive shares(4) — — — — 5.0 — Non-GAAP weighted average shares, diluted 406.2 407.4 408.0 408.4 415.5 424.3 __________________________ (1) Recorded in other income (expense), net in the condensed consolidated statements of operations. (2) Totals may not foot due to rounding. (3) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period. (4) Diluted loss per share includes the effect of potential common shares, such as the Company's stock options, restricted stock units, and deferred stock units, to the extent the effect is dilutive. In periods with a net loss available to common stockholders, the anti-dilutive effect of these potential common shares is excluded and diluted net loss per share is equal to basic net loss per share. Non-GAAP weighted average shares have been adjusted for these periods to include the dilutive impact. Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Net income (loss) $6.7 $19.2 $53.0 $59.8 $(14.8) $6.2 Amortization of acquired intangible assets 19.8 18.1 16.5 19.8 27.7 43.6 Depreciation and other amortization 10.3 10.1 10.6 13.1 14.3 12.2 Interest income, net (56.2) (53.5) (55.6) (47.2) (38.5) (32.5) Other expense (income), net(1) 1.9 1.5 1.6 2.2 2.4 (16.3) Income tax expense 4.8 16.7 24.7 25.2 8.1 15.4 EBITDA(2) $(12.7) $12.1 $50.8 $72.9 $(0.8) $28.6 Stock-based compensation expense 22.8 22.7 21.8 21.8 30.4 51.8 Acquisition and integration related costs 2.3 6.0 4.4 16.7 20.6 5.4 Restructuring and related costs — — 0.2 0.5 7.1 (1.4) Settlements and impairments — — (1.3) — 8.3 0.6 Adjusted EBITDA(2) $12.4 $40.8 $75.9 $111.9 $65.6 $85.0 __________________________ (1) Includes $5.5 million, $8.3 million, $8.3 million, $5.0 million, $6.5 million, and $8.5 million of depreciation and amortization expense, including above-market lease amortization, associated with lessor activities, for the three months ending March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025, respectively. (2) Totals may not foot due to rounding. CoStar Group, Inc. Reconciliation of Forward-Looking Guidance - Unaudited (in millions, except per share data) Reconciliation of Forward-Looking Guidance, Net Income (Loss) to Non-GAAP Net Income Guidance Range Guidance Range For the Three Months For the Year Ending Ending September 30, 2025 December 31, 2025 Low High Low High Net income (loss) $ (5.4 ) $ 0.6 $ 37.0 $ 46.0 Income tax expense 2.4 6.4 43.0 54.0 Income (loss) before taxes (3.0 ) 7.0 80.0 100.0 Amortization of acquired intangible assets 42.0 42.0 156.0 156.0 Stock-based compensation expense 50.0 50.0 177.0 177.0 Acquisition and integration related costs 3.0 3.0 31.0 31.0 Restructuring and related costs — — 6.0 6.0 Settlements and impairments — — 9.0 9.0 Unrealized gains on investments and deal-contingent foreign currency forward contracts related to an expected acquisition — — (25.0 ) (25.0 ) Non-GAAP income before income taxes 92.0 102.0 434.0 454.0 Assumed rate for income tax expense(1) 26.0 % 26.0 % 26.0 % 26.0 % Assumed provision for income tax expense (23.9 ) (27.0 ) (112.8 ) (118.0 ) Non-GAAP net income 68.0 75.0 321.0 336.0 Net income (loss) per share - diluted $ (0.01 ) $ — $ 0.09 $ 0.11 Non-GAAP net income per share - diluted $ 0.16 $ 0.18 $ 0.76 $ 0.80 Weighted average outstanding shares - diluted 424.6 424.6 421.1 421.1 (1) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period. Reconciliation of Forward-Looking Guidance, Net Income (Loss) to Adjusted EBITDA Guidance Range Guidance Range For the Three Months For the Year Ending Ending September 30, 2025 December 31, 2025 Low High Low High Net income (loss) $ (5.4 ) $ 0.6 $ 37.0 $ 46.0 Amortization of acquired intangible assets $ 42.0 $ 42.0 $ 156.0 $ 156.0 Depreciation and other amortization $ 13.0 $ 13.0 $ 54.0 $ 54.0 Interest income, net $ (32.0 ) $ (32.0 ) $ (133.0 ) $ (133.0 ) Other expense (income), net $ 2.0 $ 2.0 $ (10.0 ) $ (10.0 ) Income tax expense $ 2.4 $ 6.4 $ 43.0 $ 54.0 Stock-based compensation expense $ 50.0 $ 50.0 $ 177.0 $ 177.0 Acquisition and integration related costs $ 3.0 $ 3.0 $ 31.0 $ 31.0 Restructuring and related costs $ — $ — $ 6.0 $ 6.0 Settlements and impairments $ — $ — $ 9.0 $ 9.0 Adjusted EBITDA $ 75.0 $ 85.0 $ 370.0 $ 390.0 About CoStar Group CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. CoStar Group's major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; the leading platform for apartment rentals; and the fastest-growing residential real estate marketplace. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom. CoStar Group's websites attracted over 111 million average monthly unique visitors in the second quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit This news release and the Company's earnings conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's plans, objectives, expectations, beliefs and intentions and other statements including words such as "hope," "anticipate," "may," "likely," "might," "believe," "expect," "observe," "consider", "think," "intend," "envision," "will," "should," "could", "would," "plan," "target," "goal," "estimate," "predict," "continue," "commit," and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risks related to the specific timing, price, and size of repurchases under the Stock Repurchase Program, including that the Stock Repurchase Program may be suspended or discontinued at any time at the Company's discretion; our inability to attract and retain new clients; our inability to successfully develop and introduce new or updated online marketplace services, information, and analytics; our inability to compete successfully against existing or future competitors in attracting advertisers and in general; the effects of fluctuations and market cyclicality; the effects of global economic uncertainties and downturns or a downturn or consolidation in the real estate industry; our inability to hire qualified persons for, or retain and continue to develop our sales force, or unproductivity of our sales force; our inability to retain and attract highly capable management and operating personnel; the downward pressure that our internal and external investments may place on our operating margins; our inability to increase brand awareness; our inability to maintain or increase internet traffic to our marketplaces, and the risk that the methods, including Google Analytics, that we use to measure average monthly unique visitors to our portals may misstate the actual number of unique persons who visit our network of mobile applications and websites for a given month or may differ from the methods used by competitors; our inability to attract new advertisers; our inability to successfully identify, finance, integrate, and/or manage costs related to acquisitions; our inability to complete certain strategic transactions if a proposed transaction is subject to review or approval by regulatory authorities pursuant to applicable laws or regulations; our inability to realize the benefits of the acquisition of Matterport; the effects of cyberattacks and security vulnerabilities, and technical problems or disruptions; the significant costs associated with undertaking a large infrastructure project to build out our campus in Richmond, Virginia; our inability to generate increased revenues from our current or future geographic expansion plans; the risks related to acceptance of credit cards and debit cards and facilitation of other customer payments; the effects of climate related events and other events beyond our control; the effects related to attention to climate-related risks and opportunities; our inability to obtain and maintain accurate, comprehensive, or reliable data; our inability to obtain and maintain stable data feeds, or disruption of our data feeds; our inability to enforce or defend our ownership and use of intellectual property; the effects of use of new and evolving technologies, including artificial intelligence, on our ability to protect our data and intellectual property from misappropriation by third parties; our inability to defend against potential legal liability for collecting, displaying, or distributing information; our inability to obtain or retain listings from real estate brokers, agents, property owners, and apartment property managers; our inability to maintain or establish relationships with third-party listing providers; our inability to comply with the rules and compliance requirements of Multiple Listing Services; the risks related to international operations; the effects of foreign currency exchange rate fluctuations; our indebtedness; the effects of a lowering or withdrawal of the ratings assigned to our debt securities by rating agencies; the effects of any actual or perceived failure to comply with privacy laws and standards; the effects of changes in tax laws, regulations, or fiscal and tax policies; the effects of third-party claims, litigation, regulatory proceedings, or government investigations; and risks related to return on investment; the inability of third-party suppliers upon which Matterport relies to fulfill its needs; the risks related to our equity investments; the risks associated with the ability to consummate the transaction to acquire Domain Holdings Australia Limited (the "Domain Transaction") and realize the benefits of the Domain Transaction; and the risks related to open source software. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group's filings from time to time with the Securities and Exchange Commission (the "SEC"), including in CoStar Group's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar Group's other filings with the SEC (including Current Reports on Form 8-K) available at the SEC's website ( All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. View source version on Contacts Investor Relations: Rich Simonelli Head of Investor Relations CoStar Group Investor Relations (973) 896-8184 getrich@ News Media: Matthew Blocher Vice President CoStar Group Corporate Marketing & Communications (202) 346-6775 mblocher@
