CoStar Group: 2Q26: Encouraging Residential Margin Breakthrough, but Soft Bookings and Revenue Guide Downgrade Keep Focus on Demand and Competition

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CoStar Group: 2Q26: Encouraging Residential Margin Breakthrough, but Soft Bookings and Revenue Guide Downgrade Keep Focus on Demand and Competition

J P M O R G A N North America Equity Research

28 July 2026

CoStar Group

2Q26: Encouraging Residential Margin Breakthrough, Overweight

but Soft Bookings and Revenue Guide Downgrade CSGP, CSGP US

Keep Focus on Demand and Competition Price (28 Jul 26):$30.33

▼Price Target (Dec-27):$52.00

Prior (Dec-27):$58.00

2Q26 was a profitability-inflection quarter for CSGP, with adj. EBITDA coming

in 6% ahead of expectations despite revenue landing a touch below consensus and Vertical SaaS & HealthTech

midpoint of the guide. The beat was partially driven by Residential EBITDA Alexei Gogolev AC

turning positive. Management emphasized tight operating expense control (1-212) 622-9391

alongside continued investment in long-term growth, and highlighted accelerating alexei.gogolev@jpmorgan.com

AI-driven engagement across the Residential ecosystem. While better cost control Isabella A Camaj

allowed CSGP to keep its absolute dollar FY26E EBITDA forecasts unchanged, (1-212) 834-2379

bella.camaj@jpmorgan.com

the company lowered the midpoint of its revenue target by just over 1% or ~$45M

Software Mid & Small Cap

attributing the reduction to a set of operating decisions intended to prioritize

profitability (including Ten-X restructuring, Homes.com salesforce optimization, Ella Smith

and maintaining price integrity at Apartments.com amid competition). We expect (1-212) 622-2451

ella.smith@jpmchase.com

investors’ focus to remain on sustainability of the demand considering macro

Destiny Jackson

pressures flagged by management across a number of divisions.

(1-212) 622-4360

• 2Q26 headline #s beat/missed/mixed. CSGP reported 2Q26 revenue/adj.