0001057352-26-000020 | 10-K | XBRL Viewer

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INCOME TAXES - Income Taxes Paid (Details) $ in Millions	12 Months Ended
INCOME TAXES - Income Taxes Paid (Details) $ in Millions	Dec. 31, 2025 USD ($)
Effective tax rate reconciliation [Abstract]
Federal	$ 40
State	15
Foreign	18
Total income taxes paid	73
Australia
Effective tax rate reconciliation [Abstract]
Foreign	$ 15

INCOME TAXES - Components for Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ (14,000)	$ 91,000	$ 126,000
State	1,000	28,000	37,000
Foreign	1,000	2,000	1,000
Total current	(12,000)	121,000	164,000
Deferred:
Federal	44,000	(42,000)	(32,000)
State	5,000	(8,000)	(3,000)
Foreign	(14,000)	0	(2,000)
Total deferred	35,000	(50,000)	(37,000)
Total provision for income taxes	$ 23,000	$ 71,000	$ 127,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deal-Contingent Foreign Currency Forward Contracts (Details) $ in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 09, 2025 USD ($)	May 09, 2025 AUD ($)
Asset Acquisition [Line Items]
Other income (expense), net	$ (8)	$ (8)	$ 6
Foreign Exchange Contract
Asset Acquisition [Line Items]
Other income (expense), net	$ 10
Domain
Asset Acquisition [Line Items]
Aggregate notional amount				$ 1,500	$ 2.4

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Nov. 06, 2025	Dec. 31, 2025	Nov. 05, 2025	Feb. 28, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Share repurchase program authorized			$ 138	$ 500
Stock repurchases under stock repurchase programs (in shares)		7.1
Aggregate cost of shares repurchased		$ 500
Preferred stock authorized for issuance (in shares)		2.0			2.0
Preferred stock, par value (in dollars per share)		$ 0.01			$ 0.01
Common stock authorized for issuance (in shares)		1,200.0			1,200.0
Accelerated Share Repurchase Agreement
Subsidiary, Sale of Stock [Line Items]
Stock repurchases under stock repurchase programs (in shares)	4.5
Volume-weighted average price (in dollar per shares)	$ 66.98
Aggregate cost of shares repurchased	$ 300
New Stock Repurchase Program
Subsidiary, Sale of Stock [Line Items]
Share repurchase program authorized		$ 1,500
Share repurchase program, remaining authorized, amount		1,500
Treasury Stock
Subsidiary, Sale of Stock [Line Items]
Aggregate cost of shares repurchased		$ 510

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) shares
Statement of Stockholders' Equity [Abstract]
Stock repurchases under stock repurchase programs (in shares) \| shares	7.1
Distributions to NCI \| $	$ (4)

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Feb. 28, 2025	Dec. 31, 2024
Matterport
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale investments		$ 204	$ 204
Accrued interest			$ 2
Realized loss	$ 203
Fair Value, Inputs, Level 1
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		1,400		$ 4,500
Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding, fair value		$ 900		$ 900

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

LEASES - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 36	$ 47	$ 45
Operating cash flows used in finance leases	1	1	0
Financing cash flows used in finance leases	5	5	1
ROU assets obtained in exchange for new lease obligations:
Operating leases	47	57	29
Finance leases	$ 1	$ 7	$ 14

ACQUISITIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

Domain

In February 2025, in connection with the Domain Proposal, the Company acquired approximately 17% of the ordinary shares of Domain, one of Australia's leading property marketplaces, at A$4.20 per share for a total purchase price of A$452 million ($285 million). In May 2025, the Company entered into an agreement to acquire the remaining issued capital of Domain not previously held by CoStar Group by way of Scheme of Arrangement. In August 2025, the Company completed the Domain Acquisition pursuant to which (i) the Company spent A$2.5 billion ($1.6 billion) to acquire the remaining 83% of Domain's ordinary shares; and (ii) Domain shareholders received total cash consideration of A$4.43 per Domain ordinary share, less a one-time special dividend of A$0.088 per share declared and paid by Domain prior to closing. The Domain Acquisition positions the Company to leverage Domain's portfolio of property brands in Australia and CoStar's technology, scale, and innovation to improve customer experience, value, and access to CoStar's brands and product offerings.

As of the closing of the Domain Acquisition, the fair value of the Company's 17% investment was approximately A$465 million ($300 million), measured based on the fair value implied by the consideration transferred. The acquisition was completed as a step-acquisition, and the Company recognized a gain of $14 million, inclusive of dividend income, as a result of remeasuring its previously held equity interest for the year ended December 31, 2025. The gains were recorded in other income (expense), net, in the consolidated statements of operations.

The total purchase consideration for the Domain Acquisition was $1.6 billion, which consisted of the following (in millions):


	Amount
Cash	$	1,472
Settlement of existing debt	139
Fair value of cash settled equity awards related to pre-combination services	1
Total purchase consideration	1,612
Fair value of previously held equity interests	300
	$	1,912

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the Domain Acquisition (in millions):


	Preliminary: August 27, 2025		Measurement Period Adjustments		Updated Preliminary: August 27, 2025
Cash and cash equivalents	$	15	$	—	$	15
Accounts receivable	35		—		35
Intangible assets	944		(13)		931
Accrued expenses	(27)		—		(27)
Deferred revenue	(14)		—		(14)
Deferred tax liability	(235)		4		(231)
Other assets and (liabilities), net	(8)		6		(2)
Fair value of identifiable net assets acquired	710		(3)		707

Fair value of NCI in Domain’s partially-owned subsidiaries	(8)		(31)		(39)
Goodwill	1,210		34		1,244
	$	1,912	$	—	$	1,912

Generally, the net assets of Domain were recorded at their estimated fair values upon initial consolidation and the NCI was recorded to fair value as measurement period adjustments. In valuing the acquired assets, assumed liabilities and NCI, fair value estimates were based primarily on future expected cash flows, market rate assumptions for contractual obligations, and appropriate discount rates. The key assumptions used in the valuation include discount rates, royalty rates, projected revenue growth rates, customer attrition rates, and profit margins.

The following table summarizes the fair values (in millions) of the identifiable intangible assets acquired in the Domain Acquisition, their related estimated useful lives (in years) and their respective amortization methods. The intangible assets were included in the Company's International operating segment prior to the reallocation described in Note 2:


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer relationships	$	625	20	Accelerated
Brand and trade names	190		5 - 15	Straight-line
Software	116		2 - 5	Straight-line
Total intangible assets	$	931

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Domain Acquisition includes, but is not limited to: (i) the expected synergies and other benefits that the Company believes will result from combining Domain's operations with the Company's operations and (ii) any intangible assets that do not qualify for separate recognition, such as the assembled workforce. Of the $1,244 million of goodwill recorded as part of the Domain Acquisition, $994 million was allocated to Residential Real Estate and $250 million to Commercial Real Estate, of which none is expected to be deductible for income tax purposes. Transaction costs associated with the Domain Acquisition were $20 million for the year ended December 31, 2025 and consist primarily of advisory, legal, accounting, and other professional service costs. These costs are included within general and administrative expenses on the consolidated statements of operations.

Matterport

On February 28, 2025, the Company completed the Matterport Acquisition. Matterport is a leader in the digitization and datafication of the built world. Matterport’s pioneering technology has set the standard for digitizing, accessing, and managing buildings, spaces, and places online. Matterport’s platform, comprised of innovative software, spatial data-driven data science, and 3D capture technology, has broken down the barriers that have kept the largest asset class in the world, buildings and physical spaces, offline and underutilized for so long. The Company intends to integrate Matterport's 3D digital twin technology with its information service products and online marketplaces to allow buyers, sellers, and renters to explore properties with greater depth and insight.

Pursuant to the terms and conditions of the Matterport Merger Agreement, the Company acquired Matterport, with each share of Matterport Common Stock outstanding immediately prior to the closing of the Matterport Acquisition exchanged for (i) 0.03552 of a CoStar Group Share, the Matterport Merger Exchange Ratio and (ii) $2.75 in cash (the "Matterport Acquisition Consideration"), with fractional shares of CoStar Group Shares paid in cash.

As part of the Matterport Acquisition, the Company issued certain rollover equity awards to the employees of Matterport, which included approximately 2.3 million shares of restricted stock units and approximately 1.8 million stock option awards. The total fair value of the rollover equity awards was $273 million, of which the portion attributable to services performed prior to the acquisition date was allocated to purchase consideration. The remaining fair value was allocated to future services and will be expensed over the remaining service periods as share-based compensation.

The total purchase consideration for the Matterport Acquisition was $1.9 billion, which consisted of the following (in millions):


	Amount
Cash	$	902
CoStar Group Shares (11.7 million shares)	881
Fair value of rollover awards	144
Total	$	1,927

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the Matterport Acquisition (in millions):


	Preliminary: February 28, 2025		Measurement Period Adjustments		Updated Preliminary: February 28, 2025
Cash and cash equivalents	$	55	$	—	$	55
Restricted cash	97		—		97
Accounts receivable	13		—		13
Available for sale investments	204		—		204
Deferred tax assets, net of valuation allowance	25		43		68
Goodwill	1,136		(30)		1,106
Intangible assets	527		—		527
Deferred revenue	(32)		—		(32)
Litigation accrual	(95)		(4)		(99)
Other assets and (liabilities), net	(3)		(9)		(12)
Fair value of identifiable net assets acquired	$	1,927	$	—	$	1,927

Generally, the net assets of Matterport were recorded at their estimated fair values. In valuing the acquired assets and assumed liabilities, fair value estimates were based primarily on future expected cash flows, market rate assumptions for contractual obligations, and appropriate discount rates. The key assumptions used in the valuation include discount rates, royalty rates, projected revenue growth rates, customer attrition rates, and profit margins.

The purchase price allocation is preliminary and subject to change during the measurement period as additional information is obtained about the facts and circumstances that existed at closing. Any material adjustments to provisional amounts identified during the measurement period will be recognized and disclosed in the reporting period in which the adjustment amounts are determined. During the year ended December 31, 2025, the Company reassessed its estimates and inputs as new information about facts and circumstances that existed as of the acquisition date became known. As a result, the Company recorded a $30 million reduction in goodwill as a result of measurement period adjustments. The reduction to goodwill consists primarily of adjustments relating to deferred tax assets for net operating losses. The primary areas that remain subject to additional information are the Company's assessment contingencies, including those discussed in Note 11 and fair value assessment of certain acquired intangibles.

The following table summarizes the fair values (in millions) of the identifiable intangible assets acquired in the Matterport Acquisition, their related estimated useful lives (in years), and their respective amortization methods. The intangible assets were included in the Company's North America operating segment prior to the reallocation described in Note 2:


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Developed technology	$	295	9	Straight-line
Customer relationships	140		5	Accelerated
Trade names	92		15	Straight-line
Total intangible assets	$	527

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Matterport Acquisition includes but is not limited to: (i) the expected synergies and other benefits that the Company believes will result from combining Matterport's operations with the Company's operations and (ii) any intangible assets that do not qualify for separate recognition, such as the assembled workforce. The $1.1 billion of goodwill recorded as part of the Matterport Acquisition was associated with the Company's North America operating segment prior to the reallocation described in Note 2, of which none is expected to be deductible for income tax purposes. Transaction costs associated with the Matterport Acquisition were $18 million during the year ended December 31, 2025 and consist primarily of legal, accounting, and other professional service costs. These costs are included within general and administrative expenses on the consolidated statements of operations.

Visual Lease

In November 2024 CoStar acquired Visual Lease for total consideration of $277 million, in accordance with the terms under the Visual Lease Merger Agreement. Visual Lease is the operator of a SaaS platform for integrated lease management and lease accounting.

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the acquisition (in millions):


	Final: November 1, 2024
Cash and cash equivalents	$	5
Accounts receivable	4
Deferred tax assets	6
Goodwill	150
Intangible assets	136
Deferred revenue	(22)
Other assets and (liabilities), net	(2)
Fair value of identifiable net assets acquired	$	277

The net assets of Visual Lease were recorded at their estimated fair values. In valuing the acquired assets and assumed liabilities, fair value estimates were based primarily on future expected cash flows, market rate assumptions for contractual

obligations, and appropriate discount rates. The key assumptions used in the valuation include discount rates, projected revenue growth rates, customer attrition rates, and profit margins.

The following table summarizes the fair values (in millions) of the identifiable intangible assets acquired in the Visual Lease Acquisition, their related estimated useful lives (in years), and their respective amortization methods. The intangible assets were included in the Company's North America operating segment prior to the reallocation described in Note 2:


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	119	15	Accelerated
Trade name	1		5	Straight-line
Software technology	2		3	Straight-line
Database technology	14		7.5	Straight-line
Total intangible assets	$	136

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Visual Lease Acquisition includes but is not limited to: (i) the expected synergies and other benefits that the Company believes will result from combining its operations with our CoStar Real Estate Manager operations and (ii) any intangible assets that do not qualify for separate recognition, such as the assembled workforce. The $150 million of goodwill recorded as part of the acquisition is associated with the Company's North America operating segment prior to the reallocation described in Note 2, of which $133 million is expected to be deductible for income tax purposes. Transaction costs associated with the Visual Lease Acquisition were $7 million.

OnTheMarket

On December 12, 2023, CoStar UK acquired OnTheMarket, the operator of onthemarket.com, a U.K. residential property portal. At the time of closing, CoStar UK acquired all of the then issued ordinary share capital of OnTheMarket for cash consideration of 110 pence per share or £94 million ($118 million). OnTheMarket had certain share option contracts that had not been exercised at the time of closing for which CoStar UK has established a liability for £2 million ($3 million). This resulted in total consideration of £96 million ($120 million). Certain shares outstanding at the time of the closing resulted from contracts held by employees of OnTheMarket or its subsidiaries that required OnTheMarket to withhold income and employment taxes of £4 million ($5 million) which represented consideration payable at December 31, 2023 and were remitted in January 2024.

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the acquisition (in millions):


	Final: December 12, 2023
Cash and cash equivalents	$	18
Accounts receivable	2
Goodwill	62
Intangible assets	55
Accrued expenses	(12)
Accrued wages and commissions	(2)
Deferred income taxes, net	(3)
Other assets and liabilities	—
Fair value of identifiable net assets acquired	$	120

The net assets of OnTheMarket were recorded at their estimated fair values. In valuing the acquired assets and assumed liabilities, fair value estimates were based primarily on future expected cash flows, market rate assumptions for contractual obligations, and appropriate discount rates. The estimated fair value of the customer base assets incorporated significant

assumptions that had a material impact on the estimated fair value, such as discount rates, projected revenue growth rates, customer attrition rates, and profit margins.

The following table summarizes the fair values (in millions) of the identifiable intangible assets acquired in the OnTheMarket Acquisition, their related estimated useful lives (in years) and their respective amortization methods. The intangible assets were included in the Company's International operating segment prior to the reallocation described in Note 2:


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	42	8	Accelerated
Trade name	10		15	Straight-line
Technology	3		2	Straight-line
Total intangible assets	$	55

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the OnTheMarket Acquisition includes, but is not limited to: (i) the expected synergies and other benefits that the Company believes will result from combining its operations with international operations and (ii) any intangible assets that do not qualify for separate recognition, such as the assembled workforce. The $62 million of goodwill recorded as part of the acquisition is associated with the Company's International operating segment prior to the reallocation described in Note 2, of which none is expected to be deductible for income tax purposes. Transaction costs associated with the OnTheMarket Acquisition were $11 million.

Pro Forma Financial Information (unaudited)

The unaudited pro forma financial information presented below reflects the consolidated results of operations of the Company assuming both the Domain Acquisition and Matterport Acquisition had taken place on January 1, 2024, Visual Lease Acquisition had taken place on January 1, 2023 and OnTheMarket Acquisition had taken place on January 1, 2022. The material pro forma adjustments primarily consist of incremental amortization expense based on the preliminary fair value of the intangible assets acquired, increased compensation expense relating to the issuance of certain equity plans in connection with the acquisitions, accounting policy alignment adjustments, and the income tax impact of the aforementioned pro forma adjustments. The unaudited pro forma financial information, as presented below, is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had not taken place on the dates listed above.

The unaudited pro forma financial information, in the aggregate, was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	3,448	$	3,205	$	2,530
Net income (loss)	$	1	$	(187)	$	355

The impact of the Domain Acquisition on the Company's revenue and net income in the consolidated statements of operations from August 27, 2025 through December 31, 2025 was an increase of $105 million and a decrease of $28 million, respectively. The impact of the Matterport Acquisition on the Company's revenue and net income in the consolidated statements of operations from February 28, 2025 through December 31, 2025 was an increase of $147 million and a decrease of $146 million respectively. The impact of the Visual Lease Acquisition on the Company's revenue and net income in the consolidated statements of operations from November 1, 2024 through December 31, 2024 was not material. The impact of the OnTheMarket Acquisition on the Company's revenue and net income in the consolidated statements of operations from December 12, 2023 through December 31, 2023 was not material.

- Definition

The entire disclosure for business combination.

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+ Details

ACQUISITIONS - Narrative (Details) £ / shares in Units, $ / shares in Units, $ / shares in Units, £ in Millions, shares in Millions, $ in Millions					1 Months Ended					3 Months Ended	4 Months Ended	10 Months Ended	12 Months Ended
	Aug. 27, 2025 USD ($)	Feb. 28, 2025 USD ($) $ / shares shares	Dec. 12, 2023 USD ($)	Dec. 12, 2023 GBP (£)	Aug. 31, 2025 USD ($)	Aug. 31, 2025 AUD ($) $ / shares	Feb. 28, 2025 USD ($) $ / shares	Feb. 28, 2025 AUD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2025 $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2025 $ / shares	Nov. 01, 2024 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 12, 2023 £ / shares
Business Combination [Line Items]
Purchase price													$ 285,000,000	$ 0
Goodwill									$ 2,386,000,000		$ 4,944,000,000	$ 4,944,000,000	4,944,000,000	2,528,000,000	$ 2,386,000,000
Goodwill, expected tax deductible amount									0		0	0	0	133,000,000	0
Revenue													3,448,000,000	3,205,000,000	2,530,000,000
Net loss													(1,000,000)	187,000,000	(355,000,000)
Domain
Business Combination [Line Items]
Dividends declared and paid (in AUD per share) \| $ / shares										$ 0.088
Commercial Real Estate
Business Combination [Line Items]
Goodwill									2,149,000,000		1,955,000,000	1,955,000,000	1,955,000,000	2,297,000,000	2,149,000,000
Residential Real Estate
Business Combination [Line Items]
Goodwill									237,000,000		2,989,000,000	2,989,000,000	2,989,000,000	$ 231,000,000	237,000,000
Domain
Business Combination [Line Items]
Acquired interests, percentage		17.00%					17.00%
Price per share (in AUD per share) \| $ / shares						$ 4.43										$ 4.20
Purchase price							$ 285,000,000	$ 452
Total	$ 1,612,000,000				$ 1,600,000,000	$ 2,500
Issued capital						83.00%
Fair value of previously held equity interests	300,000,000					$ 465
Remeasurement gain													$ 14,000,000
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]													Other income (expense), net
Goodwill acquired													$ 1,244,000,000
Transaction cost, expense													20,000,000
Reduction in goodwill	(34,000,000)
Goodwill	1,244,000,000
Payment for acquisition	$ 1,472,000,000
Revenue											105,000,000
Net loss											28,000,000
Domain \| Commercial Real Estate
Business Combination [Line Items]
Goodwill acquired													250,000,000
Domain \| Residential Real Estate
Business Combination [Line Items]
Goodwill acquired													994,000,000
Matterport
Business Combination [Line Items]
Price per share (in AUD per share) \| $ / shares		$ 2.75					$ 2.75
Total		$ 1,927,000,000
Exchange ratio of common stock		0.03552
Equity interest issued for acquisition (in shares) \| shares		11.7
Fair value of rollover awards		$ 273,000,000
Reduction in goodwill												30,000,000
Goodwill		1,136,000,000					$ 1,136,000,000				1,106,000,000	1,106,000,000	1,106,000,000
Goodwill, expected tax deductible amount		0					$ 0
Transaction costs											18,000,000	18,000,000	18,000,000
Payment for acquisition		$ 902,000,000
Revenue												147,000,000
Net loss												146,000,000
Matterport \| Restricted Stock Units (RSUs)
Business Combination [Line Items]
Equity interest issued for acquisition (in shares) \| shares		2.3
Matterport \| Stock Options
Business Combination [Line Items]
Equity interest issued for acquisition (in shares) \| shares		1.8
Visual Lease
Business Combination [Line Items]
Goodwill																	$ 150,000,000
Goodwill, expected tax deductible amount																	133,000,000
Transaction costs																	$ 7,000,000
OnTheMarket
Business Combination [Line Items]
Price per share (in AUD per share) \| £ / shares																			£ 110
Total			$ 120,000,000	£ 96
Goodwill			62,000,000
Goodwill, expected tax deductible amount											0	0	0
Transaction costs											$ 11,000,000	$ 11,000,000	$ 11,000,000
Payment for acquisition			118,000,000	94
Liabilities incurred			$ 3,000,000	£ 2
Consideration payable									5,000,000						$ 5,000,000			£ 4
OnTheMarket \| International
Business Combination [Line Items]
Goodwill acquired									$ 62,000,000

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

Segment Information

The Company manages its business by product portfolios in two operating segments and two reportable segments, with the primary areas of measurement and decision-making being Commercial Real Estate and Residential Real Estate. Segment reporting is aligned with the internal reporting used by the CODM, which is the Company’s Chief Executive Officer. The CODM relies on a management reporting process that provides operating segment revenue, EBITDA, and Adjusted EBITDA for making decisions and assessing performance as the source of the Company’s reportable segments. EBITDA and Adjusted EBITDA are used by management internally to measure operating and management performance and to evaluate the business. The CODM does not review any information regarding total assets by operating segment.

Operating results by segment include items that are directly attributable to each segment and shared expenses such as IT expenses, corporate infrastructure costs including facilities, finance, and legal. Shared expenses are allocated based on revenue and headcount. There are no intersegment transactions. The impact of certain items that are not normal, recurring, cash operating expenses necessary to run the operating segment are removed to determine Adjusted EBITDA and include stock based compensation, acquisition and integration costs, restructuring and related costs, and settlements and impairments.

We have recast certain prior period disclosures to align with our reportable segments. See Note 2 for additional information.

Summarized EBITDA and Adjusted EBITDA information by operating segment consists of the following (in millions):


	Commercial Real Estate		Residential Real Estate		Total
Year Ended December 31, 2025
Revenue(1)	$	1,787	$	1,460	$	3,247
Less:
Personnel	861		696		1,557
Marketing	77		771		848
General and administrative (2)	369		303		672
EBITDA	480		(310)		170
Stock-based compensation expense	151		43		194
Acquisition and integration related costs	36		27		63
Restructuring and related costs	4		2		6
Settlements and impairments	1		8		9
Adjusted EBITDA	$	672	$	(230)	$	442

Year Ended December 31, 2024
Revenue(1)	$	1,515	$	1,221	$	2,736
Less:
Personnel	622		577		1,199
Marketing	64		795		859
General and administrative (2)	310		245		555
EBITDA	519		(396)		123
Stock-based compensation expense	55		34		89
Acquisition and integration related costs	29		—		29
Restructuring and related costs	—		1		1
Settlements and impairments	(1)		—		(1)
Adjusted EBITDA	$	602	$	(361)	$	241

Year Ended December 31, 2023
Revenue(1)	$	1,443	$	1,012	$	2,455
Less:
Personnel	608		429		1,037
Marketing	92		468		560
General and administrative(2)	266		202		468
EBITDA	477		(87)		390
Stock-based compensation expense	56		29		85
Acquisition and integration related costs	—		13		13
Restructuring and related costs	3		1		4
Adjusted EBITDA	$	536	$	(44)	$	492
___________________
(1) See Note 3 for revenue by segment.
(2) Excludes personnel costs.

The reconciliation of Adjusted EBITDA and EBITDA to income before income tax expense consists of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Adjusted EBITDA	$	442	$	241	$	492
Stock-based compensation expense	(194)		(89)		(85)
Acquisition and integration related costs	(63)		(29)		(13)
Restructuring and related costs	(6)		(1)		(4)
Settlements and impairments	(9)		1		—
EBITDA	170		123		390
Amortization of acquired intangible assets in cost of revenue	(74)		(30)		(32)
Amortization of acquired intangible assets in operating expenses	(118)		(44)		(42)
Depreciation and other amortization	(50)		(44)		(34)
Interest income, net	110		213		214
Other income (expense), net (1)	(8)		(8)		6
Income before income taxes	$	30	$	210	$	502
__________________________
(1) Includes 21 million and 29 million of depreciation and amortization expense, including above-market lease amortization, associated with lessor activities for the years ended December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SEGMENT REPORTING - Summarized EBITDA Information by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 3,247	$ 2,736	$ 2,455
Personnel	1,557	1,199	1,037
Marketing	848	859	560
General and administrative	672	555	468
EBITDA	170	123	390
Stock-based compensation expense	194	89	85
Acquisition and integration related costs	63	29	13
Restructuring and related costs	6	1	4
Settlements and impairments	9	(1)
Adjusted EBITDA	442	241	492
Commercial Real Estate
Segment Reporting Information [Line Items]
Revenue	1,787	1,515	1,443
Residential Real Estate
Segment Reporting Information [Line Items]
Revenue	1,460	1,221	1,012
Operating Segments
Segment Reporting Information [Line Items]
EBITDA	170	123	390
Stock-based compensation expense	194	89	85
Acquisition and integration related costs	63	29	13
Restructuring and related costs	6	1	4
Settlements and impairments	9	(1)	0
Adjusted EBITDA	442	241	492
Operating Segments \| Commercial Real Estate
Segment Reporting Information [Line Items]
Revenue	1,787	1,515	1,443
Personnel	861	622	608
Marketing	77	64	92
General and administrative	369	310	266
EBITDA	480	519	477
Stock-based compensation expense	151	55	56
Acquisition and integration related costs	36	29	0
Restructuring and related costs	4	0	3
Settlements and impairments	1	(1)
Adjusted EBITDA	672	602	536
Operating Segments \| Residential Real Estate
Segment Reporting Information [Line Items]
Revenue	1,460	1,221	1,012
Personnel	696	577	429
Marketing	771	795	468
General and administrative	303	245	202
EBITDA	(310)	(396)	(87)
Stock-based compensation expense	43	34	29
Acquisition and integration related costs	27	0	13
Restructuring and related costs	2	1	1
Settlements and impairments	8	0
Adjusted EBITDA	$ (230)	$ (361)	$ (44)

ACQUISITIONS - Purchase Consideration Matterport Acquisition (Details) - Matterport shares in Millions, $ in Millions	Feb. 28, 2025 USD ($) shares
Business Combination [Line Items]
Cash	$ 902
Equity interest issued for acquisition (in shares) \| shares	11.7
CoStar Group Shares (11.7 million shares)	$ 881
Fair value of rollover awards	144
Total	$ 1,927

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lessee, Operating Lease, Liability, Maturity

The following summarizes the Company's significant contractual obligations, including related payments due by period, as of December 31, 2025 (in millions):


Year Ending December 31,	Operating lease obligations		Finance lease obligations		Long-term debt principal payments		Long-term debt interest payments
2026	$	29	$	6	$	—	$	28
2027	33		5		—		28
2028	33		1		—		28
2029	24		—		—		28
2030	19		—		1,000		28
Thereafter	23		—		—		—
Total	$	161	$	12	$	1,000	$	140

Schedule of Maturities of Long-term Debt

The following summarizes the Company's significant contractual obligations, including related payments due by period, as of December 31, 2025 (in millions):


Year Ending December 31,	Operating lease obligations		Finance lease obligations		Long-term debt principal payments		Long-term debt interest payments
2026	$	29	$	6	$	—	$	28
2027	33		5		—		28
2028	33		1		—		28
2029	24		—		—		28
2030	19		—		1,000		28
Thereafter	23		—		—		—
Total	$	161	$	12	$	1,000	$	140

EMPLOYEE BENEFIT PLANS - Matching RSU Activity (Details) - MSPP RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Matching RSU Shares
Unvested restricted stock at beginning of period (in shares) \| shares	174,730
Granted (in shares) \| shares	95,936
Vested (in shares) \| shares	(22,670)
Canceled (in shares) \| shares	(7,613)
Unvested restricted stock at end of period (in shares) \| shares	240,383
Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock at beginning of period (in dollars per share) \| $ / shares	$ 72.17
Granted (in dollars per share) \| $ / shares	77.60
Vested (in dollars per share) \| $ / shares	83.79
Canceled (in dollars per share) \| $ / shares	78.84
Unvested restricted stock at end of period (in dollars per share) \| $ / shares	$ 73.03

EMPLOYEE BENEFIT PLANS - Restrictive Stock Units (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Unvested restricted stock at beginning of period (in shares) \| shares	23,532
Assumed in Matterport Acquisition (in shares) \| shares	2,256,423
Granted (in shares) \| shares	115,654
Vested (in shares) \| shares	(1,304,354)
Canceled (in shares) \| shares	(376,335)
Unvested restricted stock at end of period (in shares) \| shares	714,920
Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock at beginning of period (in dollars per share) \| $ / shares	$ 73.88
Assumed in Matterport Acquisition (in dollars per share) \| $ / shares	75.63
Granted (in dollars per share) \| $ / shares	78.57
Vested (in dollars per share) \| $ / shares	75.60
Canceled (in dollars per share) \| $ / shares	75.64
Unvested restricted stock at end of period (in dollars per share) \| $ / shares	$ 76.09

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Translation and Accumulated Other Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Foreign currency transaction gain (loss), realized	$ (6,000,000)	$ (1,000,000)	$ 3,000,000
Accumulated Other Comprehensive Loss Net of Tax [Abstract]
Foreign currency translation income (loss)	80,000,000	(26,000,000)
Total accumulated other comprehensive income (loss)	80,000,000	(26,000,000)
Reclassification out of accumulated other comprehensive loss	$ 0	$ 0

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-Lived Assets, Intangible Assets and Goodwill (Details)	Dec. 31, 2025
Acquired Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	2 years
Acquired Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	10 years
Acquired Customer Base \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	5 years
Acquired Customer Base \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years
Trade Names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	2 years
Trade Names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

SEGMENT REPORTING - Reconciliation of Income (Loss) to EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 442	$ 241	$ 492
Stock-based compensation expense	(194)	(89)	(85)
Acquisition and integration related costs	(63)	(29)	(13)
Restructuring and related costs	(6)	(1)	(4)
Settlements and impairments	(9)	1
EBITDA	170	123	390
Interest income, net	110	213	214
Other income (expense), net	(8)	(8)	6
Income before income taxes	30	210	502
Depreciation and amortization expense	21	29
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	442	241	492
Stock-based compensation expense	(194)	(89)	(85)
Acquisition and integration related costs	(63)	(29)	(13)
Restructuring and related costs	(6)	(1)	(4)
Settlements and impairments	(9)	1	0
EBITDA	170	123	390
Reconciling Item
Segment Reporting Information [Line Items]
Amortization of acquired intangible assets in cost of revenue	(74)	(30)	(32)
Amortization of acquired intangible assets in operating expenses	(118)	(44)	(42)
Depreciation and other amortization	(50)	(44)	(34)
Interest income, net	110	213	214
Other income (expense), net	$ (8)	$ (8)	$ 6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Accounting policies are consistent for each operating segment.

Principles of Consolidation

The consolidated financial statements include CoStar Group, Inc. and all entities in which we have a controlling financial interest. To determine whether such an interest exists, we assess whether the entity qualifies as a VIE.

We consolidate VIEs when we are the primary beneficiary. We are deemed the primary beneficiary of a VIE when we have both (a) the power to direct the activities of the VIE that most significantly impact its economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

In determining whether we are the primary beneficiary, we consider various factors regarding the nature of our involvement with the VIE, including our economic interests, voting rights, authority to appoint or remove directors, and ability to authorize key decisions. We also analyze the VIE’s design, including its capital structure, cash flows, and classes of shares.

As part of the Domain Acquisition, the Company obtained ownership interests in the AOMs, which are considered VIEs for which the Company is the primary beneficiary. Domain introduced the AOMs to incentivize real estate agents to increase their use of Domain's depth products by allowing agents to share in a portion of Domain's earnings in return for placing premium, higher-value advertisements on the Domain platform. Domain provides corporate services to the VIEs under services agreements. In addition, CoStar has issued letters of support to the VIEs, committing to provide financial support in the event that the VIEs are unable to meet their liabilities independently.

See Note 4 for additional details regarding the Domain acquisition.

Recast of Certain Prior Period Information

During fourth quarter of 2025, the Company changed the composition of the Company's segments from geography-based to product-portfolio-based. This change aligns with the internal reporting used by the CODM for assessing performance and allocating resources. Prior period segment disclosures have been recast to conform to the current presentation, except where it was impracticable to do so. These changes primarily impacted Notes 3 and 13.

The recast of prior period information did not affect the consolidated balance sheets, consolidated statements of operations, or other consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, allowance for credit losses, the useful

lives and recoverability of long-lived and intangible assets, goodwill impairment assessment, income taxes, accounting for business combinations, stock-based compensation, estimating the Company's incremental borrowing rate for its leases, the determination of stand-alone selling prices of various performance obligations, and contingencies, among others. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses. Actual results could differ from these estimates.

Revenue Recognition

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for refunds and returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

Nature of Products and Services

The Company derives revenue primarily by (i) providing access to its proprietary database of commercial real estate information, including benchmarking and analytics for the hospitality industry and analytics for lenders and (ii) providing online marketplaces for professional property management companies, property owners, real estate agents and brokers, and landlords, in each case, typically through a fixed monthly fee for its subscription-based advertising services. Other subscription-based services include (i) real estate and lease management solutions to commercial customers and real estate investors, (ii) access to applications to manage workflow for residential real estate agents, and (iii) access to its AI-powered spatial data platform to create high-fidelity and high-accuracy digital twins of physical spaces.

Subscription contract rates are generally based on the number of sites, number of users, organization size, the customer’s business focus, geography, the number of properties reported on or analyzed, the number and types of services to which a customer subscribes, the number of properties a customer advertises, the number of digital twins hosted, the number of transactions and average transaction size a broker or agent has closed, and the prominence and placement of a customer's advertised properties in the search results. The Company’s subscription-based license, advertising packages, and membership agreements generally renew automatically, and a majority have a term of at least one year. Revenue from our subscription-based contracts was approximately 93%, 96%, and 95% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company also derives revenue from transaction-based services including: (i) providing premium listings for individual properties on our marketplaces, (ii) providing data capture services to create digital twins, (iii) the sale of Matterport cameras and capture equipment, (iv) Ten-X's auctions, and (v) ancillary products and services that are sold on an ad hoc basis.

The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers, (ii) identification of distinct performance obligations in the contract, (iii) determination of contract transaction price, (iv) allocation of contract transaction price to the performance obligations, and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations.

The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised services to its customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those services. Revenue from subscription-based services is recognized on a straight-line basis over the term of the agreement. Revenue from premium listings sold on a transactional basis is recognized over the estimated period the advertisements will be active. Revenue from all other transaction-based services is recognized when the promised product or services are delivered, which, in the case of property auctions, is at the time of a successful closing of the sale of the auctioned property. Revenue from product sales is recognized upon control transferring to the customers, which is generally upon shipment. Revenue for sales of Matterport cameras are recorded net of estimates of returns, as buyers are entitled to return the camera within 30 days from the date of purchase for a full refund. These rights are accounted for as variable consideration and recognized as a reduction to the revenue recognized.

In limited circumstances, the Company's contracts with customers include promises to transfer multiple services, such as contracts for its subscription-based services and professional services or product sales, digital twin capture services, and subscription-based hosting service. For these contracts, the Company accounts for individual performance obligations separately if they are distinct, which involves the determination of the standalone selling price for each distinct performance obligation.

Contract Balances and Other Receivables

Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of the Company's fulfillment of its performance obligations and is recognized as those obligations are satisfied.

Contract assets represent a conditional right to consideration for satisfied performance obligations that become a receivable when the conditions are satisfied. Contract assets are generated when contractual billing schedules differ from revenue recognition timing.

Assets Recognized from Costs to Obtain a Contract with a Customer

Certain sales commissions are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions incurred for obtaining new contracts are deferred and then amortized as selling and marketing expenses (excluding customer base amortization) over a period of benefit that the Company has determined to be three years. The amortization periods were determined based on several factors, including the nature of the technology and proprietary data underlying the services being purchased, customer contract renewal rates, and industry competition. Sales commissions that do not represent incremental costs of obtaining a contract, or that would otherwise be amortized over a period of one year or less, are not subject to capitalization.

See Note 3 for further discussion of the Company's revenue recognition.

Cost of Revenue

Cost of revenue principally consists of salaries, benefits, bonuses, stock-based compensation expenses, and other indirect costs for the Company's researchers who collect and analyze the real estate data that is the basis for the Company's information, analytics, and online marketplace services and for employees that support these products. Additionally, cost of revenue includes amortization of acquired trade names, technology, and certain other intangible assets; product hosting costs; credit card and other transaction fees relating to processing customer transactions; cost of data from third-party data sources; costs of capture services; and costs of Matterport cameras sold.

Foreign Currency Translation

The Company’s reporting currency is the U.S. dollar. The functional currency for the majority of its operations is the local currency, with the exception of certain international locations for which the functional currency is the British Pound or U.S. dollar. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. Gains and losses resulting from translation are included in accumulated other comprehensive income (loss). Currency gains and losses on the translation of intercompany loans made to foreign subsidiaries that are of a long-term investment nature are also included in accumulated other comprehensive income (loss). Gains and losses resulting from transactions denominated in a currency other than the functional currency of the entity are included in other income (expense), net in the consolidated statements of operations using the average exchange rates in effect during the period. The Company recognized a net foreign currency loss of $6 million, a net foreign currency loss of $1 million, and a net foreign currency gain of $3 million for the years ended December 31, 2025, 2024, and 2023, respectively, which are included in other income (expense), net on the consolidated statements of operations.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows (in millions):


	As of December 31,
	2025		2024
Foreign currency translation income (loss)	$	80	$	(26)
Total accumulated other comprehensive income (loss)	$	80	$	(26)

There were no amounts reclassified out of accumulated other comprehensive income (loss) to the consolidated statements of operations for both the years ended December 31, 2025 and 2024.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs include digital marketing, television, radio, print, and other media advertising. Advertising costs were $830 million, $845 million, and $550 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of salaries, consulting services, and other direct expenses.

Per Share

Earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period on a basic and diluted basis. The Company's potentially dilutive securities include outstanding stock options, and unvested stock-based awards, which include restricted stock awards that vest over a specific service period, restricted stock awards with a performance condition, restricted stock awards with a performance condition and a market condition, restricted stock units, and Matching RSUs awarded under the MSPP. Shares underlying unvested restricted stock awards that vest based on a performance condition and those that vest based on a performance and market condition that have not been achieved as of the end of the period are not included in the computation of basic or diluted earnings per share. Diluted earnings per share considers the impact of potentially dilutive securities except when the inclusion of the potentially dilutive securities would have an anti-dilutive effect.

See Note 15 for further discussion of the Company's calculation of earnings per share.

Stock-Based Compensation

Equity instruments issued in exchange for services performed by officers, employees, and directors of the Company are accounted for using a fair-value based method and the fair value of such equity instruments is recognized as expense in the consolidated statements of operations.

For stock-based awards that vest over a specific service period, compensation expense is measured based on the fair value of the awards at the grant date and is recognized on a straight-line basis over the service period of the awards, net of an estimated forfeiture rate. For equity instruments that vest based on achievement of a performance condition or both a performance and a market condition, stock-based compensation expense is recognized over the service period of the awards based on the expected achievement of the related performance conditions at the end of each reporting period. If the Company's initial estimates of the achievement of the performance conditions change, the related stock-based compensation expense may fluctuate from period to period based on those estimates. If the performance conditions are not met, no stock-based compensation expense will be recognized and any previously recognized stock-based compensation expense will be reversed. For awards with both a performance and a market condition, the Company estimates the fair value of each equity instrument granted on the date of grant using a Monte-Carlo simulation model. This pricing model uses multiple simulations to evaluate the probability of achieving the market condition to calculate the fair value of the awards which includes the recent market price and volatility of the Company's shares. When determining the grant date fair value of all stock-based awards, the Company considers whether it is in possession of any material, non-public information that upon its release would have a material effect on its share price, and if so, whether the observable share price or expected volatility assumptions used in determining the fair value of the awards should be adjusted.

Stock-based compensation expense for stock options, restricted stock awards, and restricted stock units issued under equity incentive plans, stock purchases under the ESPP, and DSUs and Matching RSUs awarded under the MSPP included in the Company’s consolidated statements of operations were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	21	$	14	$	14
Selling and marketing (excluding customer base amortization)	32		11		9
Software development	46		22		18
General and administrative	95		42		44
Total stock-based compensation expense	$	194	$	89	$	85

Income Taxes

Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and the basis reported in the Company’s consolidated financial statements. Deferred tax liabilities and assets are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted rates in effect during the year in which the Company expects differences to reverse. Valuation allowances are provided against assets, including net operating losses, if the Company determines it is more likely than not that some portion or all of an asset may not be realized. Interest and penalties related to income tax matters are recognized in income tax expense.

The Company has elected to record the GILTI under the current-period cost method.

On July 4, 2025, new federal tax legislation, H.R.1, was enacted. The relevant effects of this legislation include making 100 percent bonus depreciation permanent, the permanent restoration of the ability of taxpayers to immediately expense certain domestic research and experimental expenditures, and the restoration of EBITDA-based interest deduction limitations. In addition, H.R.1 includes international tax provisions, including eliminating the net deemed tangible income return, decreasing the tax rates and taxable income computations applicable to GILTI and FDII, and permanently increasing the BEAT rate. Upon enactment in the third quarter of 2025, the legislation (i) did not materially impact our effective tax rate, (ii) decreased our cash income tax liability and (iii) increased our deferred tax liability. We continue to evaluate the provisions of the legislation and its potential effects on our consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows, and disclosures addressing any material financial statement impact will be provided in future periods as the impact of the legislation is determined.

See Note 11 for further discussion of the Company's accounting for income taxes.

Loss Contingencies and Litigation Expense

The Company is subject to the possibility of losses from various contingencies, including certain legal proceedings. Significant judgment is necessary to estimate the probability and amount of a loss, if any, from such contingencies. An accrual is made when it is probable that a liability has been incurred or an asset has been impaired, and the amount of loss can be reasonably estimated. In accounting for the resolution of contingencies, significant judgment may be necessary to estimate amounts pertaining to periods prior to the resolution that are charged to operations in the period of resolution and amounts related to future periods. If only a range of estimated losses can be determined, the Company records an amount within the range that, in its judgment, reflects the most likely outcome; if none of the estimates within that range are a better estimate than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period.

Deal-Contingent Foreign Currency Forward Contracts

On May 9, 2025, the Company entered into deal-contingent foreign currency forward contracts to manage the risk of appreciation of the Australian dollar-denominated purchase price related to the Domain Transaction. Deal-contingent foreign currency forward contracts had an aggregate notional amount of A$2.4 billion ($1.5 billion). These derivative instruments were entered into as economic hedges and do not qualify for hedge accounting. The contracts were settled on August 22, 2025. The Company recognized a loss of $10 million for the year ended December 31, 2025 related to these contracts. The losses were recorded in other income (expense), net, in the consolidated statements of operations.

See Note 4 for further discussion regarding the Company's acquisitions.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash consists of cash deposited as collateral related to a litigation bond in a third-party insured account. See Note 12 for further discussion regarding the Company's litigation.

Cash, cash equivalents, and restricted cash are included in the following line items in the consolidated balance sheets and consolidated statements of cash flows (in millions):


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,633	$	4,681
Restricted cash	100		—
Total cash, cash equivalents, and restricted cash	$	1,733	$	4,681

Concentration of Credit Risk and Financial Instruments

The Company’s customer base creates a lack of dependence on any individual customer that mitigates the risk of nonpayment of the Company’s accounts receivable. No single customer accounted for more than 5% of the Company’s revenue for each of the years ended December 31, 2025, 2024, and 2023. The carrying amount of the accounts receivable approximates the net realizable value.

The Company holds cash at major financial institutions that often exceed Federal Deposit Insurance Corporation-insured limits. The Company manages its credit risk associated with cash concentrations by diversifying cash holdings across AAA-rated Government and Treasury Money Market Funds and multiple high quality financial institutions, and by periodically evaluating the credit quality of the primary financial institutions holding such deposits. The carrying value of cash approximates fair value. Historically, the Company has not experienced any losses due to such cash concentrations.

Allowance for Credit Losses

The Company maintains an allowance for credit losses to cover its current expected credit losses on its trade receivables and contract assets arising from the failure of customers to make contractual payments. The Company estimates credit losses expected over the life of its trade receivables and contract assets based on historical information combined with current conditions that may affect a customer’s ability to pay and reasonable and supportable forecasts. While the Company uses various credit quality metrics, it primarily monitors collectability by reviewing the duration of collection pursuits on its delinquent trade receivables and historical write-off trends. Based on the Company’s experience, the customer's delinquency status, which is analyzed periodically, is the strongest indicator of the credit quality of the underlying trade receivables. The Company’s policy is to write-off trade receivables when they are deemed uncollectible.

The following table details the activity related to the allowance for credit losses for trade receivables (in millions):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	23	$	23	$	12
Current-period provision for expected credit losses	32		36		35
Write-offs charged against the allowance	(26)		(36)		(24)
Ending balance	$	29	$	23	$	23

Inventories

Inventories consist primarily of finished goods, assemblies, and raw materials. Assemblies are generally purchased from contract manufacturers. Inventories are valued at the lower of cost or net realizable value. Costs are determined using standard cost, which approximates actual cost on a first-in, first-out basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods.

Inventories related to the Matterport Acquisition as of December 31, 2025 consisted of the following (in millions):


	December 31, 2025
Finished goods	$	4
Purchased parts and raw materials	2
Total inventories	$	6

Leases

The determination of whether an arrangement contains a lease and the classification of a lease, if applicable, is made at the commencement of the arrangement, at which time the Company also measures and recognizes a ROU asset, representing the Company’s right to use the underlying asset, and a lease liability, representing the Company’s obligation to make lease payments under the terms of the arrangement. For the purposes of recognizing ROU assets and lease liabilities associated with the Company’s leases, the Company has elected the practical expedient to not recognize a ROU asset or lease liability for short-term leases, which are leases with a term of 12 months or less. The lease term is defined as the noncancellable portion of the lease term, plus any periods covered by an option to extend the lease if it is reasonably certain that the option will be exercised.

In determining the amount of lease payments used in measuring ROU assets and lease liabilities, the Company has elected the practical expedient not to separate non-lease components from lease components for all classes of underlying assets. Consideration deemed part of the lease payments used to measure ROU assets and lease liabilities generally includes fixed payments and variable payments based on either an index or a rate, offset by lease incentives. Upon commencement, the initial ROU asset also includes any lease prepayments. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The rates implicit within the Company's leases are generally not determinable. Therefore, the Company's incremental borrowing rate is used to determine the present value of lease payments. The determination of the Company’s incremental borrowing rate requires judgment and is determined at lease commencement and is subsequently reassessed upon a modification to the lease arrangement.

Lease costs related to the Company's operating leases are generally recognized as a single ratable lease cost over the lease term.

See Note 6 for further discussion of the Company’s accounting for leases.

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. All repairs and maintenance costs are expensed as incurred. Construction in progress includes expenditures for construction and improvements to our campuses and are stated at cost. Costs related to acquisition of additional aircraft components or the replacement of existing aircraft components are capitalized and depreciated over the estimated useful life of the aircraft or the added or replaced component, whichever is less. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives of the assets:


Buildings						Twenty to thirty-nine years
Land						Indefinite
Aircraft						Ten to twenty years
Furniture and office equipment						Five to ten years
Vehicles						Four to five years
Computer hardware and software						Three to five years
Leasehold improvements						Shorter of lease terms or useful life

Qualifying internal-use software costs incurred during the application development stage, which consist primarily of internal product development costs, are capitalized and amortized over the estimated useful life of the asset. All other costs are expensed as incurred. The Company removes fully depreciated property and equipment from the cost and accumulated depreciation amounts disclosed in the period they become fully depreciated.

Long-Lived Assets, Intangible Assets, and Goodwill

Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company capitalizes interest costs during the construction phase. Capitalized interest is added to the cost of the underlying asset upon substantial completion and amortized over the estimated useful life of the asset.

Acquired technology and data, customer base assets, trade names, and other intangible assets are related to the Company’s acquisitions. Acquired technology and data is amortized on a straight-line basis over periods ranging from 2 years to 10 years. Acquired intangible assets characterized as customer base assets consist of acquired customer contracts and the related customer relationships and are amortized over periods ranging from 5 years to 20 years. Acquired customer bases are amortized on an accelerated or straight-line basis depending on the expected economic benefit of the intangible asset. Acquired trade names and other intangible assets are amortized on a straight-line basis over periods ranging from 2 years to 15 years. The Company removes fully amortized intangible assets from the cost and accumulated amortization amounts disclosed.

The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination. A reporting unit is defined as an operating segment or one level below an operating segment. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at least annually, on October 1, or more frequently if an event or other circumstance indicates that the fair value of a reporting unit may be below its carrying amount. The Company may first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or elect to bypass the qualitative assessment. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or the Company elects to bypass the qualitative assessment, the Company then performs a quantitative assessment by determining the fair value of each reporting unit. The estimate of the fair value of each reporting unit is based on a projected discounted cash flow model that includes significant assumptions and estimates including the discount rate, growth rate and future financial performance. Assumptions about the discount rate are based on a weighted average cost of capital for comparable companies. Assumptions about the growth rate and future financial performance of a reporting unit are based on the Company's forecasts, business plans, economic projections, and anticipated future cash flows. The fair value of each reporting unit is compared to the carrying amount of the reporting unit. If the carrying value of the reporting unit exceeds the fair value, then an impairment loss is recognized for the difference.

See Notes 4, 8, and 9 for further discussion of the Company's acquisitions, goodwill, and intangible assets, respectively.

Leasing Operations and Other Expense/Income, Net

In February 2024, the Company closed on the purchase of an office tower and the land on which it rests in Arlington, Virginia. In January 2025, the Company relocated its headquarters from Washington, D.C. to Arlington, VA occupying approximately 30% of the building. The Company has and intends to continue to build out further space in this building to support anticipated growth and expansion of its operations in the coming years. As of December 31, 2025, the Company occupied approximately 50% of the property with the remainder leased or available to be leased to third parties. Maintenance, physical facilities, leasing, property management, and other key responsibilities related to property ownership are outsourced to professional real-estate managers. The office tower measures approximately 550,000 rentable square feet.

The Company accounted for the purchase of this building as an asset acquisition at the cost to acquire, including transaction costs. The Company estimated the fair values of acquired tangible assets (consisting of land, buildings, improvements, and other assets), identified intangible assets and liabilities (consisting of in-place leases and above- and below-market leases), and other liabilities based on its evaluation of information and estimates available at the date of acquisition. Based on these estimates, the Company allocated the total cost to the identified assets acquired and liabilities assumed based on their relative fair value.

The fair value of the building and building improvements consists of the physical structure containing rentable area, as well as amenities such as parking structures, and was valued as if vacant, using the cost approach, which uses replacement cost data obtained from industry recognized guides less depreciation as an input to estimate the fair value, with consideration given to its age, functionality, use classification, construction quality, replacement cost new, and accumulated depreciation (effective age vs. economic life). The Company also considered the value of the building using an income approach. The income approach

uses market leasing assumptions to estimate the fair value of the property as if vacant assuming lease-up at prevailing market rental rates over a market-based lease-up period, including deductions for lost-rent during lease-up and leasing costs. The cost and income approaches are reconciled to arrive at an estimated building fair value. The Company assessed the fair value of land based on market comparisons.

The fair values of identified intangible assets and liabilities were determined based on the following:

•The value allocable to the above- or below-market component of an acquired in-place lease is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired lease) of the difference between: (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates current at the time of the acquisition for the remaining term of the lease. Amounts allocated to above-market leases are recorded as above-market leases in intangible assets, net in the consolidated balance sheets. These intangible assets are amortized on a straight-line basis as a component of leasing operations to other income (expense), net in the consolidated statements of operations over the remaining terms of the respective leases.

•Factors considered in determining the value allocable to in-place leases during hypothetical lease-up periods related to space that is leased at the time of acquisition include: (i) lost rent and operating cost recoveries during the hypothetical lease-up period and (ii) theoretical leasing commissions required to execute similar leases. These intangible assets are recorded as in-place leases in intangible assets, net in the consolidated balance sheets and are amortized to other income (expense), net in the consolidated statements of operations over the remaining terms of the existing leases.

The total cost of the land and building was $343 million and was allocated to the following components (in millions):


Component	Balance Sheet Caption	Amount
Land	Property and equipment, net	$	17
Building	Property and equipment, net	224
Land and building improvements	Property and equipment, net	28
Above-market leases	Intangible assets, net	42
In-place leases	Intangible assets, net	32
		$	343

The cash paid for this asset acquisition was included in the caption purchases of property, equipment, and other assets for new campuses in the consolidated statement of cash flows. The Company records the third-party rental activity from this building's operations and leases, including building depreciation and operating expenses for space occupied by tenants, as other income (expense), net in the consolidated statements of operations.

In October 2024, the Company and a building tenant modified a lease agreement to reduce the leased space and extend the lease term of a portion of the remaining space. Among other provisions, the modified lease agreement required the tenant to make a $48 million buyout payment, in two equal installments which were received in the fourth quarter of 2024 and the second quarter in 2025. The buyout payments are recognized in other income (expense), net in the consolidated statements of operations ratably over the modified lease term. The tenant surrendered certain space concurrently with the execution of the modified lease agreement and the Company has outfit this space to host its employees.

Deferred lease income as of December 31, 2025 and December 31, 2024 was as follows (in millions):


Balance	Balance Sheet Caption	December 31, 2025		December 31, 2024
Current portion	Other current liabilities	$	6	$	5
Non-current portion	Lease and other long-term liabilities	35		18
Total deferred lease income		$	41	$	23

Lease income includes base rent each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of periodic step-ups in rent and rent abatements under the lease. When a renewal option is included within the lease, the Company assesses whether the option is reasonably certain of being exercised against relevant economic factors to determine whether the option period should be

included as part of the lease term. Further, lease income includes tenant reimbursement amounts for the recovery of the operating expenses and real estate taxes. Tenant reimbursements, which vary each period, are non-lease components that are not the predominant activity within the contract. The Company has elected the practical expedient that allows it to combine certain lease and non-lease components of operating leases. Non-lease components are recognized together with fixed base rent in “lease income,” as variable lease income in the same period as the related expenses are incurred. Variable lease income was not material for the years ended December 31, 2025 and December 31, 2024. Components of other income (expense), net related to leasing operations for the years ended December 31, 2025 and December 31, 2024 were as follows (in millions):


	Year Ended December 31,
	2025		2024
Lease income(1)	$	17	$	22
Less:
Property operating expenses	6		9
Depreciation and amortization expense	17		19
Other expense from leasing operations	$	(6)	$	(6)
__________________________
(1) Includes $4 million and $10 million of amortization expense of above-market leases for the years ended December 31, 2025 and December 31, 2024, respectively.

The following is a maturity analysis of the annual undiscounted cash flows of operating lease payments to be received as of December 31, 2025 (in millions):


	Operating Leases
2026	$	11
2027	13
2028	9
2029	8
2030	7
Thereafter	26
Total undiscounted cash flows	$	74

Building depreciation and operating expenses for space occupied by the Company are allocated between cost of revenue, selling and marketing (excluding customer base amortization), software development, and general and administrative expenses on the consolidated statement of operations based on the headcount of the respective departments occupying the building.

Debt Issuance Costs

Costs incurred in connection with the issuance of long-term debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method for term debt and on a straight-line basis for revolving debt. The Company made a policy election to classify deferred issuance costs on the revolving credit facility as a long-term asset on its consolidated balance sheets. Upon a refinancing or amendment, previously capitalized debt issuance costs are expensed and included in loss on extinguishment of debt if the Company determines that there has been a substantial modification of the related debt. If the Company determines that there has not been a substantial modification of the related debt, any previously capitalized debt issuance costs are amortized as interest expense over the term of the new debt instrument.

See Note 10 for further discussion of the Company's accounting for its outstanding debt, revolving credit facility, and related issuance costs.

Business Combinations

The Company includes the results of operations of the businesses that it acquires from the date of acquisition. The Company generally allocates the purchase consideration to the tangible assets acquired and liabilities assumed and intangible assets acquired based on their estimated fair values on the date of the acquisition. The purchase price is generally determined based on the fair value of the assets transferred, liabilities assumed, and equity interests issued, after considering any transactions that are separate from the business combination. The excess of the fair value of purchase consideration, the fair

value of any NCI in the acquiree and the fair value of any previous equity interest in the acquiree over the fair values of these identifiable assets and liabilities is recorded as goodwill. In a business combination achieved in stages, the Company shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss, if any, in results of operations. The Company applies significant assumptions, estimates, and judgments in determining the fair value of assets acquired and liabilities assumed on the acquisition date, especially with respect to intangible assets and contingent liabilities. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer bases, acquired technology and acquired trade names, useful lives, royalty rates, and discount rates. Estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

The Company has elected the practical expedient provided under ASC 805, Business Combinations, which allows for contract assets and liabilities acquired or assumed in an acquisition to be measured in accordance with the accounting framework for revenue from contracts with customers as if the Company had originated the acquired contract. This is an exception to the general requirement to measure assets acquired and liabilities assumed at their fair value on the acquisition date.

For a given acquisition, the Company may identify certain pre-acquisition contingencies as of the acquisition date and may extend its review and evaluation of these pre-acquisition contingencies throughout the measurement period in order to obtain sufficient information to assess whether the Company includes these contingencies as a part of the fair value estimates of assets acquired and liabilities assumed and, if so, to determine their estimated amounts.

If the Company cannot reasonably determine the fair value of a pre-acquisition contingency (non-income tax related) by the end of the measurement period, which is generally the case given the nature of such matters, the Company will recognize an asset or a liability for such pre-acquisition contingency if: (i) it is probable that an asset existed or a liability had been assumed at the acquisition date and (ii) the amount of the asset or liability can be reasonably estimated. Subsequent to the measurement period, changes in the Company's estimates of such contingencies will affect earnings and could have a material effect on its results of operations and financial position.

In addition, uncertain tax positions and tax-related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date. The Company reevaluates these items based upon facts and circumstances that existed as of the acquisition date with any adjustments to its preliminary estimates being recorded to goodwill, provided that the Company is within the measurement period. Subsequent to the measurement period, changes to these uncertain tax positions and tax-related valuation allowances will affect the Company's provision for income taxes in its consolidated statements of operations and comprehensive income and could have a material impact on its results of operations and financial position.

Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expenses in the consolidated statements of operations.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The Company adopted ASU No. 2023-07 (Topic 280), Improvements to Reportable Segment Disclosures effective January 1, 2024. This guidance requires enhanced disclosures about significant segment expenses. Additionally, it requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The adoption resulted in expanded segment reporting disclosures, with no impacts to the Company's financial condition and results of operations.

In December 2023, the FASB issued ASU No. 2023-09 (Topic 740), Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as an expansion of other income tax disclosures. The ASU is effective on a prospective basis for annual reporting periods beginning

after December 15, 2024. The adoption of this standard impacted our disclosures only and did not affect the Company's financial position or the results of its operations.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The ASU requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

In May 2025, The FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The ASU revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. The amendments differ from current U.S. GAAP because, for certain transactions, they replace the requirement that the primary beneficiary of a VIE is always the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The ASU does not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance will become effective for interim and annual reporting periods beginning on January 1, 2027, will require a prospective transition method for business combinations that occur after the initial adoption date, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU provides a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. Under the expedient, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. The ASU is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted, and the amendments should be applied prospectively. We do not expect the adoption of ASU 2025-05 to have a material impact on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU eliminates all references to prescriptive and sequential software project stages throughout Subtopic 350-40. An entity is required to begin capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The ASU is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Entities may adopt the new guidance using a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025‑12, Codification Improvements. The ASU provides technical corrections and clarifications to various Topics, including diluted earnings per share, the transfer of receivables from contracts with customers, among other improvements. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods. Early adoption is permitted in an interim or annual period in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives of the assets:


Buildings						Twenty to thirty-nine years
Land						Indefinite
Aircraft						Ten to twenty years
Furniture and office equipment						Five to ten years
Vehicles						Four to five years
Computer hardware and software						Three to five years
Leasehold improvements						Shorter of lease terms or useful life

Property and equipment consists of the following (in millions):


	December 31,
	2025		2024
Leasehold improvements	$	91	$	81
Furniture, office equipment, and vehicles	70		73
Computer hardware and software	65		54
Aircraft	63		67
Land	70		70
Construction in progress	739		432
Buildings	371		373
Property and equipment, gross	1,469		1,150
Accumulated depreciation and amortization	(146)		(135)
Property and equipment, net	$	1,323	$	1,015

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share (in millions, except per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	7	$	139	$	375
Denominator:
Denominator for basic earnings per share — weighted-average outstanding shares	416.8		406.3		405.3
Effect of dilutive securities:
Stock options, restricted stock awards and restricted stock units	3.9		1.5		1.6
Denominator for diluted earnings per share — weighted-average outstanding shares	420.7		407.8		406.9

Earnings per share — basic	$	0.02	$	0.34	$	0.92
Earnings per share — diluted	$	0.02	$	0.34	$	0.92

Schedule of Anti-Dilutive Securities Excluded From Computation of Earnings Per Share

The following table summarizes the shares underlying the unvested performance-based restricted stock and anti-dilutive securities excluded from the basic and diluted earnings per share calculations (in millions):


	Year Ended December 31,
	2025	2024	2023
Performance-based restricted stock awards	0.1	0.1	0.2
Anti-dilutive securities	1.7	0.8	0.7

EMPLOYEE BENEFIT PLANS - Stock Incentive Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from stock-based compensation	$ 5.0	$ 2.0	$ 7.0
Stock-based compensation expense	$ 194.0	89.0	85.0
Matterport
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of options and restricted stock grants (in years)	4 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost expected to be recognized in future years	$ 247.0
Weighted-average-period expected to recognize the unrecognized compensation cost (in years)	2 years 6 months
Aggregate intrinsic value of options exercised	$ 48.0	4.0	24.0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of options and restricted stock grants (in years)	3 years
Performance service period (in years)	3 years
Performance-Based RSAs - With Market And Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10.0	$ 7.0	$ 14.0
Performance-Based RSAs - with Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost expected to be recognized in future years	$ 24.0
Granted (in shares)	435,120
DSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of options and restricted stock grants (in years)	4 years
Deferred stock unit, granted (as a percent)	100.00%
Granted (in shares)	95,936	57,498
MSPP RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock unit, granted (as a percent)	90.00%
Granted (in shares)	95,936
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of options and restricted stock grants (in years)	1 year
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights (as a percent)	80.00%
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights (as a percent)	120.00%
CoStar Group, Inc. 2016 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance under the plan (in shares)	13,200,000
Shares available for future grant under the plan (in shares)	9,700,000
CoStar Group, Inc. 2016 Stock Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of options and restricted stock grants (in years)	3 years
CoStar Group, Inc. 2016 Stock Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of options and restricted stock grants (in years)	4 years
CoStar Group, Inc. 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, remaining authorized, amount	$ 2.1

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions				12 Months Ended
	Apr. 22, 2025	Aug. 14, 2024	May 28, 2024	Dec. 31, 2025	Feb. 28, 2025
Business Combination [Line Items]
Amount awarded to plaintiff	$ 79		$ 79
Potential damages sought				$ 17
Litigation expense		$ 95
Matterport
Business Combination [Line Items]
Litigation accrual				$ (99)	$ (95)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EMPLOYEE BENEFIT PLANS - Information Regarding Stock Options (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Options Outstanding
Number of shares (in shares) \| shares	3,203,725
Weighted-average remaining contractual life (in years)	3 years 11 months 15 days
Weighted- average exercise price (in dollars per share)	$ 38.32
Options Exercisable
Number of shares (in shares) \| shares	2,849,289
Weighted-average exercise price (in dollars per share)	$ 33.22
$4.73 - $9.59
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise price, minimum, (in dollars per share)	4.73
Range of exercise price, maximum, (in dollars per share)	$ 9.59
Options Outstanding
Number of shares (in shares) \| shares	1,051,854
Weighted-average remaining contractual life (in years)	3 years 2 months 4 days
Weighted- average exercise price (in dollars per share)	$ 9.16
Options Exercisable
Number of shares (in shares) \| shares	1,051,854
Weighted-average exercise price (in dollars per share)	$ 9.16
$9.60 - $27.35
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise price, minimum, (in dollars per share)	9.60
Range of exercise price, maximum, (in dollars per share)	$ 27.35
Options Outstanding
Number of shares (in shares) \| shares	406,581
Weighted-average remaining contractual life (in years)	1 year 8 months 8 days
Weighted- average exercise price (in dollars per share)	$ 19.47
Options Exercisable
Number of shares (in shares) \| shares	406,581
Weighted-average exercise price (in dollars per share)	$ 19.47
$27.36 - $53.24
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise price, minimum, (in dollars per share)	27.36
Range of exercise price, maximum, (in dollars per share)	$ 53.24
Options Outstanding
Number of shares (in shares) \| shares	697,090
Weighted-average remaining contractual life (in years)	2 years 7 months 13 days
Weighted- average exercise price (in dollars per share)	$ 36.97
Options Exercisable
Number of shares (in shares) \| shares	697,090
Weighted-average exercise price (in dollars per share)	$ 36.97
$53.25 - $77.56
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise price, minimum, (in dollars per share)	53.25
Range of exercise price, maximum, (in dollars per share)	$ 77.56
Options Outstanding
Number of shares (in shares) \| shares	549,600
Weighted-average remaining contractual life (in years)	5 years 4 months 17 days
Weighted- average exercise price (in dollars per share)	$ 69.05
Options Exercisable
Number of shares (in shares) \| shares	509,799
Weighted-average exercise price (in dollars per share)	$ 68.44
$77.57 - $91.98
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise price, minimum, (in dollars per share)	77.57
Range of exercise price, maximum, (in dollars per share)	$ 91.98
Options Outstanding
Number of shares (in shares) \| shares	498,600
Weighted-average remaining contractual life (in years)	7 years 9 months 3 days
Weighted- average exercise price (in dollars per share)	$ 83.24
Options Exercisable
Number of shares (in shares) \| shares	183,965
Weighted-average exercise price (in dollars per share)	$ 89.35

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

Lease costs related to the Company's operating and finance leases included in the consolidated statements of operations were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease costs:
Cost of revenue	$	10	$	10	$	10
Selling and marketing (excluding customer base amortization)	16		15		16
Software development	7		9		6
General and administrative	6		7		4
Total operating lease costs	39		41		36
Finance lease costs:
Amortization of ROU assets	3		5		1
Interest on lease liabilities	1		1		—
Total finance lease costs	4		6		1
Total lease costs	$	43	$	47	$	37

Supplemental cash flow information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	36	$	47	$	45
Operating cash flows used in finance leases	$	1	$	1	$	—
Financing cash flows used in finance leases	$	5	$	5	$	1

ROU assets obtained in exchange for new lease obligations:
Operating leases	$	47	$	57	$	29
Finance leases	$	1	$	7	$	14

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to operating leases was as follows (in millions):


		Year Ended December 31,
Balance	Balance Sheet Location	2025			2024
Operating lease liabilities		$	161		$	139
Less: imputed interest		21			18
Present value of lease liabilities		140			121
Less: current portion of lease liabilities	Lease liabilities	23			27
Long-term lease liabilities	Lease and other long-term liabilities	$	117		$	94

Weighted-average remaining lease term in years		5.3			5.6
Weighted-average discount rate		4.7		%	4.4		%
ROU Assets	Lease right-of-use assets	$	123		$	103

Finance lease liabilities		$	12		$	17
Less: imputed interest		1			2
Present value of lease liabilities		11			15
Less: current portion of lease liabilities	Lease liabilities	5			5
Long-term lease liabilities	Lease and other long-term liabilities	$	6		$	10

Weighted-average remaining lease term in years		2.0			3.0
Weighted-average discount rate		6.3		%	6.4		%
ROU Assets	Property and equipment, net	$	13		$	16

GOODWILL - Narrative (Details) - USD ($)	12 Months Ended
GOODWILL - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Abstract]
Goodwill, expected tax deductible amount	$ 0	$ 133,000,000	$ 0
Goodwill, impairment	$ 0	$ 0	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 3,247	$ 2,736	$ 2,455
International
Disaggregation of Revenue [Line Items]
Revenue	$ 350	$ 162	$ 106

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Section 55
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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Domain	Matterport	Common Stock	Common Stock Matterport	Additional Paid-In Capital	Additional Paid-In Capital Matterport	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Parent	Parent Matterport	Equity Attributable to NCI	Equity Attributable to NCI Domain
Beginning balance (in shares) at Dec. 31, 2022				406,700,000
Beginning balance at Dec. 31, 2022	$ 6,868			$ 4		$ 5,065		$ 0	$ (30)	$ 1,829	$ 6,868		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	375									375	375
Other comprehensive income (loss)	12								12		12
Exercise of stock options (in shares)				400,000
Exercise of stock options	8					8					8
Restricted stock issued (in shares)				1,400,000
Restricted stock grants surrendered (in shares)				(700,000)
Restricted stock grants surrendered	(23)					(23)					(23)
Stock-based compensation expense	84					84					84
Management stock purchase plan (in shares)				100,000
Management stock purchase plan	(3)					(3)					(3)
Employee stock purchase plan (in shares)				200,000
Employee stock purchase plan	17					17					17
Ending balance (in shares) at Dec. 31, 2023				408,100,000
Ending balance at Dec. 31, 2023	7,338			$ 4		5,148		0	(18)	2,204	7,338		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	139									139	139
Other comprehensive income (loss)	(8)								(8)		(8)
Exercise of stock options (in shares)				100,000
Exercise of stock options	7					7					7
Restricted stock issued (in shares)				1,700,000
Restricted stock grants surrendered (in shares)				(700,000)
Restricted stock grants surrendered	(28)					(28)					(28)
Stock-based compensation expense	87					87					87
Management stock purchase plan (in shares)				100,000
Management stock purchase plan	$ (2)					(2)					(2)
Employee stock purchase plan (in shares)	237,741			200,000
Employee stock purchase plan	$ 20					20					20
Ending balance (in shares) at Dec. 31, 2024	409,500,000			409,500,000
Ending balance at Dec. 31, 2024	$ 7,553			$ 4		5,232		0	(26)	2,343	7,553		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7									7	7
Other comprehensive income (loss)	106								106		106
Change in NCI	2												2
Distributions to NCI	4												4
Exercise of stock options (in shares)				700,000
Exercise of stock options	6					6					6
Restricted stock issued (in shares)				3,400,000
Restricted stock grants surrendered (in shares)				(600,000)
Restricted stock grants surrendered	(73)					(73)					(73)
Stock-based compensation expense	192					192					192
Management stock purchase plan	$ (2)					(2)					(2)
Employee stock purchase plan (in shares)	252,028			300,000
Employee stock purchase plan	$ 20					20					20
Stock repurchases under stock repurchase programs (in shares)	(7,100,000)			(7,100,000)
Stock repurchases under stock repurchase programs	$ (500)					10		(510)			(500)
Common stock issued for Matterport Acquisition (in shares)					11,700,000
Common stock issued for Matterport acquisitions and Domain acquisition		$ 39	$ 1,025				$ 1,025					$ 1,025		$ 39
Ending balance (in shares) at Dec. 31, 2025	417,900,000			417,900,000
Ending balance at Dec. 31, 2025	$ 8,371			$ 4		$ 6,410		$ (510)	$ 80	$ 2,350	$ 8,334		$ 37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) were as follows (in millions):


	As of December 31,
	2025		2024
Foreign currency translation income (loss)	$	80	$	(26)
Total accumulated other comprehensive income (loss)	$	80	$	(26)

Schedule of Stock-Based Compensation Expense for Stock Options and Restricted Stock


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	21	$	14	$	14
Selling and marketing (excluding customer base amortization)	32		11		9
Software development	46		22		18
General and administrative	95		42		44
Total stock-based compensation expense	$	194	$	89	$	85

Schedule of Restrictions on Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash are included in the following line items in the consolidated balance sheets and consolidated statements of cash flows (in millions):


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,633	$	4,681
Restricted cash	100		—
Total cash, cash equivalents, and restricted cash	$	1,733	$	4,681

Schedule of Financing Receivable, Allowance for Credit Loss

The following table details the activity related to the allowance for credit losses for trade receivables (in millions):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	23	$	23	$	12
Current-period provision for expected credit losses	32		36		35
Write-offs charged against the allowance	(26)		(36)		(24)
Ending balance	$	29	$	23	$	23

Schedule of Inventory

Inventories related to the Matterport Acquisition as of December 31, 2025 consisted of the following (in millions):


	December 31, 2025
Finished goods	$	4
Purchased parts and raw materials	2
Total inventories	$	6

Schedule of Property and Equipment

Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives of the assets:


Buildings						Twenty to thirty-nine years
Land						Indefinite
Aircraft						Ten to twenty years
Furniture and office equipment						Five to ten years
Vehicles						Four to five years
Computer hardware and software						Three to five years
Leasehold improvements						Shorter of lease terms or useful life

Property and equipment consists of the following (in millions):


	December 31,
	2025		2024
Leasehold improvements	$	91	$	81
Furniture, office equipment, and vehicles	70		73
Computer hardware and software	65		54
Aircraft	63		67
Land	70		70
Construction in progress	739		432
Buildings	371		373
Property and equipment, gross	1,469		1,150
Accumulated depreciation and amortization	(146)		(135)
Property and equipment, net	$	1,323	$	1,015

Schedule of Results of Operations of Asset Acquisition and Land and Building Cost

The total cost of the land and building was $343 million and was allocated to the following components (in millions):


Component	Balance Sheet Caption	Amount
Land	Property and equipment, net	$	17
Building	Property and equipment, net	224
Land and building improvements	Property and equipment, net	28
Above-market leases	Intangible assets, net	42
In-place leases	Intangible assets, net	32
		$	343

Schedule of Deferred Lease Income

Deferred lease income as of December 31, 2025 and December 31, 2024 was as follows (in millions):


Balance	Balance Sheet Caption	December 31, 2025		December 31, 2024
Current portion	Other current liabilities	$	6	$	5
Non-current portion	Lease and other long-term liabilities	35		18
Total deferred lease income		$	41	$	23

Schedule of Operating Lease Income

Components of other income (expense), net related to leasing operations for the years ended December 31, 2025 and December 31, 2024 were as follows (in millions):


	Year Ended December 31,
	2025		2024
Lease income(1)	$	17	$	22
Less:
Property operating expenses	6		9
Depreciation and amortization expense	17		19
Other expense from leasing operations	$	(6)	$	(6)
__________________________
(1) Includes $4 million and $10 million of amortization expense of above-market leases for the years ended December 31, 2025 and December 31, 2024, respectively.

Schedule of Property, Plant, and Equipment, Lessor Asset under Operating Lease

Components of other income (expense), net related to leasing operations for the years ended December 31, 2025 and December 31, 2024 were as follows (in millions):


	Year Ended December 31,
	2025		2024
Lease income(1)	$	17	$	22
Less:
Property operating expenses	6		9
Depreciation and amortization expense	17		19
Other expense from leasing operations	$	(6)	$	(6)
__________________________
(1) Includes $4 million and $10 million of amortization expense of above-market leases for the years ended December 31, 2025 and December 31, 2024, respectively.

Schedule of Maturity Analysis of the Annual Undiscounted Cash Flows

The following is a maturity analysis of the annual undiscounted cash flows of operating lease payments to be received as of December 31, 2025 (in millions):


	Operating Leases
2026	$	11
2027	13
2028	9
2029	8
2030	7
Thereafter	26
Total undiscounted cash flows	$	74

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill [Abstract]

Schedule of Goodwill

The table below (in millions) presents the changes in the carrying amount of goodwill by operating segment prior to the realignment and the recast of goodwill under the new segments. See Note 2 for additional information:


	North American		International		Total
Goodwill, December 31, 2023	$	2,149	$	237	$	2,386
Acquisitions, including measurement period adjustments(1)	148		(1)		147
Effect of foreign currency translation	—		(5)		(5)
Goodwill, December 31, 2024	2,297		231		2,528
Acquisitions, including measurement period adjustments(2)	1,108		1,244		2,352
Effect of foreign currency translation	—		64		64
Goodwill, December 31, 2025 prior to reallocation	$	3,405	$	1,539	$	4,944

	Commercial Real Estate		Residential Real Estate		Total
Goodwill, December 31, 2025 after reallocation	$	1,955	$	2,989	$	4,944

(1) North America goodwill generated during the year ended December 31, 2024 from the Visual Lease Acquisition was $150 million.

(2) North America goodwill generated during the year ended December 31, 2025 from the Matterport Acquisition was $1.1 billion. International goodwill generated during the year ended December 31, 2025 from the Domain Acquisition was $1.2 billion.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

EARNINGS PER SHARE - Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 7	$ 139	$ 375
Denominator:
Denominator for basic earnings per share — weighted-average outstanding shares	416.8	406.3	405.3
Effect of dilutive securities:
Stock options, restricted stock awards and restricted stock units (in shares)	3.9	1.5	1.6
Denominator for diluted earnings per share — weighted-average outstanding shares (in shares)	420.7	407.8	406.9
Earning per share — basic (in dollars per share)	$ 0.02	$ 0.34	$ 0.92
Earning per share — diluted (in dollars per share)	$ 0.02	$ 0.34	$ 0.92

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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LONG-TERM DEBT - Long-Term Debt Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jul. 01, 2020
Debt Instrument [Line Items]
Total face amount of long-term debt	$ 1,000	$ 1,000
Senior Notes unamortized discount and issuance costs	(7)	(8)
Long-term debt, net	993	992
2.800% Senior Notes due July 15, 2030
Debt Instrument [Line Items]
Stated interest rate (as a percent)			2.80%
Total face amount of long-term debt	1,000	1,000	$ 1,000
2024 Credit Agreement, due May 24, 2029
Debt Instrument [Line Items]
Total face amount of long-term debt	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,633	$ 4,681
Restricted cash	100	0
Accounts receivable	263	211
Less: Allowance for credit losses	(29)	(23)
Accounts receivable, net	234	188
Income taxes receivable	18	0
Prepaid expenses and other current assets	134	81
Total current assets	2,119	4,950
Deferred income taxes, net	47	31
Property and equipment, net	1,323	1,015
Lease right-of-use assets	123	103
Goodwill	4,944	2,528
Intangible assets, net	1,771	433
Deferred commission costs, net	184	170
Deposits and other assets	27	27
Total assets	10,538	9,257
Current liabilities:
Accounts payable	42	44
Accrued wages and commissions	145	133
Accrued expenses	203	164
Litigation accrual	99	0
Income taxes payable	1	23
Lease liabilities	28	32
Deferred revenue	205	137
Other current liabilities	23	19
Total current liabilities	746	552
Long-term debt, net	993	992
Deferred income taxes, net	238	8
Income taxes payable	27	25
Lease and other long-term liabilities	163	127
Total liabilities	2,167	1,704
Stockholders’ equity:
Preferred stock, $0.01 par value; 2.0 million shares authorized; zero outstanding	0	0
Common stock, $0.01 par value; 1.2 billion shares authorized at December 31, 2025 and 2024; and 425.0 million issued and 417.9 million outstanding as of December 31, 2025 and 409.5 million issued and outstanding as of December 31, 2024	4	4
Additional paid-in capital	6,410	5,232
Treasury stock, 7.1 million shares, cost basis at December 31, 2025	(510)	0
Accumulated other comprehensive income (loss)	80	(26)
Retained earnings	2,350	2,343
Stockholders' equity attributable to CoStar Group	8,334	7,553
Equity attributable to NCI	37	0
Total equity	8,371	7,553
Total liabilities and stockholders’ equity	$ 10,538	$ 9,257

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Revenue Recognition

Nature of Products and Services

Contract Balances and Other Receivables

Assets Recognized from Costs to Obtain a Contract with a Customer

Cost of Revenues

Cost of Revenue

Foreign Currency Translation

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs include digital marketing, television, radio, print, and other media advertising.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of salaries, consulting services, and other direct expenses.

Income Taxes

The Company has elected to record the GILTI under the current-period cost method.

Earnings Per Share

Stock-Based Compensation

The Company estimates the fair value of its performance-based restricted stock awards with market conditions on the date of grant using a Monte-Carlo simulation valuation model. This pricing model uses multiple simulations to evaluate the probability of achieving the market condition to calculate the fair value of the awards. Expense is only recorded for awards that are expected to vest, net of estimated forfeitures.

Loss Contingencies and Litigation Expense

Cash, Cash Equivalents, and Restricted Cash

Concentration of Credit Risk and Financial Instruments

Allowance for Credit Losses

Inventories

Leases

Lease costs related to the Company's operating leases are generally recognized as a single ratable lease cost over the lease term.

Property and Equipment, Net


Buildings						Twenty to thirty-nine years
Land						Indefinite
Aircraft						Ten to twenty years
Furniture and office equipment						Five to ten years
Vehicles						Four to five years
Computer hardware and software						Three to five years
Leasehold improvements						Shorter of lease terms or useful life

Long-Lived Assets, Intangible Assets and Goodwill

Long-Lived Assets, Intangible Assets, and Goodwill

Leasing Operations and Other Income, Expense

Leasing Operations and Other Expense/Income, Net

The fair values of identified intangible assets and liabilities were determined based on the following:

The total cost of the land and building was $343 million and was allocated to the following components (in millions):


Component	Balance Sheet Caption	Amount
Land	Property and equipment, net	$	17
Building	Property and equipment, net	224
Land and building improvements	Property and equipment, net	28
Above-market leases	Intangible assets, net	42
In-place leases	Intangible assets, net	32
		$	343

Deferred lease income as of December 31, 2025 and December 31, 2024 was as follows (in millions):


Balance	Balance Sheet Caption	December 31, 2025		December 31, 2024
Current portion	Other current liabilities	$	6	$	5
Non-current portion	Lease and other long-term liabilities	35		18
Total deferred lease income		$	41	$	23


	Year Ended December 31,
	2025		2024
Lease income(1)	$	17	$	22
Less:
Property operating expenses	6		9
Depreciation and amortization expense	17		19
Other expense from leasing operations	$	(6)	$	(6)
__________________________
(1) Includes $4 million and $10 million of amortization expense of above-market leases for the years ended December 31, 2025 and December 31, 2024, respectively.

The following is a maturity analysis of the annual undiscounted cash flows of operating lease payments to be received as of December 31, 2025 (in millions):


	Operating Leases
2026	$	11
2027	13
2028	9
2029	8
2030	7
Thereafter	26
Total undiscounted cash flows	$	74

Debt Issuance Costs

Business Combinations

Transaction costs associated with business combinations are expensed as incurred, and are included in general and administrative expenses in the consolidated statements of operations.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

after December 15, 2024. The adoption of this standard impacted our disclosures only and did not affect the Company's financial position or the results of its operations.

Recent Accounting Pronouncements Not Yet Adopted

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest on outstanding borrowings	$ 28	$ 28	$ 28
Amortization of Senior Notes discount and issuance costs	2	3	2
Interest capitalized for construction in progress	(14)	(6)	(2)
Commitment fees and other	3	2	3
Total interest expense	$ 19	$ 27	$ 31

GOODWILL

12 Months Ended

Dec. 31, 2025

Goodwill [Abstract]

GOODWILL

During the fourth quarter of 2025, the Company realigned our business segments. The table below (in millions) presents the changes in the carrying amount of goodwill by operating segment prior to the realignment and the recast of goodwill under the new segments. See Note 2 for additional information:


	North American		International		Total
Goodwill, December 31, 2023	$	2,149	$	237	$	2,386
Acquisitions, including measurement period adjustments(1)	148		(1)		147
Effect of foreign currency translation	—		(5)		(5)
Goodwill, December 31, 2024	2,297		231		2,528
Acquisitions, including measurement period adjustments(2)	1,108		1,244		2,352
Effect of foreign currency translation	—		64		64
Goodwill, December 31, 2025 prior to reallocation	$	3,405	$	1,539	$	4,944

	Commercial Real Estate		Residential Real Estate		Total
Goodwill, December 31, 2025 after reallocation	$	1,955	$	2,989	$	4,944

(1) North America goodwill generated during the year ended December 31, 2024 from the Visual Lease Acquisition was $150 million.

The Company expects $133 million of goodwill generated from acquisitions completed in 2024 to be deductible for tax purposes. Goodwill generated from acquisitions completed in 2025 and 2023 were not deductible for tax purposes.

No impairments of the Company's goodwill were recognized during each of the years ended December 31, 2025, 2024, and 2023.

- Definition

The entire disclosure for goodwill.

+ References + Details

ACQUISITIONS - Pro Forma Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Revenue	$ 3,448	$ 3,205	$ 2,530
Net income (loss)	$ (1)	$ 187	$ (355)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 194	$ 89	$ 85
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	21	14	14
Selling and marketing (excluding customer base amortization)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	32	11	9
Software development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	46	22	18
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 95	$ 42	$ 44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising costs	$ 830	$ 845	$ 550

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Maximum percentage of employee total compensation matched by employer (as a percent)	100.00%	100.00%	100.00%
Maximum annual employee contribution (as a percent)	4.00%	4.00%	4.00%
Company match to employee contributions	$ 33	$ 26	$ 26
Administrative expense	$ 0	$ 0	$ 0
Percentage of purchase price of company's common stock to the market price (as a percent)	90.00%
Shares available, employee stock purchase plan (in shares)	292,559	544,587
Shares of company's common stock purchased during the period (in shares)	252,028	237,741
Foreign Plan \| Pension Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum percentage of employee total compensation matched by employer (as a percent)	6.00%	6.00%	6.00%
Company match to employee contributions	$ 2	$ 2	$ 1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 3,247,000	$ 2,736,000	$ 2,455,000
Cost of revenue	686,000	558,000	491,000
Gross profit	2,561,000	2,178,000	1,964,000
Operating expenses:
Selling and marketing (excluding customer base amortization)	1,560,000	1,364,000	990,000
Software development	406,000	326,000	268,000
General and administrative	549,000	439,000	382,000
Customer base amortization	118,000	44,000	42,000
Total operating expenses	2,633,000	2,173,000	1,682,000
Income (loss) from operations	(72,000)	5,000	282,000
Interest income, net	110,000	213,000	214,000
Other income (expense), net	(8,000)	(8,000)	6,000
Income before income taxes	30,000	210,000	502,000
Income tax expense	23,000	71,000	127,000
Net income	$ 7,000	$ 139,000	$ 375,000
Earning per share — basic (in dollars per share)	$ 0.02	$ 0.34	$ 0.92
Earning per share — diluted (in dollars per share)	$ 0.02	$ 0.34	$ 0.92
Weighted average outstanding shares — basic (in shares)	416.8	406.3	405.3
Weighted average outstanding shares — diluted (in shares)	420.7	407.8	406.9

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

INTANGIBLE ASSETS

Intangible assets consist of the following (in millions, except amortization period data):


	December 31,				Weighted- Average Amortization Period (in years)
	2025		2024
Acquired technology and data	$	471	$	48	8
Accumulated amortization	(55)		(25)
Acquired technology and data, net	416		23

Acquired customer base	1,330		557		15
Accumulated amortization	(403)		(304)
Acquired customer base, net	927		253

Acquired trade names and other intangible assets	524		241		14
Accumulated amortization	(146)		(142)
Acquired trade names and other intangible assets, net	378		99

Acquired above-market leases	42		41		9
Accumulated amortization	(14)		(9)
Acquired above-market leases, net	28		32

Acquired in-place leases	31		32		9
Accumulated amortization	(9)		(6)
Acquired in-place leases, net	22		26

Intangible assets, net	$	1,771	$	433

Amortization expense for intangible assets was approximately $199 million, $90 million, and $74 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025, 2024, and 2023, the Company removed $62 million, $92 million, and $7 million, respectively, of intangible assets that were fully amortized from the acquired intangible assets and accumulated amortization, which had no impact on the Company's financial results.

In the aggregate, the Company expects the future amortization expense for intangible assets existing as of December 31, 2025 to be approximately $252 million, $219 million, $193 million, $179 million, and $147 million for the years ending December 31, 2026, 2027, 2028, 2029, and 2030, respectively.

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. No impairments of the Company's intangible assets were recognized during each of the years ended December 31, 2025, 2024, and 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Cynthia Cann [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 14, 2025, Cynthia Cann, Chief Accounting Officer, entered into a Plan that provides for the sale of up to 3,986 CoStar Group Shares. Ms. Cann’s plan terminates on July 31, 2026, for a duration of 259 days.
Name	Cynthia Cann
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 14, 2025
Expiration Date	July 31, 2026
Arrangement Duration	259 days
Aggregate Available	3,986
Michael Desmarais [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 4, 2025, Michael Desmarais, Chief Human Resources Officer, entered into a Plan that provides for the sale of up to 5,000 CoStar Group Shares. Mr. Desmarais's Plan terminates on July 31, 2026, for a duration of 239 days.
Name	Michael Desmarais
Title	Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 4, 2025
Expiration Date	July 31, 2026
Arrangement Duration	239 days
Aggregate Available	5,000

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenue

Revenue by operating segment and type of service consist of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Commercial Real Estate
CoStar	$	1,259	$	1,156	$	1,096
LoopNet	312		282		265
Other Commercial Real Estate	216		77		82
Total Commercial Real Estate	1,787		1,515		1,443
Residential Real Estate	1,460		1,221		1,012
Total revenue	$	3,247	$	2,736	$	2,455

We have recast certain prior period disclosures to align with the way we internally manage our business. See Note 2 for additional information.

The Company is domiciled in the U.S. and revenue earned outside the U.S. were $350 million, $162 million, and $106 million for years ended December 31, 2025, 2024, and 2023, respectively.

Deferred Revenue

Deferred revenue as of December 31, 2025 and 2024 was as follows (in millions):


		December 31,
Balance	Balance Sheet Caption	2025		2024
Current portion	Deferred revenue	$	205	$	137
Non-current portion	Lease and other long-term liabilities	1		—
Total deferred revenue		$	206	$	137

Changes in deferred revenue for the period were as follows (in millions):


Balance at December 31, 2024	$	137
Revenue recognized in the current period from the amounts in the beginning balance	(127)
New deferrals, net of amounts recognized in the current period(1)	194
Effects of foreign currency	2
Balance at December 31, 2025	$	206
__________________________

(1) This balance includes $46 million of net new deferrals from the acquisitions completed in 2025. See Note 4 for further discussion of acquisitions.

Contract Assets

Contract assets are generated when contractual billing schedules differ from revenue recognition timing and represent a conditional right to consideration for satisfied performance obligations that becomes a receivable when the conditions are satisfied. Contract assets as of December 31, 2025 and 2024 were as follows (in millions):


		December 31,
Balance	Balance Sheet Caption	2025		2024
Current portion	Prepaid expenses and other current assets	$	7	$	6
Non-current portion	Deposits and other assets	3		6
Total contract assets		$	10	$	12

Revenue was reduced by a net of $2 million from contract assets for the years ended both December 31, 2025 and 2024.

Unsatisfied Performance Obligations

Remaining contract consideration for which revenue had not been recognized due to unsatisfied performance obligations was $527 million at December 31, 2025, which the Company expects to recognize over the next four years. This amount does not include contract consideration for contracts with a duration of one year or less.

Commissions

Commissions expense is included in selling and marketing expense (excluding customer base amortization) in the Company's consolidated statements of operations. Commissions expense activity for the years ended December 31, 2025, 2024, and 2023, was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Commissions incurred	$	226	$	180	$	174
Commissions capitalized in the current period	(152)		(120)		(120)
Amortization of deferred commissions costs	141		117		95
Total commissions expense	$	215	$	177	$	149

The Company did not recognize any impairment losses on commissions as of both December 31, 2025 and 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 16	$ 24
Income from U.S. sources	122	294	$ 527
Losses from foreign sources	(92)	(84)	(25)
Cash tax benefits resulting in net operating loss carryforward	1	3	6
Unrecognized tax benefits	30	27
Increase for current year tax positions	5	6	4
Increase for prior year tax positions	2	5	2
Expiration of the statute of limitation for assessment of taxes	(4)	(4)	(2)
Income tax penalties and interest expense	1	1	1
Interest and penalties accrued on income taxes	3	$ 2	$ 1
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	173
Domestic Country
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	503
Income tax credit carryforward	19
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	21
Income tax credit carryforward	$ 19

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

The following summarizes the Company's significant contractual obligations, including related payments due by period, as of December 31, 2025 (in millions):


Year Ending December 31,	Operating lease obligations		Finance lease obligations		Long-term debt principal payments		Long-term debt interest payments
2026	$	29	$	6	$	—	$	28
2027	33		5		—		28
2028	33		1		—		28
2029	24		—		—		28
2030	19		—		1,000		28
Thereafter	23		—		—		—
Total	$	161	$	12	$	1,000	$	140

The Company leases office facilities under various non-cancelable operating leases, as well as data centers and vehicles under finance lease arrangements. The leases contain various renewal options.

See Note 6 for further discussion of the Company's lease commitments.

Litigation

Currently, and from time to time, the Company is involved in litigation incidental to the conduct of its business. The Company records a provision for a liability when it is both probable that a liability has been incurred and the amount can be reasonably estimated. While it is reasonably possible that an unfavorable outcome may occur as a result of one or more of the Company’s current litigation matters, at this time, management has concluded that the resolutions of these matters are not expected to have a material effect on the Company's consolidated financial position, future results of operations, or liquidity. Legal defense costs are expensed as incurred, except as set forth below.

Matterport-Related Matters

On July 23, 2021, plaintiff William J. Brown, a former employee and a stockholder of Matterport, sued Matterport, Gores Holdings VI, Inc. (now known as Matterport, Inc.), Maker Merger Sub Inc., Maker Merger Sub II, LLC, and Matterport directors R.J. Pittman, David Gausebeck, Matt Bell, Peter Hebert, Jason Krikorian, Carlos Kokron and Michael Gustafson (collectively, the “Brown Defendants”) in the Court of Chancery of the State of Delaware (the “Chancery Court ”). Brown claimed that the Brown Defendants imposed invalid transfer restrictions on his shares of Matterport stock in connection with the Gores Merger transactions (the "Gores Transaction" and the Agreement and the Plan of Merger thereunder, the "Gores Merger Agreement") between Matterport, Inc. and Legacy Matterport (the “Transfer Restrictions”), and that Matterport’s Board of Directors violated their fiduciary duties in connection with a purportedly misleading letter of transmittal. An expedited trial regarding the facial validity of the Transfer Restrictions took place in December 2021. On January 11, 2022, the court issued a ruling that the Transfer Restrictions did not apply to Brown. Separate proceedings regarding Brown's remaining claims, including the amount of any damages suffered by Brown were the subject of the second phase of the case. Legacy Matterport's position was that Brown did not suffer any damages as he would have sold his shares as soon as possible after the Gores Transaction closed had Legacy Matterport not prevented him from trading based on its application of the Transfer Restrictions. Trial was held in November 2023, and a post-trial hearing was held on February 22, 2024. On May 28, 2024, the court ruled that Matterport had a reasonable basis to deny the plaintiff’s November 2021 demand that the transfer restrictions be removed from his shares and that the plaintiff lacked standing as to whether the transfer restrictions complied with Delaware law. However, the court awarded Brown $79 million plus pre- and post-judgment interest as damages for losses caused by Matterport’s initial refusal to issue freely transferable shares (the “Brown Judgment”). On July 29, 2024, a notice of appeal to the court's ruling to the Delaware Supreme Court was filed. Brown filed a notice of cross-appeal on August 12, 2024. Oral argument on the appeal was heard on February 26, 2025. On April 22, 2025, the Delaware Supreme Court substantially affirmed the Chancery Court's $79 million damages award but reversed and remanded for additional proceedings on the manner in which post-judgment interest was calculated.

The Company has estimated a litigation accrual of $99 million as of December 31, 2025, considering the substantially-affirmed damages award and the Company's estimate of the expected interest award using the Chancery Court's previously

determined interest methodology. This estimated litigation accrual is reflected in the purchase price allocation for the Matterport Acquisition and is subject to change based on the Chancery Court's revised ruling. The Company anticipates the revised ruling will occur by the first half of 2026. The Company estimated additional interest of up to approximately $17 million could be awarded if the Chancery Court followed the methodology Brown previously argued, and which was rejected. Subsequent to the Brown Judgment, on August 14, 2024, a litigation bond was posted, and Matterport transferred $95 million in cash as collateral into a designated insured interest-bearing account, which is classified as restricted cash on the Company’s consolidated balance sheet as of December 31, 2025.

Since the Brown judgment in May 2024, other former Legacy Matterport stockholders have filed complaints (the “Post-Brown Complaints”) in the Chancery Court alleging that they were prevented from trading their Matterport shares through invalid transfer restrictions. These complaints were filed as follows: on July 19, 2024 by Damien Leostic and William Schmitt; on August 16, 2024 by Greg Coombe; on September 19, 2024 by Build Legacy LLC, Build the Future Trust under agreement dated November 16, 2023, Penchant Capital LLC, Penchant Trust, and iRobot Corporation. On September 16, 2024, Kimberly Burdi-Dumas, a former Matterport employee, filed a putative class action complaint on behalf of all persons or entities who were stockholders of Legacy Matterport as of July 21, 2021, and who, pursuant to the Gores Transaction, were thereafter issued and held Matterport shares that were improperly restricted from being sold until January 18, 2022. On November 26, 2024, Schmitt amended his complaint to bring a class action on behalf of former members of Matterport who did not receive their shares immediately following the closing of Gores Transaction. On December 6, 2024, the Burdi-Dumas complaint was amended to include a second plaintiff, Janet Day, and additional claims. These cases have now been consolidated and coordinated.

The Company monitors developments in these legal matters that could affect the estimate the Company may have previously accrued. As of December 31, 2025, there were no amounts accrued that the Company believes would be material to its financial position, except as noted above. Further, the range of reasonably possible losses in excess of accrued liabilities currently cannot be reasonably estimated, except as noted above.

REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregated Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 3,247	$ 2,736	$ 2,455
Commercial Real Estate
Disaggregation of Revenue [Line Items]
Revenue	1,787	1,515	1,443
Residential Real Estate
Disaggregation of Revenue [Line Items]
Revenue	1,460	1,221	1,012
CoStar \| Commercial Real Estate
Disaggregation of Revenue [Line Items]
Revenue	1,259	1,156	1,096
LoopNet \| Commercial Real Estate
Disaggregation of Revenue [Line Items]
Revenue	312	282	265
Other Commercial Real Estate \| Commercial Real Estate
Disaggregation of Revenue [Line Items]
Revenue	$ 216	$ 77	$ 82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company has operating and finance leases for its office facilities, data centers, and certain vehicles. The Company's leases have remaining terms up to nine years. The leases contain various renewal and termination options. The period that is subject to an option to extend the lease is included in the lease term if it is reasonably certain that the option will be exercised. The period that is subject to an option to terminate the lease is included if it is reasonably certain that the option will not be exercised.

Lease costs related to the Company's operating and finance leases included in the consolidated statements of operations were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease costs:
Cost of revenue	$	10	$	10	$	10
Selling and marketing (excluding customer base amortization)	16		15		16
Software development	7		9		6
General and administrative	6		7		4
Total operating lease costs	39		41		36
Finance lease costs:
Amortization of ROU assets	3		5		1
Interest on lease liabilities	1		1		—
Total finance lease costs	4		6		1
Total lease costs	$	43	$	47	$	37

Finance lease costs primarily relate to vehicles used by the Company's research teams, and the amortization of the ROU assets are recorded to cost of revenue in the consolidated statements of operations. The impact of lease costs related to short-term leases was not material for the years ended December 31, 2025, 2024, and 2023.

Supplemental balance sheet information related to operating leases was as follows (in millions):


		Year Ended December 31,
Balance	Balance Sheet Location	2025			2024
Operating lease liabilities		$	161		$	139
Less: imputed interest		21			18
Present value of lease liabilities		140			121
Less: current portion of lease liabilities	Lease liabilities	23			27
Long-term lease liabilities	Lease and other long-term liabilities	$	117		$	94

Weighted-average remaining lease term in years		5.3			5.6
Weighted-average discount rate		4.7		%	4.4		%
ROU Assets	Lease right-of-use assets	$	123		$	103

Finance lease liabilities		$	12		$	17
Less: imputed interest		1			2
Present value of lease liabilities		11			15
Less: current portion of lease liabilities	Lease liabilities	5			5
Long-term lease liabilities	Lease and other long-term liabilities	$	6		$	10

Weighted-average remaining lease term in years		2.0			3.0
Weighted-average discount rate		6.3		%	6.4		%
ROU Assets	Property and equipment, net	$	13		$	16

Supplemental cash flow information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	36	$	47	$	45
Operating cash flows used in finance leases	$	1	$	1	$	—
Financing cash flows used in finance leases	$	5	$	5	$	1

ROU assets obtained in exchange for new lease obligations:
Operating leases	$	47	$	57	$	29
Finance leases	$	1	$	7	$	14

LEASES

Lease costs related to the Company's operating and finance leases included in the consolidated statements of operations were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease costs:
Cost of revenue	$	10	$	10	$	10
Selling and marketing (excluding customer base amortization)	16		15		16
Software development	7		9		6
General and administrative	6		7		4
Total operating lease costs	39		41		36
Finance lease costs:
Amortization of ROU assets	3		5		1
Interest on lease liabilities	1		1		—
Total finance lease costs	4		6		1
Total lease costs	$	43	$	47	$	37

Supplemental balance sheet information related to operating leases was as follows (in millions):


		Year Ended December 31,
Balance	Balance Sheet Location	2025			2024
Operating lease liabilities		$	161		$	139
Less: imputed interest		21			18
Present value of lease liabilities		140			121
Less: current portion of lease liabilities	Lease liabilities	23			27
Long-term lease liabilities	Lease and other long-term liabilities	$	117		$	94

Weighted-average remaining lease term in years		5.3			5.6
Weighted-average discount rate		4.7		%	4.4		%
ROU Assets	Lease right-of-use assets	$	123		$	103

Finance lease liabilities		$	12		$	17
Less: imputed interest		1			2
Present value of lease liabilities		11			15
Less: current portion of lease liabilities	Lease liabilities	5			5
Long-term lease liabilities	Lease and other long-term liabilities	$	6		$	10

Weighted-average remaining lease term in years		2.0			3.0
Weighted-average discount rate		6.3		%	6.4		%
ROU Assets	Property and equipment, net	$	13		$	16

Supplemental cash flow information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	36	$	47	$	45
Operating cash flows used in finance leases	$	1	$	1	$	—
Financing cash flows used in finance leases	$	5	$	5	$	1

ROU assets obtained in exchange for new lease obligations:
Operating leases	$	47	$	57	$	29
Finance leases	$	1	$	7	$	14

LEASES - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating lease costs:
Total operating lease costs	$ 39	$ 41	$ 36
Finance lease costs:
Amortization of ROU assets	3	5	1
Interest on lease liabilities	1	1	0
Total finance lease costs	4	6	1
Total lease costs	43	47	37
Cost of revenue
Operating lease costs:
Total operating lease costs	10	10	10
Selling and marketing (excluding customer base amortization)
Operating lease costs:
Total operating lease costs	16	15	16
Software development
Operating lease costs:
Total operating lease costs	7	9	6
General and administrative
Operating lease costs:
Total operating lease costs	$ 6	$ 7	$ 4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	Dec. 31, 2025
Minimum \| Buildings
Property, Plant and Equipment [Line Items]
Useful life (in years)	20 years
Minimum \| Aircraft
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Minimum \| Furniture and office equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Minimum \| Vehicles
Property, Plant and Equipment [Line Items]
Useful life (in years)	4 years
Minimum \| Computer hardware and software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Maximum \| Buildings
Property, Plant and Equipment [Line Items]
Useful life (in years)	39 years
Maximum \| Aircraft
Property, Plant and Equipment [Line Items]
Useful life (in years)	20 years
Maximum \| Furniture and office equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Maximum \| Vehicles
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Maximum \| Computer hardware and software
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in millions):


	December 31,
	2025		2024
Leasehold improvements	$	91	$	81
Furniture, office equipment, and vehicles	70		73
Computer hardware and software	65		54
Aircraft	63		67
Land	70		70
Construction in progress	739		432
Buildings	371		373
Property and equipment, gross	1,469		1,150
Accumulated depreciation and amortization	(146)		(135)
Property and equipment, net	$	1,323	$	1,015

Depreciation expense for property and equipment was approximately $64 million, $57 million and $34 million, for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025 and 2024, the Company removed $55 million and $27 million, respectively, of property and equipment that was fully depreciated from property and equipment, gross and accumulated depreciation and amortization, which had no impact on the Company's financial results.

Included in the table above are $263 million and $266 million of buildings and improvements and $27 million and $13 million of accumulated depreciation and amortization related to assets which are partially rented out as operating leases where the Company is the lessor as of December 31, 2025 and 2024, respectively. Materially all of our property and equipment is located in North America.

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits beginning balance	$ 27	$ 20	$ 16
Increase for current year tax positions	5	6	4
Increase for prior year tax positions	2	5	2
Expiration of the statute of limitation for assessment of taxes	(4)	(4)	(2)
Unrecognized tax benefits ending balance	$ 30	$ 27	$ 20

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Option Activity

Option activity was as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contract Life (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2022	2,178,200	$	41.79	5.60	$	80
Granted	140,800	$	76.78
Exercised	(419,340)	$	17.77
Outstanding at December 31, 2023	1,899,660	$	46.69	5.53	$	72
Granted	152,900	$	82.47
Exercised	(122,736)	$	58.03
Canceled or expired	(25,234)	$	72.66
Outstanding at December 31, 2024	1,904,590	$	51.48	4.80	$	44
Assumed in Matterport Acquisition	1,799,170	$	9.54
Granted	212,700	$	78.33
Exercised	(686,735)	$	9.76
Canceled or expired	(26,000)	$	91.98
Outstanding at December 31, 2025	3,203,725	$	38.32	3.96	$	102

Exercisable at December 31, 2023	1,571,105	$	44.32	4.93	$	68
Exercisable at December 31, 2024	1,615,687	$	46.75	4.15	$	44
Exercisable at December 31, 2025	2,849,289	$	33.22	3.38	$	102

Schedule of Fair Value Assumption for Options Granted

The Company estimated the fair value of each option granted on the date of grant using the Black-Scholes option-pricing model, using the assumptions in the following table:


	Year Ended December 31,
	2025			2024			2023
Dividend yield	0		%	0		%	0		%
Expected volatility	35		%	35		%	35		%
Risk-free interest rate	4.29		%	4.28		%	3.96		%
Expected life (in years)	5			5			5
Weighted-average grant date fair value	$	30.05		$	31.57		$	28.87

The assumptions used to estimate the fair value of performance-based restricted stock awards with market conditions were as follows:


	Year Ended December 31,
	2025			2024			2023
Dividend yield	0		%	0		%	0		%
Expected volatility	31		%	34		%	37		%
Risk-free interest rate	4.23		%	4.47		%	4.31		%
Expected life (in years)	3			3			3
Weighted-average grant date fair value	$	85.29		$	86.96		$	81.58

Schedule of Summarized Information Regarding Options Outstanding

The following table summarizes information regarding options outstanding at December 31, 2025:


	Options Outstanding				Options Exercisable
Range of Exercise Price	Number of Shares	Weighted-Average Remaining Contractual Life (in years)	Weighted-Average Exercise Price		Number of Shares	Weighted-Average Exercise Price
$4.73 - $9.59	1,051,854	3.18	$	9.16	1,051,854	$	9.16
$9.60 - $27.35	406,581	1.69	$	19.47	406,581	$	19.47
$27.36 - $53.24	697,090	2.62	$	36.97	697,090	$	36.97
$53.25 - $77.56	549,600	5.38	$	69.05	509,799	$	68.44
$77.57 - $91.98	498,600	7.76	$	83.24	183,965	$	89.35
	3,203,725	3.96	$	38.32	2,849,289	$	33.22

Schedule of Unvested Restricted Stock Awards Activity

The following table presents unvested restricted stock awards activity for the year ended December 31, 2025:


	Restricted Stock Awards — without Market Condition			Restricted Stock Awards — with Market Condition
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock awards at December 31, 2024	2,554,989	$	76.19	733,200	$	81.49
Granted	2,316,296	$	79.04	435,120	$	85.29
Vested	(898,926)	$	74.47	(124,068)	$	71.19
Canceled	(329,149)	$	75.81	(48,252)	$	71.19
Unvested restricted stock awards at December 31, 2025	3,643,210	$	78.32	996,000	$	84.93

The following table presents unvested restricted stock units activity for the year ended December 31, 2025:


	Number of Units	Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock units at December 31, 2024	23,532	$	73.88
Assumed in Matterport Acquisition	2,256,423	$	75.63
Granted	115,654	$	78.57
Vested	(1,304,354)	$	75.60
Canceled	(376,335)	$	75.64
Unvested restricted stock units at December 31, 2025	714,920	$	76.09

The following tables presents the Matching RSU activity for the year ended December 31, 2025:


	Number of Matching RSU Shares	Weighted-Average Grant Date Fair Value per Share
Unvested MSPP restricted stock units at December 31, 2024	174,730	$	72.17
Granted	95,936	$	77.60
Vested	(22,670)	$	83.79
Canceled	(7,613)	$	78.84
Unvested MSPP restricted stock units at December 31, 2025	240,383	$	73.03

PROPERTY AND EQUIPMENT - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,469	$ 1,150
Accumulated depreciation and amortization	(146)	(135)
Property and equipment, net	1,323	1,015
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	91	81
Furniture, office equipment, and vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70	73
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	65	54
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	63	67
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70	70
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	739	432
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 371	$ 373

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT

The table below presents the components of outstanding debt (in millions):


	December 31,
	2025		2024
2.800% Senior Notes due July 15, 2030	$	1,000	$	1,000
2024 Credit Agreement, due May 24, 2029	—		—
Total face amount of long-term debt	1,000		1,000
Senior Notes unamortized discount and issuance costs	(7)		(8)
Long-term debt, net	$	993	$	992

Senior Notes

On July 1, 2020, the Company issued $1.0 billion aggregate principal amount of 2.800% Senior Notes due July 15, 2030. The Senior Notes were sold to a group of financial institutions as initial purchasers who subsequently resold the Senior Notes to non-U.S. persons pursuant to Regulation S under the Securities Act, and to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act at a purchase price equal to 99.921% of their principal amount. Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15. The Senior Notes may be redeemed in whole or in part by the Company (a) at any time prior to April 15, 2030 at a redemption price equal to 100% of the principal amount of the Senior Notes, plus the Applicable Premium (as calculated in accordance with the indenture governing the Senior Notes), and any accrued and unpaid interest, if any, on the principal amount of Senior Notes being redeemed to, but excluding, the redemption date, and (b) on or after April 15, 2030 at a redemption price equal to 100% of the principal amount of the Senior Notes, plus any accrued and unpaid interest, if any, on the principal amount of Senior Notes being redeemed to, but excluding, the redemption date. The Company’s obligations under the Senior Notes are guaranteed on a senior, unsecured basis by the Company’s domestic wholly owned subsidiaries and the indenture governing the Senior Notes contains covenants, events of default, and other customary provisions with which the Company was in compliance as of December 31, 2025.

Revolving Credit Facility

On May 24, 2024, the Company entered into the 2024 Credit Agreement, which provides for a $1.1 billion revolving credit facility with a term of five years (maturing May 24, 2029), and a letter of credit sublimit of $20 million from a syndicate of financial institutions and issuing banks. The 2024 Credit Agreement replaces the Company's 2020 Credit Agreement.

Borrowings bear interest at a floating rate, which can be, at the Company’s option, either (a) an alternate base rate plus an applicable rate ranging from 0.125% to 0.750% or (b) a Term SOFR, SONIA rate, or EURIBOR for the specified interest period plus an applicable rate ranging from 1.125% to 1.750%, in each case depending on the Company’s Debt Rating (as defined in the 2024 Credit Agreement).

The 2024 Credit Agreement contains customary affirmative covenants for transactions of this type, including, among others, the provision of financial and other information to the administrative agent, notice to the administrative agent upon the occurrence of certain material events, preservation of existence, maintenance of properties, and compliance with laws, including environmental laws, subject to certain exceptions. The 2024 Credit Agreement contains customary negative covenants, including, among others, restrictions on the ability of the Company and its subsidiaries to merge and consolidate with other companies, restrictions on the ability of certain subsidiaries to incur indebtedness, and restrictions on the ability of the Company and certain subsidiaries to grant liens or security interests on assets, subject to certain exceptions. The 2024 Credit Agreement contains a financial maintenance covenant that requires the Company to maintain a Total Leverage Ratio (as defined in the 2024 Credit Agreement) of less than or equal to 4.50 to 1.00, tested at the end of each fiscal quarter. The 2024 Credit Agreement also provides for a number of customary events of default, including, among others: payment defaults to the Lenders, voluntary and involuntary bankruptcy proceedings, covenant defaults, material inaccuracies of representations and warranties, cross-acceleration to other material indebtedness, certain change of control events, material money judgments, and other customary events of default. The occurrence of an event of default could result in the acceleration of obligations and the termination of lending commitments under the 2024 Credit Agreement. The Company was in compliance with the covenants in the 2024 Credit Agreement as of December 31, 2025. As of December 31, 2025, the Company had no amounts drawn under this facility.

The Company had $3 million and $4 million of deferred debt issuance costs related to the revolving credit facility as of December 31, 2025 and 2024, respectively. These amounts are included in deposits and other assets on the Company's consolidated balance sheets.

The Company recognized interest expense as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Interest on outstanding borrowings	$	28	$	28	$	28
Amortization of Senior Notes discount and issuance costs	2		3		2
Interest capitalized for construction in progress	(14)		(6)		(2)
Commitment fees and other	3		2		3
Total interest expense	$	19	$	27	$	31

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted earnings per share (in millions, except per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	7	$	139	$	375
Denominator:
Denominator for basic earnings per share — weighted-average outstanding shares	416.8		406.3		405.3
Effect of dilutive securities:
Stock options, restricted stock awards and restricted stock units	3.9		1.5		1.6
Denominator for diluted earnings per share — weighted-average outstanding shares	420.7		407.8		406.9

Earnings per share — basic	$	0.02	$	0.34	$	0.92
Earnings per share — diluted	$	0.02	$	0.34	$	0.92


	Year Ended December 31,
	2025	2024	2023
Performance-based restricted stock awards	0.1	0.1	0.2
Anti-dilutive securities	1.7	0.8	0.7

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Based upon this review, the Company did not identify any material subsequent events that required adjustment or disclosure in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,633	$ 4,681
Restricted cash	100	0
Total cash, cash equivalents, and restricted cash	$ 1,733	$ 4,681	$ 5,216	$ 4,968

ACQUISITIONS - Intangible Assets Acquired (Details) - USD ($) $ in Millions	Aug. 27, 2025	Feb. 28, 2025	Nov. 01, 2024	Dec. 12, 2023	Dec. 31, 2025
Trade names \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life					2 years
Trade names \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life					15 years
Domain
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value	$ 931
Domain \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value	$ 625
Estimated Useful Life	20 years
Domain \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value	$ 190
Domain \| Trade names \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life	5 years
Domain \| Trade names \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life	15 years
Domain \| Software development
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value	$ 116
Domain \| Software development \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life	2 years
Domain \| Software development \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life	5 years
Matterport
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value		$ 527
Matterport \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value		$ 140
Estimated Useful Life		5 years
Matterport \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value		$ 92
Estimated Useful Life		15 years
Matterport \| Software technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value		$ 295
Estimated Useful Life		9 years
Visual Lease
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value			$ 136
Visual Lease \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value			$ 119
Estimated Useful Life			15 years
Visual Lease \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value			$ 1
Estimated Useful Life			5 years
Visual Lease \| Software technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value			$ 2
Estimated Useful Life			3 years
Visual Lease \| Database technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value			$ 14
Estimated Useful Life			7 years 6 months
OnTheMarket
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value				$ 55
OnTheMarket \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value				$ 42
Estimated Useful Life				8 years
OnTheMarket \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value				$ 10
Estimated Useful Life				15 years
OnTheMarket \| Technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Fair Value				$ 3
Estimated Useful Life				2 years

ACQUISITIONS - Purchase Consideration Domain Acquisition (Details) - Domain $ in Millions, $ in Millions		1 Months Ended
	Aug. 27, 2025 USD ($)	Aug. 31, 2025 USD ($)	Aug. 31, 2025 AUD ($)
Business Combination [Line Items]
Cash	$ 1,472
Settlement of existing debt	139
Fair value of cash settled equity awards related to pre-combination services	1
Total	1,612	$ 1,600	$ 2,500
Fair value of previously held equity interests	300		$ 465
Equity interest in acquiree, total	$ 1,912

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES - Narrative (Details)	Dec. 31, 2025
Leases [Abstract]
Term of contract (in years)	9 years

REVENUE FROM CONTRACTS WITH CUSTOMERS - Changes in Deferred Revenue (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 137
Revenue recognized in the current period from the amounts in the beginning balance	(127)
New deferrals, net of amounts recognized in the current period	194
Effects of foreign currency	2
Ending balance	206
New deferrals recognized in connection with business acquisitions made	$ 46

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of the provision for income taxes attributable to operations consist of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	(14)	$	91	$	126
State	1		28		37
Foreign	1		2		1
Total current	(12)		121		164
Deferred:
Federal	44		(42)		(32)
State	5		(8)		(3)
Foreign	(14)		—		(2)
Total deferred	35		(50)		(37)
Total provision for income taxes	$	23	$	71	$	127

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consist of the following (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Allowance for credit losses	$	7	$	5
Accrued compensation	15		13
Stock compensation	28		15
Net operating losses	169		50
Accrued reserve and other	43		20
Lease liabilities	38		26
Capitalized research and development costs	109		140
Research and development credits	36		5
Total deferred tax assets, prior to valuation allowance	445		274

Valuation allowance	(49)		(33)
Total deferred tax assets, net of valuation allowance	396		241

Deferred tax liabilities:
Deferred commission costs, net	(46)		(43)
Lease right-of-use assets	(19)		(16)
Prepaid expenses	(5)		(5)
Property and equipment, net	(3)		(10)
Intangible assets, net	(514)		(144)
Total deferred tax liabilities	(587)		(218)

Net deferred tax assets (liabilities)	$	(191)	$	23

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in millions, except percentages):


	Year Ended December 31, 2025
	Amount		Percentage
Expected federal income tax provision at statutory rate	$	6	21	%
State income taxes, net of federal benefit(1)	6		20
Foreign Tax Effects
United Kingdom
Statutory tax rate difference between United Kingdom and United States	(2)		(7)
Changes in valuation allowances	13		43
Research credits	(1)		(3)
Australia
Statutory tax rate difference between Australia and United States	(4)		(13)
Foreign exchange loss	3		10
Other	(2)		(7)
Tax Credit
Research credits	(21)		(70)
Nontaxable or Nondeductible Items
Nondeductible Compensation	18		60
Transaction Costs	9		29
Stock Based Compensation	(3)		(10)
Other	(1)		(4)
Changes in Unrecognized Tax Benefits	2		7
Income tax expense, net	$	23	77	%

(1) State taxes in CA, DC, IL, NJ, NY, NYC, TX and VA made up the majority (greater than 50 percent) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the Company’s provision for income taxes resulted in effective tax rates that varied from the statutory federal income tax rate as follows (in millions):


	Year Ended December 31,
	2024		2023
Expected federal income tax provision at statutory rate	$	44	$	105
State income taxes, net of federal benefit	18		27
Increase (decrease) in valuation allowance	22		2
Foreign tax rate differential	(3)		(1)
Research credits	(29)		(20)
Excess tax benefit	(2)		(6)
Tax reserves	7		4
Nondeductible compensation	9		9
Other adjustments	5		7
Income tax expense, net	$	71	$	127

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):


Unrecognized tax benefit as of December 31, 2022	$	16
Increase for current year tax positions	4
Increase for prior year tax positions	2
Expiration of the statute of limitation for assessment of taxes	(2)
Unrecognized tax benefit as of December 31, 2023	20
Increase for current year tax positions	6
Increase for prior year tax positions	5
Expiration of the statute of limitation for assessment of taxes	(4)
Unrecognized tax benefit as of December 31, 2024	27
Increase for current year tax positions	5
Increase for prior year tax positions	2
Expiration of the statute of limitation for assessment of taxes	(4)
Unrecognized tax benefit as of December 31, 2025	$	30

Schedule of Cash Flow, Supplemental Disclosures

The disaggregation of the income taxes paid (net of refunds) consist of the following (in millions):


	Year Ended December 31,
	2025
Federal	$	40
State	15
Foreign	18
Total income taxes paid	$	73

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions (in millions):


	Year Ended December 31,
	2025
Federal
US	$	40

State
Other States	$	15

Foreign
Australia	$	15

ACQUISITIONS - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		10 Months Ended
	Aug. 27, 2025	Dec. 31, 2025	Feb. 28, 2025	Dec. 31, 2024	Nov. 01, 2024	Dec. 31, 2023	Dec. 12, 2023
Business Combination [Line Items]
Deferred tax liability		$ (46)
Goodwill		4,944		$ 2,528		$ 2,386
Previously Reported
Business Combination [Line Items]
Goodwill		4,944
Visual Lease
Business Combination [Line Items]
Cash and cash equivalents					$ 5
Accounts receivable					4
Deferred tax assets, net of valuation allowance					6
Intangible assets					136
Deferred revenue					(22)
Other assets and (liabilities), net					(2)
Fair value of identifiable net assets acquired					277
Goodwill					$ 150
OnTheMarket
Business Combination [Line Items]
Cash and cash equivalents							$ 18
Accounts receivable							2
Intangible assets							55
Accrued expenses							(12)
Accrued wages and commissions							(2)
Deferred tax liability							(3)
Other assets and (liabilities), net							0
Fair value of identifiable net assets acquired							120
Goodwill							$ 62
Matterport
Business Combination [Line Items]
Cash and cash equivalents		55	$ 55
Restricted cash		97	97
Accounts receivable		13	13
Available for sale investments		204	204
Deferred tax assets, net of valuation allowance		68	25
Intangible assets		527	527
Deferred revenue		(32)	(32)
Litigation accrual		(99)	(95)
Other assets and (liabilities), net		(12)	(3)
Fair value of identifiable net assets acquired		1,927	1,927
Goodwill		1,106	$ 1,136
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Deferred tax assets, net of valuation allowance		43
Litigation accrual		(4)
Other assets and (liabilities), net		(9)
Business combination, provisional information, initial accounting incomplete, adjustment, assets		0
Goodwill		$ (30)
Domain
Business Combination [Line Items]
Cash and cash equivalents	$ 15
Accounts receivable	35
Intangible assets	931
Accrued expenses	(27)
Deferred revenue	(14)
Deferred tax liability	(231)
Other assets and (liabilities), net	(2)
Fair value of identifiable net assets acquired	707
Fair value of NCI in Domain’s partially-owned subsidiaries	(39)
Goodwill	1,244
Recognized asset acquired to liability assumed, excess (less), and goodwill	1,912
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Intangible assets	(13)
Accrued expenses	0
Deferred tax liability	4
Other assets and (liabilities), net	6
Business combination, provisional information, initial accounting incomplete, adjustment, assets	(3)
Fair value of NCI in Domain’s partially-owned subsidiaries	(31)
Goodwill	34
Business combination, provisional information, initial accounting incomplete, adjustment, excess (less), and goodwill, less noncontrolling interest in subsidiaries	0
Domain \| Previously Reported
Business Combination [Line Items]
Cash and cash equivalents	15
Accounts receivable	35
Intangible assets	944
Accrued expenses	(27)
Deferred revenue	(14)
Deferred tax liability	(235)
Other assets and (liabilities), net	(8)
Fair value of identifiable net assets acquired	710
Fair value of NCI in Domain’s partially-owned subsidiaries	(8)
Goodwill	1,210
Recognized asset acquired to liability assumed, excess (less), and goodwill	$ 1,912

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Allowance for credit losses	$ 7	$ 5
Accrued compensation	15	13
Stock compensation	28	15
Net operating losses	169	50
Accrued reserve and other	43	20
Lease liabilities	38	26
Capitalized research and development costs	109	140
Research and development credits	36	5
Total deferred tax assets, prior to valuation allowance	445	274
Valuation allowance	(49)	(33)
Total deferred tax assets, net of valuation allowance	396	241
Deferred tax liabilities:
Deferred commission costs, net	(46)	(43)
Lease right-of-use assets	(19)	(16)
Prepaid expenses	(5)	(5)
Property and equipment, net	(3)	(10)
Intangible assets, net	(514)	(144)
Total deferred tax liabilities	(587)	(218)
Deferred Tax Liabilities, Net	$ (191)
Net deferred tax assets		$ 23

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program is guided by the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements at all times; rather, we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Additionally, we engage a third-party vendor regularly to benchmark our information security program’s maturity against the NIST CSF. Our cybersecurity risk management program is integrated into our overall risk management program and shares common methodologies, reporting channels, and governance processes that apply across the Company's risk management program. Key elements of our cybersecurity risk management program include, but are not limited to the following: a.Internal and external asset identification, assessment, monitoring, and classification procedures to evaluate cybersecurity risks and inform mitigation efforts; b.A security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our cyber processes, and (3) our cyber threat and incident response; c.The use of external service providers, where appropriate, to assess defenses, analyze threat intelligence, or otherwise assist with aspects of our security controls; d.Cybersecurity awareness training of our employees, software development teams, incident response personnel, and senior management; e.A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and regular tabletop exercises to assess our response readiness; f.A third-party risk management process for key service providers, suppliers, and vendors who access critical systems and data based on risk profile; and g.A formal information security training program for all employees. We have not identified material risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents that have materially affected our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See Risk Factors – “Cyberattacks and security vulnerabilities could result in material harm to our reputation, business, and financial condition.” and “Technical problems or disruptions that affect either our customers’ ability to access our services, or the software, internal applications, database, and network systems underlying our services, could damage our reputation and lead to reduced demand for our online marketplace services, information, and analytics, lower revenue and increase costs.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is guided by the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements at all times; rather, we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Additionally, we engage a third-party vendor regularly to benchmark our information security program’s maturity against the NIST CSF. Our cybersecurity risk management program is integrated into our overall risk management program and shares common methodologies, reporting channels, and governance processes that apply across the Company's risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee receives reports from the CTO on our cybersecurity risks and our use of AI. In addition, the CTO updates the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity and AI. Our CTO and VPCS assist the management team in staying informed about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity threats. Our CTO has over 25 years of information technology experience, including leadership experience managing global product development, information security, IT infrastructure and engineering. He holds a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York—Geneseo. The VPCS has over 20 years of information security and technology experience, including 10 years in senior leadership roles in service provider, enterprise, and military environments. He holds an MBA from Georgetown University, a M.S. in information systems from Virginia Tech University, and a B.S. in computer information technology from Purdue University. Additionally, our management team’s experience includes industry-recognized certifications, such as CISSP, CISM, and CISA, decades of experience as part of our IT team, and previous cybersecurity leadership positions at various Fortune 500 companies and U.S. Defense contractors. The CTO and VPCS are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and generative AI risks, controls, and procedures. Our Chief Technology Officer (CTO) is responsible for oversight of our cybersecurity risk management program. Our Vice President of Cyber Security (VPCS), who reports up to the CTO, is responsible for day-to-day assessment and management of cybersecurity risk
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee receives reports from the CTO on our cybersecurity risks and our use of AI. In addition, the CTO updates the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity and AI. Our CTO and VPCS assist the management team in staying informed about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity threats. Our CTO has over 25 years of information technology experience, including leadership experience managing global product development, information security, IT infrastructure and engineering. He holds a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York—Geneseo. The VPCS has over 20 years of information security and technology experience, including 10 years in senior leadership roles in service provider, enterprise, and military environments. He holds an MBA from Georgetown University, a M.S. in information systems from Virginia Tech University, and a B.S. in computer information technology from Purdue University. Additionally, our management team’s experience includes industry-recognized certifications, such as CISSP, CISM, and CISA, decades of experience as part of our IT team, and previous cybersecurity leadership positions at various Fortune 500 companies and U.S. Defense contractors.
Cybersecurity Risk Role of Management [Text Block]	Our Audit Committee receives reports from the CTO on our cybersecurity risks and our use of AI. In addition, the CTO updates the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity and AI. Our CTO and VPCS assist the management team in staying informed about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity threats. Our CTO has over 25 years of information technology experience, including leadership experience managing global product development, information security, IT infrastructure and engineering. He holds a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York—Geneseo. The VPCS has over 20 years of information security and technology experience, including 10 years in senior leadership roles in service provider, enterprise, and military environments. He holds an MBA from Georgetown University, a M.S. in information systems from Virginia Tech University, and a B.S. in computer information technology from Purdue University. Additionally, our management team’s experience includes industry-recognized certifications, such as CISSP, CISM, and CISA, decades of experience as part of our IT team, and previous cybersecurity leadership positions at various Fortune 500 companies and U.S. Defense contractors. The CTO and VPCS are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee receives reports from the CTO on our cybersecurity risks and our use of AI. In addition, the CTO updates the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity and AI. Our CTO and VPCS assist the management team in staying informed about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity threats. Our CTO has over 25 years of information technology experience, including leadership experience managing global product development, information security, IT infrastructure and engineering. He holds a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York—Geneseo. The VPCS has over 20 years of information security and technology experience, including 10 years in senior leadership roles in service provider, enterprise, and military environments. He holds an MBA from Georgetown University, a M.S. in information systems from Virginia Tech University, and a B.S. in computer information technology from Purdue University. Additionally, our management team’s experience includes industry-recognized certifications, such as CISSP, CISM, and CISA, decades of experience as part of our IT team, and previous cybersecurity leadership positions at various Fortune 500 companies and U.S. Defense contractors. The CTO and VPCS are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CTO and VPCS assist the management team in staying informed about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity threats. Our CTO has over 25 years of information technology experience, including leadership experience managing global product development, information security, IT infrastructure and engineering. He holds a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York—Geneseo. The VPCS has over 20 years of information security and technology experience, including 10 years in senior leadership roles in service provider, enterprise, and military environments. He holds an MBA from Georgetown University, a M.S. in information systems from Virginia Tech University, and a B.S. in computer information technology from Purdue University. Additionally, our management team’s experience includes industry-recognized certifications, such as CISSP, CISM, and CISA, decades of experience as part of our IT team, and previous cybersecurity leadership positions at various Fortune 500 companies and U.S. Defense contractors.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee receives reports from the CTO on our cybersecurity risks and our use of AI. In addition, the CTO updates the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity and AI. Our CTO and VPCS assist the management team in staying informed about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity threats. Our CTO has over 25 years of information technology experience, including leadership experience managing global product development, information security, IT infrastructure and engineering. He holds a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York—Geneseo. The VPCS has over 20 years of information security and technology experience, including 10 years in senior leadership roles in service provider, enterprise, and military environments. He holds an MBA from Georgetown University, a M.S. in information systems from Virginia Tech University, and a B.S. in computer information technology from Purdue University. Additionally, our management team’s experience includes industry-recognized certifications, such as CISSP, CISM, and CISA, decades of experience as part of our IT team, and previous cybersecurity leadership positions at various Fortune 500 companies and U.S. Defense contractors. The CTO and VPCS are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION CoStar Group (the "Company") is a leading global provider of real estate information, analytics, online marketplaces, and 3D digital twin technology. The Company has created and compiled a standardized platform of real estate information and analytics and online marketplaces where industry professionals, consumers of real estate, and the related business communities can continuously interact and facilitate transactions by efficiently accessing and exchanging accurate and standardized real estate-related information. The Company's service offerings span all property types, including office, residential, retail, industrial, multifamily, land, mixed-use, and hospitality. The Company's services are typically distributed to its customers under subscription-based agreements that generally renew automatically, and have a minimum term of one year. The Company operates within two operating segments which are Commercial Real Estate and Residential Real Estate. The Company acquired OnTheMarket, Visual Lease, Matterport, and Domain in December 2023, November 2024, February 2025, and August 2025, respectively. See Note 4 for further discussion of these acquisitions.

GOODWILL - Goodwill by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,528	$ 2,386
Acquisitions, including measurement period adjustments	2,352	147
Effect of foreign currency translation	64	(5)
Goodwill, ending balance	4,944	2,528
Previously Reported
Goodwill [Roll Forward]
Goodwill, ending balance	4,944
Matterport
Goodwill [Roll Forward]
Goodwill, ending balance	1,106
Domain
Goodwill [Roll Forward]
Goodwill acquired	1,244
Commercial Real Estate
Goodwill [Roll Forward]
Goodwill, beginning balance	2,297	2,149
Acquisitions, including measurement period adjustments	1,108	148
Effect of foreign currency translation	0	0
Goodwill, ending balance	1,955	2,297
Commercial Real Estate \| Previously Reported
Goodwill [Roll Forward]
Goodwill, ending balance	3,405
Commercial Real Estate \| Domain
Goodwill [Roll Forward]
Goodwill acquired	250
Residential Real Estate
Goodwill [Roll Forward]
Goodwill, beginning balance	231	237
Acquisitions, including measurement period adjustments	1,244	(1)
Effect of foreign currency translation	64	(5)
Goodwill, ending balance	2,989	$ 231
Residential Real Estate \| Previously Reported
Goodwill [Roll Forward]
Goodwill, ending balance	1,539
Residential Real Estate \| Domain
Goodwill [Roll Forward]
Goodwill acquired	$ 994

EARNINGS PER SHARE - Anti-Dilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.7	0.8	0.7
Performance-based restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.1	0.2

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the provision for income taxes attributable to operations consist of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	(14)	$	91	$	126
State	1		28		37
Foreign	1		2		1
Total current	(12)		121		164
Deferred:
Federal	44		(42)		(32)
State	5		(8)		(3)
Foreign	(14)		—		(2)
Total deferred	35		(50)		(37)
Total provision for income taxes	$	23	$	71	$	127

The components of deferred tax assets and liabilities consist of the following (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Allowance for credit losses	$	7	$	5
Accrued compensation	15		13
Stock compensation	28		15
Net operating losses	169		50
Accrued reserve and other	43		20
Lease liabilities	38		26
Capitalized research and development costs	109		140
Research and development credits	36		5
Total deferred tax assets, prior to valuation allowance	445		274

Valuation allowance	(49)		(33)
Total deferred tax assets, net of valuation allowance	396		241

Deferred tax liabilities:
Deferred commission costs, net	(46)		(43)
Lease right-of-use assets	(19)		(16)
Prepaid expenses	(5)		(5)
Property and equipment, net	(3)		(10)
Intangible assets, net	(514)		(144)
Total deferred tax liabilities	(587)		(218)

Net deferred tax assets (liabilities)	$	(191)	$	23

For both the years ended December 31, 2025 and 2024, the Company has not recognized deferred tax liabilities for temporary differences related to investments in foreign subsidiaries that were deemed permanently reinvested. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such liability, if any, depends on certain circumstances existing if and when remittance occurs. A deferred tax liability will be recognized if and when the Company no longer plans to permanently reinvest these undistributed earnings.

As of both December 31, 2025 and 2024, a valuation allowance has been established for certain deferred tax assets due to the uncertainty of realization. The valuation allowance as of both December 31, 2025 and 2024 includes an allowance for acquired net operating losses and foreign deferred tax assets.

The Company established the valuation allowance because it is more likely than not that a portion of the deferred tax asset for certain items will not be realized based on the weight of available evidence. A valuation allowance was established for the foreign deferred tax assets due to the cumulative loss in recent years in those jurisdictions. The Company has not had sufficient taxable income historically to utilize the foreign deferred tax assets, and it is uncertain whether the Company will generate sufficient taxable income in the future to utilize the deferred tax assets. The Company established a valuation allowance for capital losses held by Domain. Capital losses can only offset capital gains in Australia. The Company has established a valuation allowance for certain acquired net operating losses where Section 382 limitations will impact the ability of the Company to utilize the net operating losses before they expire.

The Company’s change in valuation allowance was an increase of approximately $16 million for the year ended December 31, 2025 and an increase of approximately $24 million for the year ended December 31, 2024. The increase for the year ended December 31, 2025 was due to capital losses acquired in the Domain Acquisition and increases in foreign net operating losses. The increase for the year ended December 31, 2024 was primarily due to increases in foreign net operating loss deferred tax assets for which a full valuation allowance has been established.

The Company had U.S. income before income taxes of approximately $122 million, $294 million, and $527 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had foreign losses before income taxes of approximately $92 million, $84 million, and $25 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 2 for additional details on the adoption of ASU 2023-09.

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in millions, except percentages):


	Year Ended December 31, 2025
	Amount		Percentage
Expected federal income tax provision at statutory rate	$	6	21	%
State income taxes, net of federal benefit(1)	6		20
Foreign Tax Effects
United Kingdom
Statutory tax rate difference between United Kingdom and United States	(2)		(7)
Changes in valuation allowances	13		43
Research credits	(1)		(3)
Australia
Statutory tax rate difference between Australia and United States	(4)		(13)
Foreign exchange loss	3		10
Other	(2)		(7)
Tax Credit
Research credits	(21)		(70)
Nontaxable or Nondeductible Items
Nondeductible Compensation	18		60
Transaction Costs	9		29
Stock Based Compensation	(3)		(10)
Other	(1)		(4)
Changes in Unrecognized Tax Benefits	2		7
Income tax expense, net	$	23	77	%

(1) State taxes in CA, DC, IL, NJ, NY, NYC, TX and VA made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Expected federal income tax provision at statutory rate	$	44	$	105
State income taxes, net of federal benefit	18		27
Increase (decrease) in valuation allowance	22		2
Foreign tax rate differential	(3)		(1)
Research credits	(29)		(20)
Excess tax benefit	(2)		(6)
Tax reserves	7		4
Nondeductible compensation	9		9
Other adjustments	5		7
Income tax expense, net	$	71	$	127

The disaggregation of the income taxes paid (net of refunds) consist of the following (in millions):


	Year Ended December 31,
	2025
Federal	$	40
State	15
Foreign	18
Total income taxes paid	$	73

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions (in millions):


	Year Ended December 31,
	2025
Federal
US	$	40

State
Other States	$	15

Foreign
Australia	$	15

The Company has net operating loss carryforwards for international income tax purposes of approximately $173 million that do not expire. The Company has federal net operating loss carryforwards of approximately $503 million that begin to expire in 2028 and federal income tax credit carryforwards with a tax value of approximately $19 million primarily relating to federal research and development credits that begin to expire in 2032, state net operating loss carryforwards with a tax value of approximately $21 million that begin to expire in 2032 and state income tax credit carryforwards with a tax value of approximately $19 million primarily relating to state research and development credits and the D.C. qualified high technology company tax credit that began to expire in 2026. The Company realized a cash benefit relating to the use of its tax loss carryforwards of approximately $1 million, $3 million, and $6 million in December 31, 2025, 2024, and 2023, respectively.

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):


Unrecognized tax benefit as of December 31, 2022	$	16
Increase for current year tax positions	4
Increase for prior year tax positions	2
Expiration of the statute of limitation for assessment of taxes	(2)
Unrecognized tax benefit as of December 31, 2023	20
Increase for current year tax positions	6
Increase for prior year tax positions	5
Expiration of the statute of limitation for assessment of taxes	(4)
Unrecognized tax benefit as of December 31, 2024	27
Increase for current year tax positions	5
Increase for prior year tax positions	2
Expiration of the statute of limitation for assessment of taxes	(4)
Unrecognized tax benefit as of December 31, 2025	$	30

Approximately $30 million and $27 million of the unrecognized tax benefits as of December 31, 2025 and 2024, respectively, would favorably affect the annual effective tax rate if recognized in future periods. The increase for current year tax positions of $5 million and increase for prior year tax positions of $2 million for the year ended December 31, 2025 were primarily attributable to research credits. The decrease for expiration of the statute of limitation of $4 million for the year ended December 31, 2025 was attributable to research credits. The Company recognized $1 million, $1 million, and $1 million for interest and penalties in its consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had liabilities of $3 million, $2 million, and $1 million for interest and penalties in its consolidated balance sheets as of December 31, 2025, 2024, and 2023, respectively. The Company does not anticipate the amount of the unrecognized tax benefits will change significantly over the next 12 months.

The Company is subject to taxation in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company’s federal income tax returns for tax years 2022 through 2024 remain open to examination. Most of the Company’s state income tax returns for tax years 2022 through 2024 remain open to examination. For states that have a four-year statute of limitations, the state income tax returns for tax years 2021 through 2024 remain open to examination. The Company’s U.K. income tax return for tax year 2024 remains open to examination. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	1,904,590	1,899,660	2,178,200
Assumed in Matterport Acquisition (in shares)	1,799,170
Granted (in shares)	212,700	152,900	140,800
Exercised (in shares)	(686,735)	(122,736)	(419,340)
Canceled or expired (in shares)	(26,000)	(25,234)
Outstanding at end of period (in shares)	3,203,725	1,904,590	1,899,660	2,178,200
Exercisable at end of period (in shares)	2,849,289	1,615,687	1,571,105
Weighted-Average Exercise Price
Outstanding (in dollars per share)	$ 51.48	$ 46.69	$ 41.79
Assumed in Matterport Acquisition (in dollars per share)	9.54
Granted (in dollars per share)	78.33	82.47	76.78
Exercised (in dollars per share)	9.76	58.03	17.77
Canceled or expired (in dollars per share)	91.98	72.66
Outstanding (in dollars per share)	38.32	51.48	46.69	$ 41.79
Exercisable at end of period (in dollars per share)	$ 33.22	$ 46.75	$ 44.32
Weighted average remaining contract life, outstanding (in years)	3 years 11 months 15 days	4 years 9 months 18 days	5 years 6 months 10 days	5 years 7 months 6 days
Weighted average remaining contract life, outstanding, exercisable (in years)	3 years 4 months 17 days	4 years 1 month 24 days	4 years 11 months 4 days
Aggregate intrinsic value of options outstanding at end of period	$ 102	$ 44	$ 72	$ 80
Aggregate intrinsic value of options exercisable at end of period	$ 102	$ 44	$ 68

EMPLOYEE BENEFIT PLANS - Restrictive Stock Award Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Performance Based RSAs Without Market Condition
Number of Shares
Unvested restricted stock at beginning of period (in shares) \| shares	2,554,989
Granted (in shares) \| shares	2,316,296
Vested (in shares) \| shares	(898,926)
Canceled (in shares) \| shares	(329,149)
Unvested restricted stock at end of period (in shares) \| shares	3,643,210
Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock at beginning of period (in dollars per share) \| $ / shares	$ 76.19
Granted (in dollars per share) \| $ / shares	79.04
Vested (in dollars per share) \| $ / shares	74.47
Canceled (in dollars per share) \| $ / shares	75.81
Unvested restricted stock at end of period (in dollars per share) \| $ / shares	$ 78.32
Performance-Based RSAs - with Market Condition
Number of Shares
Unvested restricted stock at beginning of period (in shares) \| shares	733,200
Granted (in shares) \| shares	435,120
Vested (in shares) \| shares	(124,068)
Canceled (in shares) \| shares	(48,252)
Unvested restricted stock at end of period (in shares) \| shares	996,000
Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock at beginning of period (in dollars per share) \| $ / shares	$ 81.49
Granted (in dollars per share) \| $ / shares	85.29
Vested (in dollars per share) \| $ / shares	71.19
Canceled (in dollars per share) \| $ / shares	71.19
Unvested restricted stock at end of period (in dollars per share) \| $ / shares	$ 84.93

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The table below presents the components of outstanding debt (in millions):


	December 31,
	2025		2024
2.800% Senior Notes due July 15, 2030	$	1,000	$	1,000
2024 Credit Agreement, due May 24, 2029	—		—
Total face amount of long-term debt	1,000		1,000
Senior Notes unamortized discount and issuance costs	(7)		(8)
Long-term debt, net	$	993	$	992

Schedule of Interest Expense

The Company recognized interest expense as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Interest on outstanding borrowings	$	28	$	28	$	28
Amortization of Senior Notes discount and issuance costs	2		3		2
Interest capitalized for construction in progress	(14)		(6)		(2)
Commitment fees and other	3		2		3
Total interest expense	$	19	$	27	$	31

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-Name Accounting Standards Codification
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-Paragraph 3
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-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventory (Details) $ in Millions	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Finished goods	$ 4
Purchased parts and raw materials	2
Total inventories	$ 6

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Consideration

The total purchase consideration for the Domain Acquisition was $1.6 billion, which consisted of the following (in millions):


	Amount
Cash	$	1,472
Settlement of existing debt	139
Fair value of cash settled equity awards related to pre-combination services	1
Total purchase consideration	1,612
Fair value of previously held equity interests	300
	$	1,912

The total purchase consideration for the Matterport Acquisition was $1.9 billion, which consisted of the following (in millions):


	Amount
Cash	$	902
CoStar Group Shares (11.7 million shares)	881
Fair value of rollover awards	144
Total	$	1,927

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the Domain Acquisition (in millions):


	Preliminary: August 27, 2025		Measurement Period Adjustments		Updated Preliminary: August 27, 2025
Cash and cash equivalents	$	15	$	—	$	15
Accounts receivable	35		—		35
Intangible assets	944		(13)		931
Accrued expenses	(27)		—		(27)
Deferred revenue	(14)		—		(14)
Deferred tax liability	(235)		4		(231)
Other assets and (liabilities), net	(8)		6		(2)
Fair value of identifiable net assets acquired	710		(3)		707

Fair value of NCI in Domain’s partially-owned subsidiaries	(8)		(31)		(39)
Goodwill	1,210		34		1,244
	$	1,912	$	—	$	1,912

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the Matterport Acquisition (in millions):


	Preliminary: February 28, 2025		Measurement Period Adjustments		Updated Preliminary: February 28, 2025
Cash and cash equivalents	$	55	$	—	$	55
Restricted cash	97		—		97
Accounts receivable	13		—		13
Available for sale investments	204		—		204
Deferred tax assets, net of valuation allowance	25		43		68
Goodwill	1,136		(30)		1,106
Intangible assets	527		—		527
Deferred revenue	(32)		—		(32)
Litigation accrual	(95)		(4)		(99)
Other assets and (liabilities), net	(3)		(9)		(12)
Fair value of identifiable net assets acquired	$	1,927	$	—	$	1,927

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the acquisition (in millions):


	Final: November 1, 2024
Cash and cash equivalents	$	5
Accounts receivable	4
Deferred tax assets	6
Goodwill	150
Intangible assets	136
Deferred revenue	(22)
Other assets and (liabilities), net	(2)
Fair value of identifiable net assets acquired	$	277

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closing date of the acquisition (in millions):


	Final: December 12, 2023
Cash and cash equivalents	$	18
Accounts receivable	2
Goodwill	62
Intangible assets	55
Accrued expenses	(12)
Accrued wages and commissions	(2)
Deferred income taxes, net	(3)
Other assets and liabilities	—
Fair value of identifiable net assets acquired	$	120

Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer relationships	$	625	20	Accelerated
Brand and trade names	190		5 - 15	Straight-line
Software	116		2 - 5	Straight-line
Total intangible assets	$	931


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Developed technology	$	295	9	Straight-line
Customer relationships	140		5	Accelerated
Trade names	92		15	Straight-line
Total intangible assets	$	527


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	119	15	Accelerated
Trade name	1		5	Straight-line
Software technology	2		3	Straight-line
Database technology	14		7.5	Straight-line
Total intangible assets	$	136


	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	42	8	Accelerated
Trade name	10		15	Straight-line
Technology	3		2	Straight-line
Total intangible assets	$	55

Schedule of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information, in the aggregate, was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	3,448	$	3,205	$	2,530
Net income (loss)	$	1	$	(187)	$	355

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

INVESTMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS	Dec. 31, 2025
Investments And Fair Value Disclosures [Abstract]
INVESTMENTS AND FAIR VALUE MEASUREMENTS	INVESTMENTS AND FAIR VALUE MEASUREMENTS The Company categorizes assets and liabilities recorded or disclosed at fair value on the consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 - Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company's financial assets comprised Level 1 cash equivalents with original maturities of three months or less in the amount of $1.4 billion and $4.5 billion as of December 31, 2025 and 2024, respectively. The Company had no Level 2 or Level 3 financial assets measured at fair value as of December 31, 2025 and 2024. Available-for-sale Debt Securities In connection with the Matterport Acquisition, the Company acquired $204 million of available-for-sale debt securities, inclusive of $2 million of accrued interest. These securities were sold for net proceeds of $203 million resulting in a negligible realized loss in the first quarter of 2025. Other Financial Instruments The Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, accrued expenses, and Senior Notes. The carrying value for such financial instruments, other than the Senior Notes, each approximated their fair values as of December 31, 2025 and 2024. The estimated fair value of the Company's outstanding Senior Notes using quoted prices from the over-the-counter markets, considered Level 2 inputs, was $900 million as of both December 31, 2025 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Current portion	$ 7	$ 6
Non-current portion	3	6
Total contract assets	10	12
Revenue recognized from contract assets	$ 2	$ 2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Term of subscription-based license agreements (in years)	1 year
Capitalized contract costs, amortization period (in years)	3 years
Subscription-Based Contracts \| Product Concentration Risk \| Revenue from Contract with Customer Benchmark
Product Information [Line Items]
Percentage of total revenue (as a percent)	93.00%	96.00%	95.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease liabilities	$ 161	$ 139
Less: imputed interest	21	18
Present value of lease liabilities	140	121
Less: current portion of lease liabilities	$ 23	$ 27
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Long-term lease liabilities	$ 117	$ 94
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease and other long-term liabilities	Lease and other long-term liabilities
Weighted-average remaining lease term in years	5 years 3 months 18 days	5 years 7 months 6 days
Weighted-average discount rate	4.70%	4.40%
ROU Assets	$ 123	$ 103
Finance lease liabilities	12	17
Less: imputed interest	1	2
Present value of lease liabilities	11	15
Less: current portion of lease liabilities	$ 5	$ 5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Long-term lease liabilities	$ 6	$ 10
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease and other long-term liabilities	Lease and other long-term liabilities
Weighted-average remaining lease term in years	2 years	3 years
Weighted-average discount rate	6.30%	6.40%
ROU Assets	$ 13	$ 16
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 7	$ 139	$ 375
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	106	(8)	12
Total other comprehensive income (loss), net of tax	106	(8)	12
Total comprehensive income	$ 113	$ 131	$ 387

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SEGMENT REPORTING - Narrative (Details) $ in Millions	12 Months Ended
SEGMENT REPORTING - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 operating_segment	Dec. 31, 2025 segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments		2	2
Number of reportable segments \| segment			2
Revenue	$ 3,247			$ 2,736	$ 2,455
International
Segment Reporting Information [Line Items]
Revenue	$ 350			$ 162	$ 106

- Definition

+ References

+ Details

LONG-TERM DEBT - Narrative (Details) $ in Millions			12 Months Ended
LONG-TERM DEBT - Narrative (Details) $ in Millions	May 24, 2024 USD ($)	Jul. 01, 2020 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000	$ 1,000
2.800% Senior Notes due July 15, 2030
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000	1,000	1,000
Stated interest rate (as a percent)		2.80%
Discounted rate par value (as a percent)		99.921%
Redemption price rate (as a percent)		100.00%
2024 Credit Agreement, due May 24, 2029
Debt Instrument [Line Items]
Aggregate principal amount			$ 0	0
2024 Credit Agreement, due May 24, 2029 \| Revolving Loans and Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,100
Term of credit facility (in years)	5 years
Total leverage ratio			4.50
2024 Credit Agreement, due May 24, 2029 \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20
2024 Credit Agreement, due May 24, 2029 \| Letter of Credit \| Minimum \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)	0.125%
2024 Credit Agreement, due May 24, 2029 \| Letter of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread (as a percent)	1.125%
2024 Credit Agreement, due May 24, 2029 \| Letter of Credit \| Maximum \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)	0.75%
2024 Credit Agreement, due May 24, 2029 \| Letter of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread (as a percent)	1.75%
2020 Credit Agreement \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs, net			$ 3	$ 4

REVENUE FROM CONTRACTS WITH CUSTOMERS - Unsatisfied Performance Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 527
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	4 years

INTANGIBLE ASSETS - Acquired Finite-Lived Intangible Assets by Major Class (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, net	$ 1,771	$ 433
Acquired technology and data
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross	471	48
Accumulated amortization	(55)	(25)
Finite-lived intangible assets, net	$ 416	23
Weighted- Average Amortization Period (in years)	8 years
Acquired customer base
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross	$ 1,330	557
Accumulated amortization	(403)	(304)
Finite-lived intangible assets, net	$ 927	253
Weighted- Average Amortization Period (in years)	15 years
Acquired trade names and other intangible assets
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross	$ 524	241
Accumulated amortization	(146)	(142)
Finite-lived intangible assets, net	$ 378	99
Weighted- Average Amortization Period (in years)	14 years
Acquired above-market leases
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross	$ 42	41
Accumulated amortization	(14)	(9)
Finite-lived intangible assets, net	$ 28	32
Weighted- Average Amortization Period (in years)	9 years
Acquired in-place leases
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross	$ 31	32
Accumulated amortization	(9)	(6)
Finite-lived intangible assets, net	$ 22	$ 26
Weighted- Average Amortization Period (in years)	9 years

ORGANIZATION (Details) - 12 months ended Dec. 31, 2025	Total	operating_segment	segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Term of subscription-based license agreements (in years)	1 year
Number of business segments		2	2

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Summarized EBITDA Information by Operating Segment

Summarized EBITDA and Adjusted EBITDA information by operating segment consists of the following (in millions):


	Commercial Real Estate		Residential Real Estate		Total
Year Ended December 31, 2025
Revenue(1)	$	1,787	$	1,460	$	3,247
Less:
Personnel	861		696		1,557
Marketing	77		771		848
General and administrative (2)	369		303		672
EBITDA	480		(310)		170
Stock-based compensation expense	151		43		194
Acquisition and integration related costs	36		27		63
Restructuring and related costs	4		2		6
Settlements and impairments	1		8		9
Adjusted EBITDA	$	672	$	(230)	$	442

Year Ended December 31, 2024
Revenue(1)	$	1,515	$	1,221	$	2,736
Less:
Personnel	622		577		1,199
Marketing	64		795		859
General and administrative (2)	310		245		555
EBITDA	519		(396)		123
Stock-based compensation expense	55		34		89
Acquisition and integration related costs	29		—		29
Restructuring and related costs	—		1		1
Settlements and impairments	(1)		—		(1)
Adjusted EBITDA	$	602	$	(361)	$	241

Year Ended December 31, 2023
Revenue(1)	$	1,443	$	1,012	$	2,455
Less:
Personnel	608		429		1,037
Marketing	92		468		560
General and administrative(2)	266		202		468
EBITDA	477		(87)		390
Stock-based compensation expense	56		29		85
Acquisition and integration related costs	—		13		13
Restructuring and related costs	3		1		4
Adjusted EBITDA	$	536	$	(44)	$	492
___________________
(1) See Note 3 for revenue by segment.
(2) Excludes personnel costs.

Schedule of Reconciliation of Net Income to EBITDA

The reconciliation of Adjusted EBITDA and EBITDA to income before income tax expense consists of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Adjusted EBITDA	$	442	$	241	$	492
Stock-based compensation expense	(194)		(89)		(85)
Acquisition and integration related costs	(63)		(29)		(13)
Restructuring and related costs	(6)		(1)		(4)
Settlements and impairments	(9)		1		—
EBITDA	170		123		390
Amortization of acquired intangible assets in cost of revenue	(74)		(30)		(32)
Amortization of acquired intangible assets in operating expenses	(118)		(44)		(42)
Depreciation and other amortization	(50)		(44)		(34)
Interest income, net	110		213		214
Other income (expense), net (1)	(8)		(8)		6
Income before income taxes	$	30	$	210	$	502
__________________________
(1) Includes 21 million and 29 million of depreciation and amortization expense, including above-market lease amortization, associated with lessor activities for the years ended December 31, 2025 and 2024, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Credit Losses for Trade Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 23	$ 23	$ 12
Current-period provision for expected credit losses	32	36	35
Write-offs charged against the allowance	(26)	(36)	(24)
Ending balance	$ 29	$ 23	$ 23

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Intangible assets consist of the following (in millions, except amortization period data):


	December 31,				Weighted- Average Amortization Period (in years)
	2025		2024
Acquired technology and data	$	471	$	48	8
Accumulated amortization	(55)		(25)
Acquired technology and data, net	416		23

Acquired customer base	1,330		557		15
Accumulated amortization	(403)		(304)
Acquired customer base, net	927		253

Acquired trade names and other intangible assets	524		241		14
Accumulated amortization	(146)		(142)
Acquired trade names and other intangible assets, net	378		99

Acquired above-market leases	42		41		9
Accumulated amortization	(14)		(9)
Acquired above-market leases, net	28		32

Acquired in-place leases	31		32		9
Accumulated amortization	(9)		(6)
Acquired in-place leases, net	22		26

Intangible assets, net	$	1,771	$	433

INCOME TAXES - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Expected federal income tax provision at statutory rate	$ 6,000	$ 44,000	$ 105,000
State income taxes, net of federal benefit	6,000	18,000	27,000
Statutory tax rate difference		(3,000)	(1,000)
Increase (decrease) in valuation allowance		22,000	2,000
Research credits		(29,000)	(20,000)
Other adjustments		5,000	7,000
Excess tax benefit		(2,000)	(6,000)
Tax reserves		7,000	4,000
Nondeductible Compensation	18,000	9,000	9,000
Transaction Costs	9,000
Stock Based Compensation	(3,000)
Other	(1,000)
Other adjustments	2,000
Total provision for income taxes	$ 23,000	$ 71,000	$ 127,000
Percentage
Expected federal income tax provision at statutory rate (percent)	21.00%
State income taxes, net of federal benefit (percent)	20.00%
Nondeductible compensation (percent)	60.00%
Transaction costs (percent)	29.00%
Stock compensation (percent)	(10.00%)
Other (percent)	(4.00%)
Changes in unrecognized tax benefits (Percent)	7.00%
Income tax expense (percent)	77.00%
United Kingdom
Amount
Statutory tax rate difference	$ (2,000)
Increase (decrease) in valuation allowance	13,000
Research credits	$ (1,000)
Percentage
Statutory tax rate difference (percent)	(7.00%)
Increase (decrease) in valuation allowance (percent)	43.00%
Research credits (percent)	(3.00%)
Australia
Amount
Statutory tax rate difference	$ (4,000)
Foreign exchange loss	3,000
Other adjustments	$ (2,000)
Percentage
Statutory tax rate difference (percent)	(13.00%)
Foreign exchange loss (percentage)	10.00%
Other adjustments (percent)	(7.00%)
UNITED STATES
Amount
Research credits	$ (21,000)
Percentage
Research credits (percent)	(70.00%)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense for property and equipment	$ 64	$ 57	$ 34
Depreciated assets written-off	55	27
Building and Improvements
Property, Plant and Equipment [Line Items]
Operating lease buildings and improvements	263	266
Operating lease buildings and improvements accumulated depreciation	$ 27	$ 13

INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
INTANGIBLE ASSETS - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 199,000,000	$ 90,000,000	$ 74,000,000
Indefinite-lived intangible assets, written off	62,000,000	92,000,000	7,000,000
Amortization expense for 2026	252,000,000
Amortization expense for 2027	219,000,000
Amortization expense for 2028	193,000,000
Amortization expense for 2029	179,000,000
Amortization expense for 2030	147,000,000
Impairment of intangible assets	$ 0	$ 0	$ 0

REVENUE FROM CONTRACTS WITH CUSTOMERS - Commissions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Commissions incurred	$ 226	$ 180	$ 174
Commissions capitalized in the current period	(152)	(120)	(120)
Amortization of deferred commissions costs	141	117	95
Total commissions expense	$ 215	$ 177	$ 149

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2025

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS Stock Incentive Plans

In April 2016, the Company’s Board of Directors adopted the CoStar Group 2016 Stock Incentive Plan (as amended, the “2016 Plan”), subject to stockholder approval, which was obtained on June 9, 2016. On April 28, 2025, the Board of Directors approved the CoStar Group, Inc. 2025 Stock Incentive Plan (the “2025 Plan”), subject to stockholder approval, which was obtained on June 26, 2025. All shares of common stock that were authorized for issuance under the 2016 Plan that, as of April 28, 2025, remained available for issuance under the 2016 Plan (excluding shares subject to outstanding awards) were rolled into the 2025 Plan and, following stockholder approval of the 2025 Plan, no further grants will be made under the 2016 Plan.

The 2025 Plan provides for the grant of stock options, restricted stock, restricted stock units, and stock appreciation rights to officers, employees, and directors of the Company and its subsidiaries. Stock options granted under the 2025 Plan may be non-qualified or may qualify as incentive stock options. Except in limited circumstances related to a merger or other acquisition, the exercise price for an option may not be less than the fair market value of the Company’s common stock on the date of grant. The vesting period for each grant of options, restricted stock, restricted stock units, and stock appreciation rights

under the 2025 Plan is determined by the Board of Directors or a committee thereof and is generally three to four years, subject to minimum vesting periods of at least one year. In some cases, vesting of awards under the 2025 Plan may be based on performance conditions. The Company initially reserved approximately 13.2 million shares of common stock for issuance under the 2025 Plan, which included shares of common stock that were authorized and remained available for issuance under the 2016 Plan as of April 28, 2025. Any shares of common stock subject to (a) outstanding awards under the 2016 Plan as of April 28, 2025 or (b) outstanding awards under the 2025 Plan that cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent they are exercised or settled in vested and nonforfeitable shares) will become authorized and unissued under the 2025 Plan. Unless terminated sooner, the 2025 Plan will terminate in June 2035, but will continue to govern unexercised and unexpired awards issued under the 2025 Plan prior to that date. Approximately 9.7 million shares were available for future grant under the 2025 Plan as of December 31, 2025.

In connection with the Matterport Acquisition, the Company assumed Matterport's 2021 Incentive Award Plan and Matterport's Amended and Restated 2011 Stock Incentive Plan, including outstanding restricted stock units and stock options originally granted by Matterport under the Assumed Matterport Plans to continuing employees. These assumed awards will vest in accordance with their original terms, generally over four years. The Company does not intend to issue further grants under these plans. Shares forfeited due to employee termination or expiration are returned to the share pool. As of December 31, 2025, approximately 2.1 million shares remained available under the Assumed Matterport Plans.

As of December 31, 2025, there was approximately $247 million of unrecognized compensation cost related to stock incentive plans, net of estimated forfeitures, which the Company expects to recognize over a weighted-average-period of 2.5 years. The income tax benefit realized from stock-based compensation was $5 million, $2 million and $7 million for the years ended December 31, 2025, 2024 and 2023, respectively. See Notes 2 for further discussion of stock-based compensation expense.

Stock Options

Option activity was as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contract Life (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2022	2,178,200	$	41.79	5.60	$	80
Granted	140,800	$	76.78
Exercised	(419,340)	$	17.77
Outstanding at December 31, 2023	1,899,660	$	46.69	5.53	$	72
Granted	152,900	$	82.47
Exercised	(122,736)	$	58.03
Canceled or expired	(25,234)	$	72.66
Outstanding at December 31, 2024	1,904,590	$	51.48	4.80	$	44
Assumed in Matterport Acquisition	1,799,170	$	9.54
Granted	212,700	$	78.33
Exercised	(686,735)	$	9.76
Canceled or expired	(26,000)	$	91.98
Outstanding at December 31, 2025	3,203,725	$	38.32	3.96	$	102

Exercisable at December 31, 2023	1,571,105	$	44.32	4.93	$	68
Exercisable at December 31, 2024	1,615,687	$	46.75	4.15	$	44
Exercisable at December 31, 2025	2,849,289	$	33.22	3.38	$	102

The aggregate intrinsic value of outstanding options is calculated as the difference between (i) the closing price of the common stock at the end of the period and (ii) the exercise price of the underlying awards, multiplied by the number of outstanding options as of the end of the period that had an exercise price less than the closing price on that date. The aggregate

intrinsic value of options exercised, determined as of the exercise date, was approximately $48 million, and $4 million, and $24 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company estimated the fair value of each option granted on the date of grant using the Black-Scholes option-pricing model, using the assumptions in the following table:


	Year Ended December 31,
	2025			2024			2023
Dividend yield	0		%	0		%	0		%
Expected volatility	35		%	35		%	35		%
Risk-free interest rate	4.29		%	4.28		%	3.96		%
Expected life (in years)	5			5			5
Weighted-average grant date fair value	$	30.05		$	31.57		$	28.87

The expected dividend yield is determined based on the Company's past cash dividend history and anticipated future cash dividend payments. The Company has never declared nor paid any dividends on its common stock and does not anticipate paying any dividends on its common stock during the foreseeable future, but intends to retain any earnings for future growth of its business. Expected volatility is calculated based on historical volatility of the daily closing price of the Company's common stock over a period consistent with the expected life of the options granted. The risk-free interest rate is based on the U.S. Treasury rate with terms similar to the expected life of the options granted. The expected life for the options is determined based on multiple factors, including historical employee behavior patterns of exercising options and post-employment termination behavior as well as expected future employee option exercise patterns.

The following table summarizes information regarding options outstanding at December 31, 2025:


	Options Outstanding				Options Exercisable
Range of Exercise Price	Number of Shares	Weighted-Average Remaining Contractual Life (in years)	Weighted-Average Exercise Price		Number of Shares	Weighted-Average Exercise Price
$4.73 - $9.59	1,051,854	3.18	$	9.16	1,051,854	$	9.16
$9.60 - $27.35	406,581	1.69	$	19.47	406,581	$	19.47
$27.36 - $53.24	697,090	2.62	$	36.97	697,090	$	36.97
$53.25 - $77.56	549,600	5.38	$	69.05	509,799	$	68.44
$77.57 - $91.98	498,600	7.76	$	83.24	183,965	$	89.35
	3,203,725	3.96	$	38.32	2,849,289	$	33.22

Restricted Stock Awards

The Company grants restricted common stock to certain executive officers, directors, and employees of the Company which vest over a specific service period. Executive officers also receive restricted common stock that vests based on the achievement of certain operating performance goals over a three-year performance period. The grant of awards with performance conditions supports the Company’s goal of aligning executive incentives with long-term stockholder value and ensuring that executive officers have a continuing stake in the long-term success of the Company.

The vesting of restricted common stock is subject to continuing employment requirements. Certain performance-based restricted common stock awards are also subject to a market condition such that the actual number of shares that vest at the end of the respective three-year period is determined based on the Company’s achievement of performance goals and an established Company specific TSR factor relative to the S&P 500 Index over the same three-year performance period. At the end of the three-year performance period, if the performance condition is achieved at or above the pre-established threshold, the number of shares earned is further adjusted by a TSR payout percentage, which ranges between 80% and 120%, based on the Company’s TSR performance relative to that of S&P 500 Index over the respective three-year period.


	Year Ended December 31,
	2025			2024			2023
Dividend yield	0		%	0		%	0		%
Expected volatility	31		%	34		%	37		%
Risk-free interest rate	4.23		%	4.47		%	4.31		%
Expected life (in years)	3			3			3
Weighted-average grant date fair value	$	85.29		$	86.96		$	81.58

The expected dividend yield is determined based on the Company's past cash dividend history and anticipated future cash dividend payments. The Company has never declared nor paid any dividends on its common stock and does not anticipate paying any dividends on its common stock during the foreseeable future, but intends to retain any earnings for future growth of its business. Expected volatility is calculated based on historical volatility of the daily closing price of the common stock of the companies within the S&P 500 Index over a period consistent with the expected life of the awards. The risk-free interest rate is based on the U.S. Treasury rate with terms similar to the expected life of the awards. The expected life is consistent with the performance measurement period of the awards.

As of December 31, 2025, the Company determined that it was probable that at least the minimum performance goals associated with restricted stock awards with performance and market conditions granted during 2025, 2024, and 2023 would be met by their forfeiture dates. The Company recorded a total of approximately $10 million, $7 million, and $14 million of stock-based compensation expense related to restricted stock awards with performance and market conditions for the years ended December 31, 2025, 2024, and 2023, respectively, As of December 31, 2025, the Company expects to record an aggregate stock-based compensation expense of approximately $24 million for performance-based restricted stock awards over the periods 2026, 2027, and 2028.

The following table presents unvested restricted stock awards activity for the year ended December 31, 2025:


	Restricted Stock Awards — without Market Condition			Restricted Stock Awards — with Market Condition
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock awards at December 31, 2024	2,554,989	$	76.19	733,200	$	81.49
Granted	2,316,296	$	79.04	435,120	$	85.29
Vested	(898,926)	$	74.47	(124,068)	$	71.19
Canceled	(329,149)	$	75.81	(48,252)	$	71.19
Unvested restricted stock awards at December 31, 2025	3,643,210	$	78.32	996,000	$	84.93

Restricted Stock Units

The following table presents unvested restricted stock units activity for the year ended December 31, 2025:


	Number of Units	Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock units at December 31, 2024	23,532	$	73.88
Assumed in Matterport Acquisition	2,256,423	$	75.63
Granted	115,654	$	78.57
Vested	(1,304,354)	$	75.60
Canceled	(376,335)	$	75.64
Unvested restricted stock units at December 31, 2025	714,920	$	76.09

Management Stock Purchase Plan

The Board of Directors originally adopted the Company’s Management Stock Purchase Plan in December 2017 and the plan was subsequently amended and restated in December 2025. The intent of the MSPP is to provide select key employees of the Company and its subsidiaries, including the Company's executive officers, the opportunity to defer a portion of their cash incentive compensation and to align management and stockholder interests through awards of DSUs under the MSPP and awards of Matching RSUs issued under the Company's 2016 Plan and 2025 Plan. Under the MSPP, participants are permitted to elect to defer up to 90% (or such other percentage determined by the Compensation Committee of the Board of Directors) of their annual incentive bonus or commissions earned during the year by submitting an irrevocable election in accordance with Section 409A of the Internal Revenue Code, as amended. On the date the incentive bonus or commission would otherwise be paid in cash (typically during the following calendar year), the Company awards the participant DSUs representing the number of shares of common stock with an aggregate fair market value on that date equal to the amount of compensation elected to be deferred under the MSPP. On the same date the DSUs are awarded, the participant receives a grant of Matching RSUs covering the number of shares of common stock equal up to 100% of the DSUs granted. The expense related to the DSUs is recognized on a straight-line basis during the period that the related incentive bonus or commission is earned. The Company granted 95,936 and 57,498 DSUs during the years 2025 and 2024, respectively. The expense related to the Matching RSUs is recognized over the four-year vesting period following the grant date.

The following tables presents the Matching RSU activity for the year ended December 31, 2025:


	Number of Matching RSU Shares	Weighted-Average Grant Date Fair Value per Share
Unvested MSPP restricted stock units at December 31, 2024	174,730	$	72.17
Granted	95,936	$	77.60
Vested	(22,670)	$	83.79
Canceled	(7,613)	$	78.84
Unvested MSPP restricted stock units at December 31, 2025	240,383	$	73.03

Employee 401(k) Plan

The Company maintains a 401(k) Plan as a defined contribution retirement plan for all eligible employees. The 401(k) Plan provides for tax-deferred contributions of employees’ salaries, limited to a maximum annual amount as established by the IRS. In addition to the traditional 401(k), effective January 1, 2015, eligible employees have the option of making an after-tax contribution to a Roth 401(k) plan or a combination of both. In each of 2025, 2024, and 2023, the Company matched 100% of employee contributions up to a maximum of 4% of total compensation. Amounts contributed to the 401(k) Plan by the Company to match employee contributions for the years ended December 31, 2025, 2024, and 2023 were approximately $33

million, $26 million, and $26 million, respectively. The Company had no administrative expenses in connection with the 401(k) Plan for each of the years ended December 31, 2025, 2024, and 2023.

Employee Pension Plan

The Company maintains a GPP Plan for all eligible employees in the Company’s U.K. offices. The GPP Plan is a defined contribution plan. Employees are eligible to contribute a portion of their salaries, subject to a maximum annual amount as established by Her Majesty's Revenue and Customs. In each of 2025, 2024, and 2023, the Company's matching contribution was based on the percentage contributed by the employee, up to a maximum of 6% of total compensation. Amounts contributed to the GPP Plan by the Company to match employee contributions for the years ended December 31, 2025, 2024, and 2023, were approximately $2 million, $2 million, and $1 million, respectively.

Employee Stock Purchase Plan

As of August 1, 2006, the Company introduced an ESPP, pursuant to which eligible employees participating in the plan authorize the Company to withhold specified amounts from the employees’ compensation and use the withheld amounts to purchase CoStar Group Shares at 90% of the market price. Participating employees are able to purchase common stock under this plan during each offering period. An offering period begins the second Saturday before each of the Company’s regular pay dates and ends on each of the Company’s regular pay dates. On June 2, 2021, the Company’s stockholders approved an amendment to the ESPP to increase the number of shares available for purchase under the ESPP by 9.7 million shares. The Company registered the issuance of these additional shares under the ESPP pursuant to the registration statement filed on July 28, 2021. There were 292,559 and 544,587 shares available for purchase under the ESPP as of December 31, 2025 and 2024, respectively, and approximately 252,028 and 237,741 CoStar Group Shares were purchased under the ESPP during 2025 and 2024, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000.0	2,000,000.0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued, (in shares)	425,000,000.0	409,500,000
Common stock, shares outstanding (in shares)	417,900,000	409,500,000
Repurchased (in shares)	7,100,000

COMMITMENTS AND CONTINGENCIES - Contractual Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating lease obligations
2026	$ 29
2027	33
2028	33
2029	24
2030	19
Thereafter	23
Operating lease liabilities	161	$ 139
Finance lease obligations
2026	6
2027	5
2028	1
2029	0
2030	0
Thereafter	0
Finance lease liabilities	12	$ 17
Long-term debt principal payments
2026	0
2027	0
2028	0
2029	0
2030	1,000
Thereafter	0
Long-term debt principal interest payments, total	1,000
Long-term debt interest payments
2026	28
2027	28
2028	28
2029	28
2030	28
Thereafter	0
Long-term debt principal payments, total	$ 140

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leasing Operations and Other Income, Expense (Details) ft² in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2024 USD ($)
Asset Acquisition [Line Items]
Building occupied (as a percent)	0.30
Property occupied (as a percent)		0.50
Payments to acquire land and building		$ 307	$ 579	$ 118
Current portion		6	5
Non-current portion		35	18
Total deferred lease income		41	23
Lease income		$ 17	$ 22
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other income (expense), net	Other income (expense), net
Less:
Property operating expenses		$ 6	$ 9
Depreciation and amortization expense		17	19
Other expense from leasing operations		(6)	(6)
Customer base amortization		118	44	$ 42
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2026		11
2027		13
2028		9
2029		8
2030		7
Thereafter		26
Total undiscounted cash flows		74
Building Tenant
Asset Acquisition [Line Items]
Consideration for the early termination of the lease					$ 48
Arlington Office Tower
Asset Acquisition [Line Items]
Payments to acquire land and building	$ 343
Total property and equipment, net and intangible assets	343
Arlington Office Tower \| Land
Asset Acquisition [Line Items]
Property and equipment, net	17
Arlington Office Tower \| Buildings
Asset Acquisition [Line Items]
Property and equipment, net	224
Arlington Office Tower \| Land and building improvements
Asset Acquisition [Line Items]
Property and equipment, net	28
Acquired above-market leases
Less:
Customer base amortization		$ 4	$ 10
Acquired above-market leases \| Arlington Office Tower
Asset Acquisition [Line Items]
Intangible assets, net	42
Acquired in-place leases \| Arlington Office Tower
Asset Acquisition [Line Items]
Intangible assets, net	$ 32
Arlington, VA
Asset Acquisition [Line Items]
Rentable square feet \| ft²	550

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by operating segment and type of service consist of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Commercial Real Estate
CoStar	$	1,259	$	1,156	$	1,096
LoopNet	312		282		265
Other Commercial Real Estate	216		77		82
Total Commercial Real Estate	1,787		1,515		1,443
Residential Real Estate	1,460		1,221		1,012
Total revenue	$	3,247	$	2,736	$	2,455

Schedule of Contract with Customer, Asset and Liability

Deferred revenue as of December 31, 2025 and 2024 was as follows (in millions):


		December 31,
Balance	Balance Sheet Caption	2025		2024
Current portion	Deferred revenue	$	205	$	137
Non-current portion	Lease and other long-term liabilities	1		—
Total deferred revenue		$	206	$	137

Changes in deferred revenue for the period were as follows (in millions):


Balance at December 31, 2024	$	137
Revenue recognized in the current period from the amounts in the beginning balance	(127)
New deferrals, net of amounts recognized in the current period(1)	194
Effects of foreign currency	2
Balance at December 31, 2025	$	206
__________________________

(1) This balance includes $46 million of net new deferrals from the acquisitions completed in 2025. See Note 4 for further discussion of acquisitions.


		December 31,
Balance	Balance Sheet Caption	2025		2024
Current portion	Prepaid expenses and other current assets	$	7	$	6
Non-current portion	Deposits and other assets	3		6
Total contract assets		$	10	$	12

Schedule of Commissions Expense

Commissions expense activity for the years ended December 31, 2025, 2024, and 2023, was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Commissions incurred	$	226	$	180	$	174
Commissions capitalized in the current period	(152)		(120)		(120)
Amortization of deferred commissions costs	141		117		95
Total commissions expense	$	215	$	177	$	149

REVENUE FROM CONTRACTS WITH CUSTOMERS - Deferred Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Current portion	$ 205	$ 137
Non-current portion	1	0
Total deferred revenue	$ 206	$ 137

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-24531
Entity Registrant Name	CoStar Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2091509
Entity Address, Address Line One	1201 Wilson Blvd
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	202)
Local Phone Number	346-6500
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CSGP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Public Float			$ 33.9
Entity Common Stock, Shares Outstanding		419,793,301
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement, which is expected to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Report.
Entity Central Index Key	0001057352
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income	$ 7	$ 139	$ 375
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	263	147	108
Amortization of deferred commissions costs	141	117	95
Non-cash lease expense	30	33	30
Stock-based compensation expense	194	89	85
Deferred income taxes, net	36	(50)	(37)
Credit loss expense	32	36	35
Other operating activities, net	(5)	1	(2)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(28)	(30)	(67)
Prepaid expenses, other current assets and other assets	(21)	(8)	(17)
Deferred commissions	(152)	(120)	(120)
Accounts payable and other liabilities	(12)	44	34
Lease liabilities	(31)	(38)	(39)
Income taxes payable, net	(45)	22	11
Deferred revenue	21	11	(1)
Net cash provided by operating activities	430	393	490
Investing activities:
Proceeds from sale and settlement of investments and other assets	205	2	4
Purchases of property, equipment, and other assets for new campuses	(307)	(579)	(118)
Purchases of property, equipment, and other assets	(82)	(59)	(25)
Purchases of equity securities	(285)	0
Cash paid for acquisitions, net of cash acquired	(2,347)	(277)	(100)
Net cash used in investing activities	(2,816)	(913)	(239)
Financing activities:
Repurchase of restricted stock to satisfy tax withholding obligations	(75)	(30)	(26)
Stock repurchase	(500)	0	0
Proceeds from exercise of stock options and employee stock purchase plan	24	25	23
Other financing activities, net	(8)	(9)	(1)
Net cash used in financing activities	(559)	(14)	(4)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash	(3)	(1)	1
Net (decrease) increase in cash, cash equivalents, and restricted cash	(2,948)	(535)	248
Cash, cash equivalents, and restricted cash at the beginning of period	4,681	5,216	4,968
Cash, cash equivalents, and restricted cash at the end of period	1,733	4,681	5,216
Supplemental cash flow disclosures:
Interest paid	30	31	31
Income taxes paid	73	100	163
Supplemental non-cash investing and financing activities:
Consideration owed for acquisitions	0	1	8
Accrued capital expenditures and non-cash landlord incentives	$ 74	$ 64	$ 29

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Share Repurchase Program Prior Stock Repurchase Program and Accelerated Share Repurchase Agreement In February 2025, the Board of Directors approved the Prior Stock Repurchase Program which authorized the repurchase of up to $500 million of CoStar Group Shares. Prior to November 6, 2025, the Company purchased $138 million of CoStar Group Shares pursuant to a 10b5-1 Plan. On November 6, 2025, the Company entered into an ASR agreement with a financial institution counterparty to repurchase $300 million of its outstanding common stock. The Company repurchased 4.5 million CoStar Group Shares during the term of the ASR Agreement based on the volume-weighted average price, net of discount, of $66.98 per share over the duration of the program, which was completed in November 2025. The share repurchases were recorded as a reduction to stockholders’ equity. During the year ended December 31, 2025, the Company repurchased a total of 7.1 million CoStar Group Shares for an aggregate cost of $500 million under the Prior Stock Repurchase Program and ASR Agreement. As a result, no balance remained available for repurchases under that program. The aggregate purchase price of CoStar Group Shares is recorded as Treasury Stock and presented as a reduction to stockholders' equity. New Stock Repurchase Program In December 2025, the Board of Directors approved a Stock Repurchase Program which authorizes, but does not obligate, the repurchase of up to $1.5 billion of CoStar Group Shares. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act or through a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. Repurchases may be made from time to time at management's discretion, and the timing and amount of any such repurchases will be determined based on share price, market conditions, legal requirements, and other relevant factors. The program has no time limit and can be discontinued at any time at the Company’s discretion. No shares were repurchased under the Stock Repurchase Program during the year ended December 31, 2025. As of December 31, 2025, $1.5 billion remains available for repurchases under the Stock Repurchase Program. Shares of common stock repurchased under the share repurchase program become treasury shares and are accounted for when the transaction is settled. Direct costs incurred to acquire the shares are included in the total cost of the shares. Preferred Stock The Company has 2.0 million shares of preferred stock, $0.01 par value, authorized for issuance. The Board of Directors may issue the preferred stock from time to time as shares of one or more classes or series. Common Stock The Company has 1.2 billion shares of common stock authorized for issuance. Dividends may be declared and paid on the common stock, subject in all cases to the rights and preferences of the holders of preferred stock and authorization by the Board of Directors. In the event of liquidation or winding up of the Company and after the payment of all preferential amounts required to be paid to the holders of any series of preferred stock, any remaining funds shall be distributed among the holders of the issued and outstanding common stock.

- Definition

The entire disclosure for equity.

+ References

+ Details

EMPLOYEE BENEFIT PLANS - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	35.00%	35.00%	35.00%
Risk-free interest rate	4.29%	4.28%	3.96%
Expected life (in years)	5 years	5 years	5 years
Weighted-average grant date fair value (in dollars per share)	$ 30.05	$ 31.57	$ 28.87
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	31.00%	34.00%	37.00%
Risk-free interest rate	4.23%	4.47%	4.31%
Expected life (in years)	3 years	3 years	3 years
Weighted-average grant date fair value (in dollars per share)	$ 85.29	$ 86.96	$ 81.58

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details