Homes.com helps drive CoStar to first profitable residential quarter

CoStar Group reported an 18% year-over-year revenue increase for the second quarter ended June 30 — reaching $925 million compared to $781 million in the same period last year. Leaders said growth was driven by major technological expansions, increased platform engagement and significant operational efficiency across residential and commercial and real estate marketplaces. The real estate technology company logged $69 million in net new bookings during the quarter, a 3% gain over the first quarter of 2026. Net income reached $55 million, while adjusted EBITDA rose 116% year-over-year to $184 million. Operating cost growth was held to 2%, contributing to the company’s 61st consecutive quarter of double-digit revenue growth, CoStar CEO and founder Andy Florance said during CoStar’s Q2 earnings call. “What we’ll do is continue to optimize the go-to-market, and I feel very good about being able to go out there and bring out the depth advertising for the first time,” he said. “I think we have a strong offering. Our clients are seeing a very strong [return on investment] that is demonstrable and that shows up in really good renewal rates and very low cancellation rates now. “We’re achiev...