AFFO turned positive at $33M in Q2 2026, but the trailing four quarters show a cumulative deficit of over $400M, indicating that true distributable cash flow remains under pressure despite positive operating cash flow.
CoStar Group, Inc. (CSGP) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 497.3M | 430M | 392.6M | 489.5M | 478.7M | 469.73M | 486.11M | 457.78M | 335.46M | 234.7M | 200.64M | 139.77M | 143.91M | 108.3M | 86.13M | 27.79M | 39.27M | 38.45M | 40.91M | 51.8M | 32.75M | 22.92M | 24.72M | 13.55M | 5.57M | -4.55M | -26.85M | -7.5M | -300K | -2.2M |
| Operating CF Growth % | 203.56% | 9.53% | -19.8% | 2.26% | 1.91% | -3.37% | 6.19% | 36.46% | 42.93% | 16.98% | 43.55% | -2.87% | 32.88% | 25.74% | 209.97% | -29.24% | 2.14% | -6.02% | -21.03% | 58.16% | 42.9% | -7.3% | 82.46% | 143.09% | 222.57% | 83.06% | -257.95% | -2400% | 86.36% | - |
| Operating CF / Revenue % | 13.99% | 13.24% | 14.35% | 19.94% | 21.93% | 24.16% | 29.3% | 32.71% | 28.15% | 24.32% | 23.95% | 19.64% | 24.99% | 24.56% | 24.61% | 11.04% | 17.36% | 18.34% | 19.26% | 26.87% | 20.61% | 17.06% | 22.06% | 14.25% | 7.02% | -6.27% | -45.89% | -24.83% | -2.16% | -27.85% |
| Net Income | 74.1M | 7M | 138.7M | 374.7M | 369.5M | 292.56M | 227.13M | 314.96M | 238.33M | 122.69M | 85.07M | -3.46M | 44.87M | 29.73M | 9.91M | 14.66M | 13.29M | 18.69M | 24.62M | 15.95M | 12.41M | 6.46M | 24.98M | 100K | -4.78M | -20.16M | -49.65M | -12.3M | -3.2M | -3.3M |
| Depreciation & Amortization | 316.2M | 263M | 146.9M | 107.5M | 137.9M | 139.56M | 116.94M | 81.17M | 77.74M | 63.64M | 70.17M | 78.53M | 70.37M | 40.06M | 32.75M | 12.85M | 13.65M | 14.68M | 16.8M | 16.15M | 11.81M | 11.71M | 13.01M | 13.17M | 11.79M | 19.25M | 18.81M | 4.9M | 1.1M | 800K |
| Stock-Based Compensation | 150.8M | 194M | 89M | 85M | 75.2M | 63.71M | 53.45M | 52.26M | 41.21M | 39.03M | 36.35M | 34.54M | 28.27M | 41.55M | 12.28M | 8.1M | 8.31M | 6.46M | 4.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 80.9M | 198M | 187.3M | 159.4M | 132.9M | 104.48M | 114M | 88.13M | 55.8M | 11.91M | 10.64M | 13.77M | -17.47M | -14.15M | 3.37M | -1.59M | 1.24M | 4.37M | -1.27M | 7.9M | 13.63M | 5.6M | -16.65M | 2.08M | 2.23M | 1.49M | 8.3M | 300K | 300K | 400K |
| Working Capital Changes | -184.8M | -268M | -119.2M | -199.9M | -205.6M | -154.74M | -13.89M | -86.95M | -81.3M | 328K | -17.22M | 22.19M | 19.24M | 23.85M | 14.16M | 10.87M | 1.11M | -3.33M | -6.33M | 1.85M | -5.09M | -855K | 3.38M | -1.79M | -3.66M | -5.12M | -2.26M | -400K | 1.5M | -100K |
| Cash from Investing | -1.89B | -2.82B | -912.9M | -238.6M | -69.1M | -381.34M | -464.16M | -483.75M | -448M | -72.27M | -23.26M | -215.5M | -605.99M | -18.97M | -640.4M | 58.37M | -40.5M | 4.53M | 52.43M | -40.4M | -28.49M | -38.73M | -29.95M | -65.52M | -11.47M | -10.35M | -17.7M | -16.5M | -2.3M | -1.7M |
| Acquisitions (Net) | -1.62B | -2.35B | -276.7M | -99.6M | -6.3M | -192.97M | -426.07M | -437.56M | -418.37M | -47.77M | -10.44M | -182.34M | -584.22M | 0 | -640.93M | -15.09M | 0 | -3.21M | -3.02M | -16.74M | -1.89M | -4.3M | -2.27M | -17.42M | -305K | 0 | -3.07M | 0 | 0 | 0 |
| Purchase of Investments | -200K | -285M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.84M | -116.68M | -109.04M | -250.27M | -90.59M | -61.82M | 0 | -8.08M | 0 | 0 | 0 | 0 |
| Sale of Investments | 3.6M | 205M | 0 | 3.8M | 900K | 0 | 10.26M | 0 | 0 | 0 | 5.95M | 1.9M | 5.67M | 76K | 15.37M | 4.91M | 16.85M | 17.16M | 63.95M | 107.29M | 95.39M | 224.23M | 71.94M | 1.59M | 9.66M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -32.1M | 0 | 1.7M | 0 | 30.1M | -123.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.39M | -16.81M | -169.9K | -3.13M | -2.3M | -1M | -600K |
| Cash from Financing | -1.06B | -559M | -13.7M | -3.7M | 733.98M | -15.68M | 2.66B | -4.15M | 2.74M | 480.43M | -30.56M | -29.03M | 733.51M | 10.4M | 164.94M | 254.78M | 2.04M | 2.17M | 11.47M | 8.16M | 5.58M | 7.41M | 6.3M | 61.76M | 696K | 1.72M | -2.43M | 98.3M | 21.2M | 1.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | 0 | -1000K | -700K | -1000K | 0 | 1000K | 0 | 0 | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 1000K |
| Share Repurchases | -896M | -575M | -29.5M | -26.4M | -23.11M | -33.31M | -38.87M | -27.58M | -24.33M | -14.9M | -16.42M | -16.44M | -50.55M | -8.47M | -4.2M | -2.31M | -2.9M | -672K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -166.5M | -8M | -3.6M | 0 | 45K | -411K | -18.3M | -1.66M | 0 | -3.47M | 0 | 0 | 17.09M | 18.24M | -11.35M | 2.54M | 902K | 403K | 5.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.53M | 0 | 100K | 0 |
| Net Change in Cash | -2.46B | -2.95B | -534.9M | 247.9M | 1.14B | 71.21M | 2.69B | -29.68M | -111.05M | 644.24M | 145.41M | -105.19M | 271.06M | 99.93M | -389.25M | 338.88M | 619K | 45.8M | 102.2M | 19.63M | 10.09M | -8.74M | 1.16M | 10.1M | -5.2M | -13.18M | -46.97M | 74.4M | 18.6M | -2.2M |
| Exchange Rate Effect | -3.1M | -3M | -900K | 700K | -2.7M | -1.5M | 941K | 442K | -1.25M | 1.37M | -1.42M | -433K | -376K | 189K | 78K | 44K | -188K | 655K | -2.62M | 64K | 254K | -341K | 90K | 309K | 0 | -1.5M | 0 | 100K | 0 | 0 |
| Cash at Beginning | 1.32B | 4.68B | 5.22B | 4.97B | 3.83B | 3.76B | 1.07B | 1.1B | 1.21B | 567.22M | 421.82M | 527.01M | 255.95M | 156.03M | 545.28M | 206.41M | 205.79M | 159.98M | 57.78M | 38.16M | 28.07M | 36.81M | 35.64M | 25.55M | 30.75M | 43.93M | 94.07M | 19.7M | 1.1M | 3.3M |
| Cash at End | 1.27B | 1.73B | 4.68B | 5.22B | 4.97B | 3.83B | 3.76B | 1.07B | 1.1B | 1.21B | 567.22M | 421.82M | 527.01M | 255.95M | 156.03M | 545.28M | 206.41M | 205.79M | 159.98M | 57.78M | 38.16M | 28.07M | 36.81M | 35.64M | 25.55M | 30.75M | 47.1M | 94.1M | 19.7M | 1.1M |
| Free Cash Flow | 312M | 41M | -245.3M | 464.2M | 420.05M | 404.51M | 437.76M | 411.58M | 305.83M | 210.2M | 181.88M | 104.71M | 116.47M | 89.26M | 71.29M | 10.67M | -18.09M | 29.02M | 37.25M | 37.53M | 19.79M | 14.53M | 15.69M | 9.67M | 1.56M | -6.65M | -38.34M | -21.7M | -1.6M | -3.3M |
| FCF Growth % | 665.22% | 116.71% | -152.84% | 10.51% | 3.84% | -7.6% | 6.36% | 34.58% | 45.49% | 15.58% | 73.69% | -10.09% | 30.48% | 25.2% | 568.03% | 159% | -162.32% | -22.08% | -0.74% | 89.61% | 36.25% | -7.42% | 62.26% | 520.67% | 123.44% | 82.67% | -76.68% | -1256.25% | 51.52% | - |
| FCF / Revenue % | 8.77% | 1.26% | -8.96% | 18.91% | 19.25% | 20.81% | 26.39% | 29.4% | 25.66% | 21.78% | 21.71% | 14.71% | 20.22% | 20.24% | 20.37% | 4.24% | -7.99% | 13.84% | 17.54% | 19.46% | 12.46% | 10.81% | 14% | 10.17% | 1.96% | -9.17% | -65.54% | -71.85% | -11.51% | -41.77% |
Quick answers to the most common questions about buying CSGP stock.
CoStar Group, Inc. (CSGP) generated $430.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CoStar Group, Inc. (CSGP) generated $41.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CoStar Group, Inc. (CSGP) spent $389.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CoStar Group, Inc. (CSGP) spent $575.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Residential expansion margin compression
Metrics are mathematically derived from official filings.
AFFO Remains Deeply Negative
AFFO turned positive at $33M in Q2 2026, but the trailing four quarters show a cumulative deficit of over $400M, indicating the dividend is not covered by true distributable cash flow, as per reported figures.
Despite a positive AFFO quarter, the company's AFFO has been negative in six of the last ten quarters, with the most recent quarter's $33M barely offsetting prior losses. This suggests that the company is not generating sufficient cash flow to cover its dividend, which is currently zero, but the negative AFFO trend indicates a reliance on external funding or cash reserves to sustain operations. Investors should monitor whether the positive AFFO is sustainable or a one-time adjustment.
Capex Volatility Masks Core Investment
CapEx swung from -$312.7M in Q4 2025 to +$230.7M in Q3 2025, reflecting significant acquisition and disposition activity, but recurring maintenance capex appears minimal, as disclosed in financial statements.
The extreme volatility in CapEx, including a positive quarter, suggests that the company is actively managing its property portfolio, with acquisitions and dispositions distorting the cash flow statement. However, the negative AFFO figures imply that recurring capex, such as tenant improvements and leasing commissions, is substantial, likely related to the residential expansion. This indicates that the company is investing heavily in growth, but the lack of consistent positive AFFO raises questions about the sustainability of this investment phase.
External Funding Needs on the Rise
With negative FCF in several quarters and no dividend, the company appears to be funding its operations through cash reserves and possibly debt or equity issuance, as indicated by the cash flow data.
The company's FCF has been negative in five of the last ten quarters, and the cumulative FCF over the period is negative, suggesting that the company is consuming cash. Given the lack of dividend payments, the company is likely relying on its balance sheet strength to fund the residential expansion. However, the scale of investment, with annual marketing spend exceeding $1 billion, may eventually require external financing if cash reserves are depleted. Investors should monitor the company's debt levels and any ATM or equity issuance activity.
Depreciation Distorts Earnings Picture
FFO/NI averaged over 10 in the last two quarters, highlighting that GAAP net income is significantly depressed by depreciation and amortization, which totaled $81M in Q2 2026, as per income statement.
The wide gap between net income and FFO indicates that depreciation and amortization charges are substantial, reflecting the company's heavy investment in data centers, technology, and acquired intangibles. This distortion makes GAAP earnings a poor proxy for cash-generating ability. However, the negative AFFO suggests that even after adding back depreciation, the company is not generating sufficient cash flow to cover its capital expenditures, which is a concern for long-term sustainability.
What the Cash Flow Statement Hides
The cash flow statement shows positive OCF, but negative AFFO in most quarters suggests that capitalized costs, such as sales commissions and marketing, may be masking true cash burn, as reported in financial statements.
The company's OCF has been consistently positive, but AFFO has been negative, indicating that significant recurring costs are being capitalized rather than expensed. This includes sales commissions and potentially some marketing costs, which smooths earnings but may overstate cash generation. Additionally, the company's investment in Homes.com involves heavy marketing spend that is expensed, but the negative AFFO suggests that the true cash cost of acquiring customers is higher than reported. Investors should scrutinize the capitalization policies and the sustainability of the positive OCF.