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Costar Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$137M in Q3 2026 · $422M over twelve months

Operating cash flow$188M
Capital spending−$51.0M
Free cash flow+$137M
Cash / net income2.5×
Cash conversion cycle13 days

Analysis

In Q3 2026, Costar Group generated $188M of operating cash flow and spent $51.0M on capital projects, leaving free cash flow of $137M. That is $142M more than in Q3 2025 (−$5.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $617M; the largest uses were buybacks ($1.1B), acquisitions ($789M), capital spending ($195M); the cash balance fell by $1.5B.

Operating cash flow was $188M against net income of $74.0M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$98.0M, payables −$36.0M, stock-based pay +$32.0M.

Its cash conversion cycle was 13 days (receivables 26 + inventory 9 − payables 22).

Free cash flow

Costar Group: free cash flow by quarterCostar Group: free cash flow by quarter$25.6MQ4 2024−$1.0MQ1 2025$28.0MQ2 2025−$5.0MQ3 2025$101MQ4 2025$107MQ1 2026$77.0MQ2 2026$137MQ3 2026
Operating cash flow less capital spending.
Costar Group: operating cash flow against capital spendingCostar Group: operating cash flow against capital spendingOperating cash flowCapital spending$95.0M$69.4MQ4 2024$53.0M$54.0MQ1 2025$147M$119MQ2 2025$68.0M$73.0MQ3 2025$162M$61.0MQ4 2025$152M$45.0MQ1 2026$115M$38.0MQ2 2026$188M$51.0MQ3 2026
Latest (Q3 2026): Operating cash flow $188M, Capital spending $51.0M.

Capital allocation, year by year

Costar Group: where the cash came from (up) and went (down), by fiscal yearCostar Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $470MFY2021: Capital spending −$124MFY2021: Acquisitions −$193M$470MFY2021FY2022: Operating cash flow $479MFY2022: Net borrowing −$2.2MFY2022: Shares issued $746MFY2022: Capital spending −$35.2MFY2022: Acquisitions −$6.3M$1.2BFY2022FY2023: Operating cash flow $490MFY2023: Net borrowing −$1.0MFY2023: Capital spending −$118MFY2023: Acquisitions −$100M$490MFY2023FY2024: Operating cash flow $393MFY2024: Net borrowing −$5.0MFY2024: Capital spending −$579MFY2024: Acquisitions −$277M$393MFY2024FY2025: Operating cash flow $430MFY2025: Net borrowing −$5.0MFY2025: Capital spending −$307MFY2025: Acquisitions −$2.3BFY2025: Buybacks −$500M$430MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were acquisitions ($2.9B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$500M
Debt$1.0B
Net debt$500M
Due within a year$28.0M

Costar Group funds itself: free cash flow was $422M over the last twelve months, and $500M of cash and investments stands against $1.0B of debt ($28.0M due within a year, 17.9× covered by cash).

Costar Group: debt maturities by year (FY2025)Costar Group: debt maturities by year (FY2025)$28.0MYear 1$28.0MYear 2$28.0MYear 3$28.0MYear 4$28.0MYear 5
Principal due in each year as disclosed in the annual report, against $500M of cash and investments now.

Where the cash came from and went

Costar Group: sources (+) and uses (−) of cash, Q3 2026Costar Group: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$789MCash drawn (+) / kept (−)$766MOperating cash flow$188MBuybacks−$81.0MCapital spending−$51.0MOther investing−$31.0MOther financing−$2.0MNet borrowing (+) / repaid (−)−$1.0MExchange rates$1.0M
Costar Group: sources (+) and uses (−) of cash, TTM to Q3 2026Costar Group: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$1.5BBuybacks−$1.1BAcquisitions−$789MOperating cash flow$617MCapital spending−$195MOther investing−$63.0MTaxes on employees’ shares−$35.0MOther financing−$9.0MNet borrowing (+) / repaid (−)−$6.0MExchange rates−$2.0M

From profit to cash

Costar Group: net income to operating cash flow, Q3 2026Costar Group: net income to operating cash flow, Q3 2026Net income$74.0MDepreciation & amortization$98.0MStock-based pay$32.0MDeferred taxes$16.0MReceivables−$19.0MPayables−$36.0MDeferred revenue$2.0MPrepaid and other assets−$13.0MIncome taxes payable−$8.0MOperating cash flow$188M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262692213
Q2 20262681914
Q1 20262551911
Q4 2025243216
Q3 2025254262
Q2 2025243243

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$188M−$51.0M−$789M−$81.0M−$1.0M$766M$137M
Q2 2026$115M−$38.0M—−$82.0M−$2.0M$50.0M$77.0M
Q1 2026$152M−$45.0M—−$505M−$1.0M$417M$107M
Q4 2025$162M−$61.0M—−$385M−$2.0M$302M$101M
Q3 2025$68.0M−$73.0M−$1.6B−$51.0M−$1.0M$1.7B−$5.0M
Q2 2025$147M−$119M—−$45.0M−$1.0M$51.0M$28.0M
Q1 2025$53.0M−$54.0M−$750M−$19.0M−$1.0M$903M−$1.0M
Q4 2024$95.0M−$69.4M−$272M——$257M$25.6M

Costar Group: income statement and cash flow

Costar Group, Q3 2026: revenue $952M (+14% year over year), operating margin 8.8%. The chart follows the revenue to costs, profit and cash.

Costar Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.