REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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


	Three Months Ended March 31,
	2026		2025
Commercial Real Estate
CoStar	$	331	$	305
LoopNet	85		73
Other Commercial Real Estate	56		31
Total Commercial Real Estate	472		409
Residential Real Estate	425		323
Total revenue	$	897	$	732

Schedule of Contract with Customer, Asset and Liability

Deferred revenue as of March 31, 2026 and December 31, 2025 was as follows (in millions):


Balance	Balance Sheet Caption	March 31, 2026		December 31, 2025
Current portion	Deferred revenue	$	237	$	205
Non-current portion	Lease and other long-term liabilities	1		1
Total deferred revenue		$	238	$	206

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


Balance at December 31, 2025	$	206
Revenue recognized in the current period from the amounts in the beginning balance	(104)
New deferrals, net of amounts recognized in the current period	136
Balance at March 31, 2026	$	238

Contract assets as of March 31, 2026 and December 31, 2025 were as follows (in millions):


Balance	Balance Sheet Caption	March 31, 2026		December 31, 2025
Current portion	Prepaid expenses and other current assets	$	6	$	7
Non-current portion	Deposits and other assets	3		3
Total contract assets		$	9	$	10

Schedule of Commissions Expense

Commissions expense is included in selling and marketing expense (excluding customer base amortization) in the Company's condensed consolidated statements of operations. Commissions expense activity for the three months ended March 31, 2026 and 2025 was as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Commissions incurred	$	52	$	46
Commissions capitalized in the current period	(34)		(33)
Amortization of deferred commissions costs	30		31
Total commissions expense	$	48	$	44