Zillow Group, Inc. (Z)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.8B

Revenue growth

17.7%

Net income, last twelve months

$55.0M

Earnings per share

$0.22

Gross margin

72.9%

Operating margin

0.4%

Net margin

2.0%

Free cash flow

$258.0M

Return on equity

1.3%

Market value

$7.0B

Price to earnings

139.8x

Cash

$572.0M

Debt

$465.0M

Debt to equity

0.11

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Revenue above the guided range. Q2 revenue grew 18% year over year to $772 million, above the high end of the company's guided range. The residential real estate industry grew 6% in Q2.
• Adjusted EBITDA above the guided range. Q2 Adjusted EBITDA was $176 million, a 23% margin, above the high end of the guided range. Q2 2025 Adjusted EBITDA was $155 million.
• GAAP net loss in the quarter. Net loss was $4 million, a 1% net loss margin, compared with net income of $2 million in Q2 2025. Diluted loss per share was $0.02.
• Adjusted earnings per share higher. Adjusted net income was $118 million, and diluted adjusted net income per share was $0.52, against $0.40 a year earlier. Adjusted net income excludes share-based compensation and taxes.
• Mortgages revenue up 75%. Mortgages revenue reached $84 million, driven mainly by a 95% rise in purchase loan origination volume to $2.2 billion.
• For Sale revenue up 14%. For Sale revenue was $549 million in Q2, against $482 million a year earlier.
• Residential revenue up 7%. Residential revenue reached $465 million, with growth from Preferred, Showcase, New Construction and agent software tools.
• Rentals revenue up 31%. Rentals revenue reached $209 million, with multifamily revenue up 42% year over year.
• AI mode users engage more. Users of AI mode spend more time, view more homes and run more searches than other consumers, per company internal data. Renters in AI mode request tours at nearly three times the rate.
• Preview adds brokerage partners. Zillow Preview, a pre-market listing product, has more than 100 brokerage partnerships. Agents at those companies are being onboarded, plus new brokerages.
• Showcase used on new listings. Showcase is on about 5% of new listings. Company says agents using it on most listings win 35% more listings than peers who do not.
• Follow Up Boss users up 21%. Follow Up Boss, the CRM the company describes as the choice of most high-volume teams, had 138,000 monthly active users in Q2.
• Rich media on new listings. In the top 10 markets, 30% of new for-sale listings have 3D Home tours and more than 10% have Showcase, per the company.
• Operating and cost of revenue up 11%. Sales and marketing, technology and development, G&A and cost of revenue totaled $746 million, up 11% from Q1 2026 and 12% year over year.

Company events

The newest 8-K filings of 123 held.

Every filing

The newest filings with the SEC of 254 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

553 funds held it at 30 Jun 2026: 188 added and 166 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Visa Inc. (V): revenue $44.5B, market value $761.1B
• Mastercard Inc. (MA): revenue $35.1B, market value $539.5B
• Alibaba Group Holding Limited (BABA): revenue $144.2B, market value $234.6B
• Accenture plc (ACN): revenue $74.2B, market value $147.6B
• Uber Technologies, Inc. (UBER): revenue $55.2B, market value $133.2B
• PDD Holdings Inc. (PDD): revenue $60.1B, market value $110.3B
• MercadoLibre, Inc. (MELI): revenue $35.2B, market value $84.8B
• DoorDash, Inc. (DASH): revenue $15.9B, market value $74.5B
• RELX PLC (RELX): revenue $12.7B, market value $70.5B
• Ebay Inc. (EBAY): revenue $12.0B, market value $52.5B

What the company does

Zillow Group runs real estate apps and websites in the United States, including Zillow, Trulia, StreetEasy and HotPads. The company says its living database covers approximately 173 million U.S. homes. In 2025 its sites and apps drew approximately 9.6 billion visits, with a monthly high of 259 million unique users in July 2025. The company had 7,068 employees at 31 December 2025.

How it earns revenue

Zillow reports revenue in four categories. Residential is 66% of total revenue, Rentals 24%, Mortgages 8% and Other 2%. Residential and Mortgages together make up what the company calls For Sale revenue, which comes from participation in home purchase and sale transactions. Other is mainly display advertising.

Some revenue is recognised only when a customer closes a deal. Under Zillow Preferred, StreetEasy Experts and rentals Pay-Per-Lease, customers receive leads and pay a performance fee when a transaction closes or a lease is signed. For real estate transactions this is generally within two years, and for leases generally within six months.

The company says portions of its business are seasonal.

What it sells to agents and builders

Residential revenue comes from agent products, software and new construction advertising.

- Market-based pricing: a subscription under which connections are shared in proportion to each agent's share of the advertising bought in a zip code. - Zillow Preferred: an invite-only, pay-when-you-close program for top agent teams, which replaced the Flex program.

Agents can also buy Zillow Showcase, which gives a listing enhanced media on the apps and websites. Software products include Follow Up Boss, a customer relationship management system, and dotloop, a transaction management tool. ShowingTime earns revenue mainly through Appointment Center, which schedules viewings for agents, brokerages and MLSs. Zillow Pro is a membership that bundles tools for agents. Home builders pay for advertising on a cost per residential community or cost per impression basis. StreetEasy Experts gives New York City agents leads at no initial cost in return for a referral fee on closed purchases. The company estimates that 80% of U.S. residential real estate transactions involve agents who use at least one Zillow product.

Rentals

Zillow Rentals lists homes from single family houses to large apartment complexes. In 2025 it averaged 2.4 million monthly active rental listings, including 72,000 multifamily properties, and about 33 million average monthly unique visitors. Renters can search, tour, apply, sign a lease, pay rent and buy insurance on participating listings.

Property managers pay on a cost per lead, lease, listing or impression basis, or a fixed fee for certain packages. Renters pay a flat service fee to send applications to multiple properties. Smaller landlords, defined as properties with fewer than 25 units, use Zillow Rental Manager for listings, advertising, leasing and property management services. Syndication agreements with Realtor.com and Redfin, and partnerships with AppFolio and Esusu, widen the listings and reach.

Mortgages

Zillow Home Loans originates mortgages and generally sells them on the secondary market. It is available in 49 states and the District of Columbia. Tools such as BuyAbility help buyers shop by what they can afford, and the company offers a digital pre-approval. Mortgages revenue also includes advertising sold to lenders on a cost per lead basis, mainly through Connect services. Zillow Home Loans funds its loans largely with debt through master repurchase agreements.

How it competes

The filing describes the residential real estate landscape as fragmented. It cites about 4.8 million existing and new homes sold in 2025, over 300,000 brokerages, over 70,000 mortgage lenders and more than 500 MLSs. Zillow says buyers and renters choose among platforms on the quality of the experience, the breadth and accuracy of information, and brand awareness. For rentals, it says the factors include rental prices, availability and listing quality. Agents and other partners choose on perceived transaction readiness of consumers, return on investment and price, and Zillow also competes with traditional media and word-of-mouth for their marketing budgets.

The Zestimate home value model, launched in 2006, is central to the offering. In 2025 its median error rate was 1.8% for homes listed for sale and 7.2% for off-market homes. The company holds 224 issued patents and has 225 patent applications pending, and it has registered trademarks including "Zillow" and "Zestimate".

Its people

Zillow offers nearly all employees the choice to work from wherever they are most productive. It runs an internal training platform, Zillow University, and employees completed over 83,000 hours of content there and on LinkedIn Learning in 2025.

*From Zillow's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1617640/000161764026000015/z-20251231.htm)*

From the company's 10-K.