Zillow Group, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsZillow Group, Inc. is a diversified, transaction-focused residential real estate platform connecting consumers with agents, loans, and rentals through its apps and websites.
What they do
Zillow operates a two-sided marketplace for residential real estate, offering consumer tools like the Zestimate, a rentals marketplace, and services for agents, including Premier Agent advertising, Zillow Home Loans mortgage origination, and software products such as Follow Up Boss, dotloop, and ShowingTime. Revenue is generated from advertising, lead generation, mortgage origination, and SaaS subscriptions.
Revenue drivers
- Residential — Agent advertising (Zillow Preferred, Premier Agent market-based pricing, Zillow Showcase) and software (Follow Up Boss, dotloop, ShowingTime). Q2 2026 revenue grew 7% YoY to $549M (combined with Mortgages).
- Mortgages — Zillow Home Loans mortgage origination. Q2 2026 revenue grew 75% YoY, contributing to the For Sale segment that grew 14% YoY.
- Rentals — Rental marketplace and end-to-end rental services. Q2 2026 revenue grew 31% YoY, driven by 42% multifamily revenue growth.
Recent performance
In Q2 2026, Zillow reported total revenue of $772M, up 18% YoY, and a GAAP net loss of $4M. Adjusted net income was $118M and Adjusted EBITDA was $176M, both above outlook. Full-year 2025 revenue was $2.58B with net income of $23M, the first profitable year since 2021. Revenue has grown sequentially from $676M (Q3 2025) to $708M (Q1 2026).
Strategy
The company is executing an integrated-transaction strategy, investing in Enhanced Markets to connect high-intent movers with agents and loan officers. It is expanding AI-enabled features (AI mode) to increase consumer engagement and capture proprietary data. Management emphasizes outperforming the housing market through technology innovation, like BuyAbility and Offer Insights, and growing its For Sale and Rentals segments.
Risks
- Housing market volatility — Elevated mortgage rates, low inventory, and affordability constraints could reduce transaction volumes and advertising demand.
- Dependence on listing data providers — Inability to maintain relationships with MLSs or comply with their rules could restrict access to listing data and harm traffic.
- Industry legal and regulatory changes — NAR rules, lawsuits, or government investigations could alter commission structures or advertising practices, impacting revenue.
- Competition and innovation — Failure to keep pace with competitors and technological changes could erode market share and user engagement.
Outlook
Management is on track toward full-year goals, expecting continued revenue growth above industry trends. They plan to expand AI mode capabilities and increase monetization per transaction across For Sale and Rentals. The company remains focused on maintaining growth while navigating housing market uncertainty.