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Zillow Group
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Latest analysis
Updated Aug 5, 2026
Zillow Q2 2026: 18% revenue growth and accelerating preferred transition drive earnings beat, with restructuring unlocking $75M annualized cost savings
Zillow delivered Q2 2026 revenue of $772 million, up 18% year over year, beating its own outlook range on both revenue and EBITDA, while reporting $118 million in adjusted net income — all against a flat purchase mortgage market. The company is accelerating its preferred monetization transition to over 75% of connections by year-end 2026, which drives higher revenue per connection (23% premium in 2025, targeting 35% by end-2026) but creates measurable near-term headwinds in residential revenue recognition timing and seasonal patterns. A simultaneous 7% workforce reduction is expected to generate $75 million in annualized EBITDA cost savings from Q2 run rates, reinforcing management's stated path to 45% EBITDA margins at mid-cycle.
Tone: bullishRevenue
$2.6B
ZG 10-K · FY 2025
Employees
7,068
Revenue growth YoY
+16%
Founded
2004
Profile
ZG 10-K Item 1 · Feb 11, 2026Zillow Group operates the most visited residential real estate platform in the United States, connecting consumers with agents, loan officers, and rental listings across the full home journey. The company generates revenue through agent advertising, mortgage origination, rentals marketplace services, and real estate software subscriptions. Its integrated-transaction strategy links home search, financing, and closing into a single platform experience anchored by the Zillow brand.
Read filing description ↓ Collapse description ↑
We are reimagining residential real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing. At the core of Zillow is our living database of approximately 173 million U.S. homes and our differentiated content, including the Zestimate, our patented proprietary automated valuation model through which we provide home value estimates. We are a diversified, transaction-focused platform that integrates our services across various complicated steps in a consumer's housing journey while equipping real estate professionals with tools and insights to support stronger client service and business growth. Through our integrated-transaction strategy, we have built an ecosystem of connected solutions that helps renters, buyers, sellers, and real estate professionals across their residential real estate needs. We are focused on continually improving our consumer funnel, capturing consumer demand and connecting that demand to our partner network.
Primary products
- Zillow Premier Agent (market-based pricing)
- Zillow Preferred (formerly Flex)
- Zillow Pro
- Zillow Showcase
- Zillow Home Loans
- Zillow Rentals
Business segments
End markets
Geographies
Named customers
Named competitors
“Zillow is the most visited and trusted brand in the online residential real estate industry.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased 16% year-over-year to $2.6 billion in 2025, driven primarily by a 39% increase in Rentals revenue, a 7% increase in Residential revenue, and a 37% increase in Mortgages revenue.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.