Zillow Group Inc

Latest Results (22.11.2025):

Zillow Group Inc — Third Quarter 2025: Zillow reported strong Q3 2025 results with revenue of $676 million (up 16% year‑over‑year), improved profitability, and growth across its For Sale, Mortgages and Rentals businesses. The company beat its outlook for revenue and Adjusted EBITDA, generated $10 million in GAAP net income, and increased cash and investments to $1.4 billion.

Top-line performance

Revenue: $676 million in Q3 2025, +16% YoY and above the company’s outlook; total revenue growth outpaced the industry’s estimated ~5% year‑over‑year transaction value growth.

For Sale segment

For Sale revenue: $488 million, +10% YoY. Residential revenue was $435 million (+7% YoY). Trailing 12‑month For Sale revenue per Total Transaction Value was 10.1 basis points vs. 9.8 bps a year earlier.

Mortgages

Mortgages revenue: $53 million, +36% YoY, driven by a 57% increase in purchase loan origination volume to $1.3 billion (company estimates industry purchase origination volume was nearly flat YoY).

Rentals

Rentals revenue: $174 million, +41% YoY, led by multifamily revenues which grew 62% YoY.

Profitability and non‑GAAP metrics

GAAP net income: $10 million (net margin 1%, a 400‑bp improvement YoY). Adjusted EBITDA: $165 million (24% margin, >200‑bp improvement YoY). Adjusted net income: $113 million; diluted adjusted EPS: $0.44.

Cash, cash flow and balance sheet

Cash and investments: $1.4 billion at quarter end (up from $1.2 billion at Q2 end). Net cash provided by operating activities was $105 million in Q3.

User engagement

Traffic: average monthly unique users of 250 million in Q3 (+7% YoY); visits for the quarter were 2.5 billion (+4% YoY).

Investor access

Zillow hosted a live webcast to discuss results on Oct. 30, 2025; the shareholder letter and replay are available on the company’s Investor Relations site for further detail and the Q4 outlook.