Companies · ZG
Zillow Group
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Latest analysis
Updated Nov 4, 2026
Zillow Q3 2026: 7% revenue growth to $724M despite 100bps mortgage rate shock, Rentals at 26% growth absorbing For Sale pressure
Zillow delivered $724 million in Q3 2026 revenue, up 7% year-over-year, as Rentals growth of 26% and disciplined cost management offset a deteriorating For Sale environment where mortgage rates rose nearly 100 basis points in the quarter alone. The Preferred agent transition — now at two-thirds of buyer connections and on track for 100% by mid-2027 — is generating 35% more revenue per connection than the legacy ad model, structurally repositioning the monetization engine even as near-term macro headwinds compress Q4 guidance to roughly flat year-over-year. EBITDA margin expanded 70 basis points to 25% in Q3, and AI mode — now live to 100% of signed-in users — is driving nearly 3x deeper engagement among adopters, validating the platform's conversion flywheel.
Tone: mixedRevenue
$2.6B
ZG 10-K · FY 2025
Employees
7,068
Revenue growth YoY
+16%
EBITDA margin
25%
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.