SEATTLE, Feb. 10, 2026 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months and year ended December 31, 2025.
Complete financial results, and outlook for the first quarter of 2026, can be found in the shareholder letter on the Investor Relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.
"We delivered strong results in the fourth quarter and throughout 2025, achieving all our reported full-year financial targets, including positive net income, while continuing to gain share in both For Sale and Rentals," said Zillow Chief Executive Officer Jeremy Wacksman. "As we celebrate 20 years of Zillow, our results demonstrate our disciplined and consistent execution of our strategy. With our deeply engaged audience, industry-leading software that powers industry workflows, and two decades of AI innovation, we are uniquely positioned to drive durable growth by making the entire moving journey easier for consumers and the real estate professionals who serve them."
Recent highlights include:
-- Zillow Group reported strong fourth-quarter results.
-- Q4 revenue was up 18% year over year to $654 million, near the high end
of the company's outlook range. Full-year 2025 revenue of $2.6 billion
was up 16% year over year. The residential real estate industry grew by
3% in Q4 and 3% for full-year 2025, according to the NAR, meaning the
company outperformed the industry by 1,500 basis points in Q4 and 1,300
basis points for full-year 2025.1 The company estimates Q4 and full-year
2025 purchase mortgage origination volume for the industry was roughly
flat year over year.
-- For Sale revenue was up 11% year over year to $475 million in Q4.
-- Residential revenue was up 8% year over year in Q4 to $418
million, benefiting from growth in the company's agent and
software offerings and in the company's New Construction
marketplace.
-- Mortgages revenue increased 39% year over year to $57
million in Q4, primarily due to a 67% increase in purchase
loan origination volume to $1.5 billion.
-- Rentals revenue increased 45% year over year to $168 million in
Q4, primarily driven by multifamily revenue growing 63% year over
year.
-- On a GAAP basis, net income was $3 million in Q4, and net income margin
was 0%, a 990-basis-point increase year over year. GAAP net income was
$23 million for full-year 2025, and net income margin was 1%, a
590-basis-point increase year over year.
-- Q4 Adjusted EBITDA was $149 million, and Adjusted EBITDA margin was 23%,
a 260-basis-point increase year over year, driven by revenue growth and
cost management. Adjusted EBITDA was $622 million for full-year 2025, and
Adjusted EBITDA margin was 24%, a 180-basis-point increase year over
year.2
-- Cash and investments at the end of Q4 were $1.3 billion, down from $1.4
billion at the end of Q3. During Q4, the company repurchased 3.4 million
shares for $232 million.
-- Traffic to Zillow Group's apps and sites in Q4 was up 8% year over year
to 221 million average monthly unique users. Visits during Q4 were up 2%
year over year at 2.1 billion.
1 National Association of Realtors$(R)$ existing homes sold during Q4 2025 and
full-year 2025 multiplied by the average selling price per home for Q4 2025
and full-year 2025, compared with the same period in 2024
2 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures;
they are not calculated or presented in accordance with U.S. generally
accepted accounting principles ("GAAP"). Please see the "Use of Non-GAAP
Financial Measures" section below for more information about our
presentation of these non-GAAP financial measures, including a
reconciliation to the most directly comparable GAAP financial measures for
the relevant period.
Fourth-Quarter and Full-Year 2025 Financial Highlights
The following table sets forth Zillow Group's financial highlights for the periods presented (in millions, except percentages, unaudited):
Three Months Ended Year Ended
December 31, December 31,
---------------------------------- -------- -------------------------------- --------
2024 to 2024 to
2025 % 2025 %
2025 2024 Change 2025 2024 Change
----------------- --------------- -------- ---------------- -------------- --------
Revenue:
For Sale
revenue:
Residential $ 418 $ 387 8 % $ 1,704 $ 1,594 7 %
Mortgages 57 41 39 % 199 145 37 %
----------------- --------------- ---------------- --------------
Total For Sale
revenue 475 428 11 % 1,903 1,739 9 %
Rentals 168 116 45 % 630 453 39 %
Other 11 10 10 % 50 44 14 %
----------------- --------------- ---------------- --------------
Total revenue $ 654 $ 554 18 % $ 2,583 $ 2,236 16 %
================= =============== ================ ==============
Other Financial
Data:
Gross profit $ 476 $ 420 $ 1,915 $ 1,709
Net income
(loss) $ 3 $ (52) $ 23 $ (112)
Diluted net
income (loss)
per share $ 0.01 $ (0.22) $ 0.09 $ (0.48)
Net cash
provided by
operating
activities $ 72 $ 122 $ 368 $ 428
Non-GAAP
Financial
Measures:(1)
Adjusted EBITDA $ 149 $ 112 $ 622 $ 498
Adjusted net
income $ 98 $ 68 $ 417 $ 349
Diluted adjusted
net income per
share $ 0.39 $ 0.27 $ 1.64 $ 1.38
Adjusted free
cash flow $ 125 $ 78 $ 420 $ 309
Percentage of
Revenue:
Gross profit 73 % 76 % 74 % 76 %
Net income
(loss) -- % (9) % 1 % (5) %
Adjusted
EBITDA(1) 23 % 20 % 24 % 22 %
Adjusted net
income(1) 15 % 12 % 16 % 16 %
(1) These are non-GAAP financial measures. Please see the "Use of Non-GAAP
Financial Measures" section below for more information about our presentation
of these non-GAAP financial measures, including a reconciliation to the most
directly comparable GAAP financial measures for the relevant period.
Conference Call and Webcast Information
Zillow Group will host a live webcast to discuss these results today at 2 p.m. Pacific time (5 p.m. Eastern time). Please register for the live event at https://zillow-q4-25-financial-results.open-exchange.net/. A shareholder letter, investor presentation, and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group's Investor Relations website.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the company's business strategies, the execution of those strategies, and their impact on consumers and real estate professionals. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "predict," "will," "projections," "continue," "estimate," "outlook," "guidance," "would," "could," "strive" or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of February 10, 2026, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control.
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