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Jun 30, 2025
Zillow Q2 2025 Earnings Report
Zillow Group's second-quarter 2025 financial results were announced, exceeding revenue outlook and delivering Adjusted EBITDA at the high end of the company's outlook range.
Key Takeaways
Zillow Group reported strong second-quarter 2025 financial results, with total revenue increasing 15% year over year to $655 million, surpassing the company's outlook. Adjusted EBITDA reached $155 million, at the high end of expectations, driven by robust revenue growth and effective cost management. The company also saw significant growth in its Mortgages and Rentals segments, alongside increased traffic to its platforms.
Total revenue for Q2 2025 increased 15% year over year to $655 million, exceeding the company's outlook range.
Adjusted EBITDA for Q2 2025 was $155 million, representing a 24% Adjusted EBITDA margin, driven by strong revenue and cost management.
Mortgages revenue surged 41% year over year to $48 million, primarily due to a 48% increase in purchase loan origination volume.
Rentals revenue grew 36% year over year to $159 million, largely driven by a 56% increase in multifamily revenue.
Revenue by Segment
Forward Guidance
The report provides an outlook for the third quarter of 2025, which can be found in the shareholder letter on the Investor Relations section of Zillow Group's website. Specific quantitative guidance was not provided in this press release.
Positive Outlook
- Continued focus on innovating to build a better real estate experience for consumers.
- Commitment to providing real estate professionals with tools to power their businesses.
- Strong execution of company strategy fueling growth across segments.
- Outperformance in Q2 revenue and Adjusted EBITDA suggests positive momentum.
- Growth in agent and software offerings, and the New Construction marketplace.
Challenges Ahead
- Unpredictable fluctuations in the market price of the company's capital stock can impact income taxes.
- Depreciation and amortization from new acquisitions are difficult to forecast.
- Potential for impairment of assets is an uncertain factor.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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