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Dec 31, 2025
Zillow Q4 2025 Earnings Report
Zillow Group reported strong fourth-quarter and full-year 2025 financial results, with significant revenue growth across segments and improved profitability.
Key Takeaways
Zillow Group delivered strong fourth-quarter and full-year 2025 results, achieving all reported full-year financial targets, including positive net income. The company saw an 18% year-over-year increase in Q4 revenue to $654 million, outperforming the residential real estate industry's growth. This performance was driven by growth in For Sale and Rentals segments, along with disciplined execution of strategy and AI innovation.
Q4 revenue increased 18% year over year to $654 million, nearing the high end of the company's outlook range.
GAAP net income for Q4 was $3 million, representing a 990-basis-point increase year over year.
Adjusted EBITDA for Q4 was $149 million, with a margin of 23%, reflecting a 260-basis-point increase year over year.
Traffic to Zillow Group's apps and sites in Q4 grew 8% year over year to 221 million average monthly unique users.
Revenue by Segment
Forward Guidance
Zillow Group anticipates continued growth by leveraging its engaged audience, industry-leading software, and AI innovation to simplify the moving journey for consumers and real estate professionals. The company expects to maintain its disciplined and consistent execution of strategy.
Positive Outlook
- Continued focus on gaining market share in both For Sale and Rentals segments.
- Leveraging two decades of AI innovation to drive durable growth.
- Strong financial position with $1.3 billion in cash and investments at the end of Q4.
- Commitment to disciplined and consistent execution of strategy.
- Anticipated growth in agent and software offerings, and New Construction marketplace.
Challenges Ahead
- Risks associated with the health and stability of the economy and residential real estate industry, including inflationary conditions and interest rates.
- Potential challenges in managing advertising, product inventory, and pricing.
- Uncertainties related to policy changes, enforcement priorities, or government shutdowns.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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