Q1 25 EPS
$0.41
BEAT +10.81%
Est. $0.37
Q1 25 Revenue
$598.0M
BEAT +1.51%
Est. $589.1M
vs S&P Since Q1 25
-82.4%
TRAILING MARKET
ZG -52.6% vs S&P +29.8%
Market Reaction
Did ZG Beat Earnings? Q1 2025 Results
Zillow Group opened 2025 with a clean beat across the board, reporting first-quarter earnings per share of $0.41 against a consensus estimate of $0.37, a 10.81% positive surprise, while revenue of $598.00 million topped the $589.09 million expectatio… Read more Zillow Group opened 2025 with a clean beat across the board, reporting first-quarter earnings per share of $0.41 against a consensus estimate of $0.37, a 10.81% positive surprise, while revenue of $598.00 million topped the $589.09 million expectation by 1.51% and climbed 13.0% year over year. The headline story beneath the numbers was the company's return to GAAP profitability, with $8.00 million in net income marking a 500-basis-point improvement in net income margin year over year. The single biggest growth engine was Rentals, where revenue hit an all-time high of $129.00 million, up 33% year over year, fueled by a 47% surge in multifamily revenue. Adjusted EBITDA reached $153.00 million at a 26% margin, up 200 basis points year over year, underscoring disciplined cost management alongside top-line momentum. Still, shares fell after the print, with analysts pointing to the broader housing market's limited recovery as a near-term overhang. Looking ahead, Zillow guided Q2 revenue of $580.00 million to $600.00 million and maintained its full-year outlook for low- to mid-teens revenue growth with positive GAAP net income.
Key Takeaways
- • 13% year-over-year total revenue growth outpacing industry transaction value growth of 3-6%
- • Multifamily Rentals revenue grew 47% year over year, the main driver of Rentals segment growth
- • Purchase loan origination volume grew 32% year over year to $791 million
- • For Sale revenue per total transaction value expanded to 10.2 basis points from 9.7 basis points a year ago
- • Adjusted EBITDA margin expanded 200 basis points year over year to 26%
- • Cost discipline with fixed expenses up only 3% year over year
- • Traffic grew 5% year over year to 227 million average monthly unique users
ZG YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
ZG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong Q1 results surpassed our expectations and demonstrate how well we're executing. We are on track to meet our full-year 2025 goals, and we're well-positioned to deliver sustainable profitable growth.”
— Jeremy Wacksman, Q1 2025 Earnings Press Release
ZG Earnings Trends
ZG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ZG EPS Trend
Earnings per share: estimate vs actual
ZG Revenue Trend
Quarterly revenue: estimate vs actual
ZG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.46 | $0.53 | +15.52% | $708.0M | +0.40% |
| Q4 25 MISS FY | $0.41 | $0.39 | -5.61% | $654.0M | +0.54% |
| FY Full Year | $1.67 | $1.64 | -1.73% | $2.58B | +0.14% |
| Q3 25 BEAT | $0.44 | $0.44 | +0.05% | $676.0M | +0.76% |
| Q2 25 MISS | $0.44 | $0.40 | -9.01% | $655.0M | +1.17% |
| Q1 25 BEAT | $0.37 | $0.41 | +10.81% | $598.0M | +1.51% |