Q2 25 EPS
$0.40
MISS 9.01%
Est. $0.44
Q2 25 Revenue
$655.0M
BEAT +1.17%
Est. $647.4M
vs S&P Since Q2 25
-79.9%
TRAILING MARKET
ZG -63.8% vs S&P +16.0%
Market Reaction
Did ZG Beat Earnings? Q2 2025 Results
Zillow Group posted a mixed but broadly encouraging second quarter for 2025, beating on revenue while falling short on the bottom line. The company generated $655.00 million in revenue, up 14.5% year over year and ahead of the $647.39 million consens… Read more Zillow Group posted a mixed but broadly encouraging second quarter for 2025, beating on revenue while falling short on the bottom line. The company generated $655.00 million in revenue, up 14.5% year over year and ahead of the $647.39 million consensus estimate, even as adjusted EPS of $0.40 missed analyst expectations of $0.44 by 9.01%. The headline story was the Rentals segment, which accelerated to 36% year-over-year growth and reached $159.00 million in revenue, fueled by a 56% surge in multifamily revenue as the company's rental platform continues expanding its addressable market. Mortgages also stood out, with revenue climbing 41% to $48.00 million on a 48% jump in purchase loan origination volume. Adjusted EBITDA reached $155.00 million, hitting the high end of guidance. Looking ahead, management raised its full-year 2025 revenue growth outlook to mid-teens and expects Rentals growth to exceed 40% in Q3, signaling continued momentum even as a sluggish broader housing market, where total transaction value grew just 1-2% year over year, remains a headwind.
Key Takeaways
- • 15% total revenue growth year over year, significantly outpacing flat broader housing market (1-2% industry TTV growth)
- • For Sale revenue per Total Transaction Value improved to 10.3 basis points on trailing 12-month basis from 9.8 basis points year ago
- • Multifamily revenue grew 56% year over year, driving Rentals acceleration
- • Purchase loan origination volume grew 48% year over year to $1.1 billion
- • Traffic up 5% year over year to 243 million average monthly unique users with 2.6 billion visits
- • Effective cost management and cost discipline supporting Adjusted EBITDA margin of 24%
- • 27% of connections through Enhanced Market experience, targeting over 35% by year end
- • Multifamily property count grew 45% year over year to 64,000 properties
ZG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ZG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Zillow's Q2 results reflect how the power of our strategy and the strength of our execution are fueling growth across the company. We're relentlessly innovating to build a better real estate experience — one that helps more consumers move with confidence and gives real estate professionals the tools they need to power their businesses and serve movers effectively.”
— Jeremy Wacksman, Q2 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% |