Q4 25 EPS
$0.39
MISS 5.61%
Est. $0.41
Q4 25 Revenue
$654.0M
BEAT +0.54%
Est. $650.5M
vs S&P Since Q4 25
-47.4%
TRAILING MARKET
ZG -41.3% vs S&P +6.0%
Full Year 2025 Results
FY 25 EPS
$1.64
MISS 1.73%
Est. $1.67
FY 25 Revenue
$2.58B
BEAT +0.14%
Est. $2.58B
Market Reaction
Did ZG Beat Earnings? Q4 2025 Results
Zillow Group closed out Q4 2025 with a beat on both top and bottom lines, reporting revenue of $654 million, up 18.1% year over year, against a consensus estimate of $650.50 million, while adjusted EPS of $0.39 edged past the $0.38 estimate by 1.80%.… Read more Zillow Group closed out Q4 2025 with a beat on both top and bottom lines, reporting revenue of $654 million, up 18.1% year over year, against a consensus estimate of $650.50 million, while adjusted EPS of $0.39 edged past the $0.38 estimate by 1.80%. The headline story behind the quarter's strength was the explosive performance in Rentals, where revenue surged 45% year over year to $168 million, powered by multifamily revenue growth of 63% as the company's multifamily property count reached 72,000 at year-end. Equally notable, Zillow achieved full-year GAAP profitability for the first time in 2025, flipping from a $112 million net loss in 2024 to net income of $23 million. Despite the strong results, shares slid in premarket trading, reflecting investor caution around a challenging housing backdrop and elevated legal expenses flagged as near-term headwinds. Looking ahead, Zillow guided Q1 2026 revenue of $575 million to $590 million and continues to target mid-teens total revenue growth for the full year, with Rentals expected to grow approximately 30%.
Key Takeaways
- • Multifamily rentals revenue grew 63% year over year in Q4, the primary driver of Rentals segment growth
- • Enhanced Markets expanded to 44% of connections in Q4, up from 21% a year ago
- • Purchase loan origination volume grew 67% year over year to $1.5 billion in Q4
- • Zillow Home Loans loan officer productivity increased 11% in 2025 despite adding 40% more loan officers
- • Traffic to Zillow Group apps and sites grew 8% year over year to 221 million average monthly unique users
- • Zillow Showcase was on 3.7% of new listings in Q4, up from 1.7% a year ago
- • Revenue outperformed the residential real estate industry by 1,500 basis points in Q4
ZG YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ZG Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Jeremy Wacksman, Q4 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% |