Q1 26 EPS
$0.53
BEAT +15.52%
Est. $0.46
Q1 26 Revenue
$708.0M
BEAT +0.40%
Est. $705.2M
vs S&P Since Q1 26
-28.2%
TRAILING MARKET
ZG -22.5% vs S&P +5.7%
Market Reaction
Did ZG Beat Earnings? Q1 2026 Results
Zillow Group posted a strong first quarter for fiscal 2026, with earnings per share of $0.53 beating the $0.46 consensus estimate by 15.52% and revenue of $708.00 million edging past the $705.15 million Wall Street expected, rising 18.4% year over ye… Read more Zillow Group posted a strong first quarter for fiscal 2026, with earnings per share of $0.53 beating the $0.46 consensus estimate by 15.52% and revenue of $708.00 million edging past the $705.15 million Wall Street expected, rising 18.4% year over year against a residential real estate industry that grew only 2%. The clearest engine behind the beat was Rentals, where revenue climbed 42% to $183.00 million, fueled by 57% multifamily revenue growth as the company reached 76,000 multifamily properties on platform. Net income swelled to $46.00 million from $8.00 million a year ago, while Adjusted EBITDA of $182.00 million exceeded the company's own outlook despite $11.00 million in incremental legal costs weighing on margins. Looking ahead, Zillow guided Q2 revenue to $750.00 million to $765.00 million and maintained full-year expectations for mid-teens revenue growth and approximately 30% Rentals expansion, with meaningful margin improvement anticipated in the back half as legal expenses moderate following an upcoming FTC trial.
Key Takeaways
- • Expansion of Enhanced Markets connections to 49% of total, up from 44% in Q4
- • 96% growth in purchase loan origination volume to $1.5 billion
- • Multifamily revenue growing 57% year over year driving Rentals growth
- • Growth across Zillow Preferred, Zillow Showcase, agent software tools, and New Construction marketplace
- • Zillow Showcase on 4.3% of new listings in Q1, up from 3.7% in Q4
- • 76,000 multifamily properties at end of Q1, up from 55,000 a year ago
- • Lower-than-planned costs contributing to above-outlook Adjusted EBITDA
ZG YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ZG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Zillow's integrated platform is delivering meaningful value for buyers, sellers, renters and real estate professionals alike. We're embedding AI throughout the real estate experience in ways that make Zillow increasingly indispensable, and we're innovating with speed and intention. Zillow's strong Q1 results reflect the consistency of our execution, the strength of our brand, our audience engagement, and the durability of our multi-year strategy.”
— Jeremy Wacksman, Q1 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT GAAP net loss includes $36 million in impairment and restructuring costs and $10 million in FTC Matter litigation costs, both excluded from adjusted EPS | $0.45 | $0.52 | +14.82% | $772.0M | +1.82% |
| 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% |