Q2 26 EPS Adjusted
$0.52
BEAT +14.82%
Est. $0.45
GAAP net loss includes $36 million in impairment and restructuring costs and $10 million in FTC Matter litigation costs, both excluded from adjusted EPS
Q2 26 Revenue
$772.0M
BEAT +1.82%
Est. $758.2M
vs S&P Since Q2 26
-6.6%
TRAILING MARKET
ZG -6.0% vs S&P +0.6%
Market Reaction
Did ZG Beat Earnings? Q2 2026 Results
Zillow Group posted a strong second quarter, with revenue of $772.00 million growing 17.9% year over year and adjusted EPS of $0.52 beating the $0.45 consensus estimate by 14.82%, as the company gained meaningful share against a purchase mortgage mar… Read more Zillow Group posted a strong second quarter, with revenue of $772.00 million growing 17.9% year over year and adjusted EPS of $0.52 beating the $0.45 consensus estimate by 14.82%, as the company gained meaningful share against a purchase mortgage market that was roughly flat. The standout driver was the mortgage business, where revenue jumped 75% to $84.00 million on a 95% surge in purchase loan origination volume to $2.20 billion, while Rentals revenue climbed 31% to $209.00 million and For Sale revenue rose 14% to $549.00 million. On a GAAP basis, Zillow reported a net loss of $4.00 million, reflecting $36.00 million in restructuring costs and $10.00 million in FTC-related litigation expenses, both excluded from non-GAAP results; a securities class action related to that FTC matter adds to the legal backdrop. Looking ahead, the company guided Q3 revenue of $745.00 million to $760.00 million and full-year revenue of $2.92 billion to $2.96 billion, though management now expects industry mortgage originations to decline low- to mid-single digits for the remainder of 2026, a softer backdrop than previously assumed.
Key Takeaways
- • 18% total revenue growth versus 6% residential real estate industry growth and flat purchase mortgage market
- • 95% increase in purchase loan origination volume to $2.2 billion driving 75% Mortgages revenue growth
- • Multifamily revenue grew 42% YoY driving Rentals growth
- • Preferred model generating 23% more revenue per connection than legacy advertising model
- • Integrated experience now accounts for 61% of connections across Zillow
- • Zillow Showcase on approximately 5% of all new listings
- • Follow Up Boss reached 138,000 monthly active users, up 21% YoY
- • For Sale revenue per Total Transaction Value improved to 8.8 basis points from 8.2 basis points YoY on trailing 12-month basis
ZG Forward Guidance & Outlook
For Q3 2026, Zillow expects total revenue of $745 million to $760 million, with For Sale revenue growth of 5%-7% year over year, Residential revenue flat year over year, Mortgages revenue growth of more than 50%, and Rentals revenue growth in the high 20% range. Q3 Adjusted EBITDA is expected at $180 million to $200 million, implying 25% margin at mid-point (100 bps expansion YoY). Adjusted EBITDA expenses are expected at $560 million to $565 million. For Q4, seasonality and the Preferred transition are expected to create 400-600 basis points of headwind to For Sale revenue. For full year 2026, the company expects total revenue of $2.92 billion to $2.96 billion (mid-teens growth), Rentals revenue growth of approximately 30%, Adjusted EBITDA of $730 million to $760 million (26% margin at mid-point, 200 bps expansion YoY), and share-based compensation expense down more than 15% YoY. Management now expects industry purchase mortgage origination volume to decline low- to mid-single digits for the rest of 2026 and the full year, down from prior expectation of flat.
ZG YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
ZG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Zillow delivered another quarter of strong results and consistent execution. We outperformed the broader housing market and our outlook, and we are on track toward our full-year goals.”
— Jeremy Wacksman, Q2 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% |