Jun 2026 (Q2 FY26) — Aug 5, 2026
Zillow Group Q2 FY26 — Strong Revenue Growth Driven by Preferred Model Acceleration and Rentals
Read the full callZillow Group (ZG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Zillow Group earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 772 | +17.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -1.3 | +0.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -4.0 | −300.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
67 of 67 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Zillow Pro beta testing | beta test Zillow Pro in the first half of 2026 | Sep 2025 | Any agent, whether they advertise on Zillow or not, can access exclusive tools and Follow Up Boss through Zillow Pro, a premium membership we launched nationwide last month | Achieved |
| Full-year GAAP net income growth | further net income growth in 2026 | Dec 2025 | We reported a net loss of $4 million and adjusted net income of $118 million | At Risk |
| Annualized EBITDA cost savings from Q2 2026 restructuring | $75 million annualized (aggregate $140 million including previously planned headcount reductions) | Jun 2026 | we expect to generate approximately $75 million of annualized EBITDA cost savings from Q2 run rates and an aggregate of $140 million when including reductions from previously planned headcount growth | New |
35 of ZILLOW GROUP, INC.'s 102 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 99 more targets are in the full ledger.
Claimed
- Total revenue grew 18% year-over-year to $772 million, outperforming outlook.
- Adjusted EBITDA reached $176 million, exceeding expectations with a 23% margin.
- Rentals revenue increased 31% year-over-year, driven by 42% growth in multifamily revenue.
- Mortgages revenue accelerated 75% year-over-year to $84 million, with purchase loan origination volume up 95%.
- Zillow Home Loans is now a top 25 purchase lender, with unit economics becoming positive.
Qualified
- Cash and investments decreased to $682 million from $783 million in Q1 FY26.
- The purchase mortgage market is now expected to be down low to mid-single digits for FY26, a downgrade from prior flat expectations.
- Residential revenue is expected to be flat year-over-year in Q3 FY26 due to accelerated shift to Preferred and macro headwinds.
- Q4 FY26 For Sale revenue faces a 400-600 basis point headwind from seasonality and Zillow Home Loans revenue recognition timing.
Price
$32.43 +10.80% · +$3.16
Performance −53.3% 1Y
1Y: $69.51 on 14 Oct 2025 → $32.43. High $74.58 (23 Oct 2025), low $27.7 (30 Sept 2026).
- Previous close
- $29.27
- 52-week range
- $27.7 – $74.58
- One year
- −53.64%
Overview
- Symbol
- ZG
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
67 of 67 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Zillow Pro beta testing | beta test Zillow Pro in the first half of 2026 | Sep 2025 | Any agent, whether they advertise on Zillow or not, can access exclusive tools and Follow Up Boss through Zillow Pro, a premium membership we launched nationwide last month | Achieved |
| Full-year GAAP net income growth | further net income growth in 2026 | Dec 2025 | We reported a net loss of $4 million and adjusted net income of $118 million | At Risk |
| Annualized EBITDA cost savings from Q2 2026 restructuring | $75 million annualized (aggregate $140 million including previously planned headcount reductions) | Jun 2026 | we expect to generate approximately $75 million of annualized EBITDA cost savings from Q2 run rates and an aggregate of $140 million when including reductions from previously planned headcount growth | New |
Claimed
- Total revenue grew 18% year-over-year to $772 million, outperforming outlook.
- Adjusted EBITDA reached $176 million, exceeding expectations with a 23% margin.
- Rentals revenue increased 31% year-over-year, driven by 42% growth in multifamily revenue.
- Mortgages revenue accelerated 75% year-over-year to $84 million, with purchase loan origination volume up 95%.
- Zillow Home Loans is now a top 25 purchase lender, with unit economics becoming positive.
Qualified
- Cash and investments decreased to $682 million from $783 million in Q1 FY26.
- The purchase mortgage market is now expected to be down low to mid-single digits for FY26, a downgrade from prior flat expectations.
- Residential revenue is expected to be flat year-over-year in Q3 FY26 due to accelerated shift to Preferred and macro headwinds.
- Q4 FY26 For Sale revenue faces a 400-600 basis point headwind from seasonality and Zillow Home Loans revenue recognition timing.
The full ledger
Open ZILLOW GROUP, INC.’s full ledger
A free account opens 5 company ledgers a month. All 102 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Zillow Group earnings calls (ZG)
Financials
What the filings say
Net profit, year on year: −300% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 581 | 554 | 598 | 655 | 676 | 654 | 708 | 772 |
| Expenses | 486 | 489 | 468 | 500 | 494 | 487 | 483 | 572 |
| Operating profit | -45 | -69 | -9 | -11 | -3 | -11 | 36 | -10 |
| Operating margin | −7.8% | −12.4% | −1.5% | −1.7% | −0.4% | −1.7% | 5.1% | −1.3% |
| Profit before tax | -20 | -51 | 8 | 2 | 12 | 3 | 48 | -3 |
| Tax rate | 0.0% | −2.0% | 0.0% | 0.0% | 16.7% | 0.0% | 4.2% | −33.3% |
| Net profit | -20 | -52 | 8 | 2 | 10 | 3 | 46 | -4 |
| EPS ($ per share) | -0.08 | — | 0.03 | 0.01 | 0.04 | — | 0.19 | -0.02 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | — | — | — | — | 0 | 0 |
| Reserves | -672 | -977 | -1,139 | -1,667 | -1,612 | -1,770 | -1,882 | -1,859 |
| Total liabilities | 1,024 | 2,697 | 2,745 | 5,354 | 2,081 | 2,126 | 981 | 801 |
| Fixed assets | 135 | 170 | 196 | 215 | 271 | 328 | 360 | 350 |
| Total assets | 4,291 | 6,132 | 7,487 | 10,695 | 6,563 | 6,652 | 5,829 | 5,685 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4 | -612 | 423 | -3,177 | 4,504 | 354 | 428 | 368 |
| Cash from investing | -623 | -456 | -1,038 | 1,088 | -1,533 | 25 | 395 | -6 |
| Cash from financing | 930 | 1,636 | 1,163 | 3,148 | -4,341 | -352 | -1,233 | -674 |
| Net cash flow | 311 | 567 | 548 | 1,059 | -1,370 | 27 | -410 | -312 |
| Capital expenditure | -66 | -67 | -85 | -74 | -115 | -135 | -143 | -133 |
| Free cash flow | -62 | -679 | 338 | -3,251 | 4,389 | 219 | 285 | 235 |
ZG revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable Segments | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +17.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of ZG filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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