ZILLOW GROUP, INC.ZGEarnings & Financial Report
Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.
Revenue
$676.0M
Gross Profit
$491.0M
Operating Profit
$-3.0M
Net Profit
$10.0M
Gross Margin
72.6%
Operating Margin
-0.4%
Net Margin
1.5%
YoY Growth
16.4%
EPS
$0.04
ZILLOW GROUP, INC. Q3 FY2025 Financial Summary
ZILLOW GROUP, INC. reported revenue of $676.0M (up 16.4% YoY) for Q3 FY2025, with a net profit of $10.0M (up 150.0% YoY) (1.5% margin). Cost of goods sold was $185.0M, operating expenses totaled $494.0M.
Key Financial Metrics
| Total Revenue | $676.0M |
|---|---|
| Net Profit | $10.0M |
| Gross Margin | 72.6% |
| Operating Margin | -0.4% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
ZILLOW GROUP, INC. Q3 FY2025 revenue of $676.0M breaks down across 4 segments, led by Residential Revenue at $435.0M (64.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Residential Revenue | $435.0M | 64.3% |
| Rental Revenue | $174.0M | 25.7% |
| Mortgage Revenue | $53.0M | 7.8% |
| Display Advertising And Other Revenue | $14.0M | 2.1% |
ZILLOW GROUP, INC. Revenue by Segment — Quarterly Trend
ZILLOW GROUP, INC. revenue by segment across the last 4 reported quarters, showing how each business line (such as Residential Revenue and Rental Revenue) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Residential Revenue | $418.0M | $435.0M | $434.0M | $417.0M |
| Rental Revenue | $168.0M | $174.0M | $159.0M | $129.0M |
| Mortgage Revenue | $57.0M | $53.0M | $48.0M | $41.0M |
| Display Advertising And Other Revenue | $11.0M | $14.0M | $14.0M | $11.0M |
ZILLOW GROUP, INC. Annual Revenue by Year
ZILLOW GROUP, INC. annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.6B).
| Year | Annual Revenue |
|---|---|
| 2025 | $2.6B |
| 2024 | $2.2B |
| 2023 | $1.9B |
| 2022 | $2.0B |
ZILLOW GROUP, INC. Quarterly Revenue & Net Profit History
ZILLOW GROUP, INC. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $654.0M | +18.1% | $3.0M | 0.5% |
| Q3 FY2025 | $676.0M | +16.4% | $10.0M | 1.5% |
| Q2 FY2025 | $655.0M | +14.5% | $2.0M | 0.3% |
| Q1 FY2025 | $598.0M | +13.0% | $8.0M | 1.3% |
| Q4 FY2024 | $554.0M | +16.9% | $-52.0M | -9.4% |
| Q3 FY2024 | $581.0M | +17.1% | $-20.0M | -3.4% |
| Q2 FY2024 | $572.0M | +13.0% | $-17.0M | -3.0% |
| Q1 FY2024 | $529.0M | +12.8% | $-23.0M | -4.3% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $529.0M | $572.0M | $581.0M | $554.0M | $598.0M | $655.0M | $676.0M | $654.0M |
| YoY Growth | 12.8% | 13.0% | 17.1% | 16.9% | 13.0% | 14.5% | 16.4% | 18.1% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $6.82B | $6.63B | $6.16B | $5.83B | $5.75B | $5.42B | $5.70B | $5.68B |
| Liabilities | $2.16B | $2.13B | $1.50B | $981.0M | $992.0M | $670.0M | $706.0M | $801.0M |
| Equity | $4.67B | $4.50B | $4.66B | $4.85B | $4.75B | $4.75B | $4.99B | $4.88B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $80.0M | $55.0M | $171.0M | $122.0M | $104.0M | $87.0M | $105.0M | $72.0M |