Zillow Group Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue grew 18% year-over-year to $708M, with EBITDA and net income margins expanding despite a flat housing market. Strong growth in rentals and mortgages, rapid AI adoption, and robust capital returns position the business for mid-teens revenue growth and margin expansion in 2026.
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AI is driving the shift from search to end-to-end real estate transactions, using proprietary data, industry integration, and innovative tools. Strong financials include robust revenue growth, expanding margins, and a 25% net income margin target for 2026. Data moats, brand strength, and product innovation support ongoing leadership and resilience.
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Revenue and EBITDA grew strongly in 2025, with continued margin expansion and disciplined cost management. The business is deepening its vertical integration, leveraging proprietary data and AI to enhance the transaction experience, and targeting significant growth in Rentals and Mortgage. AI and new products are expected to drive future gains.
Fiscal Year 2025
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Delivered strong Q4 and full-year 2025 results with 18% revenue growth in Q4 and 16% for the year, achieving profitability and expanding margins. Rentals and mortgages segments saw robust growth, and guidance calls for continued mid-teens revenue growth and margin expansion in 2026.
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The company is executing a strategy to transform from an advertising platform to a transaction-focused super app, leveraging AI and software innovation for both consumers and professionals. Growth is driven by expanding integrated experiences, rentals, and agent tools, with margin expansion expected even in a flat housing market.
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Revenue and margin growth continue despite a tough housing market, driven by enhanced markets, rentals, and tech innovation. AI and product expansion support agent productivity and consumer experience. Capital discipline and strong cash flow position the business for sustained growth.
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Q3 saw 16% revenue growth, margin expansion, and positive net income, with strong results in both for-sale and rentals segments. Guidance calls for continued double-digit growth and margin gains despite a challenging housing market, supported by innovation and expanding digital offerings.
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Mid-teens revenue growth and margin expansion are on track, with rentals and mortgage segments showing strong acceleration. Product innovation, AI integration, and expanded partnerships are driving engagement and operational leverage. Enhanced markets and disciplined capital allocation underpin a positive outlook.
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Q2 delivered 15% revenue growth and positive net income, with strong gains in both for sale and rentals segments. Guidance for 2025 was raised to mid-teens revenue growth, driven by accelerating rentals and continued cost discipline.
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Shareholders re-elected four directors and ratified the independent auditor for 2025. No questions were raised during the Q&A, and final voting results will be filed with the SEC.
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Aiming to become a housing super app, the business is expanding integrated services across enhanced markets, driving double-digit revenue growth despite a flat housing market. Key initiatives include immersive listings, a growing rentals marketplace, and leveraging AI for both consumers and professionals, with execution and operational excellence as top priorities.
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Q1 2025 delivered 13% revenue growth, record rentals performance, and GAAP profitability, with strong cost discipline and expanding enhanced markets. Full-year guidance reaffirms low to mid-teens revenue growth, ~40% rentals growth, and margin expansion.
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Management outlined a path to $5 billion revenue and 45%+ EBITDA margins, driven by for-sale, rentals, and technology investments. Enhanced Markets and partnerships are expanding reach, while disciplined cost management supports margin growth and a 2025 GAAP profitability target.
Fiscal Year 2024
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Delivered 17% Q4 and 15% full-year revenue growth in 2024, outpacing a sluggish housing market. EBITDA margin expanded by 200 basis points, with strong gains in rentals and mortgages. 2025 guidance calls for continued double-digit growth, margin expansion, and positive GAAP net income.
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Q3 saw 17% revenue growth, driven by integrated transaction strategies and rapid expansion of real-time touring. Rentals business is scaling with increased inventory and multifamily advertisers, while cost discipline and capital returns remain priorities. Enhanced Markets and product innovation are set to drive long-term growth.
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Q3 2024 revenue rose 17% year-over-year, with strong growth in residential, rentals, and mortgages, and margin expansion driven by cost discipline and tech innovation. Enhanced markets and digital solutions fueled outperformance, while guidance calls for continued double-digit growth and margin gains.
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Double-digit revenue growth and margin expansion are being driven by investments in enhanced markets, rentals, and mortgage services. The company is leveraging its dominant audience share, technology, and high-quality agent network to outperform the housing market and expand transaction share, with a clear path to further growth in rentals and adjacent services.
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Q2 2024 revenue grew 13% year-over-year to $572M, with strong gains in rentals and mortgages, and EBITDA margin expanded to 23%. Enhanced Markets and product innovation drove outperformance despite macro headwinds, and leadership transitioned to a new CEO.
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Shareholders reelected four directors, ratified Deloitte & Touche as auditors, and approved executive compensation on an advisory basis. All proposals passed by majority vote, and no questions were raised during the Q&A session.