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SEATTLE - Zillow Group, Inc. (NASDAQ:ZG) reported third-quarter earnings that exceeded analyst expectations, with revenue climbing 16% year-over-year as the company outperformed the broader real estate market. The stock rose 1% following the announcement.
For the quarter ended September 30, 2025, Zillow posted adjusted earnings per share of $0.44, slightly above the analyst estimate of $0.43. Revenue reached $676 million, surpassing the consensus estimate of $670.1 million and significantly outpacing the residential real estate industry’s total transaction value growth of approximately 5%.
The company’s performance was particularly strong in its Rentals segment, where revenue jumped 41% YoY to $174 million, driven by a 62% increase in multifamily revenue. Mortgages revenue also saw substantial growth, rising 36% YoY to $53 million, primarily due to a 57% increase in purchase loan origination volume to $1.3 billion.
"Zillow’s Q3 results show how well we’re delivering on our mission to make buying, selling, financing and renting easier," said Zillow Chief Executive Officer Jeremy Wacksman. "What drives our success is that we deliver exceptional consumer and partner experiences, relentlessly innovate with our products, and consistently execute well on our integrated-transaction strategy."
The company reported net income of $10 million, representing a 400-basis-point improvement in net income margin YoY. Adjusted EBITDA reached $165 million with a 24% margin, up more than 200 basis points from the same period last year.
Zillow’s Residential revenue increased 7% YoY to $435 million, benefiting from growth across agent and software offerings and within the New Construction marketplace. Traffic to Zillow’s platforms grew 7% YoY to 250 million average monthly unique users, while visits increased 4% to 2.5 billion during the quarter.
The company ended the quarter with $1.4 billion in cash and investments, up from $1.2 billion at the end of the second quarter, demonstrating continued financial strength and operational efficiency.
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