Zillow Group, Inc. Class A (ZG) Earnings
Zillow Group, Inc. Class A is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.44. ZG has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +4.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.43 | $0.53 | +23.3% | $708M | +0.4% |
| Oct 30, 2025 | $0.42 | $0.44 | +3.9% | $676M | +0.9% |
| Aug 6, 2025 | $0.44 | $0.40 | -9.1% | $655M | -1.7% |
| May 1, 2024 | $0.36 | $0.36 | +0.0% | $529M | +4.0% |
| Feb 13, 2024 | $0.12 | $0.20 | +66.7% | $474M | +5.1% |
| Nov 1, 2023 | $0.21 | $0.33 | +57.1% | $496M | +3.2% |
| Aug 2, 2023 | $0.18 | $0.39 | +116.7% | $506M | +7.2% |
| May 3, 2023 | $0.15 | $0.35 | +133.3% | $469M | +10.3% |
| Feb 15, 2023 | $0.10 | $0.21 | +110.0% | $435M | +4.9% |
| Nov 2, 2022 | $0.15 | $0.38 | +153.3% | $483M | +5.4% |
| Aug 4, 2022 | $0.41 | $0.47 | +14.6% | $1.0B | +2.5% |
| May 5, 2022 | $0.27 | $0.49 | +81.5% | $4.3B | +26.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Q1 was a quarter of consistent execution with revenue near high end of outlook and EBITDA above outlook. Strategy is to connect the entire housing journey. • For Sale: Integration improves outcomes; buyability tool has 4.3 million users, purchase loan origination volume grew 96% to $1.5 billion, Zillow Preview and Showcase are marketing tools for sellers, Zillow Pro is in beta. • Rentals: Building a comprehensive 2-sided marketplace; reached 76,000 multifamily properties, attracted 36 million unique visitors, launched tools like total monthly price feature and paid social product. • AI: Debuted consumer-facing AI mode experience with early encouraging signals, using AI to accelerate strategy across products and internally.
Guidance
• Q2 outlook: Total revenue expected $750M - $765M, For Sale revenue similar to Q1 with mid-single-digit residential growth, rentals revenue ~30% growth, EBITDA $150M - $165M. • Full year 2026: Mid-teens total revenue growth, ~30% rentals revenue growth, EBITDA margin expansion; share-based compensation expense expected down >15% year-over-year; variable cost growth to trend with revenue growth by year-end; advertising spend to accelerate consumer awareness with modest growth.
Segment performance
Total revenue increased 18% year-over-year in Q1 to $708 million. For Sale revenue grew 12% year-over-year to $514 million, with residential revenue up 8% to $450 million and mortgages revenue up 56% to $64 million. Rentals revenue was up 42% year-over-year to $183 million, driven by 57% growth in multifamily revenue. For Sale's residential revenue growth was due to expansion of Zillow Preferred, Zillow Showcase, and new construction; mortgages revenue growth was from accelerated purchase loan origination volume. Rentals growth was from more properties on the platform and best-in-class ROI for property managers.
Analyst Q&A
Q: Dig in on Preview, reception, uptake, and relationship with realtor.com.
A: Preview response more than expected, 60+ broker partners, collaboration with realtor.com extends visibility of pre-market inventory.
Q: On EBITDA guidance, cost control for margin ramp.
A: Q2 legal costs up $20M, advertising spend up $16M; back half margin expansion due to leveraging fixed costs, variable expense deceleration, less legal headwind, advertising seasonal pattern.
Q: Rentals outlook, competitive environment, AI mode lessons.
A: Rentals to continue strong growth, back half growth upper 20%; AI mode early, users having deeper conversations, higher intent customers.
Q: Resi back half confidence, mortgage margin.
A: Back half resi mid-single-digit growth, enhanced markets strategy intact; mortgage business growing, margin to improve with scale.
Q: Rentals product velocity, consumer behavior visibility.
A: Rentals posture not changing, long runway for growth; Zillow provides context across transaction, helps build best AI platform.
Q: Resi revenue growth slowdown, Preview agent/seller responses.
A: Q2 slowdown due to agent sentiment; Preview desired as public market better, strong support from brokers/agents.
Q: 2026 residential improvement, mid-teens guide.
A: Housing flat, mid-teens guide from mid-single-digit resi growth, For Sale and rentals growth