# ZG earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ZG) · [Earnings tab](https://www.lopjlb.com/stock/ZG?tab=earnings) Updated: 2026-08-05T06:30:26 Quarters analyzed: 8 ## Cross-quarter narrative Across the series of Zillow earnings CallCards, the company consistently posted double‑digit revenue growth and expanding EBITDA margins, moving from a 23% margin in Q2 2024 to 24% by Q2 2025 and maintaining mid‑teens growth guidance through 2026. Early calls emphasized the rollout of Enhanced Markets, Real‑Time Touring and the BuyAbility launch, with those initiatives remaining on‑track while Showcase adoption grew from a few percent of listings to over 3% by Q3 2025. Rental demand emerged as a steady growth engine, highlighted as robust in Q4 2025 and Q1 2026. The Redfin partnership debuted in late‑2024 and persisted as a strategic pillar, though management repeatedly flagged its cost impact. Macro‑related concerns shifted from a broad real‑estate slowdown to specific affordability and inventory constraints, and later to cost‑inflation pressures and legal exposure. By Q4 2025 Zillow achieved full‑year profitability and introduced AI‑driven tools and Zillow Pro, signaling a move toward higher‑margin digital products. Guidance remained anchored in mid‑teens revenue growth, while the firm continued share repurchases and debt reduction to shore up liquidity. ## Latest CallCard · Q1 Zillow Q1 revenue +18% YoY near high end, EBITDA beat; mid-teens full-year guide intact despite flat housing market; AI mode live to 5% users, Preview expanding to 60+ brokerages, mortgages +96% YoY.','tone':{'mgmt':0.7,'mgmt_rationale':'Management emphasizes consistent execution, margin expansion, **Guidance:** vague **Tone:** mgmt 0 · Q&A pressure 0 · divergence 0 ## Quarter one-liners - **2026 Q1:** Zillow Q1 revenue +18% YoY near high end, EBITDA beat; mid-teens full-year guide intact despite flat housing market; AI mode live to 5% users, Preview expanding to 60+ brokerages, mortgages +96% YoY.','tone':{'mgmt':0.7,'mgmt_rationale':'Management emphasizes consistent execution, margin expansion, - **2025 Q4:** Zillow posted 18% Q4 revenue growth, achieved full‑year profitability and GAAP net income, and reaffirmed mid‑teens revenue growth guidance for 2026 while highlighting strong Rentals expansion and enhanced‑market rollout. - **2025 Q3:** Zillow Q3 revenue $676M (+16% YoY), EBITDA $165M (24% margin), Rentals +41%, For Sale +10% outperforming market; launched Zillow Pro, Showcase at 3.2% listings, on track for mid-teens 2025 growth.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management emphasizes consistent execution, outperformance vs - **2025 Q2:** Zillow Group posted double‑digit revenue growth and positive net income in Q2, beat outlook, and reaffirmed mid‑teens full‑year growth while expanding rentals, enhanced markets and AI tools. - **2025 Q1:** Zillow beat Q1 estimates with 13% revenue growth, 26% EBITDA margin, and first GAAP profit; reaffirmed low-to-mid-teens full-year growth driven by Rentals, Enhanced Markets, and Showcase despite affordability headwinds. Rocket/Redfin deal seen as validation of integrated strategy. Redfin partnership - **2024 Q4:** Zillow Q4 revenue $554M (+17% YoY), FY24 $2.2B (+15%), EBITDA margin +200bps to 22%; guides Q1 revenue $575-590M (+10% YoY), FY25 low-mid teens growth, positive GAAP income; Enhanced Markets 21%→35% connections, Showcase 1.7% listings, Rentals 50k multifamily properties, Redfin partnership $100M upf - **2024 Q3:** Zillow Q3 revenue $581M (+17% YoY) beats outlook, outperforms industry; EBITDA $127M (22% margin); Enhanced Markets at 43, Showcase at 1.5% of new listings, mortgage origination volume +80% YoY; Q4 guide 12% revenue growth, 18% EBITDA margin.','tone':{'mgmt':0.7,'mgmt_rationale':'Management emphasiz - **2024 Q2:** Zillow posted a strong Q2 with 13% revenue growth, expanding rentals and mortgages, while rolling out Enhanced Markets and maintaining cost discipline amid a challenging macro backdrop. ## Theme arcs - **Revenue Growth** (improving): YoY revenue growth stayed in the 13‑18% range each quarter, supporting mid‑teens guidance. - **Margin Expansion** (improving): EBITDA margin rose from 23% to 26% then settled near 24% with disciplined cost control. - **Rental Demand** (stable): Rental listings and traffic consistently described as strong, driving a key revenue pillar. - **Enhanced Markets Expansion** (improving): Connections grew from rollout to 35% of listings, remaining on‑track. - **Redfin Partnership** (new): Introduced in late‑2024, persisted as a growth and cost‑risk factor. - **Macro Affordability Concerns** (deteriorating): Repeatedly cited as a headwind from 2024 through 2026. - **Cost Inflation** (new): Variable expense growth outpacing revenue noted from Q2 2025 onward. - **Legal Challenges** (new): RESPA lawsuits surfaced in Q4 2025 with margin impact. - **AI Product Adoption** (new): AI mode live to 5% of users and Preview expansion announced Q1 2026. - **Competition** (stable): Competitive pressure on rentals and advertising noted throughout. ## Fear persistence - **Macro real‑estate slowdown / affordability** [recurring]: Cited from 2024 Q2 through 2026 Q1 as a primary headwind. - **Mortgage rate / origination volatility** [recurring]: Mentioned in 2024 Q2 and again in 2025 Q2. - **Commission regulation uncertainty** [resolved]: Only appears in 2024 Q2. - **Competitive pressure** [recurring]: Repeated references to rivals in rentals and advertising. - **Agent concentration risk** [resolved]: Raised in 2024 Q2, not mentioned later. - **Variable expense / cost inflation** [recurring]: First noted Q2 2025, persists through 2025 Q4. - **Legal challenges (RESPA)** [new]: Appears in 2025 Q4 with projected margin headwind. - **Listing‑distribution consolidation risk** [new]: Noted in 2025 Q4 as low‑risk but monitored. ## Guidance path 2024 Q2:maintained → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:raised → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/ZG`