ZG earnings analysis
What we found in ZG's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Zillow Group positions itself as a transaction-focused residential real estate platform executing an "integrated-transaction" strategy centered on Enhanced Markets, Zillow Preferred and new agent products (Zillow Pro) while expanding its rentals marketplace and mortgage product offerings. Key operating metrics in the filing show a large data/traffic moat (approximately 173 million U.S. homes in its database; 259 million unique users in July 2025; ~9.6 billion visits in 2025) and material momentum in rentals (2.4 million average monthly active rental listings, including 72,000 multifamily properties, up 44% vs. Dec 31, 2024). The 10-K also discloses recent capital structure changes (new $500 million revolving credit facility dated January 30, 2026, maturity Jan 30, 2031; multiple convertible senior notes described as fully settled) and emphasizes persistent regulatory, data access and financing risks for Zillow Home Loans.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Large proprietary data asset
- Company reports a "living database of approximately 173 million U.S. homes" which underpins its Zestimate and other models.
- High traffic and brand scale
- Filing states Zillow Group attracted an annual monthly high of 259 million unique users in July 2025 and approximately 9.6 billion visits in 2025.
- Strong rentals marketplace growth
- Zillow Rentals had 2.4 million average monthly active rental listings as of December 31, 2025, including 72,000 multifamily properties, a 44% increase compared to December 31, 2024.
- Reliable Zestimate accuracy on listed homes
- Filing discloses the Zestimate had a median error rate of 1.8% for homes listed for sale (and 7.2% for off-market homes) during 2025.
- Enhanced Markets / product integration momentum
- Connections (leads) delivered to agent partners through the Enhanced Market experience exited the year at "over 40%," and Zillow Home Loans had "double-digit" customer adoption rates across Enhanced Markets.
- Access to committed credit
- Glossary discloses a new "Revolving Credit Facility" of $500 million with maturity date January 30, 2031, pursuant to a credit agreement dated January 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on listing and data providers
- 10-K warns about "our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile apps and websites; or changes to our rights to use or timely access listing data, or to the quality or quantity of such listing data."
- Regulatory and industry rule risk (NAR/MLS)
- Filing states risk from "our ability to comply with current and future rules and requirements promulgated by NAR, MLSs, or other real estate industry groups or governing bodies," which could affect operations and traffic.
- Mortgage financing and Zillow Home Loans exposure
- 10-K identifies risk tied to Zillow Home Loans including "the ability to obtain or maintain sufficient financing to fund the origination of mortgages, meet customers' financing needs... and resell originated mortgages on the secondary market."
- Cybersecurity and technology disruption
- Risk factors include "our ability to maintain adequate security controls or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties."
- Capital structure changes / financing risk
- Glossary notes the 2024, 2025 and 2026 convertible senior notes (the "2024 Notes", "2025 Notes", "2026 Notes") were fully settled (2024 Notes in September 2024; 2025 Notes in May 2025; 2026 Notes in December 2024), and the company now has a $500 million Revolving Credit Facility (credit agreement dated January 30, 2026) — a materially changed financing profile that creates new funding and covenant considerations.
- Macroeconomic housing headwinds
- Management cites a macro housing environment with "low housing inventory, elevated and volatile mortgage rates, home price fluctuations and inflationary conditions," noting these have limited for-sale housing supply and affected demand and revenue mix.
What they reported.
What the company itself reported, taken out of the document.
- Segment
- For Sale / agent & transaction services (Premier Agent, Zillow Preferred, Zillow Pro)
- Segment
- Rentals (Zillow Rentals marketplace, advertising, property management/leasing tools)
- Segment
- Zillow Home Loans (mortgage origination and marketplace / secondary market sales)
- Segment
- Software & subscription (Follow Up Boss, Zillow Workspace, ShowingTime, dotloop)
What they said about what is next.
This 10-K does not provide explicit numeric annual revenue or EPS guidance. The filing contains forward-looking statements but does not include numeric guidance; management historically provides numeric outlook in contemporaneous earnings releases and calls.
The filing reads about the same as the one before it.
What came before.
- 10-Q · October 30, 2025
- Zillow Group reported Q3 revenue of $676.0 million (up $95.0 million, +16.3% vs Q3 2024) and GAAP net income of $10 million (basic/diluted EPS $0.04) versus a loss of $20 million (EPS $(0.08)) in Q3 2024. Gross profit…
- 10-Q · August 6, 2025
- Zillow reported Q2 2025 revenue of $655 million, up $83 million (14.5%) versus $572 million in Q2 2024, driven by growth in Rentals and Mortgages. Gross profit rose to $489 million but gross margin compressed to ~74.66%…
- 10-Q · May 7, 2025
- Zillow Group reported Q1 2025 revenue of $598.0M, up $69.0M (13.0%) versus $529.0M in Q1 2024, driven by growth in Rentals and Mortgages. Gross profit rose to $459.0M (gross margin ~76.8%) and the company returned to…
- 10-Q · November 6, 2024
- Zillow Group reported Q3 (three months ended September 30, 2024) revenue of $581.0M, up $85.0M (17.1%) versus $496.0M in Q3 2023, with gross profit rising to $441.0M. GAAP results remain a loss but improved: loss from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ZG makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever