Overview
- Zillow posted its first full-year GAAP profit since 2012 with $23 million in net income on $2.6 billion in 2025 revenue, including $654 million in Q4, up 18% year over year.
- Growth was led by mortgages and rentals, with Q4 mortgage revenue up 39% to $57 million and rentals up 45% to $168 million; full-year rentals revenue rose 39%.
- For Q1 2026, the company guided revenue to $700–$710 million, above consensus, but projected adjusted EBITDA of $160–$175 million that trailed Wall Street expectations, and the stock fell in after-hours trading.
- Legal headwinds persist, including an FTC bid to block a $100 million rentals deal with Redfin/Rocket and other suits, though executives said they do not expect material long-term financial impact.
- Audience and market reach improved, with 221 million average monthly unique users in Q4 (up 8% year over year) and an estimated rental listings share rising to 63% in 2025; Zillow also notched a Feb. 6 courtroom win against Compass over listing rules.