Zillow Group reported Q3 2025 earnings, showing total revenue of $676 million, a 16% year‑over‑year increase. For Sale revenue rose 10% to $488 million, driven by growth in Premier Agent, software offerings, and the New Construction marketplace. Mortgages revenue increased 36% to $53 million, reflecting higher originations amid a favorable interest‑rate environment. Rentals revenue grew 41% to $174 million, supported by expanded listings, subscription services, and increased user engagement on the platform.
The company posted GAAP net income of $10 million, or $0.04 per share, compared with a $20 million loss in Q3 2024. Adjusted EBITDA reached $165 million, up 24% from $127 million in Q3 2024. Net income for Q2 2025 was $2 million, indicating a positive trend from the prior quarter.
Management emphasized the progress of Zillow’s housing‑super‑app strategy, noting that the company is capturing a larger share of transaction value beyond advertising. The firm highlighted its focus on scaling rentals and mortgage origination as key drivers of future growth.
Zillow’s Q3 2025 results outpaced the residential real‑estate industry’s total transaction value growth of roughly 5%, suggesting the company is gaining market share. The company’s mobile apps and website continue to see strong user engagement, with 250 million average monthly unique users and 2.5 billion visits in Q3 2025, up 7% and 4% year‑over‑year respectively.
The company also faced ongoing legal scrutiny, including a lawsuit from the FTC and state attorneys general over its rental agreement with Redfin, which could impact future operations.
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