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Zillow Group reported $655 million in revenue for the second quarter of 2025, up 15% from $572 million a year earlier. The results, announced August 6, 2025, cover the three months ended June 30, 2025—not Zillow’s latest quarter. Mortgages revenue grew 41% and Rentals revenue grew 36%, while Residential, Zillow’s largest reported component, rose 6%. Zillow later reported $772 million in total revenue for Q2 2026.
Why did Zillow revenue grow 15% in Q2 2025?
Zillow attributed growth to gains across its reported businesses, with particularly rapid increases in Mortgages and Rentals. Its earnings release said Mortgages revenue growth was primarily due to a 48% year-over-year increase in purchase loan origination volume, which reached $1.1 billion. Rentals growth was primarily driven by multifamily revenue, up 56% year over year. Residential growth benefited from agent and software offerings and the New Construction marketplace.
Those are company-reported drivers, not a breakdown of how many dollars each one added to total revenue. The release does not quantify each segment’s incremental contribution to the 15% companywide increase, so the faster growth rates in Mortgages and Rentals should not be treated as the sole explanation.
How much did each Zillow business earn?
Zillow reported the following Q2 2025 revenue figures and year-over-year growth rates:
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| Reported business | Q2 2025 revenue | Year-over-year change |
|---|---|---|
| Residential | $434 million | Up 6% |
| Mortgages | $48 million | Up 41% |
| Rentals | $159 million | Up 36% |
| For Sale, as reported | $482 million | Up 9% |
| Other | $14 million | Up 17% |
| Total revenue | $655 million | Up 15% |
The reported Residential, Mortgages and Rentals amounts add to the reported For Sale figure. These figures are from Zillow Group’s unaudited Q2 2025 results; they describe revenue, not profit.
What do the results say about earnings?
Zillow reported Q2 2025 GAAP net income of $2 million, equivalent to a 0% margin when rounded. It also reported adjusted EBITDA of $155 million. Adjusted EBITDA is a non-GAAP measure, so it is not interchangeable with net income and should be read alongside the company’s GAAP results and reconciliation.
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Is the 15% growth rate current?
No. The $655 million total and 15% year-over-year increase refer to Q2 2025. Zillow’s subsequent Q2 2026 earnings release, filed August 5, 2026, reported total revenue of $772 million. Rentals revenue was $209 million, up 31% year over year in that quarter. Those later figures show the company’s reported scale and Rentals growth in Q2 2026; they do not revise the historical Q2 2025 result.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How did Zillow compare with the housing market?
Zillow said its Q2 2025 revenue growth outpaced growth in residential real estate industry total transaction value. It cited two different benchmarks: 2% based on industry data tracked and estimated by Zillow, and 1% according to the National Association of REALTORS. The figures use different sources and bases, so they should be understood as separate comparisons rather than a single consensus measure.
Quick Recap
Sources and reporting basis
- Zillow Group’s August 6, 2025 earnings release provides the Q2 2025 revenue, segment growth, stated business drivers and GAAP net income. Zillow labels its results unaudited and adjusted EBITDA non-GAAP.
- Zillow Group’s Q2 2026 earnings release, filed August 5, 2026, provides the later-quarter comparison.
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