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Zillow shares rose more than 18% in early trading after its Q2 2024 earnings release, according to GeekWire. The report linked the move to both the results and co-founder Rich Barton’s planned handover of the CEO role to longtime executive Jeremy Wacksman. Zillow’s mortgage business also showed sharp growth, even as home sales remained slow. The early-trading figure describes a 2024 stock move; it is not a current share-price gain or a measure of revenue growth.
What happened to Zillow stock?
GeekWire reported that Zillow shares were up more than 18% in early trading on the Thursday following the company’s Q2 2024 earnings release. The report connected the reaction to the earnings news and the announcement that co-founder Rich Barton would hand the CEO role to Jeremy Wacksman, then a longtime Zillow executive. It does not establish the stock’s precise closing return for the day.
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The headline’s 18% refers to the share-price move reported in 2024. It should not be confused with Zillow’s later revenue growth, which is a different metric measured over a different period.
What in the Q2 2024 results drew attention?
The contemporaneous report highlighted mortgage activity: mortgage revenue rose 42% to $34 million, while purchase loan origination volume increased 125%. Those figures point to momentum in Zillow’s mortgage business, but they do not show that mortgage growth alone caused the stock’s move. The report also included the CEO succession news, and the headline framed the results against slow home sales. GeekWire’s account of the Q2 2024 event is the source for the early-trading figure and those mortgage results.
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How do the later revenue figures compare?
Zillow’s subsequent reports provide operating context, not a retroactive explanation for the 2024 share-price reaction. The table separates the reported periods and metric types.
| Period | Metric | Reported result |
|---|---|---|
| Q2 2024 | Share price and mortgage activity | Shares rose more than 18% in early trading; mortgage revenue was $34 million, up 42%, and purchase loan origination volume grew 125%, as reported by GeekWire. |
| Full-year 2025 | Company revenue and Rentals | Revenue was $2.6 billion, up 16% year over year; Rentals revenue was $630 million, up 39%, according to Zillow’s 2025 Form 10-K. |
| Full-year 2025 | Loan originations | Total loan origination volume was $4.8 billion, up 52% from $3.1 billion in 2024, according to the 2025 Form 10-K. |
| Q2 2026 | Total revenue | $772 million, up 18% year over year. |
| Q2 2026 | Mortgage revenue | $84 million, up 75% year over year. |
| Q2 2026 | Rentals revenue | $209 million, up 31% year over year; multifamily revenue grew 42%. |
The Q2 2026 results are reported in Zillow’s Q2 2026 financial results. Zillow said the residential real-estate industry grew 6% in that quarter, while its estimate of industry purchase mortgage origination volume was approximately flat year over year. These company-reported operating measures describe the later business environment; they do not imply a particular stock valuation or explain the earlier trading jump.
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What the 18% headline does—and does not—mean
- It is a dated market move: the figure refers to Zillow shares in early trading after Q2 2024 results, not a current performance figure.
- It is not revenue growth: Zillow’s Q2 2026 total revenue also rose 18%, but that is a separate year-over-year operating metric.
- It is not a full-day return: the contemporaneous report gives an early-trading rise of more than 18%, not a closing price comparison.
- It is not attributable to one factor alone: the report connected the reaction with earnings and CEO succession news and noted strong mortgage activity; it does not isolate the contribution of each.
In the full-year 2025 earnings release, CEO Jeremy Wacksman said Zillow had achieved its reported financial targets, including positive net income, while continuing to gain share in For Sale and Rentals. That management statement appears in Zillow’s Q4 and full-year 2025 earnings release; it describes the company’s later results, not the cause of the 2024 share move.
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