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Zillow Group reported $554 million in revenue for the fourth quarter of 2024, up 17% from a year earlier, and said results were $21 million above the midpoint of its guidance. The company’s February 2025 agreement with Redfin extended Zillow’s multifamily rental listings across Redfin’s rental sites. That distribution deal later drew Federal Trade Commission scrutiny over whether it restricted competition in rental-listing advertising.
What Zillow reported for Q4 and full-year 2024
In its February 2025 earnings release, Zillow Group reported fourth-quarter 2024 revenue of $554 million, up 17% year over year. The company said revenue was $21 million above the midpoint of its guidance. For all of 2024, revenue totaled $2.2 billion, a 15% increase from 2023.
These figures describe Zillow Group’s overall revenue, not rentals revenue alone. The Redfin agreement was announced after the quarter ended, so it did not produce the Q4 2024 results.
What the February 2025 Redfin agreement included
On February 6, 2025, Zillow and Redfin entered a multifamily rental-listings partnership. Under the original arrangement, Zillow became the exclusive provider of listings for properties with 25 or more units on Redfin’s sites, including Rent.com and ApartmentGuide.com.
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Zillow’s 2025 Form 10-K described a $100 million upfront payment and additional payments for leads. The agreement had an initial five-year term, with two optional two-year extensions. The arrangement gave Zillow access to Redfin’s rental-site audience while making Zillow the source of the covered multifamily listings on those sites.
Why the FTC challenged the arrangement
The FTC focused on competition in advertising for rental listings. Its position was that the agreement restricted Redfin’s ability to independently sell rental advertising and serve rental advertisers. That is the agency’s allegation and rationale for seeking relief; it is not a court finding that the companies violated antitrust law.
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The companies’ original deal centered on Zillow supplying listings for Redfin’s rental platforms. The competition question was whether that supply arrangement also limited Redfin’s ability to pursue its own rental-advertising customers and listings. The FTC’s proposed remedy was designed to preserve Zillow’s listing distribution while reopening that independent option for Redfin.
What changed in Zillow’s 2025 rentals results
In February 2026, Zillow reported full-year 2025 Rentals revenue of $630 million, up 39% year over year. Fourth-quarter 2025 Rentals revenue was $168 million, up 45%, according to the company’s Q4 2025 earnings exhibit. These are company-reported results; they should not be attributed to the Redfin agreement alone.
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On August 24, 2026, the FTC announced it had notified the court that it would file a stipulated order to resolve its litigation with Zillow and Redfin. The FTC’s announcement described a proposed resolution, and the agency’s case page listed the case as pending as of October 8, 2026. The proposal had not yet taken effect.
If entered by the court, the proposed order would require Redfin to restart rental advertising within six months. To do so, Redfin would need to build a functioning listing-upload portal and billing system, staff the business, and advertise it. The proposal also requires Zillow to give certain advertising customers a limited opportunity to renegotiate contracts after Redfin restarts.
The proposed order would not end Zillow’s listing distribution on Redfin’s sites. Instead, its stated design is to allow Zillow listings to continue to be syndicated while Redfin can once again seek its own rental-advertising customers and listings. The FTC described the intended benefit as more choice and competition for property managers and renters. FTC Bureau of Competition Director Daniel Guarnera said: “This settlement delivers better, quicker, more certain results for both renters and property management companies than we would have been able to achieve after prevailing at trial, including firm and enforceable commitments by Redfin to relaunch its rentals advertising business.”
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