Zillow Group reported third-quarter 2025 revenue of $676 million, up 16% from $581 million in the same quarter of 2024. The quarter ended September 30, 2025, and the results were announced October 30, 2025. Two businesses did most of the lifting: Rentals revenue rose 41%, and Mortgages revenue rose 36%. Zillow also said total revenue came in above its outlook range.
These are historical figures. Zillow has since reported later quarters, which are covered briefly near the end of this article.
How the $676 million breaks down
Zillow reports its revenue in segments. The table below uses the company’s rounded figures from its third-quarter 2025 release. The share column is our calculation from those rounded amounts.
| Segment | Q3 2025 revenue | Approximate share of total | Notes from the release |
|---|---|---|---|
| For Sale | $488 million | 72% | Made up of Residential ($435 million) and Mortgages ($53 million) |
| Rentals | $174 million | 26% | Up 41% year over year |
| Other | $14 million | 2% | Reported as a separate segment |
| Total | $676 million | 100% | Up 16% year over year from $581 million |
Mortgages sits inside For Sale in this table. Add it once, not twice, when reconciling the segments to the total.
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Rentals: multifamily revenue drove the growth
Rentals revenue rose 41% to $174 million, which grew faster than total revenue. Zillow attributed this primarily to multifamily revenue growth of 62%. That is the company’s own explanation of its results, not an independently verified cause.
Mortgages: revenue and loan volume are different measures
Mortgages revenue rose 36% to $53 million. Zillow attributed this primarily to a 57% increase in purchase-loan origination volume, which reached $1.3 billion.
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The two numbers should not be read as the same thing. Revenue is what Zillow earned from its mortgage business. Origination volume is the dollar value of purchase loans originated, and it does not show how much of that value turned into Zillow revenue.
Traffic and the market comparison
Zillow reported an average of 250 million monthly unique users and 2.5 billion visits in the quarter. It said its app and website traffic rose 7% year over year, and visits rose 4%.
Zillow also compared its 16% revenue growth with growth of roughly 5% in residential real-estate total transaction value. That comparison is Zillow’s own calculation, based on existing-home sales and average prices, with reference to data from the National Association of Realtors. It is not a standard independent market index, so treat it as the company’s framing.
Profit: GAAP net income versus Adjusted EBITDA
The release reports two profit-related measures that are defined differently and should not be treated as interchangeable.
| Measure | Q3 2025 figure | Status |
|---|---|---|
| GAAP net income | $10 million | GAAP measure |
| Adjusted EBITDA | $165 million, or 24% of revenue | Non-GAAP. Zillow states it is not calculated or presented in accordance with GAAP. |
| Cash and investments | $1.4 billion at quarter-end | Up from $1.2 billion at the end of Q2 2025 |
The gap between $10 million of net income and $165 million of Adjusted EBITDA is large. Readers comparing Zillow with other companies should check how each measure is defined before drawing conclusions.
What management said
In the October 30, 2025 release, Zillow Chief Executive Officer Jeremy Wacksman said: “Zillow’s Q3 results show how well we’re delivering on our mission to make buying, selling, financing and renting easier.”
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What came after the quarter
Zillow’s fourth-quarter and full-year 2025 release, published February 10, 2026, reported Q4 2025 revenue of $654 million, which was below the Q3 level. Full-year 2025 revenue was $2.583 billion.
Zillow’s investor relations overview, as displayed when accessed October 8, 2026, shows Q2 2026 revenue of $772 million and 239 million average monthly unique users for that quarter. This article does not cover any later quarter, and the Q3 2025 figures above should not be read as Zillow’s most recent results.
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Sources and limits
- The headline revenue, segment figures, GAAP net income, Adjusted EBITDA, cash, and traffic numbers come from Zillow’s October 30, 2025 release for the quarter ended September 30, 2025.
- The explanations for Rentals and Mortgages growth are management’s, as stated in that release.
- Adjusted EBITDA is a non-GAAP measure and is not a substitute for GAAP net income.
- The market comparison uses Zillow’s own calculation and stated basis.
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