EarningsQ2 2026 Earnings Report
MX:Z Q2 2026 EPS Results
Actual EPS$9.01
Consensus EPS$7.73
Beat/MissBeat by +$1.28
One Year Ago EPS$6.93
MX:Z Q2 2026 Revenue Results
Actual Revenue$13.38B
Expected Revenue$13.14B
Beat/MissBeat by +$240.88M
YoY Revenue Growth+17.86%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:Z Upcoming Earnings
Zillow Group Class C's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:Z Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong underlying business momentum with broad-based revenue growth, meaningful AI-driven engagement gains, rapid progress in Zillow Home Loans, and disciplined cost actions. Management acknowledged near-term headwinds tied to an accelerated transition to a preferred, integrated transaction model (revenue mix shifts, timing/seasonality impacts) and recorded restructuring and litigation costs. Despite these transitional and macro risks, the company reported above-expectation results, expanded profitability metrics, clear product adoption signals, and reiterated medium-term margin targets, indicating confidence in the strategy.Company Guidance
Strong Total Revenue and Profitability
Total revenue of $772M in Q2, up 18% year-over-year and above guidance; EBITDA of $176M (23% margin) exceeded outlook; reported adjusted net income of $118M and diluted adjusted net income per share of $0.52 versus $0.40 a year ago.
For Sale Revenue Growth and Mortgage Momentum
For sale revenue grew 14% YoY to $549M; residential revenue $465M up 7% YoY; mortgages revenue accelerated 75% YoY to $84M driven by a 95% YoY increase in purchase loan origination volume.
Rentals Segment Expansion
Rentals revenue rose 31% YoY to $209M with multifamily revenue up 42% YoY; average monthly active rental listings reached 2.8M and multifamily properties hit a record 79K (up 23% YoY), supporting a path to a $1B+ rentals opportunity.
User Engagement Lift from AI Mode
AI Mode (live for ~20% of signed-in users) drives materially higher engagement: users spend >3x longer, view >2x homes, run ~3x searches and contact agents nearly 3x the rate of non-AI users; rentals users request tours ~3x and submit applications ~2x more.
Zillow Home Loans Progress
Zillow Home Loans is now a top-25 purchase lender; integrated preapproval in search shows double-digit adoption in the integrated experience; average Zillow loan officer originates ~2x the industry average of purchase loans per month; per-unit economics for ZHL are reported positive today.
Product and Platform Adoption
Follow-up Boss monthly active users reached 138K, up 21% YoY; Showcase on ~5% of new listings with agents using Showcase on the majority of their listings winning 35% more listings; 3D Home tours on 11% of new listings (30% in top-10 markets); Zillow Preview has 100+ brokerage partnerships.
Capital Returns and Liquidity
Repurchased $200M of stock in Q2 and $826M year-to-date; outstanding shares decreased to 225M from 240M; cash and investments of $682M and total liquidity of approximately $1.2B (including $500M undrawn line).
Cost Discipline and Restructuring Savings
Recorded $36M of restructuring costs in Q2 tied to eliminating ~7% of employees; expected annualized EBITDA cost savings of $75M from Q2 run rates and aggregate $140M including reduced planned headcount growth; share-based compensation expense down 24% YoY in Q2 and expected to be down >15% for the full year.
On-Track Full-Year Outlook
Reiterated full-year 2026 revenue target of $2.92B–$2.96B (mid-teens growth) and EBITDA guidance of $730M–$760M; expect ~30% rentals growth and continued EBITDA margin expansion toward mid-cycle targets (45% EBITDA margin, 25% net income).
MX:Z Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed