EarningsQ2 2026 Earnings Report
MX:ZG Q2 2026 EPS Results
Actual EPS$9.44
Consensus EPS$8.12
Beat/MissBeat by +$1.33
One Year Ago EPS$7.26
MX:ZG Q2 2026 Revenue Results
Actual Revenue$14.02B
Expected Revenue$13.77B
Beat/MissBeat by +$249.80M
YoY Revenue Growth+17.86%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:ZG Upcoming Earnings
Zillow Group Class A's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ZG 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 presented a predominantly positive operational and financial picture: strong top-line growth (18% YoY), solid EBITDA and adjusted net income, rapid mortgage and rentals acceleration, meaningful AI-driven engagement gains, and a clear strategic shift to an integrated preferred monetization model that is already increasing revenue per connection. Near-term headwinds are acknowledged — principally revenue mix and timing effects from migrating connections to preferred (shifting revenue into mortgages and delaying recognition), seasonal patterns that depress Q4 for-sale comparables, a softer mortgage origination market, restructuring costs and modest GAAP loss, plus ongoing legal/regulatory noise. Management framed these as expected, transitory impacts and emphasized improving unit economics at Zillow Home Loans, cost discipline, capital returns, and long-term margin targets. Overall, the positives around growth, margins, product engagement, and strategic direction materially outweigh the near-term timing and market challenges, though investors should model the multi-quarter recognition and seasonality effects when assessing near-term revenue trends.Company Guidance
Strong Quarterly Revenue and Growth
Total revenue of $772M in Q2, up 18% year-over-year and above outlook; for-sale revenue $549M, up 14% YoY.
Robust Profitability and Margins
EBITDA of $176M in Q2 with a 23% EBITDA margin, both above the high end of outlook; adjusted net income of $118M and diluted adjusted net income per share of $0.52 vs $0.40 a year ago.
Mortgage Business Acceleration
Mortgages revenue accelerated 75% YoY to $84M in Q2; purchase loan origination volume grew 95% YoY; Zillow Home Loans now a top-25 purchase lender with positive per-unit economics.
High Rentals Momentum
Rentals revenue $209M, up 31% YoY; multifamily revenue up 42% YoY; 2.8M average monthly rental listings and an all-time high of 79k multifamily properties (up 23% YoY).
AI Mode Driving Engagement
AI Mode (live to ~20% of signed-in users) yields >3x time on site, >2x homes viewed, ~3x searches and ~3x agent contacts for users vs non-users; renters using AI Mode request tours ~3x and submit applications ~2x the rate.
Preferred Monetization and Revenue Per Connection
61% of connections are to preferred partners; preferred model generated 23% more revenue per connection in 2025 vs legacy ad model and is expected to be ~35% by end of 2026 as company targets >75% of connections to preferred.
Product and Agent Tools Traction
Follow-up Boss had 138k monthly-active users in Q2, up 21% YoY; Showcase is on ~5% of new listings and agents using Showcase on most listings win ~35% more listings.
Healthy Cash Generation and Capital Return
Year-to-date free cash flow of $223M, up 19% YoY; repurchased $200M in Q2 and $826M YTD, reducing shares outstanding from 240M to 225M; remaining buyback authorization ~$1.1B.
Cost Discipline and Efficiency Actions
Recorded $36M of restructuring costs in Q2 tied to a ~7% workforce reduction; expected $75M annualized EBITDA cost savings from Q2 run rates and aggregate $140M including reduced hiring.
Full-Year and Mid-Cycle Targets
Maintained 2026 revenue guidance of $2.92B–$2.96B (mid-teens growth) and EBITDA guidance of $730M–$760M; reiterated mid-cycle targets (45% EBITDA margin, 25% net income).
MX:ZG 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