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Zillow Group (ZG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Zillow Group (ZG) Q3 2026 earnings results →
Q3 2026 Revenue up 7% year over year to $724M · 22¢ of every $1 of revenue lost · operating margin -22.2%
Zillow Group made $724M in Q3 2026 (+7% Y/Y): Sales Revenue $489M, Rentals $220M, Other $15.0M. Operating margin -22.2%, net loss $158M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $724.0M in Q3 2026, up 7% year over year and down 6% from the previous quarter. Residential was the largest line at 58% of revenue. Rentals added $46.0M year over year (up 26%), 96% of the total change. Residential declined 4%.
Gross margin was 71.3%, down 1.4 points from Q3 2025. Operating costs exceeded revenue by $161.0M, an operating margin of -22.2%. Operating expenses grew 37% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+1500%). The quarter ended with a net loss of $158.0M, wider than the previous quarter's $4.0M loss.
Operating cash flow was $162.0M (up 54% year over year). Non-cash charges added back $64.0M of depreciation and amortization and $86.0M of share-based compensation. Working capital and other items added $170.0M. Capital expenditures of $34.0M left free cash flow of $128.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $724M | +7% | -22.2% | −$158M | $162M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $772M | +18% | -1.3% | −$4.0M | $11.0M |
| Q1 2026 | 10-Q | May 6, 2026 | $708M | +18% | 5.1% | $46.0M | $200M |
| Q4 2025 | 10-K | Feb 11, 2026 | $654M | +18% | -1.7% | $3.0M | $72.0M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $676M | +16% | -0.4% | $10.0M | $105M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $655M | +14% | -1.7% | $2.0M | $87.0M |
| Q1 2025 | 10-Q | May 7, 2025 | $598M | +13% | -1.5% | $8.0M | $104M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Zillow Group
We are reimagining residential real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States 1 , Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow’s ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
In its own words, from its 10-K, filed Feb 11, 2026.
Zillow Group against its Services-Business Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +10%. Operating margin: -22.2% against the peers' median 9.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZG Zillow Group | Q3 2026 | $724M | +7% | -22.2% |
| ACN Accenture | Q4 FY26 | $18.7B | +6% | 15.3% |
| UBER Uber Technologies | Q3 2026 | $14.8B | +10% | 9.8% |
| V Visa | Q4 FY26 | $12.1B | +13% | 59.8% |
| MELI MercadoLibre | Q3 2026 | $10.8B | +45% | 6.3% |
| MA Mastercard | Q3 2026 | $9.8B | +14% | 59.8% |
| PYPL PayPal Holdings | Q3 2026 | $8.6B | +2% | 16.3% |
| FISV Fiserv | Q3 2026 | $5.2B | -1% | -105.7% |
| DASH DoorDash | Q3 2026 | $4.6B | +34% | 9.6% |
Source: Zillow Group 10-Q on SEC EDGAR · CIK 1617640 · Services-Business Services, NEC
Guidance and outlook
13F: who owns ZG and who is buying
More on ZG
- How Zillow Group makes money: revenue by segment
- Zillow Group next earnings date and what analysts expect
- Zillow Group stock forecast, price target and fair value
- Who owns Zillow Group stock: holders, funds and Congress trades
- Zillow Group guidance and outlook
- Is Zillow Group a takeover target? LBO and rumors
- Zillow Group recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results