Filing Flows › Zillow Group (ZG) › Q1 2026
Zillow Group (ZG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Zillow Group (ZG) reported revenue of $708M for the first quarter 2026 (Q1 2026), +18% from a year earlier and +8% from the quarter before. Operating margin was 5.1%, net earnings $46.0M (6.5% of revenue).
Zillow Group, Q1 2026: revenue $708M (+18% year over year), operating margin 5.1%, net earnings $46.0M, operating cash flow $200M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $708M | +8% | +18% |
| Gross profit | $519M | +9% | +13% |
| Operating profit | $36.0M | — | — |
| Net earnings | $46.0M | 15× | +475% |
| Operating cash flow | $200M | +178% | +92% |
| Free cash flow | $166M | +277% | +144% |
What changed
Revenue was $708.0M in Q1 2026, up 18% year over year and up 8% from the previous quarter. Residential was the largest line at 64% of revenue. Rentals added $54.0M year over year (up 42%), 49% of the total change.
Gross margin was 73.3%, down 3.5 points from Q1 2025. Operating profit was $36.0M, a 5.1% margin (up 6.6 points year over year). Operating expenses grew 3% against revenue growth of 18%. Net earnings were $46.0M, up 475% year over year. The effective tax rate was 4.2%. Non-operating items added $12.0M, 25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $200.0M (up 92% year over year), 435% of net earnings. Non-cash charges added back $65.0M of depreciation and amortization and $81.0M of share-based compensation. Capital expenditures of $34.0M left free cash flow of $166.0M.
Questions
What was Zillow Group's revenue in the first quarter 2026?
Zillow Group (ZG) reported revenue of $708M for the first quarter 2026 (Q1 2026), +18% from a year earlier and +8% from the quarter before.
Was Zillow Group profitable in the first quarter 2026?
Operating profit was $36.0M (5.1% of revenue) and net earnings $46.0M.
Source: Zillow Group 10-Q on SEC EDGAR.