Filing Flows › Zillow Group (ZG) › Q2 2025
Zillow Group (ZG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Zillow Group (ZG) reported revenue of $655M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +10% from the quarter before. Operating margin was -1.7%, net earnings $2.0M (0.3% of revenue).
Zillow Group, Q2 2025: revenue $655M (+14% year over year), operating margin -1.7%, net earnings $2.0M, operating cash flow $87.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $655M | +10% | +15% |
| Operating profit | −$11.0M | — | — |
| Net earnings | $2.0M | -75% | — |
| Operating cash flow | $87.0M | -16% | +58% |
| Free cash flow | $50.0M | -26% | +178% |
What changed
Revenue was $655.0M in Q2 2025, up 15% year over year and up 10% from the previous quarter. Residential was the largest line at 66% of revenue. Rentals added $42.0M year over year (up 36%), 51% of the total change.
Gross margin was 74.7%, down 2.6 points from a year earlier. Operating costs exceeded revenue by $11.0M, an operating margin of -1.7%. Operating expenses grew 4% against revenue growth of 15%. The fastest-growing cost line was Sales & marketing (+10%). Net earnings were $2.0M. The effective tax rate was 0.0%. Non-operating items added $13.0M, 650% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $87.0M (up 58% year over year), 4350% of net earnings. Non-cash charges added back $67.0M of depreciation and amortization and $99.0M of share-based compensation. Working capital and other items used $81.0M. Capital expenditures of $37.0M left free cash flow of $50.0M.
Questions
What was Zillow Group's revenue in the second quarter 2025?
Zillow Group (ZG) reported revenue of $655M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +10% from the quarter before.
Was Zillow Group profitable in the second quarter 2025?
Operating loss was $11.0M (-1.7% of revenue) and net earnings $2.0M.
Source: Zillow Group 10-Q on SEC EDGAR.