Filing Flows › Zillow Group (ZG) › Q2 2026
Zillow Group (ZG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Zillow Group (ZG) reported revenue of $772M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +9% from the quarter before. Operating margin was -1.3%, net loss $4.0M (0.5% of revenue).
Zillow Group, Q2 2026: revenue $772M (+18% year over year), operating margin -1.3%, net loss $4.0M, operating cash flow $11.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $772M | +9% | +18% |
| Operating profit | −$10.0M | -128% | — |
| Net earnings | −$4.0M | -109% | -300% |
| Operating cash flow | $11.0M | -94% | -87% |
What changed
Revenue was $772.0M in Q2 2026, up 18% year over year and up 9% from the previous quarter. Residential was the largest line at 60% of revenue. Rentals added $50.0M year over year (up 31%), 43% of the total change.
Gross margin was 72.8%, down 1.9 points from Q2 2025. Operating costs exceeded revenue by $10.0M, an operating margin of -1.3%. Operating expenses grew 14% against revenue growth of 18%. The fastest-growing cost line was Sales & marketing (+10%). The quarter ended with a net loss of $4.0M, after a profit of $46.0M the previous quarter. Non-operating items added $7.0M, -233% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $11.0M (down 87% year over year). Non-cash charges added back $65.0M of depreciation and amortization and $88.0M of share-based compensation. Working capital and other items used $138.0M. Capital expenditures of $36.0M exceeded it, leaving free cash flow of −$25.0M.
Questions
What was Zillow Group's revenue in the second quarter 2026?
Zillow Group (ZG) reported revenue of $772M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +9% from the quarter before.
Was Zillow Group profitable in the second quarter 2026?
Operating loss was $10.0M (-1.3% of revenue) and net loss $4.0M.
Source: Zillow Group 10-Q on SEC EDGAR.