Filing Flows › Zillow Group (ZG) › Q3 2025
Zillow Group (ZG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Zillow Group (ZG) reported revenue of $676M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +3% from the quarter before. Operating margin was -0.4%, net earnings $10.0M (1.5% of revenue).
Zillow Group, Q3 2025: revenue $676M (+16% year over year), operating margin -0.4%, net earnings $10.0M, operating cash flow $105M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $676M | +3% | +16% |
| Operating profit | −$3.0M | — | — |
| Net earnings | $10.0M | +400% | — |
| Operating cash flow | $105M | +21% | -39% |
| Free cash flow | $73.0M | +46% | -47% |
What changed
Revenue was $676.0M in Q3 2025, up 16% year over year and up 3% from the previous quarter. Residential was the largest line at 64% of revenue. Rentals added $51.0M year over year (up 41%), 54% of the total change.
Gross margin was 72.6%, down 3.3 points from a year earlier. Operating costs exceeded revenue by $3.0M, an operating margin of -0.4%. Operating expenses grew 2% against revenue growth of 16%. Net earnings were $10.0M. The effective tax rate was 16.7%. Non-operating items added $15.0M, 125% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $105.0M (down 39% year over year), 1050% 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 $71.0M. Capital expenditures of $32.0M left free cash flow of $73.0M.
Questions
What was Zillow Group's revenue in the third quarter 2025?
Zillow Group (ZG) reported revenue of $676M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +3% from the quarter before.
Was Zillow Group profitable in the third quarter 2025?
Operating loss was $3.0M (-0.4% of revenue) and net earnings $10.0M.
Source: Zillow Group 10-Q on SEC EDGAR.