Filing Flows › Zillow Group (ZG) › Q3 2026 › vs Q2 2026
Zillow Group (ZG) Q3 2026 vs Q2 2026 (quarter over quarter)
Zillow Group's revenue fell $48.0M (-6%) from $772M in Q2 2026 to $724M in Q3 2026. The biggest changes: Sales Revenue −$60.0M (-11%); Rentals +$11.0M (+5%); Other +$1.0M (+7%).
Zillow Group, Q3 2026: revenue $724M (+7% year over year), operating margin -22.2%, net loss $158M, operating cash flow $162M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 17.7% | -3.2% | +20.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Residential | $419M | $465M | −$46.0M | -10% |
| Mortgages | $70.0M | $84.0M | −$14.0M | -17% |
| Sales Revenue | $489M | $549M | −$60.0M | -11% |
| Rentals | $220M | $209M | $11.0M | +5% |
| Other | $15.0M | $14.0M | $1.0M | +7% |
| Revenue | $724M | $772M | −$48.0M | -6% |
| Other income, net | $6.0M | $7.0M | −$1.0M | -14% |
| Net loss | $158M | $4.0M | $154M | 40× |
| Costs & expenses | $888M | $783M | $105M | +13% |
| Operating costs | $885M | $782M | $103M | +13% |
| Income tax | $3.0M | $1.0M | $2.0M | +200% |
| Cost of revenue | $208M | $210M | −$2.0M | -1% |
| Research & development | $150M | $156M | −$6.0M | -4% |
| Sales & marketing | $216M | $249M | −$33.0M | -13% |
| General & admin | $279M | $131M | $148M | +113% |
| Other operating costs | $32.0M | $36.0M | −$4.0M | -11% |
| Operating cash sources | $320M | $15.0M | $305M | 21× |
| Depreciation & amortization | $64.0M | $65.0M | −$1.0M | -2% |
| Share-based compensation | $86.0M | $88.0M | −$2.0M | -2% |
| Working capital & other | $170M | −$138M | $308M | — |
| Net loss absorbed | $158M | $4.0M | $154M | 40× |
| Operating cash flow | $162M | $11.0M | $151M | 15× |
| Free cash flow (OCF − capex) | $128M | −$25.0M | $153M | — |
| Capital expenditures | $34.0M | $36.0M | −$2.0M | -6% |
Questions
How much did Zillow Group's revenue grow quarter over quarter in Q3 2026?
Zillow Group's revenue fell $48.0M (-6%) from $772M in Q2 2026 to $724M in Q3 2026.
What drove Zillow Group's revenue change in Q3 2026?
Sales Revenue −$60.0M (-11%); Rentals +$11.0M (+5%); Other +$1.0M (+7%).