Filing Flows › Zillow Group (ZG) › Q3 2026
Zillow Group (ZG) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Zillow Group (ZG) reported revenue of $724M for the third quarter 2026 (Q3 2026), +7% from a year earlier and -6% from the quarter before. Operating margin was -22.2%, net loss $158M (21.8% of revenue).
Zillow Group, Q3 2026: revenue $724M (+7% year over year), operating margin -22.2%, net loss $158M, operating cash flow $162M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $724M | -6% | +7% |
| Operating profit | −$161M | — | — |
| Net earnings | −$158M | — | -1680% |
| Operating cash flow | $162M | 15× | +54% |
| Free cash flow | $128M | — | +75% |
What changed
Revenue was $724.0M in Q3 2026, up 7% year over year and down 6% from the previous quarter. Residential was the largest line at 58% of revenue. Rentals added $46.0M year over year (up 26%), 96% of the total change. Residential declined 4%.
Gross margin was 71.3%, down 1.4 points from Q3 2025. Operating costs exceeded revenue by $161.0M, an operating margin of -22.2%. Operating expenses grew 37% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+1500%). The quarter ended with a net loss of $158.0M, wider than the previous quarter's $4.0M loss.
Operating cash flow was $162.0M (up 54% year over year). Non-cash charges added back $64.0M of depreciation and amortization and $86.0M of share-based compensation. Working capital and other items added $170.0M. Capital expenditures of $34.0M left free cash flow of $128.0M.
Questions
What was Zillow Group's revenue in the third quarter 2026?
Zillow Group (ZG) reported revenue of $724M for the third quarter 2026 (Q3 2026), +7% from a year earlier and -6% from the quarter before.
Was Zillow Group profitable in the third quarter 2026?
Operating loss was $161M (-22.2% of revenue) and net loss $158M.
Source: Zillow Group 10-Q on SEC EDGAR.