Zillow Group demonstrated strong revenue growth and strategic execution despite a challenging housing market. Their investments in the Rentals and Mortgage segments are yielding positive results, and their Enhanced Market strategy is driving future growth potential. However, the company faced a GAAP net loss in Q4 and continues to navigate a subdued housing market.

Company Guidance

During Zillow Group's Fourth Quarter 2024 Financial Results Call, several key metrics and guidance for future performance were highlighted. Zillow reported Q4 revenue of $554 million, marking a 17% year-over-year increase, and achieved double-digit revenue growth for the full year, totaling $2.2 billion, despite a challenging housing market. The company met its target for expanding its EBITDA margin by 200 basis points in 2024. For 2025, Zillow expects to maintain momentum with anticipated low to mid-teens revenue growth and plans to expand its Enhanced Market experience from 21% to over 35% by year-end. The company also forecasts positive GAAP net income for the full year 2025 and envisions a path to $5 billion in revenue and a 45% EBITDA margin in a normalized housing market. Additionally, Zillow's rental segment showed strong performance with Q4 revenue up 25% year-over-year, and the company aims to continue growing its presence in the rental market with a strategic partnership with Redfin.

Record Revenue Growth

Zillow Group reported total Q4 2024 revenue of $554 million, up 17% year-over-year, exceeding their outlook range. Full-year 2024 revenue grew by 15% to $2.2 billion, despite a challenging housing market.

Strong Rentals Segment Performance

Rentals revenue grew 25% year-over-year in Q4 2024 to $116 million, driven primarily by multifamily revenue, which grew 41% year-over-year. The number of multifamily properties on Zillow increased to 50,000 from 37,000 at the end of 2023.

Successful Mortgage Growth

Mortgages revenue grew 86% year-over-year in Q4 to $41 million, with purchase loan origination volume growing 90% year-over-year to $923 million.

EBITDA Margin Expansion

Zillow Group achieved an EBITDA margin expansion of 200 basis points to 22% for full-year 2024, driven by disciplined cost management and strategic investments.

Enhanced Market Strategy

Enhanced Markets covered 21% of all connections in Q4 2024, with an expectation to increase to 35% by the end of 2025, and a long-term target of 75% of all transactions.

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Zillow Group Class A (ZG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ZG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2025	2025 (Q1)	0.36 / -	0.36	―	―	―
Feb 11, 2025	2024 (Q4)	0.26 / 0.27	0.2	35.00% (+0.07)
Nov 06, 2024	2024 (Q3)	0.28 / 0.39	0.352	10.51% (+0.04)	―
Aug 07, 2024	2024 (Q2)	0.25 / 0.41	0.39	6.15% (+0.02)	―
May 01, 2024	2024 (Q1)	0.30 / 0.36	0.35	2.86% (+0.01)	―
Feb 13, 2024	2023 (Q4)	0.12 / 0.20	0.21	-4.76% (>-0.01)
Nov 01, 2023	2023 (Q3)	0.22 / 0.35	0.409	-13.94% (-0.06)	―
Aug 02, 2023	2023 (Q2)	0.19 / 0.39	0.465	-16.13% (-0.08)	―
May 03, 2023	2023 (Q1)	0.11 / 0.35	0.55	-36.36% (-0.20)	―
Feb 15, 2023	2022 (Q4)	0.06 / 0.21	-0.42	150.00% (+0.63)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ZG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 11, 2025	$83.84	$74.87	-10.70%
Nov 06, 2024	$56.08	$70.09	+24.98%
Aug 07, 2024	$40.35	$47.70	+18.22%
May 01, 2024	$41.44	$39.19	-5.43%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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