Zillow Group (Z) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Zillow Group published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Zillow Group reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Diluted adjusted net income per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• This page is for Zillow Group's Class C capital stock (Z). Class A common stock trades as ZG; both share one set of results and one per-share figure.
• Q3 2026 GAAP results include a $165 million charge for the Zillow Offers securities class action settlement, net of expected insurance recoveries. Zillow excludes it from Adjusted net income and Adjusted EBITDA starting this quarter.

Source: Zillow Group Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Zillow Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Zillow Group's For Sale revenue was $489 million in Q3 2026, flat on $488 million in Q3 2025, 68% of total revenue.
• Zillow Group's Rentals revenue was $220 million in Q3 2026, up 26% from $174 million in Q3 2025, 30% of total revenue.
• Zillow Group's Other revenue was $15.0 million in Q3 2026, up 7% from $14.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Zillow Group's outlook is in its shareholder letter, filed with the results as Exhibit 99.2 to the Form 8-K.

In its Q3 2026 release, Zillow Group said:

“In Q4, we expect total revenue of $635 million to $665 million.”

“We expect both Q4 For Sale revenue and Residential revenue to decline roughly 9% to 15% year over year.”

“We expect Adjusted EBITDA of $100 million to $135 million in Q4.”

“Total revenue growth of approximately 10% to 11% year over year.”

Source: Zillow Group Q3 2026 shareholder letter, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the Z forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue in millions and diluted net income (loss) per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Zillow Group's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Zillow Group's Q3 2026 revenue of $724 million was up 7% from $676 million a year earlier. For Sale revenue was flat at $489 million, made up of Residential ($419 million, down 4%) and Mortgages ($70 million, up 32%). Rentals revenue rose 26% to $220 million and Other was $15 million. (Zillow Group Q3 2026 release, Nov 4, 2026)

Residential revenue comes from agent and software offerings plus the New Construction marketplace and StreetEasy for sale products. The agent offerings are Premier Agent market-based pricing, Zillow Preferred (formerly Flex) and Zillow Showcase; the software includes Follow Up Boss, dotloop and ShowingTime. Rentals revenue is advertising and tools sold to property managers, plus rental applications. Mortgages revenue is mainly loan originations through Zillow Home Loans and their sale on the secondary market. (Zillow Group Form 10-K, 2025, Feb 11, 2026)

Zillow put the Residential decline down to higher-than-expected mortgage rates that pressured housing transaction volume, and estimated a 600-basis-point headwind from moving buyer connections to Preferred agent partners. In Q3, two-thirds of buyer connections went to a Preferred agent partner, up from about one-third a year ago, and Zillow says Preferred connections generate 35% more revenue per connection than its legacy advertising model. (Zillow Group Q3 2026 release, Nov 4, 2026; Zillow Group Q3 2026 shareholder letter, Nov 4, 2026)

Mortgages revenue grew on a 55% increase in purchase loan origination volume to $2.0 billion, though Zillow said it came in below its outlook because the rapid rise in mortgage rates during the quarter lowered conversion. Rentals growth was driven by multifamily revenue, up 35%, with a record 81,000 multifamily properties advertising at the end of Q3, up 17% year over year. Rentals now accounts for 30% of total revenue, up from 21% two years ago. (Zillow Group Q3 2026 release, Nov 4, 2026; Zillow Group Q3 2026 shareholder letter, Nov 4, 2026)

Zillow Group's diluted net loss per share was $0.70 in Q3 2026, against diluted net income per share of $0.04 a year earlier, on a net loss of $158 million. The main reason was a $165 million charge for the Zillow Offers securities class action settlement, net of expected insurance recoveries, booked in general and administrative expenses, which rose $152 million, or 120%, from a year earlier. (Zillow Group Q3 2026 release, Nov 4, 2026; Zillow Group Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted adjusted net income per share was $0.55, up from $0.44. Zillow's adjusted figure excludes share-based compensation ($74 million in the quarter, down from $99 million), impairment and restructuring costs ($32 million, mostly employee termination costs), FTC Matter litigation costs ($8 million), the settlement charge and income taxes. Adjusted net income was $124 million. (Zillow Group Q3 2026 release, Nov 4, 2026; Zillow Group Form 10-Q, Q3 2026, Nov 4, 2026)

Buybacks have cut Zillow's share count. Diluted weighted-average shares were 225,305 thousand in Q3 2026, against 256,243 thousand a year earlier. In the quarter Zillow repurchased 539 thousand Class C shares for $20 million and had about $1.1 billion left on its repurchase authorizations. (Zillow Group Q3 2026 release, Nov 4, 2026; Zillow Group Form 10-Q, Q3 2026, Nov 4, 2026; Zillow Group Q3 2026 shareholder letter, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Zillow Group gives a numeric outlook in its shareholder letter. For Q4 2026 it expects total revenue of $635 million to $665 million, For Sale and Residential revenue each down roughly 9% to 15% year over year, Rentals growth similar to Q3, and Adjusted EBITDA of $100 million to $135 million. It also expects purchase mortgage originations across the industry to decline 10% to 15% year over year in Q4. (Zillow Group Q3 2026 shareholder letter, Nov 4, 2026)

For the full year 2026 Zillow expects total revenue growth of approximately 10% to 11%, Rentals revenue growth of approximately 30%, Adjusted EBITDA of $655 to $690 million, and share-based compensation expense down more than 20% year over year. (Zillow Group Q3 2026 shareholder letter, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Zillow Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Zillow Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning Z is on is Z a buy or a sell?, what analysts expect next is on the Z forecast, and what the company does is on the Zillow Group (Z) stock page.

Every number on this page can be traced to a document Zillow Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.