Zillow Group, Inc. reported a total revenue of $676 million for the third quarter of 2025, marking a 16% increase from $581 million in the same period last year. The growth was primarily driven by a significant rise in Rentals revenue, which surged by 41% to $174 million, attributed to increased revenue per average monthly rentals unique visitor. Residential revenue also saw a 7% increase, reaching $435 million, while Mortgages revenue rose by 36% to $53 million, reflecting a boost in mortgage originations. Despite the revenue growth, Zillow recorded a net income of $10 million, a recovery from a net loss of $20 million in the prior year.
In comparison to the previous fiscal period, Zillow's financial performance showed notable improvements. For the nine months ended September 30, 2025, total revenue increased by 15% to $1.93 billion, up from $1.68 billion in the same period of 2024. The company reported a gross profit of $1.44 billion, a 12% increase year-over-year. Operating expenses rose slightly, but the overall operating loss narrowed to $3 million from $45 million in the prior year, indicating improved operational efficiency.
Strategically, Zillow has made significant moves, including a partnership with Redfin, which involved a $100 million payment to enhance its rental listings. This partnership is expected to bolster Zillow's presence in the multifamily rental market. Additionally, the company has been actively repurchasing shares, with $943 million remaining under its repurchase authorization as of September 30, 2025. The employee headcount increased to 7,031, up from 6,856 at the end of 2024, reflecting ongoing investments in human capital.
Operationally, Zillow reported 2.55 billion visits to its platforms during the third quarter, a 4% increase from the previous year, and an average of 250 million unique users, up 7%. The Total Transaction Value (TTV) for the residential real estate industry increased by 6% year-over-year, indicating a positive trend in market engagement. The company also noted a 56% increase in total loan origination volume through Zillow Home Loans, reaching $1.28 billion for the quarter.
Looking ahead, Zillow's management expressed cautious optimism, acknowledging the ongoing challenges posed by market conditions, including fluctuating interest rates and inflation. The company aims to continue leveraging its strategic partnerships and technological advancements to enhance its service offerings and maintain growth momentum. However, the outlook remains uncertain due to potential economic fluctuations that could impact the housing market and consumer behavior.
About ZILLOW GROUP, INC.
Zillow Group, Inc. is a leading online real estate marketplace providing digital solutions for home buying, selling, renting, and financing. Its core offerings include property listings, home value estimates (Zestimate), and integrated transaction services. Serving consumers, real estate professionals, and lenders, Zillow leverages proprietary data, industry partnerships, and technology to facilitate seamless, end-to-end residential real estate experiences across the U.S.
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