Zillow Group (Z) Q3 FY2026 earnings: revenue $724 million, up 7.1% on the year

Zillow Group, Inc. (Z) reported revenue of $724 million for Q3 FY2026, the quarter ended 30 September 2026, up 7.1% on the same quarter a year earlier. Net income was -$158 million, and diluted earnings per share $-0.70. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$724 million

+7.1% on the year · -6.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-22.2%

-0.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$158 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.70

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 kept.

Revenue grew 7% to $724 million: Revenue rose 7% year over year to $724 million. Nine-month revenue was $2.2 billion, up 14%. Management cited the residential real estate industry growing 1% in Q3.
Net loss against prior-year profit: Net loss was $158 million, a 22% net loss margin, compared with net income of $10 million in Q3 2025.
Adjusted EBITDA at $182 million: Q3 Adjusted EBITDA was $182 million, up from $165 million a year earlier, at a 25% margin. Adjusted net income was $124 million, up from $113 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	724	772	676	-6.2%	+7.1%
Cost of revenue	208	210	185	-1.0%	+12.4%
Gross profit	516	562	491	-8.2%	+5.1%
Gross margin	71.3%	72.8%	72.6%
Research and development	150	156	151	-3.8%	-0.7%
Operating income	-161	-10.0	-3.0
Operating margin	-22.2%	-1.3%	-0.4%
Interest expense	6.0	6.0	3.0	0.0%	+100.0%
Pre-tax income	-155	-3.0	12.0
Income tax	3.0	1.0	2.0	+200.0%	+50.0%
Effective tax rate	n/a	n/a	16.7%
Net income	-158	-4.0	10.0
Net margin	-21.8%	-0.5%	1.5%
Diluted EPS	-$0.70	-$0.02	$0.04

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	162	11.0	105	+1,372.7%	+54.3%
Capital expenditure	34.0	36.0	32.0	-5.6%	+6.2%
Free cash flow	128	-25.0	73.0		+75.3%
Free cash flow margin	17.7%	-3.2%	10.8%
Cash from investing	-40.0	-51.0	19.0
Cash from financing	-92.0	-65.0	163
Depreciation and amortisation	64.0	65.0	67.0	-1.5%	-4.5%
Share-based compensation	86.0	88.0	99.0	-2.3%	-13.1%
Buybacks	20.0	200	38.0	-90.0%	-47.4%
Diluted shares, weighted	225m	228m	256m	-1.1%	-12.1%
Shares outstanding at period end	226m	225m	242m	+0.3%	-6.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	4,229	4,308	4,992	-1.8%	-15.3%
Debt	392	465	272	-15.7%	+44.1%
Operating lease liabilities	72.0	77.0	82.0	-6.5%	-12.2%
Other liabilities	634	455	352	+39.3%	+80.1%
Total liabilities and equity	5,327	5,305	5,698	+0.4%	-6.5%
Fixed assets	355	356	371	-0.3%	-4.3%
Goodwill	2,823	2,823	2,823	0.0%	0.0%
Intangible assets	254	263	273	-3.4%	-7.0%
Investments	105	110	515	-4.5%	-79.6%
Cash and equivalents	602	572	874	+5.2%	-31.1%
Receivables	181	175	157	+3.4%	+15.3%
Other assets	1,007	1,006	685	+0.1%	+47.0%
Total assets	5,327	5,305	5,698	+0.4%	-6.5%

Questions

What was Zillow Group's revenue in Q3 FY2026?

Zillow Group (Z) reported revenue of $724 million for Q3 FY2026, the quarter ended 30 September 2026, up 7.1% on the same quarter a year earlier.

How much did Zillow Group earn in Q3 FY2026?

Net loss for Q3 FY2026 was $158 million, and the diluted loss per share $0.70.

When did Zillow Group report Q3 FY2026 results?

Zillow Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,882	536	504	483	435	469	506	496	474	529	572	581	554	598	655	676	654	708	772	724
Cost of revenue	3,440	92.0	97.0	89.0	89.0	92.0	104	110	115	123	130	140	134	139	166	185	178	189	210	208
Gross profit	467	444	407	394	346	377	402	386	359	406	442	441	420	459	489	491	476	519	562	516
Gross margin	12%	83%	81%	82%	80%	80%	79%	78%	76%	77%	77%	76%	76%	77%	75%	73%	73%	73%	73%	71%
R&D	85.6	108	119	142	129	137	140	142	141	147	144	145	149	149	153	151	154	150	156	150
Operating income	-195	36.0	5.0	-51.0	-83.0	-45.0	-67.0	-53.0	-105	-45.0	-38.0	-45.0	-69.0	-9.0	-11.0	-3.0	-11.0	36.0	-10.0	-161
Operating margin	-5%	7%	1%	-11%	-19%	-10%	-13%	-11%	-22%	-9%	-7%	-8%	-12%	-2%	-2%	-0%	-2%	5%	-1%	-22%
Interest expense	68.2	8.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	10.0	9.0	8.0	5.0	5.0	3.0	5.0	4.0	6.0	6.0
Pre-tax income	-259	30.0	1.0	-48.0	-68.0	-22.0	-34.0	-28.0	-70.0	-21.0	-15.0	-20.0	-51.0	8.0	2.0	12.0	3.0	48.0	-3.0	-155
Tax rate	n/a	17%	-900%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0%	0%	17%	0%	4%	n/a	n/a
Net income	-261	16.0	8.0	-53.0	-72.0	-22.0	-35.0	-28.0	-73.0	-23.0	-17.0	-20.0	-52.0	8.0	2.0	10.0	3.0	46.0	-4.0	-158
Net margin	-7%	3%	2%	-11%	-17%	-5%	-7%	-6%	-15%	-4%	-3%	-3%	-9%	1%	0%	1%	0%	6%	-1%	-22%
Diluted EPS	-$1.06	$0.06	$0.03	-$0.22	-$0.31	-$0.09	-$0.15	-$0.12	-$0.32	-$0.10	-$0.07	-$0.08	-$0.22	$0.03	$0.01	$0.04	$0.01	$0.19	-$0.02	-$0.70
Operating cash flow	-215	3,392	863	165	84.0	93.0	100	75.0	86.0	80.0	55.0	171	122	104	87.0	105	72.0	200	11.0	162
Capital expenditure	27.9	33.0	27.0	27.0	28.0	31.0	35.0	35.0	34.0	39.0	37.0	33.0	34.0	36.0	37.0	32.0	28.0	34.0	36.0	34.0
Free cash flow	-243	3,359	836	138	56.0	62.0	65.0	40.0	52.0	41.0	18.0	138	88.0	68.0	50.0	73.0	44.0	166	-25.0	128
Buybacks	302	348	249	176	174	86.0	150	100	88.0	9.0	292	0.0	0.0	250	150	38.0	232	626	200	20.0
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	243m	241m	242m	242m	240m	229m	225m	226m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.