Despite a challenging legal year, Zillow Group recorded strong financial results in 2025, according to the firm’s full-year and fourth-quarter 2025 earnings report published on Tuesday.
Revenue in Q4 2025 rose 18% annually to $654 million, while revenue for the full year was up 16% compared to 2024, reaching $2.6 billion. In addition, net income rose to $23 million for the full year, up from a $112 million net loss in 2024.
“I was really pleased with how we finished up 2025. It was excellent execution by our teams in both for sale and rentals,” Jeremy Hoffman, Zillow Group’s chief financial officer, told HousingWire. “We’re expanding our products and really building that streamlined, end-to-end experience that supports renters, buyers and sellers really wherever they are in the housing journey.”
Driving this growth were strong financial performances across Zillow’s business.
During the fourth quarter of 2025, residential revenue was up 8% annually to $428 million, mortgage revenue rose 39% on a yearly basis to $57 million and the rentals sector recorded a 45% year-over-year increase in revenue.
For the full year 2025, the residential sector generated $1.704 billion in revenue, up 7% annually, while the mortgage operation generated $199 million in revenue, up 37% compared to the year prior. In total, Zillow said purchase loan origination volume rose 53% annually in 2025.
Additionally, within its mortgage operation, Zillow said it recorded an 11% increase in loan officer productivity even as it added 40% more loan officers.
“This really just speaks to what we’re offering consumers,” Hoffman said. “We’re offering great prices. We’re offering a seamless experience, and things like free credit monitoring and free appraisals. And this also speaks to the quality of both the consumers that our loan officers are meeting and also the quality of the technology that we’re building.”
Zillow executives attribute the growth of its residential and mortgage operations to the improved customer experience the company offers in its “enhanced markets.” Nearly half (44%) of its consumer connections came through enhanced markets, up from 21% a year ago.
As part of its effort to streamline the homebuying process for consumers and agents within the Zillow ecosystem, the firm said it has rolled out custom preapproval letters for Zillow Home Loans within Follow Up Boss. This allows “agents to generate offer-specific updates and collaborate faster and more seamlessly within” the Zillow ecosystem, according to the company.
In addition, Zillow highlighted the increased adoption of Zillow Showcase, which it said was used on 3.7% of new listings in Q4 2025, up from 1.7% of new listings in Q4 2024.
Executives also highlighted the firm’s improved performance in the rentals sector. For the full-year 2025, Zillow estimated that its share of rental listings increased to 63%, up from 54% in 2024. The company said this increase was in part responsible for its increased rentals revenue, which rose 45% annually in Q4 2025 to $168 million, and 39% for the entire year, clocking in at $630 million.
Given the number of lawsuits currently facing the company, executives also took some time to address Zillow’s legal challenges. They explained that they do not expect the lawsuits — which range from antitrust claims to RESPA violation accusations and copyright infringement claims — to have a material impact on the firm’s financial position of long-term strategy.
“That strategy we believe deeply in because it serves consumers and real estate professionals, and that focus doesn’t change based on external factors,” Hoffman said. “You know I’d say also that it’s clear from their results today and the go-forward guidance that we’ve never been stronger. We will defend our ourselves vigorously, but on a day-to-day basis, the business has never been stronger and we expect strong growth in 2026.”
With the housing market expected to improve in 2026, Hoffman is confident Zillow is well positioned to take advantage of any potential improvements.
“We feel like the businesses can perform and will perform well regardless of what the housing market does. That said, it is great to see the business diversify as it has over the past few years,” Hoffman said. “We feel like when the housing market does come back, we’re as well positioned as we’ve ever been.”