Zillow Q4 2024 and FY 2024 Results: Double Digit Revenue Growth as Net Losses Narrow

US real estate marketplace giant Zillow released its Q4 and Full-Year financial results last night. The company recorded double-digit revenue growth and lower net losses for the year.

Full-year highlights from the Seattle-based company include:

• Full-year 2024 revenues were $2.2 billion, up 15% compared to 2023.
• Full-year Adjusted EBITDA was $498 million.
• Full-year GAAP net loss was $112 million and net loss margin was 5%, an improvement from an 8% net loss margin in 2023.

Quarterly highlights include:

• Q4 revenue was up 17% YoY, to $554 million.
• Q4 Adjusted EBITDA was $112 million, or 20% of revenue.
• Q4 GAAP net loss was $52 million and the net loss margin was 9%, narrowing from $73 million Q4 2023.
• Mortgage revenue significantly improved, almost doubling YoY from $22 million in Q4 2023 to $41 million in Q4 2024.

Jeremy Wacksman, CEO at Zillow, said:

"2024 was a remarkable year for Zillow: We achieved our stated goals for the year—including double-digit revenue growth—and we expect to keep up our momentum in 2025. The results we reported today demonstrate how well we are executing and seizing our opportunity to transform and digitize residential real estate. With the leading brand in our category and a solid foundation for continued growth, we’re excited to serve more buyers, sellers, renters, and real estate professionals this year."

Zillow splits its financial reporting into two key segments, Sales and Rentals.

Sales, including revenue from Residential and Mortgages, increased to $428 million for the quarter, a 15% increase from Q4 2023's $371 million. Full-year Sales revenues were a shade over $1.7 billion, up 12% from 2023's $1.5 billion.

The Rentals segment increased revenues by 25% in the last quarter of the year, from $93 million to $116 million, while full-year Rentals revenues grew 27% overall, from $357 million in 2023 to $453 million in 2024.

Full-year revenues have recovered steadily since 2021 and Zillow's post-iBuying business appears to be delivering solid results, albeit at a net loss—$52 million for 2024.

Meanwhile, Zillow's letter to shareholders says it is making strong progress in integrating its Premier Agent and Zillow Home Loans offering, while Zillow Showcase now appears on nearly 2% of listings:

We are focused on integrating Premier Agent with our Zillow Home Loans offering. We are executing this integration well, with consistent customer adoption rates in the mid-teens across our most seasoned Enhanced Markets. Buyers transact through Zillow at an 80% higher rate after connecting with both Zillow Home Loans and a Zillow Premier Agent partner, vs. with a Zillow Premier Agent partner only.

Zillow Showcase, which elevates agents’ brand presence on Zillow and provides a better shopper experience through our home- grown AI-powered rich media and floor plan technologies, is now on 1.7% of all new listings. We aim to reach 5%–10% of all U.S. listings in the intermediate term, which we believe represents a revenue opportunity of $150 million to $300 million. Showcase is also helping agents win 30% more listings. We are eyeing an estimated $25 billion total addressable market in Rentals.

Zillow's outlook for Q1 2025 suggests a range of $575 million-$590 million at an Adjusted EBITDA of $125 million-$140 million.