Zillow Q4 and FY2025: Q4 Revenue Up 18% as Zillow Celebrates 20 Years

The United States' largest real estate marketplace, Zillow, has published its financial results for the fourth quarter of 2025 and its full-year results for 2025, marking 20 years in business.

Quarterly Highlights include:

• Revenue was $654 million, up 18% year over year.
• Net profit was $3 million, up from a net loss of $52 million in Q4 2024.
• Adjusted EBITDA was $149 million, up 33% year-on-year. Adjusted EBITDA margin was 23% (20% in 2024).
• For Sale revenue was $475 million, up 11%.
• Residential revenue was $418 million, up 8%.
• Mortgages revenue was $57 million, up 39%—driven by a 67% increase in purchase loan origination volume to $1.5 billion.
• Rentals revenue was $168 million, up 45%—driven by multifamily revenue growing 63% year over year.

Full-year Highlights include:

• Revenue of $2.6 billion was up 16% year over year.
• Net profit was $23 million, up from a loss of $112 million in 2024.
• Adjusted EBITDA was $622 million, up 25% year-on-year. Adjusted EBITDA margin was 24%, a marginal increase from 2024 (22%).

Jeremy Wacksman, CEO at Zillow, said:

"We delivered strong results in the fourth quarter and throughout 2025, achieving all our reported full-year financial targets, including positive net income, while continuing to gain share in both For Sale and Rentals. As we celebrate 20 years of Zillow, our results demonstrate our disciplined and consistent execution of our strategy. With our deeply engaged audience, industry-leading software that powers industry workflows, and two decades of AI innovation, we are uniquely positioned to drive durable growth by making the entire moving journey easier for consumers and the real estate professionals who serve them."

Zillow has recovered well since the global COVID-19 pandemic, and this recovery has borne fruit with several double-digit financial improvements last year.

While solid growth across the board is promising, the company's decision to double down on its Rentals and Mortgages segments will be particularly pleasing, with revenues up 39% and 45%, respectively, in the final three months of 2025, contributing to a profitable quarter and year overall, with improved EBITDA and EBITDA margins.

In Rentals, Zillow launched CreditClimb in November, a subscription-based service that reports on-time rent payments to credit bureaus, marking a national expansion of its rent-reporting offerings. The tool is powered by Esusu and priced at $20 per year. According to Zillow, 87% of renters do not currently have rent payments reflected in their credit reports.

Zillow entered a $500 million revolving credit facility with Goldman Sachs this February, terminating in 2031.