Equity Profile

Z

Zillow Group, Inc.

Real EstateReal Estate Services$8.0B

Aug5Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Zillow Group, Inc. is a leading online real estate marketplace that connects buyers, sellers, and renters with properties....

Key Metrics to Watch

User Engagement Metrics

High user engagement can indicate strong demand for Zillow's services and potential revenue growth.

N/A

Home Sales Volume

The volume of homes sold through Zillow's platform directly impacts revenue and market share.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

Z Q2-2026 Earnings Preview

Context

Company Snapshot

Zillow Group, Inc. is a leading online real estate marketplace that connects buyers, sellers, and renters with properties. As a key player in the real estate services sector, Zillow's platform is crucial for understanding housing trends and consumer behavior, especially in a fluctuating market influenced by interest rates and economic conditions.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+1289.84%

Avg Stock Reaction

-0.25%

Last Quarter Recap

In Q1 2026, Zillow reported an impressive earnings surprise, with EPS of $0.53 compared to an estimate of $0.11, marking a significant increase. The stock reacted positively, gaining 2.27% the following day.

Management Promises & Guidance

Focus on enhancing user experience on the platform.
Commitment to expanding advertising partnerships.
Plans to improve data analytics for better market insights.

Expectations

Wall Street Expectations

Overall, expectations are mixed as Zillow has consistently beaten earnings estimates in recent quarters, but uncertainty remains regarding future revenue growth amid changing market conditions.

Bull Case

If Zillow continues its trend of beating earnings estimates, it could signal strong operational efficiency and market demand, leading to further stock appreciation.

Bear Case

Conversely, any signs of declining user engagement or advertising revenue could raise concerns about Zillow's growth prospects, potentially leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the latest user engagement metrics and how do they compare to previous quarters?

User engagement is a critical indicator of Zillow's market position and potential revenue growth, making it a key focus for investors.

How is Zillow adapting its advertising strategies in response to market changes?

Understanding Zillow's approach to advertising revenue can provide insights into its growth potential and competitive positioning in the real estate market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zillow's ability to adapt its advertising strategies to changing market conditions, which could lead to stronger-than-expected revenue growth.

Supporting Evidence

Zillow has consistently beaten EPS estimates, indicating operational strength.

The options market is pricing in a significant move, suggesting that investors are anticipating volatility.

Zillow's recent focus on enhancing user experience may drive higher engagement and revenue.

Key Risk

If user engagement metrics show unexpected growth, it could challenge the current cautious outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to maintain user engagement and advertising revenue in a competitive market.

Bull Confirmed If

User engagement metrics show a growth of at least 10% quarter-over-quarter, indicating strong demand.

Bear Confirmed If

A decline in advertising revenue by more than 5% compared to the previous quarter would signal potential challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±16.76%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±16.8% while Z has averaged ±2.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

37.4%

Calls (44K)P/C Ratio: 0.45Puts (1.1M)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Zillow beats expectations again, history suggests the stock could rise by around 2.16%, confirming the strength of its business model.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.

Miss

In the case of a miss, history suggests a potential decline of around 0.25%, raising concerns about future growth.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on user engagement metrics and trends.
2Details on new advertising partnerships and strategies.
3Insights into market conditions affecting home sales.
4Any commentary on competitive pressures in the real estate market.
5Management's outlook on future revenue growth.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Zillow Group, Inc. is a leading online real estate marketplace that connects buyers, sellers, and renters with properties....

Key Metrics to Watch

User Engagement Metrics

High user engagement can indicate strong demand for Zillow's services and potential revenue growth.

N/A

Home Sales Volume

The volume of homes sold through Zillow's platform directly impacts revenue and market share.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

Z Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+1289.84%

Avg Stock Reaction

-0.25%

Last Quarter Recap

Management Promises & Guidance

Focus on enhancing user experience on the platform.
Commitment to expanding advertising partnerships.
Plans to improve data analytics for better market insights.

Expectations

Wall Street Expectations

Overall, expectations are mixed as Zillow has consistently beaten earnings estimates in recent quarters, but uncertainty remains regarding future revenue growth amid changing market conditions.

Bull Case

If Zillow continues its trend of beating earnings estimates, it could signal strong operational efficiency and market demand, leading to further stock appreciation.

Bear Case

Conversely, any signs of declining user engagement or advertising revenue could raise concerns about Zillow's growth prospects, potentially leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the latest user engagement metrics and how do they compare to previous quarters?

User engagement is a critical indicator of Zillow's market position and potential revenue growth, making it a key focus for investors.

How is Zillow adapting its advertising strategies in response to market changes?

Understanding Zillow's approach to advertising revenue can provide insights into its growth potential and competitive positioning in the real estate market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zillow's ability to adapt its advertising strategies to changing market conditions, which could lead to stronger-than-expected revenue growth.

Supporting Evidence

Zillow has consistently beaten EPS estimates, indicating operational strength.

The options market is pricing in a significant move, suggesting that investors are anticipating volatility.

Zillow's recent focus on enhancing user experience may drive higher engagement and revenue.

Key Risk

If user engagement metrics show unexpected growth, it could challenge the current cautious outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to maintain user engagement and advertising revenue in a competitive market.

Bull Confirmed If

User engagement metrics show a growth of at least 10% quarter-over-quarter, indicating strong demand.

Bear Confirmed If

A decline in advertising revenue by more than 5% compared to the previous quarter would signal potential challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±16.76%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±16.8% while Z has averaged ±2.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

37.4%

Calls (44K)P/C Ratio: 0.45Puts (1.1M)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Zillow beats expectations again, history suggests the stock could rise by around 2.16%, confirming the strength of its business model.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.

Miss

In the case of a miss, history suggests a potential decline of around 0.25%, raising concerns about future growth.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on user engagement metrics and trends.
2Details on new advertising partnerships and strategies.
3Insights into market conditions affecting home sales.
4Any commentary on competitive pressures in the real estate market.
5Management's outlook on future revenue growth.