Equity Profile

ZG

Zillow Group, Inc.

Real EstateReal Estate Services$8.1B

Aug5Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Zillow Group, Inc. (ZG) operates in the real estate sector, providing services that help consumers buy, sell, and rent homes....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well Zillow is managing costs and generating income.

N/A

Revenue Growth

Revenue growth reflects the company's ability to attract users and generate sales, which is crucial for its ongoing success.

N/A

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

ZG Q2-2026 Earnings Preview

Context

Company Snapshot

Zillow Group, Inc. (ZG) operates in the real estate sector, providing services that help consumers buy, sell, and rent homes. As a major player in the online real estate marketplace, Zillow's performance is closely tied to housing market trends and consumer spending in real estate.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+1289.84%

Avg Stock Reaction

-0.60%

Last Quarter Recap

In Q1-2026, Zillow reported an EPS of $0.53, significantly exceeding expectations. The stock reacted positively, gaining 2.16% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Zillow's upcoming earnings, given its strong EPS surprises in previous quarters. However, uncertainty remains about revenue growth and market conditions.

Bull Case

If Zillow continues its trend of beating EPS estimates, it could signal strong operational efficiency and growing market share, leading to a positive stock reaction.

Bear Case

On the other hand, if Zillow fails to meet expectations or provides weak guidance, it could lead to a significant drop in stock price, reflecting concerns about the housing market.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter?

Given Zillow's history of significant EPS surprises, this number will be crucial for investor confidence and stock performance.

How is Zillow addressing current market conditions?

With fluctuations in the housing market, insights into how Zillow is adapting its strategy will be key to understanding future performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Zillow's resilience in a fluctuating housing market, particularly given its recent strong EPS performance.

Supporting Evidence

Zillow has consistently surprised on EPS, indicating stronger operational control than expected.

Options pricing suggests a larger move than historical averages, hinting at potential volatility that could favor a positive outcome.

Key Risk

If Zillow's EPS comes in below $0.40, it could undermine the bullish sentiment and lead to a reassessment of its growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to maintain strong earnings in a potentially challenging housing market.

Bull Confirmed If

An EPS of $0.60 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $0.40 would confirm the bear case, raising concerns about profitability.

Pre-Earnings Positioning

Options Market

Implied Move

±11.46%

Historical Avg

±2.2%

Pricing rich

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

Options are pricing ±11.5% while ZG has averaged ±2.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

37.9%

Calls (5K)P/C Ratio: 1.49Puts (37K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Zillow beats expectations, history suggests a potential stock increase of around 2.22%, confirming strong operational momentum.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may see muted movement as investors reassess their outlook.

Miss

A miss could lead to a decline, with historical patterns suggesting a drop of around 0.60% on average, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on Zillow's market share in key regions.
2Insights into user engagement metrics and platform growth.
3Comments on operational efficiency and cost management.
4Guidance on future revenue expectations amidst market conditions.
5Any strategic initiatives aimed at enhancing customer experience.

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Company Snapshot

Zillow Group, Inc. (ZG) operates in the real estate sector, providing services that help consumers buy, sell, and rent homes....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well Zillow is managing costs and generating income.

N/A

Revenue Growth

Revenue growth reflects the company's ability to attract users and generate sales, which is crucial for its ongoing success.

N/A

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

ZG 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

-0.60%

Last Quarter Recap

In Q1-2026, Zillow reported an EPS of $0.53, significantly exceeding expectations. The stock reacted positively, gaining 2.16% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Zillow's upcoming earnings, given its strong EPS surprises in previous quarters. However, uncertainty remains about revenue growth and market conditions.

Bull Case

If Zillow continues its trend of beating EPS estimates, it could signal strong operational efficiency and growing market share, leading to a positive stock reaction.

Bear Case

On the other hand, if Zillow fails to meet expectations or provides weak guidance, it could lead to a significant drop in stock price, reflecting concerns about the housing market.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter?

Given Zillow's history of significant EPS surprises, this number will be crucial for investor confidence and stock performance.

How is Zillow addressing current market conditions?

With fluctuations in the housing market, insights into how Zillow is adapting its strategy will be key to understanding future performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Zillow's resilience in a fluctuating housing market, particularly given its recent strong EPS performance.

Supporting Evidence

Zillow has consistently surprised on EPS, indicating stronger operational control than expected.

Options pricing suggests a larger move than historical averages, hinting at potential volatility that could favor a positive outcome.

Key Risk

If Zillow's EPS comes in below $0.40, it could undermine the bullish sentiment and lead to a reassessment of its growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to maintain strong earnings in a potentially challenging housing market.

Bull Confirmed If

An EPS of $0.60 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $0.40 would confirm the bear case, raising concerns about profitability.

Pre-Earnings Positioning

Options Market

Implied Move

±11.46%

Historical Avg

±2.2%

Pricing rich

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

Options are pricing ±11.5% while ZG has averaged ±2.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

37.9%

Calls (5K)P/C Ratio: 1.49Puts (37K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Zillow beats expectations, history suggests a potential stock increase of around 2.22%, confirming strong operational momentum.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may see muted movement as investors reassess their outlook.

Miss

A miss could lead to a decline, with historical patterns suggesting a drop of around 0.60% on average, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on Zillow's market share in key regions.
2Insights into user engagement metrics and platform growth.
3Comments on operational efficiency and cost management.
4Guidance on future revenue expectations amidst market conditions.
5Any strategic initiatives aimed at enhancing customer experience.