Equity Profile

ZG

Zillow Group, Inc.

Real EstateReal Estate Services$7.3B

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

Earnings Per Share (EPS)

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

N/A

Revenue Growth

Revenue growth will reflect Zillow's ability to attract users and convert them into paying customers, which is vital for its business model.

N/A

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

ZG 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. Operating in the real estate sector, Zillow plays a crucial role in how consumers navigate the housing market, especially as trends in home buying and renting evolve.

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 impressive EPS of $0.53, significantly beating expectations. The stock reacted positively, gaining 2.16% the next day, reflecting investor confidence.

Management Promises & Guidance

Continue to enhance user experience on the platform.
Expand partnerships with real estate agents and service providers.
Focus on improving data analytics capabilities.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about Zillow's upcoming earnings, given its strong track record of beating EPS estimates. However, concerns about market conditions and competition could temper enthusiasm.

Bull Case

If Zillow continues its trend of strong earnings surprises, it could indicate robust demand for its services and lead to a significant stock price increase.

Bear Case

On the other hand, if Zillow fails to meet expectations or shows signs of slowing growth, it could lead to a sharp decline in stock price, especially given the current competitive landscape.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and how does it compare to last quarter's $0.53?

Given Zillow's strong EPS surprises in previous quarters, the market will closely watch this figure to gauge ongoing profitability.

How is Zillow addressing competitive pressures in the real estate market?

Understanding Zillow's strategy in a competitive environment will be crucial for investors to assess future growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zillow's ability to maintain its growth trajectory despite competitive pressures, as its recent user engagement metrics suggest strong demand.

Supporting Evidence

Zillow has consistently beaten EPS estimates, indicating strong operational performance.

The options market is pricing a larger move than historical averages, suggesting heightened investor expectations.

Zillow's recent initiatives in enhancing user experience could lead to increased market share.

Key Risk

If Zillow reports an EPS above $0.60, it could challenge the cautious outlook currently held by analysts.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it will either reinforce Zillow's growth story or highlight potential vulnerabilities amid market challenges.

Bull Confirmed If

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

Bear Confirmed If

An EPS below $0.40 would raise concerns about Zillow's growth trajectory and confirm the bear case.

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 expect volatility around the earnings announcement.

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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Real Estate

n=30

Fade rate: 11 of 30 (37%)

This setup has occurred 30 times across Real Estate in the last 2 years. 19 of 30 (63%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 2.7%, with a raw directional average of +0.9% (modestly positive historical bias).

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 demand and operational efficiency.

In-Line / Cautious

A cautious inline report may lead to a muted reaction, as investors weigh management's commentary against market conditions.

Miss

If Zillow misses expectations, history suggests a potential decline, with an average move of around -0.60%, raising concerns about its growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on user engagement metrics and how they compare to previous quarters.
2Details on new partnerships or initiatives that could drive revenue growth.
3Management's outlook on the competitive landscape and how Zillow plans to differentiate itself.
4Insights into operational efficiencies that could impact margins.
5Any commentary on macroeconomic factors affecting the real estate market.

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

Earnings Per Share (EPS)

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

N/A

Revenue Growth

Revenue growth will reflect Zillow's ability to attract users and convert them into paying customers, which is vital for its business model.

N/A

1 more metrics, 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 impressive EPS of $0.53, significantly beating expectations. The stock reacted positively, gaining 2.16% the next day, reflecting investor confidence.

Management Promises & Guidance

Continue to enhance user experience on the platform.
Expand partnerships with real estate agents and service providers.
Focus on improving data analytics capabilities.

Expectations

Wall Street Expectations

Bull Case

If Zillow continues its trend of strong earnings surprises, it could indicate robust demand for its services and lead to a significant stock price increase.

Bear Case

On the other hand, if Zillow fails to meet expectations or shows signs of slowing growth, it could lead to a sharp decline in stock price, especially given the current competitive landscape.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and how does it compare to last quarter's $0.53?

Given Zillow's strong EPS surprises in previous quarters, the market will closely watch this figure to gauge ongoing profitability.

How is Zillow addressing competitive pressures in the real estate market?

Understanding Zillow's strategy in a competitive environment will be crucial for investors to assess future growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zillow's ability to maintain its growth trajectory despite competitive pressures, as its recent user engagement metrics suggest strong demand.

Supporting Evidence

Zillow has consistently beaten EPS estimates, indicating strong operational performance.

The options market is pricing a larger move than historical averages, suggesting heightened investor expectations.

Zillow's recent initiatives in enhancing user experience could lead to increased market share.

Key Risk

If Zillow reports an EPS above $0.60, it could challenge the cautious outlook currently held by analysts.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it will either reinforce Zillow's growth story or highlight potential vulnerabilities amid market challenges.

Bull Confirmed If

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

Bear Confirmed If

An EPS below $0.40 would raise concerns about Zillow's growth trajectory and confirm the bear case.

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 expect volatility around the earnings announcement.

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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Real Estate

n=30

Fade rate: 11 of 30 (37%)

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 demand and operational efficiency.

In-Line / Cautious

A cautious inline report may lead to a muted reaction, as investors weigh management's commentary against market conditions.

Miss

If Zillow misses expectations, history suggests a potential decline, with an average move of around -0.60%, raising concerns about its growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on user engagement metrics and how they compare to previous quarters.
2Details on new partnerships or initiatives that could drive revenue growth.
3Management's outlook on the competitive landscape and how Zillow plans to differentiate itself.
4Insights into operational efficiencies that could impact margins.
5Any commentary on macroeconomic factors affecting the real estate market.