Zillow Group Reports Fourth-Quarter and Full-Year 2024 Financial Results

Zillow Group, Inc. (NASDAQ: Z and ZG), a leader in transforming how people buy, sell, rent, and finance homes, has announced its consolidated financial results for the fourth quarter and the full year ending December 31, 2024. The company continues to make significant strides in digitizing the real estate market while achieving substantial growth milestones.

Key Highlights of Zillow Group’s Q4 and Full-Year 2024 Results

Strong Financial Performance

✅ Q4 revenue surged by 17% YoY, reaching $554 million, surpassing the company’s outlook by $21 million. ✅ Full-year 2024 revenue increased by 15% YoY, totaling $2.2 billion. ✅ For Sale revenue grew by 15% YoY to $428 million in Q4. ✅ Residential revenue climbed 11% YoY to $387 million, driven by improved conversions and the Zillow Showcase expansion. ✅ Mortgages revenue skyrocketed 86% YoY to $41 million in Q4, with purchase loan origination volume up 90% to $923 million. ✅ Rentals revenue rose 25% YoY to $116 million, led by multifamily revenue growth of 41% YoY.

Profitability and Cash Flow

🔹 GAAP Net Loss reduced to $52 million in Q4 2024, a major improvement from $73 million in Q4 2023. 🔹 Full-year GAAP Net Loss stood at $112 million, with a 5% net loss margin, an improvement of 300 basis points from 2023. 🔹 Q4 Adjusted EBITDA reached $112 million, or 20% of revenue. 🔹 Full-year Adjusted EBITDA climbed to $498 million, with an Adjusted EBITDA margin of 22%, up 200 basis points from 2023. 🔹 Cash and investments totaled $1.9 billion at the end of Q4, down from $2.2 billion in Q3, mainly due to the settlement of convertible debt.

User Engagement and Market Position

📈 Average monthly unique users reached 204 million in Q4, marking a 3% YoY increase. 📈 Q4 visits rose 3% YoY to 2.1 billion, reflecting Zillow’s strong brand presence and user engagement.

Zillow Group’s Vision and Future Growth

CEO’s Statement on 2024 Performance

“2024 was a remarkable year for Zillow. We achieved our stated goals, including double-digit revenue growth, and we expect to maintain our momentum in 2025,” said Jeremy Wacksman, CEO of Zillow Group. “Our results demonstrate our ability to execute and lead the industry in transforming and digitizing real estate. With the strongest brand in the sector and a solid growth foundation, we look forward to serving even more buyers, sellers, renters, and real estate professionals.”

Zillow’s Strategic Focus for 2025

🔹 Expanding Zillow Showcase to drive higher conversions. 🔹 Enhancing Zillow Home Loans for broader mortgage accessibility. 🔹 Strengthening rental property solutions to capture the growing demand. 🔹 Increasing adoption of AI-driven real estate solutions to improve user experience. 🔹 Leveraging data analytics for improved market predictions and insights.

Conference Call and Webcast Details

Zillow Group will host a live webcast today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss these results. To register for the live event, visit Zillow Q4 2024 Financial Results Webcast. A shareholder letter, investor presentation, and replay of the call will be available in the Investor Relations section of Zillow Group’s website.

Forward-Looking Statements and Risk Factors

This report contains forward-looking statements that involve risks and uncertainties. These include expectations regarding future financial performance, strategic initiatives, and real estate market trends. While Zillow Group remains optimistic about its growth trajectory, factors such as economic conditions, housing market fluctuations, interest rate changes, and regulatory challenges could impact its performance.

Key risk factors include: ✔ Market volatility, inflationary conditions, and housing affordability trends. ✔ Regulatory changes affecting real estate transactions and industry compliance. ✔ Technology advancements and competitive pressures from other real estate platforms. ✔ Macroeconomic factors, including geopolitical instability and labor shortages.

For a comprehensive list of risk factors, please review the Risk Factors section in Zillow Group’s publicly available filings with the U.S. Securities and Exchange Commission (SEC).

About Zillow Group, Inc.

Zillow Group, Inc. (Nasdaq: Z and ZG) is revolutionizing real estate, making homeownership accessible and seamless. As the most visited real estate website in the United States, Zillow and its affiliates offer digital solutions, partnerships, and industry-leading tools to connect buyers, sellers, renters, and real estate professionals.

Zillow Group’s Key Brands and Services:

🏠 Zillow® – The leading real estate marketplace. 🏠 Zillow Premier Agent® – Connecting real estate agents with potential buyers. 🏠 Zillow Home Loans℠ – A trusted mortgage lender. 🏠 Zillow Rentals® – Helping renters find the perfect home. 🏠 Trulia® – A leading home search platform. 🏠 StreetEasy® – Focused on the NYC real estate market. 🏠 ShowingTime+SM – Enhancing property showing experiences.

For more information, visit: 🌐 Zillow Group Investor Relations 🌐 Zillow Newsroom 🌐 Zillow on X 🌐 Zillow on LinkedIn

📢 Zillow Group continues to redefine the real estate industry with innovation and a customer-first approach. Stay tuned for further updates on its growth and strategic initiatives!