Equity Profile

Z

Zillow Group, Inc.

Real EstateReal Estate Services$7.4B

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 critical indicator of profitability, and Zillow has consistently surprised to the upside in recent quarters.

N/A

Revenue Growth

While specific revenue estimates are not available, growth in revenue is essential for assessing Zillow's market position and operational efficiency.

N/A

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 sector, Zillow's performance can reflect broader trends in housing demand and consumer behavior, making it an important company to watch in the current economic climate.

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 EPS of $0.53, significantly exceeding expectations. The stock reacted positively, gaining 2.27% the following day.

Management Promises & Guidance

Focus on expanding user engagement on the platform.
Commitment to improving operational efficiencies.
Plans to enhance data analytics capabilities.

Expectations

Wall Street Expectations

Wall Street is cautiously optimistic about Zillow's upcoming earnings, given its strong track record of beating EPS estimates. However, there are concerns about revenue growth amid a fluctuating housing market.

Bull Case

If Zillow continues its trend of strong earnings surprises, it could signal robust demand in the housing market, leading to increased investor confidence.

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, reflecting broader market concerns.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026, and will it continue the trend of significant surprises?

Given Zillow's history of beating EPS estimates, this figure will be crucial for investor sentiment and stock performance.

How does management view revenue growth in the current housing market?

Management's insights on revenue growth will provide context on Zillow's operational health and market positioning.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Zillow's ability to leverage its platform for sustained growth, especially given its recent EPS surprises.

Supporting Evidence

Zillow has consistently beaten EPS estimates, indicating stronger-than-expected operational performance.

The options market is pricing a significant move, suggesting that investors anticipate volatility that may not align with consensus expectations.

Key Risk

If Zillow reports an EPS above $0.60, it could challenge the current cautious outlook and shift investor sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to maintain its earnings momentum amid a changing housing landscape.

Bull Confirmed If

An EPS of $0.60 or higher would confirm strong operational performance and market demand.

Bear Confirmed If

An EPS below $0.40 could signal weakening demand and operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±16.76%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant potential move following the earnings report, indicating heightened uncertainty among investors.

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, history suggests a potential stock increase of around 2.16%, confirming strong demand and operational efficiency.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors digest management commentary.

Miss

A miss could lead to a decline in stock price, with historical patterns suggesting a potential drop of around 0.25%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on user engagement metrics and how they impact revenue.
2Management's commentary on operational efficiencies and cost management.
3Insights into the competitive landscape and Zillow's market positioning.
4Details on any new product features or services being introduced.
5Guidance on future revenue expectations in light of current market conditions.

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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 critical indicator of profitability, and Zillow has consistently surprised to the upside in recent quarters.

N/A

Revenue Growth

While specific revenue estimates are not available, growth in revenue is essential for assessing Zillow's market position and operational efficiency.

N/A

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

In Q1 2026, Zillow reported an impressive EPS of $0.53, significantly exceeding expectations. The stock reacted positively, gaining 2.27% the following day.

Management Promises & Guidance

Focus on expanding user engagement on the platform.
Commitment to improving operational efficiencies.
Plans to enhance data analytics capabilities.

Expectations

Wall Street Expectations

Bull Case

If Zillow continues its trend of strong earnings surprises, it could signal robust demand in the housing market, leading to increased investor confidence.

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, reflecting broader market concerns.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026, and will it continue the trend of significant surprises?

Given Zillow's history of beating EPS estimates, this figure will be crucial for investor sentiment and stock performance.

How does management view revenue growth in the current housing market?

Management's insights on revenue growth will provide context on Zillow's operational health and market positioning.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Zillow's ability to leverage its platform for sustained growth, especially given its recent EPS surprises.

Supporting Evidence

Zillow has consistently beaten EPS estimates, indicating stronger-than-expected operational performance.

The options market is pricing a significant move, suggesting that investors anticipate volatility that may not align with consensus expectations.

Key Risk

If Zillow reports an EPS above $0.60, it could challenge the current cautious outlook and shift investor sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to maintain its earnings momentum amid a changing housing landscape.

Bull Confirmed If

An EPS of $0.60 or higher would confirm strong operational performance and market demand.

Bear Confirmed If

An EPS below $0.40 could signal weakening demand and operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±16.76%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant potential move following the earnings report, indicating heightened uncertainty among investors.

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, history suggests a potential stock increase of around 2.16%, confirming strong demand and operational efficiency.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors digest management commentary.

Miss

A miss could lead to a decline in stock price, with historical patterns suggesting a potential drop of around 0.25%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on user engagement metrics and how they impact revenue.
2Management's commentary on operational efficiencies and cost management.
3Insights into the competitive landscape and Zillow's market positioning.
4Details on any new product features or services being introduced.
5Guidance on future revenue expectations in light of current market conditions.