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. operates in the real estate sector, providing online real estate 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 is crucial for understanding Zillow's market performance and demand for its services.

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. operates in the real estate sector, providing online real estate services that help consumers buy, sell, and rent homes. With a market cap of $8 billion, Zillow plays a significant role in the housing market, especially as trends in home buying and selling evolve.

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

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Zillow's upcoming earnings, especially given its strong performance in recent quarters. However, there is uncertainty around revenue figures as no estimates are available.

Bull Case

If Zillow continues its trend of beating EPS expectations, it could signal strong operational efficiency and market demand, potentially driving the stock higher.

Bear Case

Conversely, if Zillow fails to meet expectations or shows signs of declining revenue, it could lead to a significant drop in stock price, given the high implied volatility.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

Given Zillow's history of EPS surprises, this figure will be critical in determining market sentiment and stock movement.

How is Zillow addressing current market trends in home buying?

Understanding Zillow's strategy in response to market dynamics will provide insight into its future revenue potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating Zillow's ability to adapt to changing housing trends, which could lead to better-than-expected results.

Supporting Evidence

Zillow has consistently beaten EPS estimates in the past, indicating strong management performance.

The options market is pricing in a larger move than historical averages, suggesting that traders expect significant news.

Zillow's recent strategic initiatives may not be fully reflected in current market expectations.

Key Risk

If Zillow reports an EPS above $0.60, it could challenge the current cautious sentiment and drive the stock higher.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to sustain its impressive EPS growth amid changing market conditions.

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, suggesting potential issues in revenue generation.

Pre-Earnings Positioning

Options Market

Implied Move

±16.76%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant move, indicating that traders expect volatility around the earnings announcement.

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 2.27%, confirming strong operational strength.

In-Line / Cautious

An in-line result may lead to muted reactions, with investors focusing on management's commentary for future guidance.

Miss

If Zillow misses expectations, the stock could decline, with historical patterns indicating a potential drop of around 0.25%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on Zillow's market share in the online real estate space.
2Details on cost management strategies and their impact on profitability.
3Insights into customer engagement metrics and user growth.
4Management's outlook on housing market trends and economic conditions.
5Any new initiatives or partnerships that could enhance Zillow's service offerings.

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Company Snapshot

Zillow Group, Inc. operates in the real estate sector, providing online real estate 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 is crucial for understanding Zillow's market performance and demand for its services.

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

Expectations

Wall Street Expectations

Bull Case

If Zillow continues its trend of beating EPS expectations, it could signal strong operational efficiency and market demand, potentially driving the stock higher.

Bear Case

Conversely, if Zillow fails to meet expectations or shows signs of declining revenue, it could lead to a significant drop in stock price, given the high implied volatility.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

Given Zillow's history of EPS surprises, this figure will be critical in determining market sentiment and stock movement.

How is Zillow addressing current market trends in home buying?

Understanding Zillow's strategy in response to market dynamics will provide insight into its future revenue potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating Zillow's ability to adapt to changing housing trends, which could lead to better-than-expected results.

Supporting Evidence

Zillow has consistently beaten EPS estimates in the past, indicating strong management performance.

The options market is pricing in a larger move than historical averages, suggesting that traders expect significant news.

Zillow's recent strategic initiatives may not be fully reflected in current market expectations.

Key Risk

If Zillow reports an EPS above $0.60, it could challenge the current cautious sentiment and drive the stock higher.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Zillow's ability to sustain its impressive EPS growth amid changing market conditions.

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, suggesting potential issues in revenue generation.

Pre-Earnings Positioning

Options Market

Implied Move

±16.76%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant move, indicating that traders expect volatility around the earnings announcement.

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 2.27%, confirming strong operational strength.

In-Line / Cautious

An in-line result may lead to muted reactions, with investors focusing on management's commentary for future guidance.

Miss

If Zillow misses expectations, the stock could decline, with historical patterns indicating a potential drop of around 0.25%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on Zillow's market share in the online real estate space.
2Details on cost management strategies and their impact on profitability.
3Insights into customer engagement metrics and user growth.
4Management's outlook on housing market trends and economic conditions.
5Any new initiatives or partnerships that could enhance Zillow's service offerings.