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 a strong EPS can signal effective cost management and revenue generation.

$0.53

Revenue Growth

Revenue growth reflects the company's ability to attract users and generate income from its services, which is crucial for its valuation.

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. (ZG) operates in the real estate sector, providing services that help consumers buy, sell, and rent homes. As a major player in online real estate listings, 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 impressive EPS of $0.53, significantly surpassing expectations. This marked a continuation of strong performance, with the stock reacting positively the following day.

Management Promises & Guidance

Focus on expanding user engagement and improving the platform.
Commitment to enhancing data analytics capabilities.
Plans to explore new revenue streams within real estate services.

Expectations

Wall Street Expectations

Overall, investors are optimistic about Zillow's upcoming earnings, especially given its recent strong EPS surprises. However, there are concerns about whether this momentum can be sustained amid a fluctuating housing market.

Bull Case

If Zillow continues to outperform expectations, particularly in user engagement and revenue growth, it could solidify its market position and attract more investors.

Bear Case

Conversely, if the company fails to meet even its own past performance levels, it could lead to a significant drop in investor confidence and stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.53

EPS is a key indicator of profitability, and a strong EPS can signal effective cost management and revenue generation.

Revenue Growth

N/A

Revenue growth reflects the company's ability to attract users and generate income from its services, which is crucial for its valuation.

User Engagement Metrics

N/A

High user engagement can indicate strong demand for Zillow's services, which is vital for future revenue growth.

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 the previous quarters?

Given Zillow's history of beating EPS estimates, the market will closely watch this metric to gauge ongoing profitability.

What insights can management provide on user engagement and revenue growth?

Understanding user engagement trends is critical for assessing Zillow's future revenue potential and market position.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Zillow's ability to leverage its platform for higher user engagement, which could lead to stronger revenue growth than anticipated.

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 expectations.

Recent trends in the housing market could favor Zillow's online services as more consumers turn to digital platforms.

Key Risk

If user engagement metrics show significant growth, it could challenge the consensus view of slowing demand.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Zillow can sustain its recent performance or if it will face headwinds in a changing housing market.

Bull Confirmed If

An EPS of $0.60 or higher would confirm strong profitability and growth momentum.

Bear Confirmed If

An EPS below $0.40 would raise concerns about Zillow's ability to maintain its growth trajectory.

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 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 the stock could rise by around 2.22%, confirming the bullish outlook.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

Should Zillow miss expectations, the stock could drop, with historical patterns indicating a potential decline of around 0.60%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on user engagement metrics and how they compare to previous quarters.
2Any commentary on new revenue streams being explored by the company.
3Insights into the competitive landscape and Zillow's market positioning.
4Management's outlook on the housing market and its impact on business.
5Details on cost management strategies and their effectiveness.

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. (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 a strong EPS can signal effective cost management and revenue generation.

$0.53

Revenue Growth

Revenue growth reflects the company's ability to attract users and generate income from its services, which is crucial for its valuation.

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 surpassing expectations. This marked a continuation of strong performance, with the stock reacting positively the following day.

Management Promises & Guidance

Focus on expanding user engagement and improving the platform.
Commitment to enhancing data analytics capabilities.
Plans to explore new revenue streams within real estate services.

Expectations

Wall Street Expectations

Bull Case

If Zillow continues to outperform expectations, particularly in user engagement and revenue growth, it could solidify its market position and attract more investors.

Bear Case

Conversely, if the company fails to meet even its own past performance levels, it could lead to a significant drop in investor confidence and stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.53

EPS is a key indicator of profitability, and a strong EPS can signal effective cost management and revenue generation.

Revenue Growth

N/A

Revenue growth reflects the company's ability to attract users and generate income from its services, which is crucial for its valuation.

User Engagement Metrics

N/A

High user engagement can indicate strong demand for Zillow's services, which is vital for future revenue growth.

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 the previous quarters?

Given Zillow's history of beating EPS estimates, the market will closely watch this metric to gauge ongoing profitability.

What insights can management provide on user engagement and revenue growth?

Understanding user engagement trends is critical for assessing Zillow's future revenue potential and market position.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Zillow's ability to leverage its platform for higher user engagement, which could lead to stronger revenue growth than anticipated.

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 expectations.

Recent trends in the housing market could favor Zillow's online services as more consumers turn to digital platforms.

Key Risk

If user engagement metrics show significant growth, it could challenge the consensus view of slowing demand.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Zillow can sustain its recent performance or if it will face headwinds in a changing housing market.

Bull Confirmed If

An EPS of $0.60 or higher would confirm strong profitability and growth momentum.

Bear Confirmed If

An EPS below $0.40 would raise concerns about Zillow's ability to maintain its growth trajectory.

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 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 the stock could rise by around 2.22%, confirming the bullish outlook.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

Should Zillow miss expectations, the stock could drop, with historical patterns indicating a potential decline of around 0.60%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on user engagement metrics and how they compare to previous quarters.
2Any commentary on new revenue streams being explored by the company.
3Insights into the competitive landscape and Zillow's market positioning.
4Management's outlook on the housing market and its impact on business.
5Details on cost management strategies and their effectiveness.