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. (ZG) operates in the real estate sector, primarily focusing on providing online real estate services....

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 reflects the company's ability to attract users and generate sales, which is crucial in the competitive real estate market.

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, primarily focusing on providing online real estate services. The company plays a significant role in the housing market by offering tools for buying, selling, and renting homes, which are essential as consumer spending and housing trends fluctuate.

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 exceeding expectations. The stock reacted positively, gaining 2.16% the following day.

Management Promises & Guidance

Focus on enhancing user experience on the platform.
Commitment to expanding market share in the online real estate sector.
Plans to introduce new features to attract more buyers and sellers.

Expectations

Wall Street Expectations

Overall expectations for Zillow's upcoming earnings are cautiously optimistic, given its strong track record of beating EPS estimates. Investors are looking for continued growth in a challenging real estate market.

Bull Case

If Zillow continues its trend of beating EPS estimates, it could signal robust demand for its services, leading to a strong stock performance.

Bear Case

Conversely, if Zillow fails to meet expectations or shows signs of slowing growth, it could lead to a significant downturn in stock price.

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 previous quarters?

Given Zillow's strong history of EPS surprises, this number will be critical in shaping investor sentiment.

What are the latest user engagement metrics and revenue growth figures?

These metrics will indicate the company's ability to attract and retain users, which is vital for future growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may underestimate Zillow's ability to maintain user engagement and revenue growth despite a challenging housing market.

Supporting Evidence

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

Options pricing suggests a significant move, which may reflect investor uncertainty rather than a bearish outlook.

The historical trend of positive reactions to earnings surprises supports a more optimistic view.

Key Risk

If user engagement metrics show a significant decline, it could challenge the current bullish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is crucial as it will either reinforce Zillow's growth story or raise concerns about its market position.

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 suggest declining profitability and could lead to a negative market reaction.

Pre-Earnings Positioning

Options Market

Implied Move

±11.46%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a considerable move, indicating that investors expect significant 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 a potential stock increase of around 2.22%, confirming the company's strong growth trajectory.

In-Line / Cautious

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

Miss

A miss could lead to a decline, with historical patterns indicating an average drop of around 0.60%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on user engagement and growth strategies.
2Any commentary on market conditions affecting the real estate sector.
3Insights into new features or services being launched.
4Management's outlook on future revenue growth.
5Responses to questions about competitive pressures in the market.

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Company Snapshot

Zillow Group, Inc. (ZG) operates in the real estate sector, primarily focusing on providing online real estate services....

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 reflects the company's ability to attract users and generate sales, which is crucial in the competitive real estate market.

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 exceeding expectations. The stock reacted positively, gaining 2.16% the following day.

Management Promises & Guidance

Focus on enhancing user experience on the platform.
Commitment to expanding market share in the online real estate sector.
Plans to introduce new features to attract more buyers and sellers.

Expectations

Wall Street Expectations

Bull Case

If Zillow continues its trend of beating EPS estimates, it could signal robust demand for its services, leading to a strong stock performance.

Bear Case

Conversely, if Zillow fails to meet expectations or shows signs of slowing growth, it could lead to a significant downturn in stock price.

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 previous quarters?

Given Zillow's strong history of EPS surprises, this number will be critical in shaping investor sentiment.

What are the latest user engagement metrics and revenue growth figures?

These metrics will indicate the company's ability to attract and retain users, which is vital for future growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may underestimate Zillow's ability to maintain user engagement and revenue growth despite a challenging housing market.

Supporting Evidence

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

Options pricing suggests a significant move, which may reflect investor uncertainty rather than a bearish outlook.

The historical trend of positive reactions to earnings surprises supports a more optimistic view.

Key Risk

If user engagement metrics show a significant decline, it could challenge the current bullish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is crucial as it will either reinforce Zillow's growth story or raise concerns about its market position.

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 suggest declining profitability and could lead to a negative market reaction.

Pre-Earnings Positioning

Options Market

Implied Move

±11.46%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a considerable move, indicating that investors expect significant 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 a potential stock increase of around 2.22%, confirming the company's strong growth trajectory.

In-Line / Cautious

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

Miss

A miss could lead to a decline, with historical patterns indicating an average drop of around 0.60%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on user engagement and growth strategies.
2Any commentary on market conditions affecting the real estate sector.
3Insights into new features or services being launched.
4Management's outlook on future revenue growth.
5Responses to questions about competitive pressures in the market.