Zillow ended the fourth quarter on a 10-year high.
The company reported $2 million in net income in the quarter, according to a filing with the Securities and Exchange Commission. The number is a significant improvement from when it lost $52 million the same time in 2024, and means the company ended 2025 with a full-year net income of $23 million, the first time it has been profitable since 2012.
Quarterly revenue rose 18 percent to $654 million, while Adjusted EBITDA was up to $149 million from $112 million in 2024.
The company’s for-sale business recorded quarterly revenue of $475 million, up 11 percent annually, and Mortgages revenue increased 39 percent year over year to $57 million.
Traffic to Zillow’s site was up 8 percent annually to 221 million average monthly unique users, and visits were roughly flat at 2.1 billion for the quarter.
The results came in the face of a flat year for the housing market, which saw 3 percent growth, according to the National Association of Realtors.
“Our results show we’re executing a clear strategy, gaining share across for sale and rentals and building a platform designed for durable growth across market conditions,” CEO Jeremy Wacksman said on the call.
Financials > lawsuits
The strong financial results are a positive end note on what has otherwise been a tumultuous year for Zillow, in which it has faced down lawsuits from competitors like Compass and CoStar, as well as lawmakers at the Federal Trade Commission.
In June, Compass sued Zillow over its policy that threatened to ban listings from its platform if they were not uploaded to the MLS and Zillow within 24 hours of public marketing. Last week, a judge denied Compass’ request to temporarily halt the policy while the case proceeds.
One month later, CoStar sued Zillow over its alleged copyright infringement of thousands of photos used on rental listings, and in September, the FTC claimed that Zillow and Redfin colluded in their $100 million agreement to syndicate rental listings.
Wacksman brushed aside potential concerns about the lawsuits during the call, briefly noting “we are confident in our positions and approach.”
Both those lawsuits, which are still pending, strike at what has been one of Zillow’s fastest-growing segments in its rentals business. Zillow reported its rentals business grew revenue 45 percent annually to $168 million in the fourth quarter.
“We see a clear path to a billion-dollar-plus annual revenue opportunity,” Wacksman said of its rentals business, which he said increased its estimated market share to 63 percent in 2025 from 54 percent the previous year.
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Zillow nabs $10M net income amid resi platform wars