Zillow grows mortgage biz 36% in the third quarter
Zillow Group’s third-quarter 2025 revenue rose 16% year-over-year to $676 million, exceeding internal projections and outpacing the broader real estate industry.
Adjusted EBITDA reached $165 million, with a 24% margin, up over 200 basis points from a year earlier.
“Zillow's Q3 results show how well we're delivering on our mission to make buying, selling, financing and renting easier,” said chief executive officer Jeremy Wacksman.
The company attributed its outperformance to growth across its For Sale, Rentals, and Mortgages segments. For Sale revenue rose 10% to $488 million, supported by a 7% increase in residential revenue and a 36% surge in mortgage revenue, driven by a 57% year-on-year rise in purchase loan origination volume.
Rental revenue climbed 41% to $174 million, primarily from a 62% jump in multifamily income. Zillow’s Adjusted EBITDA margin expanded to 24% in Q3, up from 22% the previous year, due to stronger revenue growth and tighter cost controls. Net income for the quarter stood at $10 million, marking a return to profitability compared to a $20 million loss a year ago.
Traffic to Zillow’s platforms also improved, with monthly average users increasing 7% year-on-year to 250 million, while total visits reached 2.5 billion, up 4%.
Cash and investments reached $1.4 billion by quarter-end, up from $1.2 billion in Q2.
Zillow noted that it continues to benefit from its integrated-transaction model and its consumer-first approach, particularly in the rentals and mortgages markets. The firm said it remains focused on delivering product innovation and operational execution in Q4 and beyond.
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