This story originally appeared on Real Estate News.
Despite all of the headlines Zillow faced last year involving various court cases, the company continued to outperform investor expectations in the fourth quarter.
Zillow’s revenue was up 18% for Q4 of 2025 and up 16% for the full year, according to its Feb. 10 earnings report. Zillow’s quarterly revenue, which came in at $654 million, was at the upper end of Zillow’s guidance and was slightly higher than what investors had projected.
The biggest percentage increases in revenue came from Zillow’s mortgage and rental divisions, which are both the focus of lawsuits that were filed last year. Revenue from the company’s mortgage division was up 39% to $57 million, while rental revenue was up 45% to $168 million.
And even though 2025 was a slow year for home sales nationally, traffic to Zillow’s websites and apps were up 8% in Q4 and visits were up 2% for the entire year.
“We delivered strong results in the fourth quarter and throughout 2025, achieving all our reported full-year financial targets, including positive net income, while continuing to gain share in both For Sale and Rentals,” Zillow CEO Jeremy Wacksman said in a news release.
“As we celebrate 20 years of Zillow, our results demonstrate our disciplined and consistent execution of our strategy,” Wacksman added.
Key numbers
Revenue: $654 million in Q4, up 18% year-over-year. Residential revenue increased 8% to $418 million, mortgage revenue was up 39% to $57 million, and rentals revenue climbed 45% to $168 million.
For the full year, revenue was $2.6 billion, up 16% compared to 2024.
Cash and investments: $1.3 billion at the end of 2025, down from $1.4 billion at the end of September.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): $149 million in Q4, up from $112 million a year earlier.
Net income/loss: A gain of $3 million in Q4, up from a $52 million loss a year ago. Zillow reported a net income gain of $23 million for the full year compared to a $112 million loss in 2024.
Traffic and visits: Traffic across all Zillow Group websites and apps totaled 221 million average monthly unique users in Q4, up 8% year-over-year, the company said. Visits were up 2% year-over-year to 2.1 billion.
Q1 outlook: For the first quarter, Zillow estimates revenue will be in the $700 million to $710 million range.
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