Driving this growth has been strong financial performance across Zillow’s business.
In the fourth quarter of 2025, residential income increased 8% year-over-year to $428 million, mortgage income increased 39% year-over-year to $57 million and the rental sector recorded a 45% year-over-year increase in income.
In the full year of 2025, the residential real estate industry generated revenue of $1.704 billion, an increase of 7% annually, while the mortgage industry generated revenue of $199 million, an increase of 37% compared to the previous year. Overall, Zillow said the number of home equity loans will increase 53% annually through 2025.
Additionally, during its lending operations, Zillow said it recorded an 11% increase in loan officer productivity as it increased loan officers by 40%.
“This just speaks to what we offer consumers,” Hoffman said. “We offer the best prices. We offer a hassle-free experience, as well as things like free credit monitoring and free appraisals. And this also speaks to the quality of both the consumers that our loan officers meet and the quality of the technology that we build.”
Zillow executives attributed the growth in its residential and mortgage operations to an improved customer experience the company offers in “developed markets.” Almost half (44%) of its consumer contacts came through developed markets, up from 21% last year.
As part of its effort to streamline the home buying process for buyers and agents within the Zillow ecosystem, the company said it has rolled out pre-approvals for Zillow Home Loans internally. Follow Boss. This allows “agents to generate offer-specific updates and interact quickly and seamlessly within” the Zillow ecosystem, according to the company.
In addition, Zillow highlighted the increased adoption of Zillow Showcase, which it said was used in 3.7% of new listings in Q4 2025, up from 1.7% of new listings in Q4 2024.
The management also highlighted the firm’s improved performance in the recruitment sector. By the full year 2025, Zillow estimates its share of rental listings to rise to 63%, up from 54% in 2024. The company attributed the increase to rental income, which rose 45% year-on-year in Q4 2025 to $168 million, and 39% year-over-year, to $630 million.
Given the number of lawsuits currently facing the company, management also took time to address Zillow’s legal challenges. They explained that they do not expect the lawsuits — which range from antitrust claims to alleged RESPA violations and copyright infringement claims — to have a significant impact on the company’s long-term financial position.
“We strongly believe in that strategy because it helps consumers and real estate professionals, and that focus doesn’t change depending on external factors,” Hoffman said. “You know, I can also say that it’s clear from their results today and the guidance going forward that we’ve never been stronger. We’re going to defend ourselves vigorously, but day-to-day, the business has never been stronger and we expect strong growth in 2026.”
With the housing market expected to improve in 2026, Hoffman is confident that Zillow is well positioned to take advantage of any potential improvements.
“We feel that businesses can and will do well no matter what the housing market does. That said, it’s good to see business diversifying as it has over the past few years,” Hoffman said. “We feel like when the housing market comes back, we’re as good as we’ve ever been.”
