Bloomberg Talks Podcast: Zillow CEO Jeremy Wacksman Talks Q3 Revenue

Date: October 30, 2025
Host(s): Bloomberg Interviewers
Guest: Jeremy Wacksman, CEO of Zillow Group

Episode Overview

This episode features an in-depth conversation with Jeremy Wacksman, CEO of Zillow Group, following Zillow’s Q3 earnings release. The discussion centers on Zillow’s standout quarterly performance, the company’s diversified revenue streams, the booming rentals marketplace, and strategic perspectives amid challenging housing market dynamics.

Key Discussion Points & Insights

Q3 Earnings Beat and Revenue Drivers

• Strong Financial Performance:
  • Zillow reported Q3 revenue of $676 million, up 16% year-over-year, and an EPS of $0.44.
  • Q4 revenue guidance is between $645 and $655 million, slightly above average street estimates. (01:14)
• Broad-Based Growth:
  • Both for-sale (mortgages and agent revenue, up 10%) and rentals marketplace (up 41%) contributed to growth.
• Integrated Transaction Strategy:

  • The outperformance is attributed to Zillow’s push towards integrating software for buyers, sellers, and renters—making transactions more seamless.

    "What's driving that outperformance against a housing market that's up mid single digits is this integrated transaction strategy building software for buyers, sellers and renters to use Zillow more and connect with professionals and get more transactions done."
    — Jeremy Wacksman (01:15)

Home Loans Business Ambitions

• Small but Strategic:

  • Home loans remain a smaller segment but have shown double-digit growth throughout the year.

  • Wacksman emphasized the strategic fit of offering Zillow Home Loans as part of a unified consumer platform.

    "80% of all buyers need a mortgage and those buyers are shopping on Zillow... they want a one stop shop."
    — Jeremy Wacksman (02:12)

  • The goal: streamline the process so customers can find homes, agents, and financing in one place.

Renting vs. Buying Trends Amid Affordability Crisis

• Housing Affordability Dynamics:

  • Home prices are up nearly 100% from pre-pandemic levels; rent has increased 30-40%.

  • Many would-be buyers, particularly first-timers, are finding buying out of reach and opting to rent.

    "Unfortunately it is still a real affordability crisis in the housing market... it becomes more affordable to rent versus buy in many markets. And you're seeing many folks who are trying to be first time homebuyers. That's just out of reach."
    — Jeremy Wacksman (03:29)

• Zillow’s Dual Tracking Strategy:

  • By offering both rental and for-sale listings, Zillow caters to consumers “dual tracking” both options.

  • Zillow helps renters build credit and plan for potential future homebuying.

    "Those renters are tomorrow's buyers... We're helping them report their rent to the credit bureaus to start building their credit score to get them ready for that home loan."
    — Jeremy Wacksman (04:03)

Rentals Marketplace: Rapid Growth and Market Leadership

• Critical Growth Engine:
  • Zillow Rentals now represents over a quarter of company revenue.
  • Unique value: Organizing rental inventory (now 2.5 million listings) that’s often fragmented elsewhere.
• Market Impact:

  • Zillow boasts 36 million unique monthly visitors for rentals—largest in the category.

  • Advertisers and property managers are fueling revenue growth via rental listings:

    "Advertisers, big property managers who are looking to fill their vacancies. They want to tap into that audience. And so they're what's driving the revenue growth."
    — Jeremy Wacksman (06:18)

  • Rental revenue up 41% in Q3; multifamily revenue up 62% year-over-year.

Rentals as a Brand Identity Shift

• Breaking the 'For Sale Only' Perception:

  • Wacksman made clear that rentals are now a cornerstone, not a secondary business.

    "Our mission is to help more and more people get home. You can't do that if you're not helping renters get home, because there's so many more renters than buyers and sellers every year."
    — Jeremy Wacksman (05:15)

Notable Quotes & Memorable Moments

• On Integrated Strategy:

  "[We're] building software for buyers, sellers, and renters... That’s what's driving a great Q3 for us." (01:15)

• On Housing Market Challenges:

  "Home prices are up nearly 100% from pre pandemic levels. So we talk a lot about mortgage rates... but it's really home prices that are making things unaffordable." (03:29)

• On Rentals Growth:

  "We now have the most listings. We have two and a half million rental listings on Zillow... That is what brings renters to Zillow." (05:15)

Timestamps for Important Segments

• Q3 Performance & Revenue Drivers: 01:14 – 02:00
• Home Loans Business Discussion: 02:00 – 03:04
• Renting vs Buying & Market Trends: 03:04 – 04:48
• Rentals Business Impact: 04:48 – 06:18
• Closing Remarks: 06:33

Final Takeaways

• Zillow’s Q3 was characterized by strong growth in both traditional for-sale and rapidly expanding rentals segments.
• The company is evolving into a holistic real estate platform, serving buyers, sellers, and the growing cohort of long-term renters.
• Affordability concerns are shaping housing demand, with rentals becoming more prevalent, but Zillow positions itself to capture value across both segments and help renters eventually transition to buyers.

For listeners interested in the future of real estate platforms, housing affordability, and how tech is changing where and how people live, this episode offers a wealth of market perspective from Zillow’s top leadership.