Zillow (Z) Gross Margin (2014 - 2026)
Zillow (Z) posted quarterly Gross Margin of 73.31% for Q1 2026, down 345.0% year-over-year from 29.92% in Q1 2025, and up 0.72% quarter-over-quarter from 72.78% in Q4 2025.
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Zillow (Z) Gross Margin (2014 - 2026) Analysis & Trends
Zillow (Z) has reported Gross Margin for 13 consecutive years, with 73.31% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin fell 345.0% year-over-year to 73.31%; the TTM figure through Mar 2026 stood at 73.34% (down 310.0% YoY), while the FY2025 annual figure was 74.14%, down 229.0% from the prior year.
- Gross Margin advanced to 73.31% in Q1 2026 per Z's latest filing, from 72.78% in the prior quarter.
- Across five years, Gross Margin topped out at 82.84% in Q1 2022 and bottomed at 72.63% in Q3 2025.
- Historically, Gross Margin has averaged 77.29% across 5 years, with a median of 76.76% in 2025.
- Annual changes were most pronounced in 2022 — Gross Margin soared 4121 bps — and 2023, when it slumped 380 bps.
- Zillow's Gross Margin stood at 79.54% in 2022, then slipped by 5 bps to 75.74% in 2023, then increased by 0 bps to 75.81% in 2024, then retreated by 4 bps to 72.78% in 2025, then grew by 1 bps to 73.31% in 2026.
- Business Quant data shows Z's Gross Margin at 73.31% in Q1 2026, 72.78% in Q4 2025, and 72.63% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 61.65% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 81.37% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 33.41% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | 77.06% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 91.27% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 37.22% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 78.18% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 76.06% |
| 10 | Zillow | 8.00 Bn | 7.31 Bn | 562.00 Mn | 72.80% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 72.80% |
| Mar 31, 2026 | 73.31% |
| Dec 31, 2025 | 72.78% |
| Sep 30, 2025 | 72.63% |
| Jun 30, 2025 | 74.66% |
| Mar 31, 2025 | 76.76% |
| Dec 31, 2024 | 75.81% |
| Sep 30, 2024 | 75.90% |
| Jun 30, 2024 | 77.27% |
| Mar 31, 2024 | 76.75% |
| Dec 31, 2023 | 75.74% |
| Sep 30, 2023 | 77.82% |
| Jun 30, 2023 | 79.45% |
| Mar 31, 2023 | 80.38% |
| Dec 31, 2022 | 79.54% |
| Sep 30, 2022 | 81.57% |
| Jun 30, 2022 | 80.75% |
| Mar 31, 2022 | 82.84% |
| Dec 31, 2021 | 82.24% |
| Sep 30, 2021 | 85.09% |