Zillow (Z) Operating Margin (2014 - 2026)
Zillow (Z) posted quarterly Operating Margin of 5.08% for Q1 2026, up 659.0% year-over-year from 0.67% in Q1 2025, and up 402.31% quarter-over-quarter from 1.68% in Q4 2025.
Zillow (Z) Operating Margin (2014 - 2026) Analysis & Trends
Zillow (Z) has reported Operating Margin for 13 consecutive years, with 5.08% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin rose 659.0% year-over-year to 5.08%; the TTM figure through Mar 2026 stood at 0.41% (up 739.0% YoY), while the FY2025 annual figure was 1.32%, up 749.0% from the prior year.
- Operating Margin climbed to 5.08% in Q1 2026 per Z's latest filing, from 1.68% in the prior quarter.
- Across five years, Operating Margin topped out at 6.72% in Q1 2022 and bottomed at 22.15% in Q4 2023.
- Historically, Operating Margin has averaged 6.66% across 5 years, with a median of 7.75% in 2024.
- Annual changes were most pronounced in 2022 — Operating Margin tumbled 2506 bps — and 2025, when it surged 1077 bps.
- Zillow's Operating Margin stood at 19.08% in 2022, then retreated by 16 bps to 22.15% in 2023, then surged by 44 bps to 12.45% in 2024, then jumped by 86 bps to 1.68% in 2025, then jumped by 402 bps to 5.08% in 2026.
- Business Quant data shows Z's Operating Margin at 5.08% in Q1 2026, 1.68% in Q4 2025, and 0.44% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,165.61 Bn | 3,736.57 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,523.46 Bn | 1,433.20 Bn | 49.47 Bn | 30.88% |
| 3 | Taboola.com | 1,141.85 Bn | 1,141.71 Bn | 139.48 Mn | 1.52% |
| 4 | Baidu | 288.34 Bn | 283.85 Bn | 1.88 Mn | 10.65% |
| 5 | Spotify Technology | 103.44 Bn | 93.20 Bn | 1.75 Bn | 23.32% |
| 6 | Joyy | 77.39 Bn | 76.50 Bn | 205.64 Mn | 3.14% |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 18.99% |
| 8 | Nebius | 50.20 Bn | 40.57 Bn | 295.20 Mn | -32.08% |
| 9 | 30.00 Bn | 27.22 Bn | 734.60 Mn | 28.79% | |
| 10 | Zillow | 7.78 Bn | 7.09 Bn | 562.00 Mn | -1.30% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -1.30% |
| Mar 31, 2026 | 5.08% |
| Dec 31, 2025 | -1.68% |
| Sep 30, 2025 | -0.44% |
| Jun 30, 2025 | -1.68% |
| Mar 31, 2025 | -1.51% |
| Dec 31, 2024 | -12.45% |
| Sep 30, 2024 | -7.75% |
| Jun 30, 2024 | -6.64% |
| Mar 31, 2024 | -8.51% |
| Dec 31, 2023 | -22.15% |
| Sep 30, 2023 | -10.69% |
| Jun 30, 2023 | -13.24% |
| Mar 31, 2023 | -9.59% |
| Dec 31, 2022 | -19.08% |
| Sep 30, 2022 | -10.56% |
| Jun 30, 2022 | 0.99% |
| Mar 31, 2022 | 6.72% |
| Dec 31, 2021 | 5.98% |
| Sep 30, 2021 | 10.00% |