Zillow Q1 revenue up 18% to $708M; mortgage originations surge 97%, buybacks accelerate

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Mortgage origination volume nearly doubled YoY (+97%) to $1.57B, driving Mortgages revenue up 18.4% to $64M. Management expects continued growth in Q2 2026 driven by purchase loan volume.

  MD&A: Mortgages Revenue verify on EDGAR →
• high

  Company switched TTV calculation from internal data to NAR industry-standard data in Q4 2025, increasing reported TTV by ~27% and decreasing revenue-per-TTV by ~22% when recast. Historical comparisons no longer directly comparable.

  MD&A: TTV Methodology verify on EDGAR →
• high

  Share repurchases jumped to $626M in Q1 2026 (13.5M shares at avg $46-48) vs $250M in Q1 2025. Board added $1.25B authorization in March; $1.3B remains available. Cash declined from $1.6B to $788M YoY.

  MD&A: Capital Allocation verify on EDGAR →