Zillow shares moved lower in the regular session following the company’s Q1 2026 earnings release after market close on May 6, 2026 and the market’s reaction to its forward outlook. The key incremental item for May 7 trading was Q2 revenue guidance of $750–$765 million, which sits below the prevailing consensus expectation of roughly $760.9 million, pressuring the stock despite Q1 profitability strength.

For Zillow, near-term revenue guidance tends to dominate the post-earnings reaction because it anchors expectations for marketplace demand, lead volumes, and pricing across the For Sale, Rentals, and Mortgages products. Even a modest guide-down versus consensus can drive a negative re-rating when investors are already focused on housing affordability and transaction sensitivity to rates.

Watch for follow-through commentary from management and analysts around the drivers of Q2 conservatism (transaction volumes, pricing, mix, or timing), and whether EBITDA margin expectations are holding up alongside the revenue view. Also monitor any additional disclosures or call commentary around legal/regulatory items referenced by the company as potential expense/headwind factors.