0001617640-26-000052
SEC filingQ2营收增18%至$772M，Mortgages翻倍增长驱动，但重组费用致净亏损$4M。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $772M | $655M | +18% |
| Gross Profit | $562M | $489M | +15% |
| Gross Margin | 73% | 75% | -200bps |
| Operating Income | -$10M | -$11M | — |
| Operating Margin | -1.3% | -1.7% | +40bps |
| Net Income | -$4M | $2M | — |
| Diluted EPS | -$0.02 | $0.01 | — |
| Adjusted EBITDA | $176M | $155M | +14% |
| Operating Cash Flow | $211M (H1) | $191M (H1) | +10% |
| Adjusted Free Cash Flow | $223M (H1) | $188M (H1) | +19% |
Q2营收增长18%至$772M，主要由Mortgages收入+75%至$84M驱动，贷款发放量+94%至$2.2B，其中Purchase loan volume+95%。Residential收入+7%至$465M，Residential revenue per visit+10%至$0.184，反映Premier Agent及Showcase增长。Rentals收入+31%至$209M，multifamily收入+42%，ARPU+28%至$5.65。
Gross margin下降200bps至73%，主要因Redfin rentals syndication agreement带来的lead acquisition成本增加（Q2增加$29M）。Operating margin改善40bps，因营收增长快于运营费用增长，但Q2确认$36M restructuring costs（裁员约7%），导致净亏损$4M。剔除重组费用及FTC诉讼费用后，Adjusted EBITDA $176M（+14%），margin 23%（-100bps）。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Residential | $465M | +7% | — | — | Revenue per visit+10%，Premier Agent及Showcase增长 |
| Mortgages | $84M | +75% | — | — | 贷款发放量+94%，Purchase loan volume+95% |
| Rentals | $209M | +31% | — | — | Multifamily收入+42%，ARPU+28% |
| Other | $14M | 0% | — | — | Display advertising持平 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $682M | $1,295M (Dec 2025) |
| Total Debt (master repurchase) | $465M | $364M (Dec 2025) |
| Mortgage loans held for sale | $494M | $386M (Dec 2025) |
| Operating Cash Flow (H1) | $211M | $191M (H1 2025) |
| Capex (H1) | $89M | $188M (H1 2025) |
| Adjusted Free Cash Flow (H1) | $223M | $188M (H1 2025) |
现金及投资余额下降至$682M，主要因上半年回购$826M。Master repurchase agreements借款增至$465M，用于支持Mortgages业务扩张。新$500M Revolving Credit Facility（2026年1月设立）未动用，提供额外流动性。
资本配置：上半年回购$826M（4.8M Class A + 14.3M Class C），剩余授权$1.1B。无分红。Master repurchase agreements净借款$101M。
前瞻指引：公司预计Q3 Residential revenue环比下降（季节性及Zillow Preferred模式转型），Rentals revenue环比增长（multifamily扩张）。8月裁员约7%，预计税前重组费用$59M-$64M，其中$36M-$38M为现金支出，其余为加速股权激励费用。
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