Airbnb vs Zillow: Revenue, Profit and Business Model
Airbnb reported $12.2B of revenue in FY2025 and $2.5B of net income. Zillow reported $2.6B of revenue in FY2025 and $23M of net income.
Latest financial snapshot
Financial summary
Airbnb
Airbnb revenue increased from $1.656 billion in 2016 to $12.241 billion in 2025. The company recorded losses from 2016 through 2021 and profits from 2022 through 2025. FY2025 gross booking value of $91.273 billion represented booking value processed on the platform and was not revenue.
Zillow
Zillow's FY2025 revenue was $2.583 billion, up 16% from $2.236 billion in 2024, and it posted GAAP net income of $23 million after a $112 million loss the year before. Rentals revenue grew 39% to $630 million and Mortgages revenue grew 37% to $199 million. In Q2 2026 revenue rose 18% to $772 million and adjusted EBITDA was $176 million (23% margin), while the GAAP result was a $4 million net loss.
Revenue and profit by year
Airbnb
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.2B | $2.5B | 20.5% | +10.3% | Source |
| FY2024 | $11.1B | $2.6B | 23.9% | +11.9% | Source |
| FY2023 | $9.9B | $4.8B | 48.3% | +18.1% | Source |
| FY2022 | $8.4B | $1.9B | 22.5% | +40.2% | Source |
| FY2021 | $6B | -$352M | -5.9% | +77.4% | Source |
| FY2020 | $3.4B | -$4.6B | -135.7% | -29.7% | Source |
| FY2019 | $4.8B | -$674.3M | -14.0% | +31.6% | Source |
| FY2018 | $3.7B | -$16.9M | -0.5% | +42.6% | Source |
| FY2017 | $2.6B | -$70M | -2.7% | +54.7% | Source |
| FY2016 | $1.7B | -$147.3M | -8.9% | — | Source |
Where the revenue comes from
Airbnb
- Reservation service fees
Airbnb earns service fees from reservations for stays, experiences, and services. Revenue is recognized when the reservation occurs; gross booking value is not reported as revenue.
Zillow
- Residential66
Premier Agent, agent software, Showcase listings and New Construction; about $1.70 billion in FY2025.
- Rentals24
Rental listing advertising and renter services; $630 million in FY2025.
- Mortgages8
Zillow Home Loans and mortgage advertising; $199 million in FY2025.
- Other2
Display advertising and other revenue; $50 million in FY2025.
Business model and strategy
Airbnb
How it makes money
Airbnb provides a marketplace on which hosts offer stays, experiences, and services and guests make reservations. The company recognizes service-fee revenue after a reservation occurs. Hosts provide the accommodations and other offerings, so gross booking value is the value of bookings on the platform, not Airbnb revenue.
Growth strategy
Airbnb's stated growth priorities are improving its core marketplace, expanding outside its largest markets, adding offerings beyond homes, and integrating AI into the app. The May 2025 release added services, rebuilt experiences, and an updated app; the May 2026 release added more trip services and boutique hotels in selected markets.
Competitive advantage
Airbnb's marketplace had more than 9 million active listings and 5.5 million hosts as of May 2026. Its scale, reviews, payments, host tools, and brand help connect supply and demand, while Booking Holdings, Expedia Group, and hotel companies remain significant competitors.
Zillow
How it makes money
Zillow earns most of its money from real estate professionals rather than consumers. Its For Sale segment sells buyer connections and advertising to agents through Premier Agent, sells software such as Follow Up Boss, ShowingTime and dotloop, charges home builders for New Construction listings, and originates purchase and refinance loans through Zillow Home Loans.
Growth strategy
Zillow is trying to capture more of each home purchase by routing buyers from search to a partner agent, a tour, and a Zillow Home Loans pre-approval in one flow. In rentals it is expanding multifamily listings and renter services. It also sells software to agents and brokerages through Follow Up Boss, ShowingTime and dotloop.
Competitive advantage
Zillow's main advantage is audience. It describes itself as the most visited real estate app and website in the US, and that traffic lets it sell buyer connections to agents and cross-sell touring, mortgages and rental applications without heavy paid acquisition.
Questions about Airbnb vs Zillow
Which company has higher revenue — Airbnb, Inc. or Zillow Group, Inc.?
Airbnb, Inc. reported $12.2B (FY2025), while Zillow Group, Inc. reported $2.6B (FY2025). By last reported revenue, Airbnb, Inc. is the larger business, with Zillow Group, Inc. reporting a smaller revenue base.
What is the market cap of Airbnb, Inc. vs Zillow Group, Inc.?
Airbnb, Inc.'s market capitalisation stands at $94.9B, while Zillow Group, Inc.'s is $6.4B. Airbnb, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Zillow Group, Inc..
Which is more financially efficient — Airbnb, Inc. or Zillow Group, Inc.?
Airbnb, Inc. generates $1.49M / employee in revenue per employee, while Zillow Group, Inc. generates $365k / employee. Airbnb, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Airbnb, Inc. and Zillow Group, Inc. make money?
Airbnb, Inc. and Zillow Group, Inc. generate revenue in fundamentally different ways. Airbnb, Inc.: Airbnb provides a marketplace on which hosts offer stays, experiences, and services and guests make reservations. Zillow Group, Inc.: Zillow earns most of its money from real estate professionals rather than consumers.
Which company is valued higher relative to revenue — Airbnb, Inc. or Zillow Group, Inc.?
On a price-to-sales (P/S) basis, Airbnb, Inc. trades at 7.8x P/S and Zillow Group, Inc. at 2.5x P/S. Airbnb, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Zillow Group, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Airbnb, Inc. bigger than Zillow Group, Inc.?
By last reported revenue, Airbnb, Inc. ($12.2B (FY2025)) is the larger company compared to Zillow Group, Inc. ($2.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Airbnb vs Zillow overview