When Zillow launched 20 years ago, the home-buying process happened almost entirely offline. The company’s digital listings, combined with its innovative “Zestimate”—an estimate of a home’s value, based on the kind of data typically only available to real estate professionals—marked a turning point for the housing market. Zestimates weren’t exact representations of value, but they put power back in the hands of prospective buyers (to sellers’ and agents’ chagrin). Their near-instant popularity was an early “do your research” internet moment.
Fast-forward to the present day, and Zillow, which has a $13 billion market cap and reports earnings after the market close on February 10, is once again under pressure. In partnership with First Street, a provider of climate risk data, Zillow had been publishing climate risk scores for the homes on its platform. But some homeowners have balked at their scores, and some have even been sued. A home that First Street labels as high-risk for flooding, for example, can quickly drop in value.
Zillow CEO Jeremy Wacksman, who joined the company in 2009 and became CEO in 2024, is walking a careful line. Zillow’s brand is associated with data transparency and consumer empowerment, but an increasing share of its revenue is tied to real estate agents who pay for software tools that help them virtually stage homes and message with open house leads.
On the eve of the company’s Q4 2025 earnings, which analysts estimate will be $650 million in revenue for the quarter, 17.4% growth, Wacksman sat down with Fast Company to talk about how Zillow is navigating the competing demands of its two-sided marketplace, the affordability crisis, and more.
This interview has been edited for length and clarity.
