Proptech Earnings Radar Pt. 1 - Q2 2025 (Series V, Part IX)

Q2 results are in for many of proptech’s public companies.

Below is Part 1 for Q2 2025, where we share the earnings summaries for the ten companies we deem as the most important players in the broader category. Coming next week, Part 2 will be the wrap-up that includes a table covering the performance of the 26 companies in the GEM Proptech Index.

Without further ado, let’s get to it...

*All market cap figures taken end of day, August 12th.

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COMPANY SNAPSHOTS

Airbnb exceeded expectations across key metrics including bookings, revenue, and margins, however, a less-than-stellar outlook for Q3 dominated the news cycle. Reported revenue was $3.1B and gross bookings of $23.5B, an increase of 13% and 11% YoY, respectively. Net Income increased by $87M or 16% YoY to $642M. Nights and seats booked increased 7% YoY to 134.4M.

Market Cap: $75.57B

Notable Takeaways:

• Adjusted EBITDA increased 17% or $106M to $1.0 billion compared to this quarter last year.

Q3 guidance set revenue between is $4.02–$4.10B, up 8–10% YoY, with flat implied take rate and Adjusted EBITDA expected to exceed $2.0B. ADR will rise modestly, driven by FX, but YoY growth in nights booked is expected to remain stable vs. Q2 FY25. Management warns of tougher comps later in Q3 and into Q4, pressuring growth rates and contributing to a declining EBITDA margin despite continued investment (to the tune of $200M) in Experiences and Services.

• Net income margin and adjusted EBITDA margin increased a minimal 1% YoY to 21% 34% respectively.
• Implied take rate (defined as revenue divided by GBV) of 13.2% was up 20bps YoY.
• Average daily rate (ADR) was $174 in Q2 2025, increasing 3% compared to Q2 2024. North America ADR increased 3% YoY, EMEA increased 9% YoY, ( ex-FX basis increased 3%), Latin American declined 3% ( but increased ex-FX basis by 3%), and Asia Pacific increased 2%, (ex-FX basis increased 1%)
• Summer Release was their biggest launch yet, introducing Experiences to provide local expertise for travelers and Services to meet guest needs during their stays (see: ❇️Transmission #323❇️). Since launching, over 60,000 applicants have applied to host a service or experience.
• AI-powered customer service agents were released to 100% of U.S. users, reducing the percentage of hosts and guests who needed to contact a human agent by 15%.
• For the sixth six consecutive quarter, nights booked in expansion markets (Spain, Italy, Germany, Mexico, Brazil, China, India, Korea, and Japan) was more than double that of core markets (US, Canada, UK, Australia, and France).
• Nights booked at listings managed by Superhosts increased 12% YoY.
• Repurchased $1B of Class A common stock in Q2. As of June 30, 2025, had $1.5B remaining under a $6B repurchase authorization but announced on the earnings call a new repurchase program with authorization to purchase up to an additional $6B of Class A common stock.
• Q3 guidance set revenue between is $4.02–$4.10B, up 8–10% YoY, with flat implied take rate and Adjusted EBITDA expected to exceed $2.0B. ADR will rise modestly, driven by FX, but YoY growth in nights booked is expected to remain stable vs. Q2 FY25. Management warns of tougher comps later in Q3 and into Q4, pressuring growth rates and contributing to a declining EBITDA margin despite continued investment (to the tune of $200M) in Experiences and Services.

Learn More: Shareholder’s Letter // Earnings Call Transcript // PhocusWire  // CNBC

Exceeding the high end of their outlook, Zillow’s Q2 revenue came in at $655M, an increase of 15%YoY. On a GAAP basis, net income was $2M in Q2, an improvement of $19M from the $17M net loss posted in Q2 FY24. Mobile and web traffic was up 5% YoY to 243M average monthly unique users with visits increasing 4% YoY to 2.6B.

Market Cap: $19.24B

Notable Takeaways: