Proptech Earnings Radar Pt. 1 - Q3 2025 (Series V, Part X)

Q3 results are in for many of proptech’s public companies.

Below is Part 1 for Q3 2025, where we share the earnings summaries for the ten companies we deem as the most important players in the broader category. Coming soon, 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, November 10th.

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COMPANY SNAPSHOTS

Airbnb reported revenue of $4.1B, up 10% YoY on gross bookings of $22.9B, up 14% YoY. Net income was $1.37B, decreasing 1.5% YoY, but flat on a constant currency basis. Nights and seats booked increased 9% YoY to 133.6M, while average daily rate (ADR) rose 5% to $171.

Market Cap: $72.88B

Notable Takeaways:

• Adjusted EBITDA increased $115M YoY to $2.05B. Adjusted EBITDA margin fell 200 bps YoY to 50%.
• Net income margin fell 300 bps YoY to 34%.
• Implied take rate (revenue divided by GBV) was 17.9%, down 70 bps YoY.
• ADR for North America and EMEA grew 5% and 10% YoY, respectively. Net of FX, EMEA grew 4% YoY.
• Latin America and Asia Pacific ADR grew 4% and 2% YoY respectively. Net of FX, both segments saw an increase of 3% for ADR.
• App engagement increased, with app-booked nights up 17% YoY and representing 62% of total nights booked versus 58% this quarter last year.
• Summer Release adoption continued to scale, with over 110,000 applications from potential Services and Experiences hosts. Nearly half of experiences bookings were made independently of a stay.
• Introduced several product updates including Reserve Now, Pay Later, updated cancellation policies, enhanced maps with landmarks and transit options, and flexible carousels (surfacing comparable listings outside search criteria to drive bookings).
• Capital allocation: Repurchased $857M of Class A common stock in Q3. $6.6B remains under authorization.
• Q4 revenue projected between $2.66B and $2.72B, up 7–10% YoY, with flat implied take rate and ADR expected to rise modestly. Nights and seats booked are projected to grow mid-single digits YoY, with management citing tougher comps.

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

Exceeding the high end of their outlook, Zillow reported Q3 revenue of $676M, up 16% YoY. GAAP net income was $10M compared to a GAAP net loss of $20M last year. Adjusted EBITDA was $165M, an increase of $38M or 30% YoY. Average monthly unique visitors increased 7% YoY to 250M with a 4% YoY increase in total visits to 2.5B.

Market Cap: $17.56B

Notable Takeaways:

• GAAP Net income margin was 1%, an increase of 400 bps YoY. Adjusted EBITDA Margin was 24%, growing 200 bps YoY.
• For Sale revenue rose 10% YoY to $488M on a trailing 12-month basis, while revenue per total transaction volume (TTV) was 10.1 bps versus 9.8 bps in Q3 2024.
  • Residential revenue was $435M, up 7% YoY, with growth across agent/software offerings and New Construction.
  • Mortgages revenue grew 36% YoY to $53M, driven by purchase loan origination volume of $1.3B, an increase of 57% YoY.
• Multifamily properties advertising reached 69,000 at quarter-end, up 22,000 YoY or 47%.
• Operating expenses and cost of revenue totaled $677M, up 8% YoY; cost of revenue increased $45M, primarily from rentals lead acquisition costs tied to the Redfin syndication arrangement.
• Cash and investments were $1.4B at quarter-end (versus $1.2B in Q2). YTD, Zillow repurchased or received 9.2M shares (6.1M repurchased for $438M; 3.1M received from capped calls) and has $943M remaining on repurchase authorizations. Q3 activities effectively reduced shares outstanding by 3.6M.
• Showcase was on 3.2% of new U.S. listings, a 70bps increase compared to Q2 and added AI-powered virtual staging to the offering.
• 34% of connections came through Enhanced Markets in Q3, a 5% quarterly increase and on their way to the midway goal of 75% of total connections made coming from enhanced markets.
• Launched the Zillow App in ChatGPT and announced Zillow Preferred (evolution of Flex) for dedicated tools and support to top producing agents, and unveiled Zillow Pro agent membership for an AI native platform
• Total Q4 revenue expected to range between $645M and $655M, representing 17% YoY growth at the midpoint. Growth is expected to be driven by a high single-digit increase in For Sale revenue (with Residential trends consistent with Q3 and Mortgages up ~20% YoY, supported by >40% purchase origination growth). Rentals revenue is projected to accelerate by more than 45% YoY, with Adjusted EBITDA expenses forecasted at approximately $500M.

Learn More: Press Release // Shareholder’s Letter // Earnings Transcript // Inman // HousingWire

In outgoing CEO Tooey’s Courtmance last earnings call at the helm, Procore increased revenue 14.5% YoY to $339M. GAAP net loss was $9.1M, compared to a net loss of $26.39M posted in Q3 FY24. The number of organic customers contributing more than $100,000 of ARR totaled 2,602 at quarter end, an increase of 15% YoY. Added 122 organic customers (up 14.7% YoY), ending the quarter with 17,623 organic customers, maintaining a 95% gross revenue retention rate.

Market Cap: $12.31B

Notable Takeaways:

• Q3 non-GAAP operating income was $58.65M, representing a non-GAAP operating margin of 17%, expanding 8% YoY. GAAP operating margin was -4%, improving 8% from the -12% GAAP operating margin posted this quarter last year.
• GAAP gross margin and Non-GAAP gross margin were 80% and 84%, respectively, each contracting 1% YoY.
• International revenue increased 14% YoY--negatively impacted by a 1% FX headwind, effectively increasing 15% YoY in constant currency. No firm revenue number was given.
• Current remaining performance obligations (CRPO) grew 23% YoY, and non-current deferred revenue grew 49% YoY. Combined current and non-current RPO reached $1.41B, a 31% YoY increase.
• Operating expenses were $285.1M, up 3% YoY.
• Free cash inflow was $68M, a 194% YoY increase, and operating cash inflow was $88M.
• The Board authorized a $300M share repurchase program on November 3, 2025.
• Ajei Gopal, former President and CEO of ANSYS (engineering simulation software company), will assume the role of CEO on November 10, 2025. Gopal brings experience leading enterprise software organizations serving complex, technical industries. Founder Tooey Courtemanche, who has led Procore since its founding in 2002, will continue to serve as Chairman of the Board.
• Q4 revenue guidance set between $339M and $341M, representing YoY growth of 12% to 13%. Q4 non-GAAP operating margin expected to be 14.4%. Full-year revenue guidance raised to $1.312B–$1.314B, representing 14% YoY growth, with a full-year non-GAAP operating margin of 14%.

Learn More: Press Release // Earnings Call Transcript

Revenue increased 7% YoY to $1.3B for eXp, with net income coming in at $3.5M, decreasing 58% YoY. Adjusted EBITDA was $17.7M, falling 26% YoY. Closed $54.1B in gross transaction volume, a 7% YoY increase, off of 121,516 transactions, a 3% YoY increase.

Market Cap: $1.68B

Notable Takeaways:

• Ended the quarter with 83,446 agents, down 2% YoY but up 1% sequentially. Transactions per agent increased 5% YoY.
• GAAP gross margin was 6.5% and non-GAAP gross margin was 10.9%, down 57 bps and 100 bps YoY, respectively. 
• North American realty revenue was $1.276B, with segment operating income of $10.6M falling 36% YoY and adjusted EBITDA of $23.1M decreasing 20% YoY.
• International realty revenue increased 68% YoY to $40.7M, with operating loss of $2.2M falling 12% YoY. Adjusted EBITDA loss improved 5% to $1.6M.
• Adjusted operating costs (excluding commissions, agent-related costs, and litigation contingency) were $82.2M, up 5% YoY.
• Unit transaction processing cost decreased from $621 to $523 from Q2 to Q3, citing increased adoption of AI.
• Operating cash flow was $28.9M and adjusted operating cash flow was  $45.4M. The company returned $24.1M to shareholders ($16.4M in buybacks and $7.7M in dividends).
• Announced a $0.05 per share Q4 2025 dividend payable Dec 1, 2025, to holders of record on Nov 17, 2025.
• International expansion continues with planned launches in Luxembourg, the Netherlands, and Romania in Q4. Additionally, U.K. Commercial division launched on Oct 8.

Learn More: Press Release // Inman // Earnings transcript

With revenue up $140M, or 20% YoY, to $834M, CoStar recorded its 58th consecutive quarter of double-digit revenue growth. While adjusted EBITDA rose 51% YoY to $115M, the quarter included a net loss of $31M compared to net income of $53M a year ago. CoStar’s residential network averaged 115M monthly unique visitors accounting for 560M total visits (up 7% YoY).

Market Cap: $28.49B

Notable Takeaways:

• Net new bookings were $84M, up 92% YoY. 
• Apartments.com revenue came in at $303M, up 11.4% YoY.
• Added 4,200 new apartment communities in Q3 and its salesforce achieved its full year hiring target ahead of schedule with over 500 representatives on the team.
• Homes.com added 7,035 net new agent subscribers in Q3 increasing 1000% YoY (up 12% QoQ), with over 26,000 agents total subscribed.
• CEO Andy Florance noted that Homes.com’s 26,000 subscribing agents and Boost clients are promoting 130,000 active listings, roughly five times of Zillow’s estimated 24,500 showcase listings.
• In Q4 and beyond, 50% of Homes.com software development efforts will go to AI-empowered features, as early traction is showing higher engagement with AI smart search producing 51% more leads after viewing a listing page and 37% additional listings viewed.
• Commercial information and marketplace businesses margin increased by 4% both YoY and sequentially.
• Successfully closed its acquisition of Domain (Australia) in August. Domain contributed roughly $25M to Q3 topline revenue, and saw 7.4M unique users in the month of September, the highest in the company’s history.
• VHT Studios (Matterport’s real-estate photography services business) ceased operations on Aug 31, 2025, as first reported in Q2’s report.
• CEO Andy Florance spent about five minutes of the earnings call,  roughly 8% of the entire session, taking aim at Zillow regarding recent actions and CoStar’s lawsuit against Zillow filed on July 30th. It's worth a listen from the 24:00 to 29:15 mark in the recording.
• Q4 2025 revenue expected at $885M–$895M and adjusted EBITDA at $150M–$160M. Full-year 2025 revenue raised to $3.23B–$3.24B (~18% YoY growth at midpoint) and adjusted EBITDA raised to $415M–$425M (up $40M at midpoint vs prior guide).

Learn More: Press Release // Earnings Transcript // Inman // Housing Wire

Compass’ revenue increased 23.6% YoY to $1.85B, achieving the high end of guidance and setting the best Q3 in company history. GAAP net loss was $4.6M compared to a net loss of $1.7M in Q3 FY24, reflecting $7.5M in merger-related transaction expenses tied to the Anywhere Real Estate agreement. Gross transaction volume was $70.7B, a 22.5% YoY increase, on 67,886 transactions, which increased 21.5% YoY. 

Market Cap: $4.93B

Notable Takeaways:

• Excluding $7.5M in merger-related transaction costs, Compass would have reported GAAP net income of $2.9M.
• Organic transaction volume grew 6.6% YoY and associated organic revenue grew 11% YoY.
• Adjusted EBITDA increased by 80% or  $41.6M YoY to $93.6M. Adjusted EBITDA margin expanded 159 bps YoY to 5.1%.
• Ended the quarter with 21,550 principal agents, an increase of 22.8% or 4008 agents YoY. Sequentially, Compass added 851 agents on a gross organic basis, an improvement of 8% YoY.
• National market share was 5.63%, up 83 bps YoY with organic market share increasing 32 bps YoY.
• “Make Me Sell” listings reached 19,715 at the end of Q3, increasing 17.6% sequentially.
• Operating expenses totaled $1.85B, up 23.8% YoY.
• Robert Reffkin reaffirmed Compass’s commitment to achieving more than $300M in net cost synergies with the Anywhere merger, raising the prior $225M+ target. He noted that the initial $225M figure was conservative and that the new goal represents approximately 11% of combined annualized non-GAAP OpEx, with $150M expected in the first year post-close.
• The Christie's acquisition is posting stronger-than-expected results across agent retention and title and escrow attach rates, which have increased by 10%.
• Compass' Buyer Demand Tool, which provides agents with real-time visibility into buyer search activity by price point ahead of listing appointments, launched in beta during Q3 with approximately 600 users. Following the beta, the tool rolled out platform-wide in October, with more than 4,000 agents engaging in the first week.
• Q4 2025 revenue guidance is set between $1.59B and $1.69B and Adjusted EBITDA between $35M–$49M, reflecting 18.8% and 151.5% YoY growth, respectively.

Learn More: Press Release // Inman // Housing Wire // Earnings Transcript

Blend Labs reported total revenue of $32.86M, down 73 bps YoY but above the midpoint of expectations. Non-GAAP income from operations was $4.6M, compared to $300k posted in Q3 FY24, exceeding the high point of guidance. Economic value per funded loan (EVPFL) was $86, compared to the all time high of $99 in Q3 FY24.

Market Cap: $779.24M

Notable Takeaways:

• GAAP loss from operations was $4.9M, compared to $11.3M last year.
• Total software platform revenue totaled $30.5M, down 2% YoY. 
• Mortgage Suite segment revenue shrank by 18% YoY to $17.7M, and now makes up 54% of all revenue, decreasing 9% YoY.
• Consumer Banking Suite segment revenue grew 34%, or $3.2M, to $12.72M, representing 39% of all revenue, increasing 10% YoY. 
• Management expects EVPFL of approximately $83–$84 in Q4 FY25.
• GAAP gross profit margin was 74%, flat YoY. Non-GAAP gross profit margin was 78%, increasing 3% YoY.
• Research and development expenses were $8.5M, down $1.6M or 16% YoY.
• Blend added or expanded 14 customer relationships during the quarter, while four customers with a total aggregate annual recurring revenue of $200k churned. Pipeline has increased 60% YoY. 
• Due to the Mr. Cooper acquisition from Rocket, Blend expects Mr. Cooper’s volume to roll off its platform, resulting in an anticipated ~100 bps market share headwind in 2026. The contract with Mr. Cooper remains in place through June 2028, and most associated revenue is protected under their contract, but will likely churn after that contract is complete.
• Repurchased approximately 1.6M shares for $5M under its share repurchase program.
• Guidance for Q4 FY25 projects total revenue of $31.0–$32.5M, down approximately 23% YoY at the midpoint. Non-GAAP operating income is expected to be between $2.5–$3.5M, falling 41% YoY at the midpoint compared to $5.1M in Q4 FY24.

Learn More: Press Release // Earnings Transcript

In Kaz Nejatian’s first earnings call as CEO, Opendoor purchased 1,169 homes (decreasing 67% YoY and 34% sequentially) and sold 2,568 homes (down 29% YoY and 40% from Q2). Gross profit was $66M, compared to $105M last year and $128M last quarter, with a gross margin of 7.2%, decreasing 40 bps from 7.6% in Q3 FY24 and 100 bps from 8.2% in Q2 FY25.

Market Cap: $6.16B

Notable Takeaways:

• Revenue decreased by 34% YoY and 42% sequentially to $915M.
• GAAP net loss was $90M, increasing (in loss) by $12M YoY and $61M sequentially.
• Adjusted EBITDA was $(33)M, improving $5M YoY and down $56M sequentially.
• Contribution profit and margin were $20M (2.2%), compared to $52M (3.8%) in Q3 FY24 and $69M (4.4%) in Q2 FY25.
• Ended the quarter with 3,139 homes ($1.05B in net inventory), down 51% YoY and 31% sequentially on a valuation basis.
  • The total number of homes in inventory listed longer than 120 days at period end in inventory was 51%, compared to 23% this quarter last year and 36% sequentially.
• Ended the quarter with $1.15B in capital, including $962M in unrestricted cash and $187M in equity invested in homes and related assets.
• Maintained $7.6B in non-recourse, asset-backed borrowing capacity, with $1.8B in committed borrowing capacity. 
• The rapid rise in Opendoor’s stock price triggered conversion provisions in its 7.0% Convertible Senior Notes due 2030, prompting management to take three separate  balance sheet actions to manage dilution and strengthen liquidity:
  • Raised approximately $200M through an at-the-market equity program, selling approximately $21.6M shares with an average price of $9.26.
  • Used a portion of that new equity to refinance and retire part of the 2030 convertible notes, lowering interest expense and extending maturities.
  • Announced a pro rata warrant dividend granting 1 warrant for every 30 shares held, with exercise prices of $9, $13, and $17 and a record date of November 18, designed to align long-term shareholder participation with future equity appreciation.
• The company launched AI-powered pricing and repair tools, Opendoor Checkout for online home purchasing, Buyer Peace of Mind (no-risk home trial), and a builder trade-in widget. Management also announced a partnership with Rome’s Assumable Mortgage Platform and began accepting USDC as part of early blockchain-enabled settlement testing. In addition, Opendoor introduced a new public investor portal to provide retail shareholders with direct access to company performance data and increase management accountability.
• Q4 acquisitions are expected to increase at least 35% sequentially. Revenue is expected to decline approximately 35% sequentially due to lower starting inventory, with contribution margin expected below Q3 levels and adjusted EBITDA loss between $45M and $55M. Management noted that margins are expected to improve after Q4 as older inventory clears. The company affirmed its target to achieve breakeven adjusted net income by the end of 2026 on a forward 12-month basis.

Editor’s note: Opendoor’s operational levers and financial performance are not accurately conveyed with traditional YoY growth metrics, due to their transition from old book of homes to new book of homes as well as changing macro housing trends. Following our commitment made in Q1 FY24’s report, most of Opendoor’s financial performance is presented both YoY and sequentially.

Learn More: Press Release // Earnings Call (video) // Inman

Barely hitting the low end of their Q3 2025 total GAAP revenue guidance, Rocket generated $1.605B in GAAP revenue (up 148% YoY) and a GAAP net loss of $124M, an improvement of $357M from the net loss of $481M posted in Q3 FY24. Adjusted revenue increased 34.8% YoY and was $1.78B, exceeding the high end of guidance. Closed loan origination volume increased 13.8% YoY to $32.4B and net rate lock volume increased 20% YoY to $35.8B. Gain-on-sale margin was 2.80%, increasing 2bps YoY.

Market Cap: $48.10B

Notable Takeaways:

• Adjusted net income decreased 4.8% YoY to $158M while Adjusted EBITDA increased 22% YoY to $349M.
• Salaries, commissions and team member benefit related expenses increased by $268M, or 44%, to $875M. General and administrative expenses were $355M, increasing $133M or 60% YoY. Marketing and advertising expenses of $274M increased 37% YoY.
• Servicing portfolio unpaid principal balance was $613B across 2.9M loans, generating approximately $1.7B in annualized recurring servicing fee income.
• Direct-to-Consumer adjusted revenue was $1.153B, an increase of 14.5% YoY. Sold loan volume was $17.14B (up 22.4% YoY), and gain-on-sale margin grew by 25 bps YoY to 4.35%. Contribution margin for the Direct to Consumer segment was $469M, representing growth of 2.9% YoY.
• Partner Network adjusted revenue decreased 5.1% YoY to $168M, despite Sold loan volume increasing by 10.2% YoY to $13.67B. Gain-on-sale margin was 1.11%, decreasing 36 bps compared to this quarter last year. Contribution margin for the partner network segment decreased was $96M decreasing 14.3% YoY.
• Per Rocket CFO Brian Brown, "The Redfin integration is exceeding expectations.” In September, 500K+ Redfin users started financing applications with Rocket, more than doubling July’s financing rate. Mortgage attach rate increased from 27% to nearly 40%. In September, 31% of Rocket retail purchase closings involved clients who used both Redfin and Rocket, and now Redfin-sourced purchase closings represent roughly 13% of all Direct-to-Consumer purchase closings.
• Following the closing of the Mr. Cooper acquisition on October 1, Former Mr. Cooper CEO and Chairman Jay Bray joined Rocket Mortgage as the new President and CEO. Bray directly reports to Varun Krishna, the CEO of Rocket Companies. Additionally, 400 Mr. Cooper loan officers have been onboarded onto Rocket’s team.
• On October 16, Rocket raised its conforming loan limit to $825,550 for single-family homes across 48 states.
• Guidance: Q4 2025 adjusted revenue expected at $2.1B–$2.3B, inclusive of Redfin and Mr. Cooper. On a Rocket-standalone basis (excluding Redfin/Mr. Cooper), adjusted revenue at the midpoint is expected to be up 7% YoY.

Learn More: Press Release // Earnings Transcript // Inman

With total revenue up 2% YoY to $2.14B, News Corp's Digital Real Estate Services segment generated $479M in revenue, a 5% or $22M  YoY increase, with segment EBITDA up 13% or $18M YoY to $158M. Average monthly uniques of Realtor.com’s web and mobile sites declined 6% YoY to 72M, while lead volume decreased 1% YoY (an improvement from the 13% YoY decline posted in Q2).

Market Cap: $15.79B

Notable Takeaways:

• Real estate segment EBITDA benefited from the absence of $12M of deal costs related to the withdrawn offer to acquire Rightmove.
• Margin expanded 240 bps YoY to 33% this quarter due to operating leverage and favorable mix.
• Move (Realtor.com) revenue grew 9% YoY to $152M, marking the fourth consecutive quarter of growth. 
• Core growth targets for Move include new homes, rentals, sellers represented 22% of total Move revenue.
• REA Group revenue increased 3% YoY and 5% YoY on a constant currency basis to $327M, driven by 13% growth in Australian residential yields and customer contract upgrades. 
• New-buy listings for REA fell 8% YoY with the Melbourne and Sydney markets falling by 4% and 6%, respectively. 
• in September, REA divested from PropTiger (new homes listing platform) due to regulatory changes impacting the commercial viability of the housing edge offering. The company also discontinued Housing Edge (developer sales support platform) in October.

[Note: this is technically Q1 results, since the Australian based company uses a reporting method that starts the year on July 1.]

Learn More: Inman // The Wall Street Journal // Press Release // Earnings Transcript (paywall)

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