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: