Proptech Earnings Radar Pt. 2 - Q3 2025 (Series V, Part X)

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

In part 1, we shared earnings summaries and links to the full articles for each of the the ten companies we deem as the most important players in the broader category. This part 2 is 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.

The 26 companies covered in the table below represent a combined market cap of $264.738B (as of November 13, 2025). Since Q2’s report (August 12, 2025), the GEM Proptech Index is up 3.55% sequentially, and 14.65% YoY. (For comparison, last year’s Q3 report covered 27 companies with a combined market cap of $230.905B)
 
 The “Core 4—Airbnb, CoStar, Zillow, and Rocket—still represent nearly two thirds of the total index value (63.36%), but decreased by 246 bps from Q2 (65.82%), and 404 bps YoY (67.40%).

Full chart & takeaways are below...