Proptech Earnings Radar Pt. 2 - Q4 2025 (Series V, Part XI)

Q4 results are in for 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 25 companies in the GEM Proptech Index.

Without further ado, let’s get to it.

The 25 companies covered in the table below represent a combined market cap of $223.519M (as of March 13, 2026). Since Q3’s report (November 13, 2025), the GEM Proptech Index is down 15.57% and 1.83% YoY. (For comparison, Q3 FY25’s report covered 26 companies with a combined market cap of $264.738B and last year’s Q4 report covered 28 companies with a combined market cap of $227.691B).

The “Core 4—Airbnb, CoStar, Zillow, and Rocket—still represent nearly two thirds of the total index value (64.5%) , increasing 114 bps from Q3 (63.36%), but decreasing 85 bps bps YoY (65.35%).

Full chart & takeaways are below...