Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Zillow Group reported its second quarter 2026 financial results, demonstrating continued revenue growth and strategic execution amid a challenging broader housing market.</li><li>The company posted total revenue of $772 million, an 18% increase year-over-year, exceeding its outlook range.</li><li>EBITDA stood at $176 million, yielding a 23% margin, also above expectations.</li></ul>

Zillow Group reported its second quarter 2026 financial results, demonstrating continued revenue growth and strategic execution amid a challenging broader housing market.The company posted total revenue of $772 million, an 18% increase year-over-year, exceeding its outlook range.EBITDA stood at $176 million, yielding a 23% margin, also above expectations.

Zillow Group Is Not Just A Housing Portal Anymore — Mortgages Surge 75%!

<ul><li>Zillow Group reported first-quarter 2026 revenue of $708 million, representing an 18% year-over-year increase and near the high end of its outlook, with EBITDA of $182 million surpassing expectations and an associated margin of 26%.</li><li>Net income for the quarter reached $46 million, reflecting a net income margin expansion of more than 500 basis points from the prior year.</li><li>Free cash flow improved 44% year-over-year to $127 million.</li></ul>

Zillow Group reported first-quarter 2026 revenue of $708 million, representing an 18% year-over-year increase and near the high end of its outlook, with EBITDA of $182 million surpassing expectations and an associated margin of 26%.Net income for the quarter reached $46 million, reflecting a net income margin expansion of more than 500 basis points from the prior year.Free cash flow improved 44% year-over-year to $127 million.

Zillow Group’s 42% Rentals Growth — Can It Become A $1 Billion Business?

<ul><li>Zillow Group reported results that reflected strong operational execution and continued progress toward building an integrated housing marketplace, while remaining exposed to a housing market that continues to operate well below historical norms.</li><li>Revenue growth in the fourth quarter and full year exceeded broader industry transaction growth, supported by share gains in both For Sale and Rentals, alongside disciplined cost management that enabled full-year GAAP profitability.</li><li>The company emphasized that performance was driven primarily by improved conversion, deeper product integration, and expansion of enhanced market experiences rather than a recovery in housing volumes, which remained subdued.</li></ul>

Zillow Group reported results that reflected strong operational execution and continued progress toward building an integrated housing marketplace, while remaining exposed to a housing market that continues to operate well below historical norms.Revenue growth in the fourth quarter and full year exceeded broader industry transaction growth, supported by share gains in both For Sale and Rentals, alongside disciplined cost management that enabled full-year GAAP profitability.The company emphasized that performance was driven primarily by improved conversion, deeper product integration, and expansion of enhanced market experiences rather than a recovery in housing volumes, which remained subdued.

Zillow Is Rewriting the Housing Funnel—and That’s Where the Earnings Leverage Lives!

<ul><li>Alphabet's recent foray into home-for-sale listings has sent tremors through the online real estate space, with Zillow taking the brunt of the market reaction.</li><li>On December 15, 2025, Zillow shares plummeted 7.8% after it was revealed that Google is testing for-sale home listings in Google Search, in collaboration with HouseCanary's ComeHome platform.</li><li>The ads, currently limited to test regions such as Denver, Los Angeles, Houston, and Miami, appear at the top of search results for queries like "homes for sale in Austin," displaying a carousel of photos, prices, and basic property stats.</li></ul>

Alphabet's recent foray into home-for-sale listings has sent tremors through the online real estate space, with Zillow taking the brunt of the market reaction.On December 15, 2025, Zillow shares plummeted 7.8% after it was revealed that Google is testing for-sale home listings in Google Search, in collaboration with HouseCanary's ComeHome platform.The ads, currently limited to test regions such as Denver, Los Angeles, Houston, and Miami, appear at the top of search results for queries like "homes for sale in Austin," displaying a carousel of photos, prices, and basic property stats.

Zillow Under Fire: Why Google’s Real Estate Experiment Is A Big Deal!

<ul><li>Zillow Group's third-quarter 2025 financial results present a mixed picture of the company's performance and strategic direction.</li><li>Revenue increased by 16% year-over-year to $676 million, surpassing the high end of their guidance.</li><li>This growth was driven by both the For Sale and Rentals segments, which grew 10% and 41% year-over-year, respectively.</li></ul>

Zillow Group's third-quarter 2025 financial results present a mixed picture of the company's performance and strategic direction.Revenue increased by 16% year-over-year to $676 million, surpassing the high end of their guidance.This growth was driven by both the For Sale and Rentals segments, which grew 10% and 41% year-over-year, respectively.

Zillow Group: An Insight Into The Growth in Rentals and Multichannel Advertiser Strategies!

United States

Zillow Group, Inc. provides e-commerce services. The Company provides information about homes, real estate listings, and mortgages through their website and mobile applications. Zillow serves homeowners, buyers, sellers, renters, and real estate professionals throughout the United States.

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Zillow Group Inc C (Z US)

Zillow Group Is Not Just A Housing Portal Anymore — Mortgages Surge 75%!

Zillow Group reported its second quarter 2026 financial results, demonstrating continued revenue growth and strategic execution amid a challenging...

Baptista Research

Zillow Group’s 42% Rentals Growth — Can It Become A $1 Billion Business?

Zillow Group reported first-quarter 2026 revenue of $708 million, representing an 18% year-over-year increase and near the high end of its...

Baptista Research

Zillow Is Rewriting the Housing Funnel—and That’s Where the Earnings Leverage Lives!

Zillow Group reported results that reflected strong operational execution and continued progress toward building an integrated housing...

Baptista Research

Zillow Under Fire: Why Google’s Real Estate Experiment Is A Big Deal!

Alphabet's recent foray into home-for-sale listings has sent tremors through the online real estate space, with Zillow taking the brunt of the...

Baptista Research

Zillow Group: An Insight Into The Growth in Rentals and Multichannel Advertiser Strategies!

Zillow Group's third-quarter 2025 financial results present a mixed picture of the company's performance and strategic direction. Revenue...

Baptista Research

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