{"id":324433,"date":"2025-11-30T09:22:41","date_gmt":"2025-11-30T09:22:41","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/%f0%9f%a4%a3-the-great-proptech-q3-scramble-we-survived-mostly\/"},"modified":"2025-11-30T09:22:41","modified_gmt":"2025-11-30T09:22:41","slug":"%f0%9f%a4%a3-the-great-proptech-q3-scramble-we-survived-mostly","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=324433","title":{"rendered":"\ud83e\udd23 The Great Proptech Q3 Scramble: We Survived! (Mostly.)"},"content":{"rendered":"


\n<\/p>\n

\n

[Editor\u2019s note: This is a cheeky and comical version of our Proptech Earnings Radar for Q3 2025. It\u2019s is written entirely with AI using Gemini. If you want the serious version, head over to the original article on Crystal<\/a>, or join GEM<\/a>.]<\/em><\/p>\n

\"\"<\/p>\n

Gather \u2019round, fellow inhabitants of the real estate future! The bean counters have spoken, and the Q3 2025 results<\/b> for the titans of proptech are officially in<\/i>. Think of this as the Cribs<\/i> episode for the companies that think they own your sofa\u2014but instead of champagne rooms, we\u2019re talking Net Income<\/b> and EBITDA<\/b>.<\/p>\n

This is Part 1<\/b>, where we nervously peel back the curtain on the ten \u201cmost important\u201d players. Part 2<\/b> will follow soon, complete with a glorious, headache-inducing table summarizing the whole 26-company shebang in the GEM Proptech Index.<\/p>\n

But for now\u2026 let\u2019s dive into the financial deep end! (Don\u2019t worry, we brought floaties.)<\/p>\n

(Quick Market Cap Note: These numbers were taken at the end of the day, November 10th. They\u2019re basically yesterday\u2019s gossip.)<\/i><\/p>\n\n

\ud83c\udfe2 Company Snapshots: The Good, The Bad, and The Utterly Confusing<\/h3>\n

Airbnb: The Global Sleepover Champ<\/b> \ud83d\ude34<\/h4>\n

Airbnb<\/b> continues its world domination, posting a $4.1B revenue<\/b> (up a respectable 10% YoY). Apparently, everyone still needs a place to crash that isn\u2019t their own house. Gross bookings<\/b> hit a whopping $22.9B<\/b> (up 14% YoY)\u2014that\u2019s a lot of spare keys.<\/p>\n

Their Net income<\/b> decided to play hard to get, slightly shrinking by 1.5% to $1.37B<\/b>, which they immediately excused as \u201cflat on a constant currency basis.\u201d Sure, Airbnb, blame the money translation app.<\/p>\n

    \n
  • Market Cap:<\/b> $72.88B (Big House on the Block)<\/li>\n
  • The Drama:<\/b>\n
      \n
    • Adjusted EBITDA<\/b> went up to $2.05B<\/b>, but the margin got a little flabby, dropping 200 bps to 50%. Tsk-tsk.<\/li>\n
    • The Implied take rate<\/b> (the cut they skim) dipped to 17.9%. They\u2019re so rich, they\u2019re practically leaving money on the table.<\/li>\n
    • They\u2019re officially an app-based relationship: App-booked nights<\/b> are up 17% and now represent 62% of total nights<\/b>. No one uses the website anymore\u2014it\u2019s all about that pocket-sized booking convenience.<\/li>\n
    • They\u2019re getting into \u201cServices and Experiences,\u201d<\/b> with 110,000 potential hosts signing up. Get ready for your next host to offer you a \u201cCurated Alpaca Grooming Experience.\u201d<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
      \n

      Zillow: Exceeding Expectations (Their Own)<\/b> \ud83c\udfe1<\/h4>\n

      Zillow<\/b> waltzed in, exceeded the high end of their outlook<\/b>, and declared victory with $676M revenue<\/b> (up 16% YoY). They even managed a $10M GAAP net income<\/b>, escaping the dreaded loss column for a change!<\/p>\n

        \n
      • Market Cap:<\/b> $17.56B (The Slightly-Less-Big House on the Block)<\/li>\n
      • The Drama:<\/b>\n
          \n
        • Average monthly unique visitors<\/b> are now 250M<\/b>. That\u2019s basically everyone you know, plus a few million highly dedicated window-shoppers, obsessively checking what their ex\u2019s new place is worth.<\/li>\n
        • Mortgages revenue<\/b> shot up 36% to $53M<\/b>. Turns out, people like looking at houses and<\/i> getting loans for them. Who knew?<\/li>\n
        • Their fancy Showcase<\/b> program (where the listings look extra<\/i> nice) is on 3.2% of new U.S. listings<\/b>. They\u2019re also throwing in AI-powered virtual staging<\/b>. Because nothing says \u201ccozy home\u201d like a digital sofa that doesn\u2019t actually exist.<\/li>\n
        • They\u2019re on a quest for \u201cEnhanced Markets\u201d<\/b> to make up 75% of connections. It sounds important, so let\u2019s assume it is.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
          \n

          Procore: The Farewell Tour (And a New Boss)<\/b> \ud83c\udfd7\ufe0f<\/h4>\n

          In a moment of high drama, this was outgoing CEO Tooey\u2019s \u201cCourtmance\u201d<\/b> (his last hurrah) at the helm. Procore<\/b> saw revenue increase 14.5% to $339M<\/b>. He\u2019s leaving the building on a high note, narrowing the GAAP net loss<\/b> to a mere $9.1M<\/b> (down from $26.39M last year).<\/p>\n

            \n
          • Market Cap:<\/b> $12.31B (The Construction Site)<\/li>\n
          • The Drama:<\/b>\n
              \n
            • Their non-GAAP operating margin<\/b> expanded nicely to 17%. Money well spent, apparently.<\/li>\n
            • They have a new sheriff in town! Ajei Gopal<\/b>, an enterprise software veteran, is taking over. Tooey, the founder since 2002, gets to be Chairman and watch from the safe distance of the Boardroom. It\u2019s the circle of corporate life.<\/li>\n
            • They even authorized a $300M share repurchase program<\/b>. A nice little thank you gift for the shareholders.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
              \n

              eXp: The Agent Exodus?<\/b> \ud83d\udcc9<\/h4>\n

              eXp<\/b> saw revenue up 7% to $1.3B<\/b>, but their net income<\/b> took a serious nosedive, dropping 58% to $3.5M<\/b>. They moved $54.1B<\/b> in gross transaction volume, which is a big number, but where\u2019s the profit, guys?<\/p>\n

                \n
              • Market Cap:<\/b> $1.68B (The Brokerage That\u2019s Just Trying Its Best)<\/li>\n
              • The Drama:<\/b>\n
                  \n
                • They ended the quarter with 83,446 agents<\/b>, which is actually down 2% YoY<\/b>. This is the part where you start quietly asking, \u201cAre the agents leaving?\u201d<\/li>\n
                • Their Adjusted EBITDA<\/b> fell 26% to $17.7M<\/b>. Less exciting than last year, isn\u2019t it?<\/li>\n
                • They\u2019re giving credit to AI<\/b> for decreasing their unit transaction processing cost<\/b> from $621 to $523. Thank you, robots, for saving us money on paperwork!<\/li>\n
                • Expansion is still the name of the game, with plans to launch in Luxembourg, the Netherlands, and Romania<\/b>. Because clearly, the world needs more real estate agents.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                  \n

                  CoStar: The Grown-Up Who Still Fights in the Sandbox<\/b> \ud83e\udd4a<\/h4>\n

                  CoStar<\/b> has achieved the seemingly impossible: 58th consecutive quarter of double-digit revenue growth<\/b> (up 20% YoY to $834M<\/b>). Unfortunately, they booked a net loss of $31M<\/b> this quarter\u2014a stark contrast to last year\u2019s $53M net income. Whoops.<\/p>\n

                    \n
                  • Market Cap:<\/b> $28.49B (The Aggressive Older Sibling)<\/li>\n
                  • The Drama:<\/b>\n
                      \n
                    • They saw massive growth in net new bookings<\/b> (up 92% YoY to $84M). Someone\u2019s been busy!<\/li>\n
                    • Homes.com<\/b> is clearly the pet project, adding 7,035 new agent subscribers<\/b>\u2014a frankly insane 1000% YoY increase<\/b>. CEO Andy Florance then used the earnings call to crow that they have \u201croughly five times\u201d the listings of Zillow\u2019s comparable showcase listings. Ouch.<\/li>\n
                    • Speaking of Zillow, Andy Florance spent a good five minutes<\/b> of the call (8% of the session!) just straight-up attacking Zillow and rehashing their lawsuit. The drama is unreal<\/b>. Get the popcorn.<\/li>\n
                    • They also closed their acquisition of Australian-based Domain<\/b>. Everything\u2019s bigger in Australia, even the acquisitions.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                      \n

                      Compass: The Record-Breaker (With a Paper Loss)<\/b> \ud83e\udd47<\/h4>\n

                      Compass<\/b> hit the high end of their guidance and set their best Q3 in company history<\/b> with $1.85B revenue<\/b> (up 23.6% YoY). Of course, they still reported a GAAP net loss of $4.6M<\/b>. (They blame a $7.5M expense related to the Anywhere Real Estate agreement<\/b>, claiming they would<\/i> have had a $2.9M net income otherwise. We believe you, Compass.)<\/p>\n

                        \n
                      • Market Cap:<\/b> $4.93B (The Top Agent)<\/li>\n
                      • The Drama:<\/b>\n
                          \n
                        • Adjusted EBITDA<\/b> shot up an impressive 80% to $93.6M<\/b>. That\u2019s the good kind of upward movement.<\/li>\n
                        • They added 4,008 principal agents<\/b>. More agents, more problems\u2014er, profits<\/i>.<\/li>\n
                        • CEO Robert Reffkin got a sudden surge of confidence, raising the cost synergy target<\/b> for the Anywhere merger from $225M+ to over $300M<\/b>. Go big or go home, right?<\/li>\n
                        • Their new \u201cMake Me Sell\u201d listings<\/b> are up 17.6% sequentially. The market is officially desperate.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                          \n

                          Blend Labs: Shrinking, But Still Exceeding<\/b> \ud83e\udd0f<\/h4>\n

                          Blend Labs<\/b> saw total revenue of $32.86M<\/b>, which is down 73 bps YoY. But hey, it was above the midpoint of expectations!<\/b> Their non-GAAP income from operations<\/b> was $4.6M<\/b>, handily beating guidance. Small victories, people.<\/p>\n

                            \n
                          • Market Cap:<\/b> $779.24M (The Niche Player)<\/li>\n
                          • The Drama:<\/b>\n
                              \n
                            • The Mortgage Suite<\/b> segment is shrinking (down 18% YoY), but the Consumer Banking Suite<\/b> is picking up the slack, growing 34% to $12.72M<\/b>. Diversification!<\/li>\n
                            • They\u2019re dealing with the fallout of the Mr. Cooper acquisition. They fully expect Mr. Cooper\u2019s volume to roll off<\/b> their platform by 2026. Basically, their ex is moving out and taking their stuff.<\/li>\n
                            • They repurchased 1.6M shares<\/b>. A small gesture to remind everyone they still care.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                              \n

                              Opendoor: The Great Inventory Clearance<\/b> \ud83d\udcc9<\/h4>\n

                              In Kaz Nejatian\u2019s first earnings call<\/b> as CEO, things were\u2026 complicated. Opendoor purchased a mere 1,169 homes<\/b> (down 67% YoY) and sold 2,568 homes<\/b> (down 29% YoY). The focus is clearly on shrinking the backlog.<\/p>\n

                                \n
                              • Market Cap:<\/b> $6.16B (The iBuyer Trying to Break Even)<\/li>\n
                              • The Drama:<\/b>\n
                                  \n
                                • Revenue decreased 34% YoY to $915M<\/b>. Oof.<\/li>\n
                                • Gross profit<\/b> was $66M<\/b>, and their gross margin<\/b> shrank to 7.2%. The margins are thinner than a sheet of paper.<\/li>\n
                                • The most telling number: 51%<\/b> of their inventory has been listed longer than 120 days<\/b>. That\u2019s half of their inventory that\u2019s basically collecting dust.<\/li>\n
                                • They\u2019re playing defense on their balance sheet, raising $200M<\/b> and refinancing notes to \u201cmanage dilution.\u201d It sounds like they\u2019re patching holes in the sinking ship, but they insist it\u2019s strategic!<\/li>\n
                                • They launched a new public investor portal. Because what retail shareholders need most is direct access to the stressful performance data<\/b>!<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                                  \n

                                  Rocket: The Acquisition Maestro<\/b> \ud83d\ude80<\/h4>\n

                                  Rocket<\/b> blasted off with $1.605B in GAAP revenue<\/b> (up a massive 148% YoY), almost hitting the low end of their guidance. They dramatically improved their GAAP net loss<\/b> to a relatively tame $124M<\/b> (compared to last year\u2019s shudder<\/i> $481M loss).<\/p>\n

                                    \n
                                  • Market Cap:<\/b> $48.10B (The Loan Shark, But Nicer)<\/li>\n
                                  • The Drama:<\/b>\n
                                      \n
                                    • Their Adjusted EBITDA<\/b> grew a solid 22% to $349M<\/b>. The good news is they\u2019re making money; the bad news is they\u2019re spending a ton on people and ads\u2014Salaries, commissions, and benefits<\/b> are up 44%, and Marketing<\/b> is up 37%.<\/li>\n
                                    • The Redfin integration is \u201cexceeding expectations.\u201d<\/b> Apparently, 500K+ Redfin users started financing applications with Rocket in September. That\u2019s a match made in financial heaven.<\/li>\n
                                    • Following the Mr. Cooper acquisition, their former CEO and Chairman, Jay Bray<\/b>, is now the President and CEO of Rocket Mortgage<\/b>. It\u2019s like a corporate game of musical chairs.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                                      \n

                                      News Corp (Digital Real Estate): Just Chugging Along<\/b> \ud83d\udcf0<\/h4>\n

                                      The publishing giant\u2019s Digital Real Estate Services segment<\/b> (mostly Realtor.com) saw $479M in revenue<\/b> (up 5% YoY). Their EBITDA<\/b> was also up 13% to $158M<\/b>. Nothing wild, just steady progress.<\/p>\n

                                        \n
                                      • Market Cap:<\/b> $15.79B (The Media Conglomerate)<\/li>\n
                                      • The Drama:<\/b>\n
                                          \n
                                        • Realtor.com\u2019s unique visitors declined 6%<\/b> to 72M. Less browsing for dream homes on their platform, apparently.<\/li>\n
                                        • They had a one-time gain from the \u201cabsence of $12M of deal costs\u201d<\/b> after they wisely withdrew their offer to acquire Rightmove<\/b>. Sometimes, the best deal is the one you don\u2019t<\/i> make.<\/li>\n
                                        • They\u2019re selling off or discontinuing their housing efforts in Australia and India. \u201cPropTiger\u201d<\/b> is gone, and \u201cHousing Edge\u201d<\/b> is being discontinued. Farewell, global aspirations!<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                                          \n

                                          Disclaimer: This entire article is for pure entertainment and does not constitute financial, investment, or any other kind of advice. If you make investment decisions based on our jokes, you\u2019ve only got yourself to blame. We\u2019re not responsible if you lose money. Seriously.<\/i><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

                                          [Editor\u2019s note: This is a cheeky and comical version of our Proptech Earnings Radar for Q3 2025. It\u2019s is written entirely with AI using Gemini. If you want the serious version, head over to the original article on Crystal, or join GEM.] Gather \u2019round, fellow inhabitants of the real estate future! The bean counters have […]<\/p>\n","protected":false},"author":1,"featured_media":324434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[19396,2338,17515,151578,24228,32484],"dealstore":[],"offerexpiration":[],"class_list":["post-324433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-airbnb","tag-great","tag-proptech","tag-proptech-earnings","tag-scramble","tag-survived"],"yoast_head":"\n\ud83e\udd23 The Great Proptech Q3 Scramble: We Survived! 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