ZILLOW GROUP INC
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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Revenue and Contract Balances
Note 17. Revenue and Contract Balances
We recognize revenue when or as we satisfy our performance obligations by transferring control of the promised products or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products or services. See Note 2 for additional information on our revenue from contracts with customers and contract balances.
Disaggregation of Revenue
The following table presents our revenue disaggregated by category for the periods presented (in millions):
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue: | |||
| For Sale revenue: | |||
| Residential | $1,594 | $1,452 | $1,522 |
| Mortgages | 145 | 96 | 119 |
| Total For Sale revenue | 1,739 | 1,548 | 1,641 |
| Rentals | 453 | 357 | 274 |
| Other | 44 | 40 | 43 |
| Total revenue | $2,236 | $1,945 | $1,958 |
Contract Balances
Contract assets totaled $157 million and $90 million as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024, the average remaining recognition period for our contract asset related to our Premier Agent Flex offering wasfive months.
For the year ended December 31, 2024, the opening balance of deferred revenue was $52 million, of which $51 million was recognized as revenue during the period. For the year ended December 31, 2023, the opening balance of deferred revenue was $44 million, of which $43 million was recognized as revenue during the period.
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