ZILLOW GROUP, INC.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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Mar 31, 2025 · Filed May 7, 2025
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Revenue and Contract Balances
Note 12. 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 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for additional information on our revenue from contracts with customers and contract balances.
Contract Balances
Contract assets totaled $194 million and $157 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the average remaining recognition period for our contract asset related to our Premier Agent Flex offering wasfive months.
For the three months ended March 31, 2025, the opening balance of deferred revenue was $62 million, of which $46 million was recognized as revenue during the period. For the three months ended March 31, 2024, the opening balance of deferred revenue was $52 million, of which $44 million was recognized as revenue during the period.
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