ZILLOW GROUP, INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
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Property and Equipment, Net
Note 4. Property and Equipment, Net
The following table presents the detail of property and equipment, net as of the dates presented (in millions):
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Website development costs | $606 | $564 |
| Leasehold improvements | 32 | 45 |
| Computer equipment | 17 | 18 |
| Office equipment, furniture and fixtures | 12 | 16 |
| Construction-in-progress | 3 | — |
| Property and equipment | 670 | 643 |
| Less: accumulated amortization and depreciation | (299) | (283) |
| Property and equipment, net | $371 | $360 |
We recorded depreciation expense related to property and equipment (other than website development costs) of $3 million for both the three months ended September 30, 2025 and 2024, and $10 million and $11 million for the nine months ended September 30, 2025 and 2024, respectively.
We capitalized website development costs of $45 million and $46 million for the three months ended September 30, 2025 and 2024, respectively, and $144 million and $152 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense for website development costs included in cost of revenue was $42 million and $40 million for the three months ended September 30, 2025 and 2024, respectively, and $125 million and $109 million for the nine months ended September 30, 2025 and 2024, respectively.
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