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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Segment Information
Note 13. Segment Information
Significant Segment Expenses
The following table presents our significant expense categories included in our reported measure of segment profitability for the periods presented (in millions):
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $676 | $581 | $1,929 | $1,682 |
| Less: | ||||
| Headcount-related expenses, excluding share-based compensation | 300 | 281 | 886 | 817 |
| Share-based compensation | 99 | 108 | 295 | 329 |
| Depreciation and amortization | 67 | 63 | 199 | 178 |
| Marketing and advertising costs | 47 | 64 | 154 | 152 |
| Direct product and service costs | 91 | 48 | 214 | 135 |
| Third-party professional service fees | 25 | 14 | 61 | 54 |
| Facility expenses | 6 | 5 | 20 | 22 |
| Impairment costs | 2 | — | 2 | 6 |
| Acquisition-related costs | — | 1 | — | 1 |
| Other items (1) | 42 | 42 | 121 | 116 |
| Loss from operations | (3) | (45) | (23) | (128) |
| Loss on extinguishment of debt | — | — | — | (1) |
| Other income, net | 18 | 34 | 58 | 101 |
| Interest expense | (3) | (9) | (13) | (28) |
| Income tax expense | (2) | — | (2) | (4) |
| Net income (loss) | $10 | $(20) | $20 | $(60) |
(1) Other items include software and hardware, taxes, insurance, and data acquisition costs.
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