ZILLOW GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Intangible Assets, Net
Note 5. Intangible Assets, Net
The following tables present the detail of intangible assets, net as of the dates presented (in millions):
| December 31, 2025 | |||
|---|---|---|---|
| Cost | AccumulatedAmortization | Net | |
| Customer relationships | $194 | $(52) | $142 |
| Software | 140 | (53) | 87 |
| Developed technology | 59 | (32) | 27 |
| Trade names and trademarks | 47 | (30) | 17 |
| Purchased content | 24 | (18) | 6 |
| Total | $464 | $(185) | $279 |
| December 31, 2024 | |||
|---|---|---|---|
| Cost | AccumulatedAmortization | Net | |
| Customer relationships | $94 | $(29) | $65 |
| Software | 101 | (39) | 62 |
| Developed technology | 102 | (51) | 51 |
| Trade names and trademarks | 47 | (25) | 22 |
| Purchased content | 22 | (15) | 7 |
| Total | $366 | $(159) | $207 |
On February 6, 2025, we entered into a partnership with Redfin Corporation (“Redfin”), making Zillow the exclusive provider of multifamily (properties with 25 or more units) rental listings on Redfin and its sites, including Rent.com and ApartmentGuide.com (together, “Redfin Rental Network”). Pursuant to this rentals partnership, Zillow made a $100 million payment to Redfin in February 2025 that is included in customer relationships in the table above and is being amortized over the estimated useful life ofnine years. Zillow also pays Redfin for leads generated through the Redfin Rental Network for an initial period offive years withtwo optionaltwo-year extensions, subject to the terms of the underlying agreements.
We recorded amortization expense related to intangible assets of $89 million, $77 million and $53 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 13), as of December 31, 2025 is as follows (in millions):
| 2026 | $78 |
| 2027 | 67 |
| 2028 | 42 |
| 2029 | 33 |
| 2030 | 25 |
| Thereafter | 38 |
| Total future amortization expense | $283 |
We didnot record any material impairment costs related to our intangible assets for the years ended December 31, 2025, 2024 or 2023.
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