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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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):
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Website development costs | $596 | $564 |
| Leasehold improvements | 32 | 45 |
| Computer equipment | 17 | 18 |
| Office equipment, furniture and fixtures | 9 | 16 |
| Property and equipment | 654 | 643 |
| Less: accumulated amortization and depreciation | (304) | (283) |
| Property and equipment, net | $350 | $360 |
We recorded depreciation expense related to property and equipment (other than website development costs) of $12 million, $15 million and $24 million for the years ended December 31, 2025, 2024 and 2023, respectively.
We capitalized website development costs of $179 million, $196 million and $191 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense for website development costs included in cost of revenue was $163 million, $148 million and $110 million for the years ended December 31, 2025, 2024 and 2023, respectively.
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