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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Segment Information
Note 16. Segment Information
Our CODM is our CEO who manages our business, makes operating decisions and evaluates operating performance on the basis of the company as a whole. This aligns to our ongoing growth strategy and our intent to provide integrated customer solutions for all tasks and services related to facilitating real estate transactions. Accordingly, we have a single operating and reportable segment.
Our CODM assesses performance and decides how to allocate resources based on net income (loss) as reported in our consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income (loss) to evaluate return on total assets in deciding whether to invest in the development and expansion of our consolidated operations or into strategic transactions, such as acquisitions and capital repurchases. Net income (loss) is also used to monitor budget versus actual results, perform competitive benchmarking analyses, and is considered in evaluating our executives’ compensation.
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):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue | $2,583 | $2,236 | $1,945 |
| Less: | |||
| Headcount-related expenses, excluding share-based compensation | 1,187 | 1,110 | 993 |
| Share-based compensation | 390 | 448 | 451 |
| Depreciation and amortization | 264 | 240 | 187 |
| Marketing and advertising costs | 191 | 194 | 155 |
| Direct product and service costs | 300 | 184 | 144 |
| Software and hardware costs | 113 | 98 | 85 |
| Third-party professional service fees | 90 | 70 | 75 |
| Facility expenses | 26 | 28 | 59 |
| Impairment and restructuring costs | 2 | 6 | 19 |
| Acquisition-related costs | — | 1 | 4 |
| Other items (1) | 54 | 54 | 43 |
| Loss from operations | (34) | (197) | (270) |
| Gain (loss) on extinguishment of debt | — | (1) | 1 |
| Other income, net | 77 | 127 | 151 |
| Interest expense | (18) | (36) | (36) |
| Income tax expense | (2) | (5) | (4) |
| Net income (loss) | $23 | $(112) | $(158) |
(1) Other items include taxes, insurance costs and data acquisition costs.
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