ZILLOW GROUP, INC.
For the period ended Mar 31, 2026. Filed May 6, 2026.
View on SEC.govAbout this filing
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.
Mar 31, 2026 · Filed May 6, 2026
ZG$30.36-2.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001617640-25-000150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001617640-26-000039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 144 current paragraphs.
64 unchanged; 58 reworded; 21 added; 28 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
Residential. Residential revenue includes revenue generated from our agent and software offerings and revenue derived from our New Construction marketplace and StreetEasy for sale product offerings. Agent offerings include Premier Agent market-based pricing, Zillow Preferred and Zillow Showcase. Software offerings primarily include Follow Up Boss, dotloop, and ShowingTime.
Current report
Premier Agent advertising products, which include the delivery of validated customer connections, or leads, are offered on a pay for performance (“Zillow Preferred”) and share of voice (“market-based pricing”) basis. Connections are delivered when consumer contact information is provided to Premier Agent partners. We do not promise any minimum or maximum share of connections to customers for either market-based pricing or Zillow Preferred.
Current report
Zillow Showcase is an advertising and marketing solution which allows real estate agents to advertise an enhanced listing on our mobile apps and websites.
Current report
For Sale Revenue
Current report
•Residential revenue increased by $33 million, or 8%, to $450 million, due to an increase in residential revenue per visit.
Current report
Rentals Revenue
Current report
Prior to the three months ended December 31, 2025, TTV was calculated and reported using existing-home sales and average sales price data collected and estimated by Zillow Group as published monthly on our site. Beginning with the three months ended December 31, 2025, we calculate and report TTV using existing-home sales and average sales price data published by NAR, an industry-standard, publicly available source of residential real estate transaction data. We made this change to align the calculation of TTV with a widely used industry data source. We believe the use of the NAR data improves comparability of the metric over time.
Current report
We have recast TTV and For Sale revenue per TTV for the twelve months ended March 31, 2025 to conform with the revised TTV methodology used for the twelve months ended March 31, 2026, described above. The change in methodology to calculate TTV resulted in an approximately 27% increase in TTV and 22% decrease in For Sale revenue per TTV reported for the twelve months ended March 31, 2025, primarily due to differences in existing residential homes sold and average sales price of existing residential homes sold for the period as collected and estimated by Zillow Group compared to as reported by NAR.
Current report
Zillow Group’s presentation of TTV is derived from third-party data published by NAR, which may be subject to revisions, updates, or changes in methodology. While we believe NAR’s data provides a reliable measure of industry transaction data, changes to the underlying data or methodologies could affect TTV and, as a result, For Sale revenue per TTV in future periods.
Current report
Total revenue increased $110 million, or 18%, to $708 million:
Current report
For Sale Revenue
Current report
Rentals Revenue
Current report
The following table summarizes net income and Adjusted EBITDA (in millions, except percentages):
Current report
Gross Profit
Current report
Sales and marketing expenses increased $12 million, or 6%, primarily driven by increases of $9 million in headcount-related expenses to support growth in our Mortgages purchase loan origination volume. We expect sales and marketing expenses to increase in absolute dollars during the three months ending June 30, 2026, primarily due to the impact of seasonality on the real estate market and strategic increases in our marketing and advertising costs to support the continued expected growth of our business.
Current report
Technology and development expenses increased $1 million, or 1%, primarily due to a $5 million increase in software and hardware costs which was partially offset by a $4 million decrease in headcount-related expenses driven primarily by a decrease in share-based compensation expense.
Current report
General and administrative expenses increased $2 million, or 2%, primarily due to an increase of $11 million in legal expenses which was partially offset by a $9 million decrease in headcount-related expenses, driven primarily by a decrease in share-based compensation expense.
Current report
On January 30, 2026, Zillow Group entered into a $500 million Revolving Credit Facility by and among Zillow Group, MFTB Holdco, Inc., Zillow, Inc. (the “Borrower”), the lenders from time to time party thereto, Goldman Sachs Bank USA as administrative agent and as issuing bank, and other issuing banks from time to time party thereto. The Revolving Credit Facility may be increased by up to an additional $250 million subject to the terms of the credit agreement. Revolving loans may be borrowed, repaid and reborrowed under the Revolving Credit Facility until January 30, 2031, at which time all amounts borrowed must be repaid. Revolving loans may be prepaid, and revolving loan commitments may be permanently reduced by the Borrower in whole or in part, without penalty or premium. We have not drawn any amounts under the Revolving Credit Facility as of the date of this Quarterly Report on Form 10-Q.
Current report
Revolving Credit Facility
Current report
Master Repurchase Agreements
Current report
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.
Removed paragraphs (28)
Previous report
Residential. Residential revenue includes revenue generated by our Premier Agent and new construction marketplaces, as well as revenue from the sale of advertising and business technology solutions for real estate professionals through ShowingTime+, StreetEasy for-sale product offerings and Follow Up Boss.
Previous report
•Residential revenue increased by $30 million, or 7%, to $435 million, due to increases in the number of visits and in Residential revenue per visit.
Previous report
We believe that using an internal measurement tool to measure visits to Zillow and StreetEasy allows us to maintain control over and provide greater insight into our end-to-end data as we enhance our broader long-term analytics strategy, while also becoming less reliant on third-party providers.
Previous report
We believe that using an internal measurement tool to measure unique users of Zillow, StreetEasy and HotPads allows us to maintain control over and provide greater insight into our end-to-end data as we enhance our broader long-term analytics strategy, while also becoming less reliant on third-party providers.
Previous report
Total revenue increased $95 million, or 16%, to $676 million:
Previous report
•Mortgages revenue increased $14 million, or 36%, driven by a $14 million increase in mortgage originations revenue. The increase in mortgage originations revenue was primarily due to a 56% increase in total loan origination volume to $1.3 billion for the three months ended September 30, 2025 from $819 million for the three months ended September 30, 2024, primarily driven by continued growth in Zillow Home Loans purchase loan origination volume. The increase in mortgage originations revenue was partially offset by a 6% decrease in gain on sale margin. Gain on sale margin represents the net gain on sale of mortgage loans divided by total loan origination volume for the period. Net gain on sale of mortgage loans includes all components related to the origination and sale of mortgage loans, including the net gain on sale of loans into the secondary market, loan origination fees, unrealized gains and losses associated with changes in fair value of IRLCs and mortgage loans held for sale, realized and unrealized gains or losses from derivative financial instruments and the provision for losses relating to representations and warranties.
Previous report
Total revenue increased $247 million, or 15%, to $1.9 billion:
Previous report
The following tables summarize net income (loss) and Adjusted EBITDA for each of the periods presented (in millions, except percentages):
Previous report
•Adjusted EBITDA does not reflect impairment costs;
Previous report
•Adjusted EBITDA does not reflect acquisition-related costs;
Previous report
•Adjusted EBITDA does not reflect loss on extinguishment of debt;
Previous report
Sales and marketing expenses decreased $3 million, or 1%, due to a decrease of $18 million in marketing and advertising costs primarily driven by the timing of our rentals advertising campaigns. This decrease was partially offset by a $10 million increase in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business, and a $2 million increase in depreciation and amortization expense.
Previous report
Sales and marketing expenses increased $50 million, or 9%, due to increases of $38 million in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business and $5 million in depreciation and amortization expense.
Previous report
Technology and development expenses increased $6 million, or 4%, primarily due to an increase of $4 million in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business.
Previous report
Technology and development expenses increased $17 million, or 4%, due to increases of $10 million in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business, and $5 million in software and hardware costs.
Previous report
General and administrative expenses increased $4 million, or 3%, due to increases of $9 million in third-party professional service fees, including legal expenses, and $2 million in software and hardware costs. These increases were partially offset by decreases of $8 million in headcount-related expenses, including share-based compensation expense, driven primarily by equity award actions that occurred in August 2022 and impacted the three months ended September 30, 2024.
Previous report
General and administrative expenses decreased $17 million, or 4%, primarily due to decreases of $21 million in headcount-related expenses, including share-based compensation expense, driven primarily by equity award actions that occurred in August 2022 and impacted the nine months ended September 30, 2024, $3 million due to the change in fair value of contingent consideration associated with our acquisition of Follow Up Boss, and $3 million in facility expenses driven by cost savings associated with changes in the use of certain office space in our lease portfolio. These decreases were partially offset by increases of $5 million in software and hardware costs and $4 million in third-party professional service fees, including legal expenses.
Previous report
Interest Expense
Previous report
Interest expense consists primarily of interest on our previously outstanding convertible senior notes, including the amortization of deferred issuance costs, and on our master repurchase agreements related to our Zillow Home Loans operations.
Previous report
Interest expense decreased $6 million and $15 million for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024, primarily due to the settlement of the 2024 Notes, 2025 Notes and 2026 Notes.
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (the “Bill”) was enacted into law. The Bill provides for significant U.S. tax law changes and modifications and makes permanent certain key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, the expensing of domestic research costs, and the business interest expense limitation. The provisions of the Bill did not have a material impact on our condensed consolidated financial statements for the three or nine month periods ended September 30, 2025.
Previous report
Settlement of 2025 Notes
Previous report
The 2025 Notes matured on May 15, 2025, and we settled the remaining $419 million in aggregate principal amount of the 2025 Notes with cash payments totaling $425 million, which included $419 million in principal repayments, $6 million for accrued interest, and a nominal cash payment in lieu of fractional shares, and the issuance of a nominal number of shares of Class C capital stock.
Previous report
Settlement of Capped Call Transactions
Previous report
In August 2025, we settled the capped call transactions we entered into in connection with the issuance of the 2026 Notes, resulting in the receipt of approximately 3.1 million shares of Class C capital stock and $38 million in cash. Subsequent to this settlement, no capped call transactions remain outstanding.
Previous report
Credit Facilities
Previous report
(3)Agreement was entered into on February 27, 2025.
Previous report
(4)Agreement was entered into on June 9, 2025.
Reworded paragraphs (58)
Previous wording
The following discussion of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those described in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, including in Part II, Item 1A (Risk Factors) and in the section titled “Note Regarding Forward-Looking Statements,” and those factors discussed in Part I, Item 1A (Risk Factors) of our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The following discussion of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those described in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, including in the section titled “Note Regarding Forward-Looking Statements,” and those factors discussed in Part I, Item 1A (Risk Factors) of our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
Zillow Group is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing and renting experiences.
Current wording
Zillow Group is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow’s ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Previous wording
Our portfolio of affiliates, subsidiaries and brands includes Zillow Premier Agent, Zillow Home Loans, our mortgage origination operations and affiliate lender, Zillow Rentals, Trulia, StreetEasy, HotPads and Out East. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions for the real estate industry, including ShowingTime+, Spruce and Follow Up Boss.
Current wording
Our portfolio of affiliates, subsidiaries and brands includes Zillow, Zillow Premier Agent, Zillow Home Loans, our mortgage origination operations and affiliate lender, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop and Zillow Closing.
Previous wording
As of September 30, 2025, we had 7,031 employees, compared to 6,856 employees as of December 31, 2024.
Current wording
As of March 31, 2026, we had 7,058 employees, compared to 7,068 employees as of December 31, 2025.
Previous wording
Our financial performance is impacted by changes in the health of the housing market, which is impacted, in turn, by general economic conditions. Current market factors have been driven by low housing inventory, elevated and volatile mortgage interest rates, changes in rental inventory and occupancy rates, as well as home price fluctuations and inflationary conditions. These factors may impact the number of transactions consumers complete using our products and services and demand for our advertising services. According to residential real estate data collected and estimated by Zillow Group as published monthly on our site, TTV increased 6% during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 and increased 5% during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. We continue to invest in the growth of our business, which we believe has resulted in year over year total revenue results, described below, for the three and nine month periods ended September 30, 2025 as compared to the same periods in the prior year, that exceeded industry performance for the same periods. The extent to which market factors impact our results and financial position will depend on future developments, which are uncertain and difficult to predict.
Current wording
Our financial performance is impacted by changes in the health of the housing market, which is impacted, in turn, by general economic conditions. Current market factors have been driven by low housing inventory, elevated and volatile mortgage interest rates, changes in rental inventory and occupancy rates, as well as home price fluctuations and inflationary conditions. These factors may impact the number of transactions consumers complete using our products and services and demand for our advertising services. According to residential real estate data published by NAR, TTV increased 2% during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. We continue to invest in the growth of our business, which we believe has resulted in year over year total revenue results, described below, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, that exceeded industry performance for the same period. The extent to which market factors impact our results and financial position will depend on future developments, which are uncertain and difficult to predict.
Previous wording
Premier Agent revenue is generated by the sale of advertising services, as well as marketing and technology products and services, to help real estate agents and brokers grow and manage their businesses and brands. We offer these products and services through our Premier Agent program. Premier Agent products, which include the delivery of validated customer connections, or leads, are offered on a share of voice (“market-based pricing”) and pay for performance (“Flex”) basis. For our market-based pricing offering, connections are distributed to Premier Agent partners in proportion to their share of voice, or a Premier Agent partner’s share of total advertising purchased in a particular zip code. With the Flex model, Premier Agent partners are provided with leads at no initial cost and pay a performance advertising fee only when a real estate transaction is closed with one of the leads, generally within two years.
Current wording
With the Zillow Preferred model, Premier Agent partners are provided with leads and pay a performance advertising fee when a real estate transaction is closed with one of the leads, generally within two years.
Previous wording
Follow Up Boss revenue primarily consists of our software-as-a-service customer relationship management system which provides real estate agents, teams and brokerages with a central hub to manage real estate transactions from connection to close.
Current wording
Follow Up Boss revenue primarily consists of our software as a service (“SaaS”) customer relationship management system which provides real estate agents, teams and brokerages with a central hub to manage real estate transactions from connection to close.
Previous wording
Revenue generated through ShowingTime+ includes ShowingTime revenue, which is primarily generated by Appointment Center, a software-as-a-service and call center solution allowing real estate agents, brokerages and MLSs to efficiently schedule real estate viewing appointments on behalf of their customers. Appointment Center services also include call center specialists who provide scheduling support to customers. ShowingTime+ revenue also includes our dotloop real estate transaction management software-as-a-service solution, as well as Zillow Showcase, a listing marketing package.
Current wording
Dotloop is a real estate transaction management SaaS solution. ShowingTime primarily generates revenue through Appointment Center, which is a SaaS and call center solution allowing real estate agents, brokerages and MLSs to efficiently schedule real estate viewing appointments on behalf of their customers.
Previous wording
New construction revenue primarily includes advertising services sold to home builders on a cost per residential community or cost per impression basis.
Current wording
Our new construction marketing solutions allow home builders to showcase their available inventory to home shoppers. New construction revenue primarily includes revenue generated by advertising sold to builders on a cost per residential community or cost per impression basis.
Previous wording
StreetEasy for-sale revenue primarily consists of our StreetEasy Experts and StreetEasy subscription offerings. StreetEasy Experts is our pay for performance pricing model available in the New York City market for which agents and brokers are provided with leads at no initial cost and pay a performance referral fee only when a real estate purchase transaction is closed with one of the leads. Revenue generated through StreetEasy subscription offerings includes the sale of advertising and a suite of tools to developers, property managers, agents and other market professionals.
Current wording
StreetEasy for-sale revenue primarily consists of our StreetEasy Experts and StreetEasy subscription offerings. StreetEasy Experts is our pay for performance pricing model available in the New York City market for which agents and brokers are provided with leads at no initial cost and pay a performance referral fee only when a real estate purchase transaction is closed with one of the leads. Revenue generated through StreetEasy subscription offerings includes the sale of advertising and a suite of tools to developers, property managers, agents and other market professionals on a cost per property basis.
Previous wording
Mortgages. Mortgages revenue primarily includes revenue generated through mortgage originations and the related sale of mortgages on the secondary market through Zillow Home Loans and revenue from advertising sold to mortgage lenders and other mortgage professionals on a cost-per-lead basis, including our Custom Quote and Connect services.
Current wording
Mortgages. Mortgages revenue primarily includes revenue generated through mortgage originations and the related sale of mortgages on the secondary market through Zillow Home Loans and revenue from advertising sold to mortgage lenders and other mortgage professionals on a cost per lead basis, primarily through our Connect services.
Previous wording
For the three months ended September 30, 2025 and 2024, we generated total revenue of $676 million and $581 million, respectively, an increase of 16%. The increase in total revenue was primarily attributable to the following:
Current wording
For the three months ended March 31, 2026 and 2025, we generated total revenue of $708 million and $598 million, respectively, an increase of 18%. The increase in total revenue was primarily attributable to the following:
Previous wording
•Mortgages revenue increased by $14 million, or 36%, to $53 million, driven by an increase in mortgage originations revenue as a result of increased total loan origination volume.
Current wording
•Mortgages revenue increased by $23 million, or 56%, to $64 million, driven by an increase in mortgage originations revenue as a result of increased total loan origination volume.
Previous wording
•Rentals revenue increased by $51 million, or 41%, to $174 million, due to increases in quarterly revenue per average monthly rentals unique visitor.
Current wording
Rentals revenue increased by $54 million, or 42%, to $183 million, due to increases in quarterly revenue per average monthly rentals unique visitor and average monthly rentals unique visitors.
Previous wording
During the three months ended September 30, 2025 and 2024, we generated gross profit of $491 million and $441 million, respectively, an increase of 11%.
Current wording
During the three months ended March 31, 2026 and 2025, we generated gross profit of $519 million and $459 million, respectively, an increase of 13%.
Previous wording
The number of visits is an important metric because it is an indicator of consumers’ level of engagement with our mobile applications, websites and other services. We believe highly engaged consumers are more likely to use our products and services, including Zillow Homes Loans, or be transaction-ready real estate market participants and therefore more sought-after by our Premier Agent partners.
Current wording
The number of visits is an important metric because it is an indicator of consumers’ level of engagement with our mobile apps, websites and other services. We believe highly engaged consumers are more likely to use our products and services, including Zillow Home Loans, or be transaction-ready real estate market participants and therefore more sought-after by our Premier Agent partners.
Previous wording
We define a visit as a group of interactions by users with our Zillow, Trulia and StreetEasy mobile applications and websites. A single visit can contain multiple page views and actions, and a single user can open multiple visits across domains, web browsers, desktop or mobile devices. Visits can occur on the same day, or over several days, weeks or months.
Current wording
We define a visit as a group of interactions by users with our Zillow, Trulia and StreetEasy mobile apps and websites. A single visit can contain multiple page views and actions, and a single user can open multiple visits across domains, web browsers, desktop or mobile devices. Visits can occur on the same day, or over several days, weeks or months.
Previous wording
Zillow and StreetEasy measure visits using an internal measurement tool, and Trulia measures visits with Adobe Analytics. Visits to Trulia end after thirty minutes of user inactivity. Visits to Zillow and StreetEasy end after thirty minutes of user inactivity or at midnight. From January 1, 2024 through June 30, 2024, we measured visits to StreetEasy using Google’s Universal Analytics. Since July 1, 2024, we have measured visits to StreetEasy using an internal measurement tool. Through Universal Analytics, visits to StreetEasy ended either: (i) after thirty minutes of user inactivity or at midnight; or (ii) through a campaign change. A visit ends through a campaign change if a visitor arrived via one campaign or source (for example, via a search engine or referring link on a third-party website), left the mobile application or website, and then returned via another campaign or source.
Current wording
Zillow and StreetEasy measure visits using an internal measurement tool, and Trulia measures visits with Adobe Analytics. Visits to Trulia end after thirty minutes of user inactivity. Visits to Zillow and StreetEasy end after thirty minutes of user inactivity or at midnight.
Previous wording
The following table presents the number of visits to our mobile applications and websites for the periods presented (in millions, except percentages):
Current wording
The following table presents the number of visits to our mobile apps and websites for the periods presented (in millions, except percentages):
Previous wording
Measuring unique users is important to us because much of our revenue depends in part on our ability to connect home buyers and sellers, renters and individuals with or looking for a mortgage to real estate, rental and mortgage professionals, products and services. Growth in consumer traffic to our mobile applications and websites increases the number of impressions, clicks, connections, leads and other events we can monetize to generate revenue. For example, our revenue depends in part, on users accessing our mobile applications and websites to engage in the sale, purchase, renting and financing of homes, including with Zillow Home Loans, and a significant portion of our Residential revenue, Rentals revenue and Other revenue depends on advertisements being served to users of our mobile applications and websites.
Current wording
Measuring unique users is important to us because much of our revenue depends in part on our ability to connect home buyers and sellers, renters and individuals with or looking for a mortgage to real estate, rental and mortgage professionals, products and services. Growth in consumer traffic to our mobile apps and websites increases the number of impressions, clicks, connections, leads and other events we can monetize to generate revenue. For example, our revenue depends in part, on users accessing our mobile apps and websites to engage in the sale, purchase, renting and financing of homes, including with Zillow Home Loans, and a significant portion of our Residential revenue, Rentals revenue and Other revenue depends on advertisements being served to users of our mobile apps and websites.
Previous wording
We count a unique user the first time an individual accesses one of our mobile applications using a mobile device during a calendar month and the first time an individual accesses one of our websites using a web browser during a calendar month. If an individual accesses our mobile applications using different mobile devices within a given month, the first instance of access by each such mobile device is counted as a separate unique user. If an individual accesses more than one of our mobile applications within a given month, the first access to each mobile application is counted as a separate unique user. If an individual accesses our websites using different web browsers within a given month, the first access by each such web browser is counted as a separate unique user. If an individual accesses more than one of our websites in a single month, the first access to each website is counted as a separate unique user since unique users are tracked separately for each domain.
Current wording
We count a unique user the first time an individual accesses one of our mobile apps using a mobile device during a calendar month and the first time an individual accesses one of our websites using a web browser during a calendar month. If an individual accesses our mobile apps using different mobile devices within a given month, the first instance of access by each such mobile device is counted as a separate unique user. If an individual accesses more than one of our mobile apps within a given month, the first access to each mobile app is counted as a separate unique user. If an individual accesses our websites using different web browsers within a given month, the first access by each such web browser is counted as a separate unique user. If an individual accesses more than one of our websites in a single month, the first access to each website is counted as a separate unique user since unique users are tracked separately for each domain.
Previous wording
Zillow, StreetEasy, and HotPads measure unique users using an internal measurement tool, and Trulia measures unique users with Adobe Analytics. From January 1, 2024 through June 30, 2024, we measured unique users for StreetEasy and HotPads using Google’s Universal Analytics. Since July 1, 2024, we have measured unique users for StreetEasy and HotPads using an internal measurement tool.
Current wording
Zillow, StreetEasy, and HotPads measure unique users using an internal measurement tool, and Trulia measures unique users with Adobe Analytics.
Previous wording
Due to technological limitations, user software settings, or user behavior, our internal measurement tool and Universal Analytics may assign a unique cookie to different instances of access by the same individual to our mobile applications and websites. In such instances, although these tools capture the number of unique users in accordance with the defined methodology, there are inherent limitations in measuring the number of unique individuals accessing our mobile applications and websites.
Current wording
Due to technological limitations, user software settings, or user behavior, our internal measurement tool may assign a unique cookie to different instances of access by the same individual to our mobile apps and websites. In such instances, although this tool captures the number of unique users in accordance with the defined methodology, there are inherent limitations in measuring the number of unique individuals accessing our mobile apps and websites.
Previous wording
We calculate For Sale revenue per TTV as total For Sale revenue for the relevant period divided by the aggregate TTV for the same period. TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to residential real estate data collected and estimated by Zillow Group, as published monthly on our site. For Sale revenue and TTV have historically been affected by seasonal fluctuations in the residential real estate market. We generally expect For Sale revenue to peak during the three months ending June 30 or September 30. As such, we measure performance and present our For Sale revenue per TTV on a trailing twelve-month basis to account for seasonality.
Current wording
We calculate For Sale revenue per TTV as total For Sale revenue for the relevant period divided by the aggregate TTV for the same period. TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period.
Previous wording
During the three and nine months ended September 30, 2025, total loan origination volume increased 56% and 47%, respectively, compared to the three and nine months ended September 30, 2024. This increase was primarily driven by the continued growth in Zillow Home Loans purchase loan originations in line with our strategic priorities.
Current wording
During the three months ended March 31, 2026, total loan origination volume increased 97%, compared to the three months ended March 31, 2025. This increase was primarily driven by the continued growth in Zillow Home Loans purchase loan originations in line with our strategic priorities.
Previous wording
•Residential revenue increased $79 million, or 7%. The increase in Residential revenue was partially driven by a 3% increase in the number of visits to 7.5 billion for the nine months ended September 30, 2025 from 7.3 billion for the nine months ended September 30, 2024. Residential revenue was also positively impacted by a 3% increase in Residential revenue per visit to $0.172 for the nine months ended September 30, 2025 from $0.166 for the nine months ended September 30, 2024, primarily due to growth in our Premier Agent revenue driven by continued improvement in our ability to connect high-intent customers to agents, an increase in ShowingTime+ revenue driven by increasing adoption of our software services by sellers and listing agents, and continued growth in new construction revenue.
Current wording
•Residential revenue increased $33 million, or 8%. The increase in Residential revenue was driven by a 12% increase in Residential revenue per visit to $0.198 for the three months ended March 31, 2026 from $0.177 for the three months ended March 31, 2025, primarily due to growth in our Premier Agent revenue driven by continued improvement in our ability to connect high-intent customers to agents, an increase in ShowingTime revenue driven by increasing adoption of our software services by sellers and listing agents, and continued growth in new construction and Follow Up Boss revenue. We calculate Residential revenue per visit by dividing the revenue generated by our Residential offerings by the number of visits in the period.
Previous wording
•Mortgages revenue increased $38 million, or 37%. This increase was driven by a $38 million increase in mortgage originations revenue. The increase in mortgage originations revenue was primarily due to a 47% increase in total loan origination volume to $3.2 billion for the nine months ended September 30, 2025 from $2.2 billion for the nine months ended September 30, 2024, primarily driven by continued growth in Zillow Home Loans purchase loan origination volume. The increase in mortgage originations revenue was also attributable to an 2% increase in gain on sale margin.
Current wording
•Mortgages revenue increased $23 million, or 56%, primarily driven by a $26 million increase in mortgage originations revenue. The increase in mortgage originations revenue was primarily due to a 97% increase in total loan origination volume to $1.6 billion for the three months ended March 31, 2026 from $796 million for the three months ended March 31, 2025, largely driven by continued growth in Zillow Home Loans purchase loan origination volume. We expect Mortgages revenue to increase in absolute dollars during the three months ending June 30, 2026, primarily driven by continued growth in Zillow Home Loans purchase loan origination volume.
Previous wording
•Rentals revenue increased $51 million, or 41%, driven by a 46% increase in quarterly revenue per average monthly rentals unique visitor to $4.97 for the three months ended September 30, 2025 from $3.42 for the three months ended September 30, 2024. The increase in quarterly revenue per average monthly rentals unique visitor was driven by a 62% increase in multifamily rentals revenue due to growth in multifamily property listings and in revenue per property as property managers upgraded to more comprehensive advertising packages. We calculate quarterly revenue per average monthly rentals unique visitor by dividing total Rentals revenue for the period by the average monthly rentals unique visitors for the period and then dividing by the number of quarters in the period. Average monthly rentals unique visitors decreased 3% to 35 million during the three months ended September 30, 2025 from 36 million during the three months ended September 30, 2024. We have estimated average monthly rentals unique visitors using Comscore data, which measures average monthly unique visitors on rental listings on Zillow, Trulia and HotPads mobile apps and websites, and on Realtor.com and Redfin and its sites, including Rent.com and ApartmentGuide.com.
Current wording
•Rentals revenue increased $54 million, or 42%. The increase in Rentals revenue was driven by growth in average monthly rentals unique visitors, which increased 20% to 36 million during the three months ended March 31, 2026 from 30 million during the three months ended March 31, 2025. We have estimated average monthly rentals unique visitors using Comscore data, which measures average monthly unique visitors on rental listings on Zillow, Trulia and HotPads mobile apps and websites, and on Realtor.com and beginning in February 2025, Redfin and its sites, including Rent.com and ApartmentGuide.com. The increase in Rentals revenue was also due to an 18% increase in quarterly revenue per average monthly rentals unique visitor to $5.08 for the three months ended March 31, 2026 from $4.30 for the three months ended March 31, 2025, primarily driven by a 57% increase in multifamily rentals revenue due to growth in multifamily property listings and in revenue per property as property managers upgraded to more comprehensive advertising packages. We calculate quarterly revenue per average monthly rentals unique visitor by dividing total Rentals revenue for the period by the average monthly rentals unique visitors for the period and then dividing by the number of quarters in the period. We expect Rentals revenue to increase in absolute dollars during the three months ending June 30, 2026, primarily driven by continued growth in multifamily revenue from the addition of new rental properties.
Previous wording
To provide investors with additional information regarding our financial results, we have disclosed Adjusted EBITDA, a non-GAAP financial measure, in this Quarterly Report on Form 10-Q. We have provided a reconciliation below of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure.
Current wording
To provide investors with additional information regarding our financial results, we have disclosed Adjusted EBITDA, a non-GAAP financial measure, in this Quarterly Report on Form 10-Q. We have provided a reconciliation below of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.
Previous wording
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net income (loss) and our other GAAP results.
Current wording
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net income and our other GAAP results.
Previous wording
The following table presents a reconciliation of Adjusted EBITDA to net income (loss) for each of the periods presented (in millions, unaudited):
Current wording
The following table presents a reconciliation of Adjusted EBITDA to net income for each of the periods presented (in millions, unaudited):
Previous wording
Cost of revenue consists of expenses related to operating our mobile applications and websites, including associated headcount-related expenses, such as salaries, benefits, bonuses and share-based compensation expense, as well as revenue-sharing costs related to our commercial business relationships, depreciation expense, and costs associated with hosting our mobile applications and websites. Cost of revenue also includes amortization costs related to capitalized website and development activities, amortization of software, amortization of certain intangible assets and other costs to obtain data used to populate our mobile applications and websites, and amortization of certain intangible assets recorded in connection with acquisitions, including developed technology. Cost of revenue also includes credit card fees and ad serving costs paid to third parties, direct costs to provide our rental applications product, and direct costs to originate mortgage loans, including underwriting and processing costs.
Current wording
Cost of revenue consists of expenses related to operating our mobile apps and websites, including associated headcount-related expenses, such as salaries, benefits, bonuses and share-based compensation expense, as well as revenue-sharing costs, depreciation expense, and costs associated with hosting our mobile apps and websites. Cost of revenue also includes amortization costs related to capitalized website and development activities, amortization of software, amortization of certain intangible assets and other costs to obtain data used to populate our mobile apps and websites, and amortization of certain intangible assets recorded in connection with acquisitions, including developed technology. Cost of revenue also includes credit card fees and ad serving costs paid to third parties, direct costs to provide our rental applications product, and direct costs to originate mortgage loans, including underwriting and processing costs.
Previous wording
Cost of revenue increased $97 million, or 25%, due to increases of $58 million in lead acquisition costs, primarily associated with our rentals partnership with Redfin, $17 million in depreciation and amortization expense primarily due to an increase in amortization of website development costs, $14 million in ad serving costs to support the growth of our rentals marketplace, $4 million in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business, and $4 million in software and hardware costs.
Current wording
Cost of revenue increased $50 million, or 36%, primarily driven by increases of $38 million in lead acquisition costs, primarily associated with our Redfin rentals syndication agreement, $5 million in mortgage loan processing costs due to increased purchase loan origination volume, $3 million in ad serving costs to support the growth of our rentals marketplace, and $3 million in software and hardware costs. We expect our cost of revenue to increase in absolute dollars during the three months ending June 30, 2026, primarily due to higher direct product and service costs, including increased lead acquisition costs associated with our Redfin rentals syndication agreement, as we continue to support growth in revenue.
Previous wording
Gross profit increased by $50 million, or 11%, primarily due to an increase in revenue, discussed above. Total gross margin decreased from 76% to 73%, primarily due to increased lead acquisition costs associated with our rentals partnership with Redfin.
Current wording
Gross profit increased by $60 million, or 13%, primarily due to an increase in revenue, discussed above. Total gross margin decreased from 77% to 73%, primarily due to increased lead acquisition costs associated with our Redfin rentals syndication agreement.
Previous wording
Sales and marketing expenses consist of advertising costs and other sales expenses related to promotional and marketing activities, headcount-related expenses, including salaries, commissions, benefits, bonuses and share-based compensation expense for sales, sales support, customer support, including the customer connections team and mortgage loan officers and specialists, marketing and public relations employees, depreciation expense and amortization of certain acquired intangible assets, including trade names and trademarks and customer relationships.
Current wording
Sales and marketing expenses consist of advertising costs and other sales expenses related to promotional and marketing activities, headcount-related expenses, including salaries, commissions, benefits, bonuses and share-based compensation expense for sales, sales support, customer support, including the customer connections team and mortgage loan officers and specialists, marketing and public relations employees, depreciation expense and amortization of certain intangible assets recorded in connection with acquisitions and strategic partnerships, including trade names and trademarks and customer relationships.
Previous wording
Technology and development expenses consist of headcount-related expenses, including salaries, benefits, bonuses and share-based compensation expense for individuals engaged in the design, development and testing of our products, mobile applications and websites and the tools and applications that support our products. Technology and development expenses also include equipment and software maintenance costs and depreciation expense.
Current wording
Technology and development expenses consist of headcount-related expenses, including salaries, benefits, bonuses and share-based compensation expense for individuals engaged in the design, development and testing of our products, mobile apps and websites and the tools and apps that support our products. Technology and development expenses also include equipment and software maintenance costs and depreciation expense.
Previous wording
General and administrative expenses consist of headcount-related expenses, including salaries, benefits, bonuses and share-based compensation expense for executive, finance, accounting, legal, human resources, recruiting, corporate information technology costs and other administrative support. General and administrative expenses also include legal settlement costs and estimated legal liabilities, legal, accounting and other third-party professional service fees, rent expense, depreciation expense, change in the fair value of contingent consideration, and bad debt expense.
Current wording
General and administrative expenses consist of headcount-related expenses, including salaries, benefits, bonuses and share-based compensation expense for executive, finance, accounting, legal, human resources, recruiting, corporate information technology costs and other administrative support. General and administrative expenses also include legal settlement costs and estimated legal liabilities, legal, accounting and other third-party professional service fees, rent expense, depreciation expense, and bad debt expense.
Previous wording
Other income, net decreased $16 million and $43 million for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024, primarily driven by lower interest income on investments due to a decrease in our investment balances as a result of the settlement of the 2024 Notes, 2025 Notes and 2026 Notes.
Current wording
Other income, net decreased $6 million, or 27%, for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025 primarily due to lower interest income driven by a decrease in our investment balances as a result of share repurchases and the settlement of the 2025 Notes.
Previous wording
We are subject to income taxes in the United States (federal and state) and certain foreign jurisdictions. As of September 30, 2025 and December 31, 2024, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized. There is a reasonable possibility that within the next several years, sufficient positive evidence will become available to demonstrate that a significant portion of the valuation allowance against our U.S. net deferred tax assets will no longer be required. We have accumulated federal tax losses of approximately $1.3 billion as of December 31, 2024, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $66 million (tax effected) as of December 31, 2024.
Current wording
We are subject to income taxes in the United States (federal and state) and certain foreign jurisdictions. As of March 31, 2026 and December 31, 2025, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized. There is a reasonable possibility that within the next several quarters, sufficient positive evidence will become available to demonstrate that a significant portion of the valuation allowance against our U.S. net deferred tax assets will no longer be required. We have accumulated federal tax losses of approximately $1.8 billion as of December 31, 2025, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $70 million (tax effected) as of December 31, 2025.
Previous wording
Income tax expense was not material for the three and nine month periods ended September 30, 2025 or 2024.
Current wording
Income tax expense was not material for the three months ended March 31, 2026 or 2025.
Showing the first 40 of 58 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For Premier Agent market-based pricing, connections are distributed to Premier Agent partners in proportion to their share of voice, or a Premier Agent partner’s share of total advertising purchased in a particular zip code.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•Residential revenue increased $30 million, or 7%. The increase in Residential revenue was partially driven by a 4% increase in the number of visits to 2.5 billion for the three months ended September 30, 2025 from 2.4 billion for the three months ended September 30, 2024. Residential revenue was also positively impacted by an increase in Residential revenue per visit to $0.171 for the three months ended September 30, 2025 from $0.166 for the three months ended September 30, 2024, primarily due to growth in our Premier Agent revenue driven by continued improvement in our ability to connect high-intent customers to agents, an increase in ShowingTime+ revenue driven by increasing adoption of our software services by sellers and listing agents, and continued growth in new construction revenue. We calculate Residential revenue per visit by dividing the revenue generated by our Residential offerings by the number of visits in the period. We expect Residential revenue to decrease in absolute dollars during the three months ending December 31, 2025, primarily due to the impact of seasonality on the residential real estate market.
Previous report — wording carried elsewhere
•Rentals revenue increased $125 million, or 37%, driven by a 25% increase in quarterly revenue per average monthly rentals unique visitor to $4.53 for the nine months ended September 30, 2025 as compared to $3.62 for the nine months ended September 30, 2024. The increase in quarterly revenue per average monthly rentals unique visitor was driven by a 56% increase in multifamily rentals revenue due to growth in multifamily property listings and in revenue per property as property managers upgraded to more comprehensive advertising packages. The increase in Rentals revenue was also driven by growth in average monthly rentals unique visitors, which increased 10% to 34 million during the nine months ended September 30, 2025 from 31 million during the nine months ended September 30, 2024.
Previous report — wording carried elsewhere
Cost of revenue increased $45 million, or 32%, primarily driven by increases of $33 million in lead acquisition costs, primarily associated with our rentals partnership with Redfin, $8 million in ad serving costs to support the growth of our rentals marketplace, and $3 million in depreciation and amortization expense primarily due to an increase in amortization of website development costs.
Previous report — wording carried elsewhere
Gross profit increased by $150 million, or 12%, primarily due to an increase in revenue, discussed above. Total gross margin decreased from 77% to 75%, primarily due to increased lead acquisition costs associated with our rentals partnership with Redfin.