ZILLOW GROUP, INC.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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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.
Mar 31, 2026 · Filed May 6, 2026
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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 EndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue | $708 | $598 |
| Less: | ||
| Headcount-related expenses, excluding share-based compensation | 304 | 288 |
| Direct product and service costs | 99 | 50 |
| Share-based compensation | 81 | 97 |
| Depreciation and amortization | 65 | 65 |
| Marketing and advertising costs | 45 | 43 |
| Software and hardware costs | 34 | 26 |
| Third-party professional service fees | 31 | 17 |
| Facility expenses | 6 | 7 |
| Other items (1) | 7 | 14 |
| Income (loss) from operations | 36 | (9) |
| Other income, net | 16 | 22 |
| Interest expense | (4) | (5) |
| Income tax expense | (2) | — |
| Net income | $46 | $8 |
(1) Other items include taxes, insurance costs, and data acquisition costs.
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