ZILLOW GROUP, INC.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 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 EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue | $724 | $676 | $2,204 | $1,929 |
| Less: | ||||
| Headcount-related expenses, excluding share-based compensation | 297 | 300 | 919 | 886 |
| Direct product and service costs | 117 | 91 | 331 | 214 |
| Share-based compensation | 74 | 99 | 230 | 295 |
| Depreciation and amortization | 64 | 67 | 194 | 199 |
| Marketing and advertising costs | 46 | 47 | 165 | 154 |
| ZO securities class action settlement (1) | 165 | — | 165 | — |
| Software and hardware costs | 40 | 29 | 113 | 82 |
| Third-party professional service fees | 32 | 25 | 103 | 61 |
| Impairment and restructuring costs | 32 | 2 | 68 | 2 |
| Facility expenses | 6 | 6 | 19 | 20 |
| Other items (2) | 12 | 13 | 32 | 39 |
| Loss from operations | (161) | (3) | (135) | (23) |
| Other income, net | 12 | 18 | 41 | 58 |
| Interest expense | (6) | (3) | (16) | (13) |
| Income tax expense | (3) | (2) | (6) | (2) |
| Net income (loss) | $(158) | $10 | $(116) | $20 |
(1) Net of expected insurance recoveries.
(2) Other items include data acquisition costs, insurance costs, and taxes.
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