ZILLOW GROUP, INC. (Z)
SIC breadcrumb: Services > Business Services > SIC 7389 Services-Business Services, NEC
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1617640. Latest filing source: 0001617640-26-000015.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 2,583,000,000 USD verified
- Net income
- 23,000,000 USD verified
- Assets
- 5,685,000,000 USD verified
- Free cash flow
- 235,000,000 USD computed
- Net margin
- 0.89% computed
- Operating margin
- -1.32% computed
- Revenue YoY
- +15.52% computed
- ROE
- 0.47% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 2,583,000,000 | USD | 2025 | 2026-02-11 |
| Net income | 23,000,000 | USD | 2025 | 2026-02-11 |
| Assets | 5,685,000,000 | USD | 2025 | 2026-02-11 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001617640.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 846,589,000 | 1,076,794,000 | 1,333,554,000 | 2,742,837,000 | 1,624,000,000 | 2,132,000,000 | 1,958,000,000 | 1,945,000,000 | 2,236,000,000 | 2,583,000,000 |
| Net income | -220,438,000 | -94,420,000 | -119,858,000 | -305,361,000 | -162,000,000 | -528,000,000 | -101,000,000 | -158,000,000 | -112,000,000 | 23,000,000 |
| Operating income | -192,854,000 | -161,874,000 | -128,975,000 | -247,485,000 | 109,000,000 | 239,000,000 | -93,000,000 | -270,000,000 | -197,000,000 | -34,000,000 |
| Gross profit | 1,198,738,000 | 1,369,000,000 | 1,809,000,000 | 1,591,000,000 | 1,524,000,000 | 1,709,000,000 | 1,915,000,000 | |||
| Diluted EPS | -1.48 | -0.70 | -2.02 | -0.42 | -0.68 | -0.48 | 0.09 | |||
| Operating cash flow | 8,645,000 | 258,191,000 | 3,850,000 | -612,174,000 | 423,000,000 | -3,177,000,000 | 4,504,000,000 | 354,000,000 | 428,000,000 | 368,000,000 |
| Capital expenditures | 62,060,000 | 66,728,000 | 66,054,000 | 67,044,000 | 85,000,000 | 74,000,000 | 115,000,000 | 135,000,000 | 143,000,000 | 133,000,000 |
| Share buybacks | 0.00 | 0.00 | 302,000,000 | 947,000,000 | 424,000,000 | 301,000,000 | 670,000,000 | |||
| Assets | 3,149,677,000 | 3,230,517,000 | 4,291,116,000 | 6,131,973,000 | 7,486,560,000 | 10,695,000,000 | 6,563,000,000 | 6,652,000,000 | 5,829,000,000 | 5,685,000,000 |
| Liabilities | 616,090,000 | 569,694,000 | 1,023,937,000 | 2,696,552,000 | 2,744,744,000 | 5,354,000,000 | 2,081,000,000 | 2,126,000,000 | 981,000,000 | 801,000,000 |
| Stockholders' equity | 2,533,587,000 | 2,660,823,000 | 3,267,179,000 | 3,435,000,000 | 4,742,000,000 | 5,341,000,000 | 4,482,000,000 | 4,526,000,000 | 4,848,000,000 | 4,884,000,000 |
| Cash and cash equivalents | 243,592,000 | 352,095,000 | 651,058,000 | 1,141,263,000 | 1,703,130,000 | 2,315,000,000 | 1,466,000,000 | 1,492,000,000 | 1,082,000,000 | 768,000,000 |
| Free cash flow | -53,415,000 | 191,463,000 | -62,204,000 | -679,218,000 | 338,000,000 | -3,251,000,000 | 4,389,000,000 | 219,000,000 | 285,000,000 | 235,000,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | -26.04% | -8.77% | -8.99% | -11.13% | -9.98% | -24.77% | -5.16% | -8.12% | -5.01% | 0.89% |
| Operating margin | -22.78% | -15.03% | -9.67% | -9.02% | 6.71% | 11.21% | -4.75% | -13.88% | -8.81% | -1.32% |
| Return on equity | -8.70% | -3.55% | -3.67% | -8.89% | -3.42% | -9.89% | -2.25% | -3.49% | -2.31% | 0.47% |
| Return on assets | -7.00% | -2.92% | -2.79% | -4.98% | -2.16% | -4.94% | -1.54% | -2.38% | -1.92% | 0.40% |
| Liabilities / equity | 0.24 | 0.21 | 0.31 | 0.79 | 0.58 | 1.00 | 0.46 | 0.47 | 0.20 | 0.16 |
| Current ratio | 5.99 | 7.11 | 6.58 | 3.81 | 5.46 | 1.98 | 13.34 | 3.24 | 2.81 | 3.13 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Income statement bridge from reported figures
Figure provenance: SEC companyfacts FY 2025. Revenue: accession 0001617640-26-000015; concept RevenueFromContractWithCustomerExcludingAssessedTax; source concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Gross profit: accession 0001617640-26-000015; concept GrossProfit; source concepts us-gaap:GrossProfit | Operating income: accession 0001617640-26-000015; concept OperatingIncomeLoss; source concepts us-gaap:OperatingIncomeLoss | Net income: accession 0001617640-26-000015; concept NetIncomeLoss; source concepts us-gaap:NetIncomeLoss
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001617640-26-000015; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001617640-26-000015; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001617640-26-000015; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: PaymentsForRepurchaseOfCommonStock. Source concepts: us-gaap:PaymentsForRepurchaseOfCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001617640-26-000015; filed 2026-02-11. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001617640.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q3 | 2022-09-30 | -0.22 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | -0.09 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | -0.15 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 496,000,000 | -28,000,000 | -0.12 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 474,000,000 | -73,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 529,000,000 | -23,000,000 | -0.10 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 572,000,000 | -17,000,000 | -0.07 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 581,000,000 | -20,000,000 | -0.08 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 554,000,000 | -52,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 598,000,000 | 8,000,000 | 0.03 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 655,000,000 | 2,000,000 | 0.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 676,000,000 | 10,000,000 | 0.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 654,000,000 | 3,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 708,000,000 | 46,000,000 | 0.19 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 772,000,000 | -4,000,000 | -0.02 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001617640-26-000052; filed 2026-08-05. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001617640-26-000052; filed 2026-08-05. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0001617640-26-000052; filed 2026-08-05. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read Z's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read Z's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0001617640-26-000052.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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.
Overview of our Business
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.
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.
As of June 30, 2026, we had 7,232 employees, compared to 7,068 employees as of December 31, 2025.
Health of Housing Market
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 6% during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 and increased 4% during the six months ended June 30, 2026 as compared to the six months ended June 30, 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 and six month periods ended June 30, 2026 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.
Revenue Overview
Our revenue is classified into four categories: Residential, Mortgages, Rentals and Other. Our “For Sale revenue” subtotal includes our Residential and Mortgages revenue categories and represents our revenue from participation in residential real estate purchase and sale transactions.
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 Zillow Preferred, Premier Agent market-based pricing, and Zillow Showcase. Software offerings primarily include Follow Up Boss, dotloop, and ShowingTime.
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.
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.
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.
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Zillow Showcase is an advertising and marketing solution which allows real estate agents to advertise an enhanced listing on our mobile apps and websites.
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.
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.
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.
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.
Rentals. Rentals revenue includes advertising and a suite of tools sold to property managers on a cost per lead, lease, listing or impression basis or for a fixed fee for certain advertising packages through both the Zillow and StreetEasy brands. Rentals revenue also includes revenue generated from our rental applications product, through which potential renters can submit applications to multiple properties for a flat service fee.
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.
Other. Other revenue includes revenue generated primarily by display advertising.
For additional information on our revenue categories, see Note 2 in our Notes to Consolidated Financial Statements in Part II, Item 8 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Financial Overview
For the three months ended June 30, 2026 and 2025, we generated total revenue of $772 million and $655 million, respectively, an increase of 18%. The increase in total revenue was primarily attributable to the following:
For Sale Revenue
•Mortgages revenue increased by $36 million, or 75%, to $84 million, driven by an increase in mortgage originations revenue as a result of increased total loan origination volume.
•Residential revenue increased by $31 million, or 7%, to $465 million, due to an increase in residential revenue per visit.
Rentals Revenue
Rentals revenue increased by $50 million, or 31%, to $209 million, due to increases in quarterly revenue per average monthly rentals unique visitor and average monthly rentals unique visitors.
Gross Profit
During the three months ended June 30, 2026 and 2025, we generated gross profit of $562 million and $489 million, respectively, an increase of 15%.
August 2026 Cost Management Actions
On August 4, 2026, Zillow Group announced a plan to reduce its headcount by approximately 7% of its employees. This headcount reduction is designed to allow the Company to move faster and operate more efficiently, including with a more
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sustainable cost structure. As a result, the Company currently estimates that it will incur pre-tax restructuring costs totaling approximately $59 million to $64 million related to employee termination costs, of which an estimated $36 million to $38 million are expected to be future cash expenditures associated with severance payments, and the remaining amount is expected to be accelerated share-based compensation expense. For the three months ended June 30, 2026, Zillow Group recorded $36 million in restructuring costs related to employee termination costs and expects that the remainder of the restructuring costs will be recognized during the three months ending September 30, 2026. These employee termination costs have been recorded as restructuring costs within our condensed consolidated statements of operations. We plan to fund the cash expenditures through existing cash and investment balances. We expect total headcount-related expenses to decrease in absolute dollars during the three months ending September 30, 2026 as a result of these cost management actions.
Key Metrics
Management has identified visits, unique users, For Sale revenue per TTV, and the volume of loans originated through Zillow Home Loans as relevant to investors’ and others’ assessment of our financial condition and results of operations.
Visits
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.
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.
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.
The following table presents the number of visits to our mobile apps and websites for the periods presented (in millions, except percentages):
| Three Months Ended June 30, | 2025 to 2026 % Change | Six Months Ended June 30, | 2025 to 2026 % Change | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Visits | 2,529 | 2,590 | (2) | % | 4,805 | 4,944 | (3) | % |
Unique Users
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 pro
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001617640-26-000015. The complete FY 2025 MD&A is published at /company/Z/mda/fy2025/.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. The following discussion focuses on 2025 and 2024 financial condition and results of operations and year-to-year comparisons between 2025 and 2024. Similar discussion of our 2023 financial condition and results and year-to-year comparisons between 2024 and 2023 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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 Annual Report on Form 10-K, particularly in the sections titled “Note Regarding Forward-Looking Statements” and “Risk Factors.”
Overview of our Business
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.
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.
Health of Housing Market
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 3% during the year ended December 31, 2025 as compared to the year ended December 31, 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 year ended December 31, 2025 as compared to the year ended December 31, 2024, 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.
Revenue Overview
Our revenue is classified into four categories: Residential, Mortgages, Rentals and Other. Our “For Sale revenue” subtotal includes our Residential and Mortgages revenue categories and represents our revenue from participation in residential real estate purchase and sale transactions.
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 (formerly Flex) and Zillow Showcase. Software offerings primarily include Follow Up Boss, dotloop, and ShowingTime.
Premier Agent advertising 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 (“Zillow Preferred,” which was introduced as the next chapter for our Flex program in the fourth quarter of 2025) 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.
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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.
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.
Zillow Showcase is an advertising and marketing solution which allows real estate agents to advertise an enhanced listing on our mobile apps and websites.
Follow Up Boss revenue primarily consists of our 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.
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.
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.
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.
Rentals. Rentals revenue includes advertising and a suite of tools sold to property managers on a cost per lead, lease, listing or impression basis or for a fixed fee for certain advertising packages through both the Zillow and StreetEasy brands. Rentals revenue also includes revenue generated from our rental applications product, through which potential renters can submit applications to multiple properties for a flat service fee.
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.
Other. Other revenue includes revenue generated primarily by display advertising.
For additional information on our revenue categories, see Note 2 of our Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.
Financial Overview
For the years ended December 31, 2025 and 2024, we generated total revenue of $2.6 billion and $2.2 billion, respectively, representing a year-over-year increase of 16%. The increase in total revenue was primarily attributable to the following:
Rentals Revenue
•Rentals revenue increased by $177 million, or 39%, to $630 million, due to increases in quarterly revenue per average monthly rentals unique visitor and average monthly rentals unique visitors.
For Sale Revenue
•Residential revenue increased by $110 million, or 7%, to $1.7 billion, due to increases in residential revenue per visit and the number of visits.
•Mortgages revenue increased by $54 million, or 37%, to $199 million, driven by an increase in mortgage originations revenue.
For the years ended December 31, 2025 and 2024, we generated gross profit of $1.9 billion and $1.7 billion, respectively, representing a year-over-year increase of 12%.
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Key Metrics
Management has identified visits, unique users, For Sale revenue per TTV, and the volume of loans originated through Zillow Home Loans as relevant to investors’ and others’ assessment of our financial condition and results of operations.
Visits
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 Homes Loans, or be transaction-ready real estate market participants and therefore more sought-after by our Premier Agent partners.
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.
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 app or website, and then returned via another campaign or source.
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.
The following table presents the number of visits to our mobile apps and websites for the periods presented (in millions, except percentages):
| Year Ended December 31, | 2024 to 2025 % Change | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| Visits | 9,593 | 9,308 | 3 | % |
Unique Users
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 sig
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MD&A history
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Macro cross-references for Z
- PAYEMS - All Employees, Total Nonfarm
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity