ZNasdaqServices-Business Services, NECUS GAAP · USD

Zillow Group, Inc

Zillow Group, Inc. operates a digital real estate marketplace in the United States that connects consumers with home search, rental, financing, and transaction services. Its portfolio includes Zillow, Trulia, StreetEasy, HotPads, Out East, Zillow Rentals, Zillow Home Loans, and software tools for real estate professionals such as Follow Up Boss, ShowingTime, dotloop, and Zillow Premier Agent.

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Revenue2,583m USD
+15.5 %y/y
Operating profit (EBIT)-34.0m USD
+82.7 %y/y
EBIT margin-1.3%
+7.5 ppy/y
Net income23.0m USD
+120.5 %y/y
Free cash flow235m USD
−17.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,00002,0004,0006,0008,00010,000m USD2020: 3,340 m USD2020: EBIT -41 m USD20202021: 8,147 m USD2021: EBIT -328 m USD20212022: 1,958 m USD2022: EBIT -93 m USD20222023: 1,945 m USD2023: EBIT -270 m USD20232024: 2,236 m USD2024: EBIT -197 m USD20242025: 2,583 m USD2025: EBIT -34 m USD20252,583-34
RevenueOperating profit (EBIT)

Business

Share of revenue
Residential real estate marketplace35 %

Consumer-facing search, listing, and discovery products across buying, selling, and renting.

Agent advertising and lead generation30 %

Premier Agent, Zillow Preferred, and related products that connect consumers with real estate professionals.

Rentals marketplace and tools20 %

Rental listings, applications, and property-manager software sold through Zillow and StreetEasy.

Mortgage and financing services10 %

Zillow Home Loans origination and related buyer financing tools and pre-approval products.

Real estate software and transaction management5 %

SaaS tools such as Follow Up Boss, ShowingTime, dotloop, and Zillow Closing.

Products

Reported · share of revenue
66.0%24.4%FY2025100 %
  • Residential Revenue66.0 %
  • Rental Revenue24.4 %
  • Mortgage Revenue7.7 %
  • Display Advertising and Other Revenue1.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Zillow sells primarily to consumers searching for homes or rentals, and to real estate professionals who pay for advertising, leads, and workflow software. It also serves property managers, landlords, home builders, and mortgage-related partners that use its marketplace and transaction tools to reach housing demand. The business model depends on both consumer traffic and the willingness of industry participants to pay for access, conversion, and software workflows.

Home buyers and sellers

Use Zillow's marketplace, affordability tools, offer insights, and financing products to search, compare, and move through the transaction process.

Real estate agents and teams

Buy Premier Agent, Zillow Preferred, Zillow Showcase, and CRM/workflow tools to generate leads and manage client relationships.

Renters and property managers

Renters use listings and applications, while property managers buy advertising and leasing tools to fill units and manage demand.

Mortgage borrowers

Consumers seeking home financing use Zillow Home Loans, digital pre-approval, and affordability tools.

Home builders

Builders purchase new construction marketing solutions to showcase communities and inventory to home shoppers.

Strategy

Zillow is building a more integrated home-journey platform that links search, touring, agent connection, financing, rentals, and closing. A key priority is expanding its enhanced transaction experience and partner network so more consumer connections convert into completed housing transactions. The company is also broadening its software and services stack for agents, property managers, and builders to deepen engagement beyond simple listings.

Integrated transaction platformMedium term

Connecting search, agent services, financing, and closing increases monetization per consumer interaction.

Agent and partner monetizationMedium term

Real estate professionals are a core revenue source, so better tools and lead quality support retention and pricing power.

Rentals marketplace expansionMedium term

Broader rental inventory and applications increase traffic, utility, and monetization with property managers.

Mortgage product integrationMedium term

Financing tools can improve conversion and keep users inside Zillow's ecosystem through the purchase process.

Geography

Zillow's business is concentrated in the United States, where it operates its core consumer marketplace and most of its monetized services. The company also has market-specific brands such as StreetEasy in New York and Out East in the Hamptons, but the platform remains primarily a U.S. housing and rental ecosystem. Its exposure is tied to U.S. housing turnover, mortgage activity, rental demand, and local MLS and listing relationships.

Risks

Zillow is exposed to U.S. housing-cycle volatility, interest rates, affordability, and transaction activity because its monetization depends on consumer traffic and real estate partner spending. It also faces platform, data, and regulatory risks tied to MLS access, listing accuracy, cybersecurity, and mortgage operations. Because the business spans marketplace, software, and lending, execution risk exists across multiple regulated and partner-dependent workflows.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Housing market and macro sensitivity1MLS and data-provider dependence2Cybersecurity and third-party vendor disruption3Mortgage regulatory and funding risk4Pricing and partner retention risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Housing market and macro sensitivityImpact: HighLikelihood: High

    Demand for listings, leads, and mortgage products depends on U.S. housing turnover, affordability, and consumer confidence.

    ExposureResidential real estateRentalsMortgage origination
  2. MLS and data-provider dependenceImpact: HighLikelihood: Medium

    Zillow needs listing data and MLS relationships to maintain traffic and product quality.

    ExposureListingsSearchMarketplace coverage
  3. Cybersecurity and third-party vendor disruptionImpact: HighLikelihood: Medium

    The platform relies on vendors and cloud infrastructure to process sensitive consumer and partner data.

    ExposureConsumer dataSaaS toolsMarketplace uptime
  4. Mortgage regulatory and funding riskImpact: HighLikelihood: Medium

    Zillow Home Loans operates in a regulated lending environment and depends on financing and secondary-market execution.

    Exposure: Mortgage origination and resale of loans

  5. Pricing and partner retention riskImpact: MediumLikelihood: Medium

    Real estate professionals may reduce spend if lead quality, conversion, or product value weakens.

    ExposurePremier AgentZillow PreferredRelated ad products

Accounting

Judgemental items
Variable consideration and lead-based revenue

Performance fees are recognized when a transaction closes or a lease is secured, which can lag lead delivery by months.

Impact: Affects timing of revenue and contract asset balances

Contract assets

Zillow recorded contract assets for Zillow Preferred and rentals offerings where payment depends on future conversion.

Impact: Can create revenue timing differences versus cash collection

Seasonality

For-sale revenue and loan origination volume are affected by seasonal housing-market patterns.

Impact: Quarter-to-quarter comparability can be distorted

Goodwill and intangible assets

Acquisitions such as software and marketplace assets require ongoing impairment and recoverability assessments.

Impact: Could lead to non-cash charges if expected cash flows weaken

Capitalized software development

Product and platform investments may be capitalized and amortized over time.

Impact: Affects operating expense timing and asset carrying values

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Last updated: 24/09/2026